China securities watchdog seeks closer cooperation with US after Didi crackdown August 2, 2021 The China Securities Regulatory Commission (CSRC) has said it will enhance communication with its US counterpart on overseas listing after US regulators tightened disclosure for Chinese companies. The Chinese securities regulator said it had noticed the US Securities and Exchange Commission’s (SEC) new disclosure requirements for Chinese companies’ listings. It added the two sides should [...]
SoftBank-backed Policybazaar files for IPO amid Indian digital economy boom August 2, 2021 Online insurance marketplace Policybazaar is to embark on an initial public offering that could rally $809m if it secures the loftier end of its price range. The SoftBank-backed startup follows a string of other tech-based emerging companies preparing to ride India’s booming digital economy wave. Policybazaar will sell off new shares, according to a public notice published [...]
SEC halts Wall Street IPOs of Chinese companies as mulls new risk disclosures July 30, 2021 The US Securities and Exchange Commission (SEC) has frozen registrations of Chinese companies for IPOs on US markets while it drafts new guidance for disclosing the risk of a Beijing regulatory crackdown to investors. Chinese companies must not submit registrations for the sales of securities to the SEC until it has formulated new rules on how [...]
Uber shares slide as SoftBank look to soften blow of Didi NYSE chaos July 29, 2021 Uber shares have fallen after reports that technology investment firm SoftBank is selling a third of its stake in the ride-hailing app. SoftBank is thought to be planning to offload up to 45 million shares, at an overall value of around $2bn. The Japanese investment group bet big on Didi ahead of its New York [...]
Wechat suspends new user registration amid China crackdown July 27, 2021 Chinese social media giant Wechat has temporarily suspended new user registrations as Beijing ramps up its crackdown on domestic tech firms. The messaging platform, which is owned by Tencent, said it was upgrading its security technology “to align with relevant laws and registrations”. “During this time, registration of new Weixin [Wechat] personal and official accounts [...]
Tencent shares fall after Beijing orders end to exclusive music rights deals July 26, 2021 Shares in Tencent have fallen after China ordered the company to end exclusive music licensing agreements with record labels across the world. The move is said to be aimed at tackling the technology giant’s dominance of online streaming in the country. They must cease engaging in any of these deals in the future and any [...]
Tencent pushes British gaming group Sumo to hit $1.27bn valuation in bid to buy July 19, 2021 Chinese tech giant Tencent has pushed the valuation of video game group Sumo to hit $1.27bn today in its bid to buy the British firm. Sumo’s shareholders will gain 513p per share, Tencent said, at a 43 per cent premium to Sumo’s last closing price of 358p. The British video game group, behind games like [...]
UK tech on track for second record-breaking year of Asian investment July 13, 2021 The booming UK tech sector received almost twice the amount of Asian capital in the first six months of 2021 as it did during the whole of 2020, paving the way for a second record year of regional investment. By the end of June, Asian and Middle Eastern investors funnelled over £1.7bn into UK tech [...]
Second-hand market ripens as China’s $3bn platform plots US IPO July 5, 2021 Tencent-backed online second-hand marketplace Beijing Zhuanzhuan Spirit Technology (BZST) is plotting a $400m funding round ahead of an initial public offering, according to reports. BZST, currently valued at $3bn, is trying to gauge interest from private equity and strategic investors, Bloomberg first reported, citing people familiar with the matter. The second-hand retailer is eyeing a [...]
British surgical robot firm CMR valued at $3bn after Softbank-led funding June 28, 2021 British surgical robotics group CMR Surgical has raised $600m (£431m) in a Softbank-led funding round as it looks to expand its technology to hospitals worldwide. The Cambridge-based company said the cash injection was the largest ever medtech private financing round and gave it a valuation of $3bn. The funding was led by Softbank’s Vision Fund [...]