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HKEX introduces weekly options contracts as it reels from shrinking trading turnover and IPO drought

Hong Kong Exchanges and Clearing will introduce its third new product in less than two months amid falling trading turnover and fewer IPOs.HKEX, which operates Asia’s second-largest stock market will introduce a weekly options contracts based on the Hang Seng Index and Hang Seng China Enterprises Index from September 16.“The introduction of these two options, which are plain vanilla options contracts that expire every week, will enhance the trading needs of investors, optimising their risk… Source link

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China's Beijing Kunlun to revisit Grindr IPO plan after US national security panel drops opposition

Chinese gaming company Beijing Kunlun Tech Co said on Monday it would revive plans for an initial public offering (IPO) of popular gay dating app Grindr, after a US national security panel dropped its opposition to the plan.Kunlun said in May it had agreed to a request by the Committee on Foreign Investment in the United States (CFIUS) to sell Grindr, setting a June 2020 deadline to do so and putting preparations for an IPO of Grindr on hold.A source familiar with the matter said on Monday that… Source link

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Transsion, Africa’s smartphone king, joins IPO rush on Shanghai’s Nasdaq-style stock market

Transsion Holdings, the Chinese budget smartphone maker that leads sales in Africa, has received approval to go public on Shanghai’s new Nasdaq-style stock market, as the company’s low-cost handsets entice millions of new consumers in the developing world.The Shenzhen-based company, which filed its initial public offering (IPO) application in March, aims to raise up to 3.01 billion yuan (US$437 million) on the Science and Technology Innovation Board, also known as the Star board, according to… Source link

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Anheuser-Busch catches bankers by surprise with a US$11.3 billion sale to Asahi, after scrapping its US$9.8 billion Hong Kong IPO

As investors pommelled Anheuser-Busch InBev’s stock and bonds after the Budweiser maker scrapped what would have been the year’s largest initial public offering, little did they know Chief Executive Officer Carlos Brito had a Plan B that’s been in the works for months.A week after pulling a share sale of its Asian business, AB InBev on Friday agreed to sell its Australian unit – part of the portfolio that had been offered to investors – to Asahi Group Holdings. A Hong Kong listing would have… Source link

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Axed Budweiser IPO cost investors up to HK$36 million in interest payments, highlights problem of long settlement period in Hong Kong

The cancellation of Budweiser Brewing Company APAC’s mega flotation has hurt more than just Hong Kong’s global listings ambitions. Retail investors, who had borrowed a combined HK$38 billion (US$4.8 billion) for the initial public offering, have lost thousands of dollars in interest payments, an issue that has once again highlighted the city’s lengthy listings process.The investors will have to bear the cost, stockbrokers said, after brewing giant Anheuser-Busch InBev scrapped the US$9.8… Source link

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Chinese fintech giant Lufax cuts P2P lending to meet regulatory requirements, may restart IPO plans after restructuring segment

Ping An Insurance-backed Lufax, one of China’s largest financial technology companies, said on Thursday it was scaling down its peer-to-peer (P2P) lending business, but denied reports it was exiting the sector altogether.The company, also known as Shanghai Lujiazui International Financial Asset Exchange, said: “We are making three cuts in line with regulators’ requirements. The existing P2P products and customers will not be affected.”Lufax was referring to required cuts in outstanding P2P loan… Source link

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Former JPMorgan managing director pleads not guilty to bribery charges relating to Kerry Logistics IPO

A former managing director of JPMorgan Securities (Asia Pacific) has pleaded not guilty to charges of bribery related to the US bank’s hiring programme in Asia known as “Sons and Daughters”, the District Court in Wan Chai heard on Thursday.Catherine Leung Kar-cheung, a veteran banker who now runs her own venture capital company, appeared in court represented by barrister Charles Chan in front of District Court Judge Kwok Wai-kin.A pre-trial hearing date has been set for December 6 while an… Source link

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Tencent-backed DouYu’s US$775 million IPO is the largest by a Chinese company in the US this year

Live-streaming platform DouYu International Holdings has raised US$775 million, making it the largest Chinese IPO in the US this year after the company priced its deal at the low end of the indicative range.DouYu, which is backed by Chinese gaming giant Tencent Holdings, sold 67.4 million American depositary shares (ADS) at US$11.5 each, giving it a valuation of US$3.73 billion.The company had set a pricing target of US$11.5 to US$14 for the ADS. Every 10 ADS represent one share.Despite a… Source link

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Hong Kong exchange marks a bumper day with six stock trading debuts as city tries to claw back global IPO crown from New York

Six companies debuted on the Hong Kong stock exchange on Tuesday, marking the busiest initial trading day for a bourse that is trying to claw back its global fundraising crown from New York city.The six initial public offerings (IPOs) raised a total of HK$4.4 billion (US$563.3 million) in Hong Kong, raising the city’s fundraising tally to almost HK$74 billion so far for the year, lagging behind the amount of capital raised on the Nasdaq and the New York Stock Exchange in the world’s top two… Source link

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Dutch consumer finance lender Home Credit, popular in China, plans to file US$1 billion IPO in Hong Kong

Home Credit, a consumer finance lender that counts China as its biggest market, said it plans to file an initial public offering in Hong Kong later this year, in what could be a potential test of investor appetite in the city’s markets.The filing on Monday comes two days after brewing giant Anheuser-Busch InBev scrapped plans for an offering of its Asian operations in Hong Kong, citing “prevailing market conditions”. The offering, which AB InBev hoped would raise as much as US$9.8 billion,… Source link

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