Saudi Aramco set for $1.7 trillion valuation November 17, 2019 Saudi Aramco has released the official price range for its long-awaited initial public offering (IPO) in December, giving the company a preliminary value between $1.6 trillion (£1.24 trillion) to $1.7 trillion. Although this is considerably below the company’s desire for a $2 trillion valuation, it would still make the IPO the world’s biggest. Read more: [...]
China condemns ‘attack’ on Hong Kong minister in London November 15, 2019 The Chinese government has condemned what it called an “attack” on Hong Kong’s justice minister after she fell to the ground while surrounded by furious pro-democracy protesters in London last night. Teresa Cheng, who was in London to promote Hong Kong as a dispute resolution and deal-making hub, was circled by protesters shouting “murder” and [...]
Softbank-backed fintech Oneconnect chooses New York over Hong Kong for IPO November 14, 2019 Oneconnect, the fintech arm of Chinese financial conglomerate Ping An, has chosen New York over Hong Kong for the launch of its initial public offering (IPO). The company, which is backed by Softbank, filed a prospectus for an IPO on Wednesday and plans to list its shares on NASDAQ. Read more: Alibaba poised to launch [...]
Asian markets sink further as Hong Kong protests escalate November 14, 2019 Asian markets have closed lower as anti-government protests continued to paralyse Hong Kong, with escalating violence forcing schools and universities to close and disrupting transport systems in the financial hub. Police fired tear gas at protesters blockading the entrance to a major tunnel linking Hong Kong island to the northern part of the city, while [...]
Alibaba poised to launch record-breaking $13.4bn Hong Kong listing November 13, 2019 Alibaba has launched the share sale for its Hong Kong listing, in a $13.4bn (£10.4bn) fundraising effort that’s set to be the biggest cross-border secondary listing ever. The Chinese online retail giant opened the books for institutional investors looking to buy the shares during trading in New York on Wednesday after winning approval for the [...]
Alibaba’s secondary Hong Kong listing gets exchange approval November 13, 2019 Alibaba has been given the green light by the Hong Kong stock exchange (HKEX)for a secondary listing in the city that could raise up to $15bn (£11.7bn), in what is set to be one of the biggest fundraisings in the world this year. The Chinese online retail giant is set to begin a week-long investor [...]
FTSE 100 falls under Trump’s tariff threat and Hong Kong turmoil November 13, 2019 US President Donald Trump’s threat to reignite his trade war with China has dragged down the FTSE 100 in early trading as another day of Hong Kong turmoil hurts global stocks. London’s blue-chip index fell 0.4 per cent, or 28.5 points, to 7,336.9. The biggest fallers included HSBC, ITV and Prudential as UK stocks traded [...]
Huawei rewards staff with $286m in bonuses as it fights US sanctions November 12, 2019 Huawei is set to pay its employees ¥2bn ($286m) in bonuses and double almost all October salaries as a reward for helping to fight US sanctions. The Chinese telecoms giant has been banned from doing business with American companies amid concerns its technology could be used for spying – accusations it has denied. Read more: [...]
Mobile shopping platform Rezolve bags tie-up with Korean retail giant Lotte November 11, 2019 Mobile shopping tech firm Rezolve has signed a multi-million-pound deal with South Korean conglomerate Lotte Corporation as it expands its presence in Asia. Lotte will use the London startup’s technology in its supermarket app, allowing customers to make purchases by scanning promotional print leaflets with their smartphone. Read more: Mobile shopping platform Rezolve secures bumper [...]
FTSE 100 slumps on UK credit rating downgrade as Hong Kong violence hits Asian stocks November 11, 2019 The FTSE 100 index slumped this morning after Moody’s downgraded its outlook on the UK’s credit rating, while global stocks took a hit on continued uncertainty over US and China trade talks and escalating violence in Hong Kong. The FTSE 100 fell as much as 1.19 per cent this morning to 7,271.5 points. London’s blue-chip [...]