Sink or float: What’s next for Ant Group after China suspends world’s biggest IPO? November 4, 2020 The tech world was thrown into turmoil yesterday after Chinese authorities put an abrupt halt to Ant Group’s record-breaking initial public offering. The Chinese fintech giant was set to raise $34.4bn (£26.5bn) through a dual listing in Shanghai and Hong Kong in what would be the world’s largest stock market debut. But the Shanghai leg [...]
BMW profit races back but second wave fears abide November 4, 2020 Car giant BMW’s profit came roaring back in the third quarter as growing Chinese demand for its cars helped the firm recover from the coronavirus pandemic. Profit at the German auto company rose 9.6 per cent to €2.5bn in the period, up from 2.2bn last year. BMW was boosted by a 31 per cent sales [...]
IP-Off? Shanghai Stock Exchange suspends Ant Group’s listing November 3, 2020 The Shanghai stock exchange has suspended Ant Group’s public listing, which was set for Thursday. The Chinese fintech firm was set to raise $34.4bn in both Shanghai and Hong Kong through the mammoth dual listing. Ant Group set the price tag for the Shanghai leg of the float at 68.8 yuan (£7.88) per share, while [...]
Five trends to watch in China’s consumer sector November 3, 2020 As the world continues to try to contain the spread of Covid-19, China is among the few countries sustaining a return to normal activity. Restrictions on movement have been lifted and the government’s test and trace system has so far proven effective in containing new outbreaks. As a result, shops, restaurants and other services have [...]
Got an HSBC account? It’s time to show your support for the people of Hong Kong November 3, 2020 British consumers have faced a tough few months — but for those banking with HSBC, times may be about to get tougher still. Following a reported 35 per cent fall in its quarterly profits, HSBC has announced that it might have to start charging its customers for basic services such as current accounts British customers [...]
Can Boris Johnson forge a special relationship with Joe Biden? October 29, 2020 Boris Johnson’s victory in the Tory party leadership contest on 24 July last year was immediately hailed by Donald Trump as a great step forward for Britain. The US President was effusive in his praise for the Brexit pin-up boy, calling him “tough and smart”. “They’re saying ‘Britain Trump’, they call him ‘Britain Trump’ – [...]
Has Jack Ma made IPOs a weapon of corporate warfare? October 29, 2020 Ant Group is not a household name. An affiliate of Chinese tech wizard Jack Ma’s Alibaba, it operates the digital payment platform Alipay, which serves more than a billion users and is China’s largest such enterprise. This week, Ant Group announced the pricing of its listing on the Hong Kong Stock Exchange and Shanghai’s Star [...]
US election: Where do Trump and Biden stand on tech issues? October 28, 2020 The bosses of Facebook, Twitter and Google are this afternoon appearing in front of a US Senate committee to face questions over key issues of tech regulation. With tech titans facing increased scrutiny in their home country, the topic is likely to be a key policy issue in the run-up to the presidential election. So [...]
BT taps Ericsson to provide London 5G networks October 28, 2020 BT has chosen Swedish telecoms firm Ericsson to provide 5G radio equipment in London, Edinburgh, Belfast, Cardiff and other major UK cities. The deal means that when rollout is completed, Ericsson will manage around 50 per cent of BT’s 5G traffic. It comes just months after the government said it would ban Chinese firm Huawei [...]
Music scouting platform Instrumental secures Tencent backing October 27, 2020 A British music scouting firm that uses algorithms to discover new artists is said to have secured fresh investment from Chinese tech giant Tencent. Instrumental is set to announce the strategic partnership, which will see Tencent take a minority stake in the company, as early as tomorrow, Sky News reported. The deal will come as [...]