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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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Shenzhen Transsion applies to raise capital on Shanghai’s technology board after taking Africa’s phone market by storm

Shenzhen Transsion Holdings, which makes three of every 10 smartphones sold in Africa, has thrown its hat into the ring to raise capital on Shanghai’s tech board via an initial public offering (IPO), becoming one of the first among China’s home-grown technology champions to kick off President Xi Jinping’s fundraising project.The company completed a three-month counselling period from December 2018 until March, during which an investment bank provided guidance and advice on the IPO applicant’s… Source link

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Vietnam 

ACB may sell treasury shares to raise capital: HSC – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

The Asia Joint Stock Commercial Bank (ACB) plans to propose shareholders approve its plan to sell 41.4 million treasury shares to raise charter capital. — Photo ACB Viet Nam News HÀ NỘI — Asia Joint Stock Commercial Bank (ACB) plans to sell treasury shares to raise charter capital in 2019. According to the bank’s financial report 2018, there are 41.42 million treasury shares at present. HCM City Securities Corp (HSC) said in a recent note that the bank will likely sell those treasury shares to improve its…

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Hainan Airlines sells two Boeing 737-800 planes for US$27.5 million to raise cash, after grounding 737 MAX 8

Hainan Airlines Group can’t seem to catch a break.China’s fourth-largest carrier, a unit of one of the country’s largest and most heavily indebted conglomerates, was in the midst of an asset disposal programme – selling everything from Hong Kong land parcels, slashing its Deutsche Bank stake to airliners – when a Boeing 737 MAX 8 operated by Ethiopian Airlines crashed this week.The tragedy, which killed 157 people on board – including eight Chinese – sparked a worldwide backlash that saw… Source link

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Vietnam 

RoK cosmetics firm plans to raise market share in VN – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

A crowd of people wait outside Innisfree on opening day late last year. – Photo Kenh14.vn Viet Nam News SEOUL — AmorePacific, a major cosmetics conglomerate from the Republic of Korea (RoK), is planning to open retail shops and boost online sales to promote the consumption of its products in Hà Nội and HCM City. A representative of AmorePacific revealed the plan while talking to the Vietnam News Agency about its moves to gain a bigger market share in Việt Nam. Explaining the reason for the plan,…

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China 

China scraps valuation limit to kick-start Xi Jinping’s technology board for home-grown companies to raise capital

Shanghai’s stock exchange, tasked by Chinese president Xi Jinping last November to create a technology board for the country’s most valuable start-ups to raise capital, has fine tuned its listing rules and upped the ante with Hong Kong in the race for the title of Asia’s fundraising hub.Initial public offerings ((IPOs) on the tech board will be priced through “interactions with eligible offline investors,” the exchange said late on Friday. That essentially removes the implicit valuation limit –… Source link

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Ping An plans to raise about US$1 billion in Hong Kong by spinning off its fintech unit OneConnect

Ping An Insurance (Group), China’s largest insurer by market value, is gearing up for an initial public offering of its OneConnect unit that could value the financial management portal at about US$8 billion, according to people familiar with the matter.Ping An is now targeting to list OneConnect in Hong Kong as soon as the second half of this year, one of the people said, asking not to be identified because the information is private. The share sale could raise roughly US$1 billion, according… 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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US Federal Reserve officials remain divided over whether to raise interest rate again

Federal Reserve policymakers see 2019 marking the end of their balance sheet run-off, but not necessarily their interest-rate increases.Minutes of the central bank’s January 29-30 policy meeting released on Wednesday showed “almost all participants” agreeing it best to halt roll-offs this year, a move that should be welcomed by investors worried the balance sheet draw-down is hurting the economy.The news on interest rates was less friendly to financial markets, where some investors think the… Source link

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Stock exchange operator HKEX buys Shenzhen-based fintech company to raise capabilities, compete with global rivals

The operator of Hong Kong’s stock exchange is planning to make its first acquisition of a fintech company as it strives to upgrade its technology capabilities to compete with other bourses around the world.Hong Kong Exchanges and Clearing (HKEX), which runs the fifth largest stock market worldwide, has signed a letter of intent to buy a 51 per cent stake in Shenzhen Ronghui Tongjin Technology. The technology services provider, which has 200 staff, specialises in financial exchanges, regulation… Source link

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