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China's answer to Nasdaq turns out to be a one-day wonder after all, and that should concern Xi Jinping

China’s answer to the Nasdaq, which took seven months to get up and running and helped 25 companies raise 37 billion yuan (US$5.4 billion), turned out to be a one-day wonder after all, as the average gains of 140 per cent on debut succumbed to declines on the second day.All but four of the 25 debutantes on the Science and Technology Innovation Board, or Star board, fell on their second day of trading, with China Railway Signal & Communication scrapping the bottom with its 18 per cent plunge… Source link

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Hong Kong to lag behind NYSE, Nasdaq in 2019 as extradition bill, trade war weigh on listings, says Deloitte

Hong Kong’s stock market is expected to rank third, and Shanghai fourth, in global IPO market rankings for the first half this year, according to latest analysis by Deloitte China’s National Public Offering Group. Both markets have been hit hard by macroeconomic turbulence caused by the US-China trade war as well as political uncertainties.The New York Stock Exchange and Nasdaq are expected to occupy the top two places with mega IPOs in the period under review, Deloitte said on Wednesday.Based… Source link

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Property 

The Chinese hotel mogul behind three Nasdaq listings thinks now is the time to head abroad for deals while rivals stay at home

Ji Qi, the hotel mogul who took three Chinese start-ups including the country’s largest online travel agency Ctrip.com to list on the Nasdaq, said now is the time to expand abroad while the competition is being cowed to stay homebound by the trade war and China’s crackdown on freewheeling.Outbound acquisitions have stalled among Chinese companies since April 2017, when regulators put half a dozen highly leveraged asset buyers – including the Anbang Group, CEFC, Dalian Wanda and the HNA Group –… Source link

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Hong Kong slips behind New York and Nasdaq in five-month global IPO rankings, as trade war takes a toll on sentiment

A lack of blockbuster listings has seen Hong Kong slip to third place in the worldwide IPO rankings, according to data provider Refinitiv.In terms of total proceeds, it was overtaken by the Nasdaq and New York stock exchanges in the first five months of the year after the American bourses managed to attract some mega listings by global technology giants.Analysts said the US-China trade war had dented the appeal of Hong Kong as an IPO destination, and the outlook remained uncertain.New York… Source link

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Global 

Nasdaq executive dismisses ‘discredited’ Steve Bannon’s call to bar Chinese companies from US capital markets

A senior vice-president at New York’s Nasdaq stock exchange has dismissed comments by Steve Bannon calling for Chinese companies to be excluded from US markets, describing the former White House adviser as “discredited”.In a post on Chinese messaging service WeChat on Thursday, Bob McCooey said: “Like many of you, I have seen the comments by President Trump’s FORMER and discredited adviser Steve Bannon. I do not believe these words to have any truth.“With 22 IPOs from China in 2018 and 15… Source link

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Greater adoption of ETFs in Hong Kong depends on more fee-based advisers, Nasdaq says

Greater adoption of exchange-traded funds (ETFs) by Hong Kong investors will depend on the further development of the fee-based financial adviser community in the city, according to Nasdaq.Robert J. Hughes, vice-president for global information services at Nasdaq, said Hong Kong has some way to before the city has a “truly vibrant fee-based financial adviser community”, rather than one built around advisers who work on commission.“What we believe over time [is] financial advisers will turn more… 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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Xiaomi-backed online broker that serves Chinese stock traders aims to raise US$150 million in Nasdaq IPO

An online broker serving Chinese investors, Up Fintech Holding, is aiming for to raise US$150 million in an initial public offering on the Nasdaq Global Select Market, according to a preliminary prospectus filed with the US Securities and Exchange Commission last night.The company, which operates an online and mobile platform under the name Tiger Trade App, offers brokerage and other trading services. It counts China’s Xiaomi, one of the world’s largest smartphone makers, as a major investor… Source link

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Why this Hong Kong tycoon’s family backed biotech firm ditches the city for Nasdaq listing

Stealth BioTherapeutics, a US-based mitochondrial diseases drug developer backed by Hong Kong property developer Hang Lung Group’s Chan family, has ditched its listing plan in the city for a flotation in the disclosure-based Nasdaq market that has fewer time-consuming approval hurdles. The move comes after a sharp correction of pharmaceutical and biotechnology stocks in Hong Kong triggered by price cuts of major drugs in China brought about by reforms. The soured investor sentiment for such stocks is a blow to Hong Kong Exchanges and Clearing chief executive Charles Li Xiaojia’s…

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US stocks suffer their worst week since 2011, as tech sector is punished and the Nasdaq loses another 3 per cent

US stocks sank to a 19-month low on Friday to close out their worst week since August 2011, with every sector losing ground and heavy selling in technology shares driving the Nasdaq indexes into a bear market. Heavy volume sparked by the simultaneous expiration of futures and options lashed stocks that have been under pressure all week from concern over rising interest rates and the threat of slower global growth. Renewed personnel turmoil in the White House and the growing likelihood of a government shutdown added to investor anxiety before…

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