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Chinese brokerage giant seeks to raise US$1.25 billion in Hong Kong’s largest IPO this year

Shenwan Hongyuan, China’s sixth largest securities firm by market value, is seeking to raise as much as US$1.25 billion in Hong Kong’s largest IPO this year to replenish its capital and expand internationally.Shenwan, already listed on the Shenzhen Stock Exchange, is set to become the 12th Chinese brokerage firm with dual listings in Hong Kong and mainland markets.The firm, controlled by state-owned Central Huijin Investment, plans to sell 2.5 billion shares priced between HK$3.63 and HK$3.93… Source link

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Money 

That curious Chinese regulation about IPO sponsors also owning stakes? It’s ‘temporary,’ says nation’s biggest investment bank

A new regulation that compels initial public offering (IPO) sponsors on China’s technology board to also take up stakes is merely a temporary requirement that is subject to amendment, said the country’s largest investment bank.“We understand that this arrangement is temporary,” said Bi Mingjian, chief executive officer of China International Capital Corporation (CICC), during a press conference in Hong Kong. “It should be handled in the proper manner” by the regulator, he said.The new rule,… Source link

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Hong Kong set to lose IPO crown to Nasdaq, thanks to ride-hailing app Lyft

Nasdaq is set to dethrone Hong Kong as the world’s No 1 market for initial public offerings, thanks to Thursday’s US$2.4 billion listing of ride-hailing firm Lyft, just as the world’s biggest maker of bitcoin mining rigs, Bitmain Technologies, called off its application to list in the city on Tuesday. Lyft, the second-largest ride-hailing company in the United States, would bring total funds raised through new share listings this year on the New York bourse to US$4.1 billion. The firm could… Source link

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Cryptocurrency giant Bitmain gives up on Hong Kong IPO amid lay-offs, leadership reshuffle

Bitmain Technologies, the world’s biggest producer of bitcoin mining rigs, has given up on its plan to go public in Hong Kong, after the company struggled through mass lay-offs and a leadership reshuffle amid a prolonged bear market in cryptocurrencies.The Beijing-based company on Tuesday published a statement acknowledging that its IPO application – filed in Hong Kong on September 26 – had reached its 6-month expiration date. “We will restart the listing application work at an appropriate time… Source link

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Shanghai approves IPO applications by nine pioneers on Nasdaq-style tech board

Shanghai’s upcoming Technology Innovation Board on Friday green lit the initial public offering applications of nine technology companies. The board, ordered by Chinese President Xi Jinping in November, began accepting listing documents on Monday and allowed the firms to proceed with their application process after a five-day review process. The board, a Nasdaq-style market, also started a countdown to its trading debut, with regulators expecting to launch it in mid-2019. The companies given… Source link

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Tech IPO adviser China Renaissance sees share price drop as full-year profit misses estimates

Shares of China Renaissance fell after full-year net profit came in below analysts’ estimates despite a healthy jump in revenues.The investment bank, which focuses on providing financial services to new-economy companies and entrepreneurs, lost 4.5 per cent to HK$22.20 by midday on Wednesday. That marks a 30.82 per cent fall from its listing price last September.The company’s 2018 net profit was up 15.8 per cent from a year earlier to US$67.3 million, below estimates of US$68.02 million among… Source link

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Chinese AI start-up Megvii said to plan IPO in either Hong Kong or New York to raise up to US$800 million

Megvii, the developer of facial recognition software Face++ used widely across China, is mulling an initial public offering that could raise up to US$800 million, people familiar with the matter said.The Beijing-based artificial intelligence start-up is still weighing options to list in either New York or Hong Kong, with the latter more likely at this stage, said the people who did not want to be identified as the information is private.The company, backed by Alibaba Group Holding and Foxconn… Source link

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Ride-hailing giant Lyft seeks valuation of nearly US$20 billion in year’s biggest IPO

Lyft is seeking to raise as much as US$2.1 billion in its initial public offering, valuing the firm at almost $20 billion.The No 2 US ride-hailing giant is offering 30.8 million shares at US$62 to US$68 each, it said in a regulatory filing on Monday. At the top of that range and including a potential overallotment of shares to investors, the market valuation would reach US$19.6 billion, based on the total numbers of shares outstanding after the IPO as detailed in the filing.At the targeted… Source link

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Vietnam 

Đất Xanh Real Estate to IPO real estate services segment in late 2019 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Đất Xanh Real Estate Service and Construction Corp (DXG) plans to hold an initial public offering (IPO) for its real estate services segment in late 2019 or early 2020. The information was released by the DXG Chairman Lương Trí Thìn during the company’s annual general meeting (AGM) in HCM City on Saturday. DXG plans to list its remaining four segments, investment, construction, materials and industry, on the stock market by 2023, Thìn said. This year, DXG has a revenue target…

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Hong Kong securities regulator fines top investment banks US$100 million for failures as IPO sponsors

Hong Kong’s securities watchdog slapped a record fine of HK$786.7 million (US$100.2 million) on investment banks UBS, Morgan Stanley, Merrill Lynch and Standard Charted for failing in their duties as IPO sponsors.Swiss lender UBS bore the brunt of the fine. Its two units UBS AG and UBS Securities Hong Kong were ordered to pay HK$375 million for failing to conduct proper due diligence on the quality of the listing candidates in their role as one of the joint sponsors in three initial public… Source link

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