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Ping An’s fintech unit, OneConnect leans towards New York over Hong Kong for IPO, say people familiar

Ping An Insurance Group’s OneConnect financial technology unit is leaning toward picking New York over Hong Kong for its initial public offering (IPO) in the hope of achieving a higher valuation, three people with direct knowledge of the matter said.Ping An Insurance, China’s biggest insurer by market value, had been planning a Hong Kong IPO of the unit since the beginning of the year in a deal that could raise up to US$1 billion.The insurer is now seeking to list OneConnect in New York as… Source link

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Southeast Asia’s Grab cuts a familiar path with partnerships in logistics and travel

Grab, Singapore’s largest ride-hailing company, is making good on its vision to become Southeast Asia’s all-in-one app. Its latest investment in Singapore-based, last-mile delivery firm Ninja Van comes days after it introduced hotel and ticket-booking features to its app.The investment into Ninja Van will see Grab’s current logistics service, GrabExpress, expand its offerings to include scheduled deliveries on top of on-demand deliveries.The move is part of Grab’s mission to become a super app,… Source link

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Citigroup is eyeing the exit from its China Securities venture, say people familiar with the matter

Citigroup may seek to exit its securities joint venture in China in favour of a set-up where the US bank can wield majority control, according to people familiar with the matter. Talks with existing venture partner Orient Securities about Citigroup raising its stake to 51 per cent from 33 per cent haven’t led anywhere, leading executives to start weighing other options, the people said. Citigroup also wants the venture to push into equities and fixed-income trading, a move that would put it in direct competition with Orient Securities, they said.…

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