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Didi Chuxing considers going public in 2021; targets $60-bn valuation

21Oct By reutersNo Comments

Market

Didi Chuxing considers going public in 2021; targets $60-bn valuation

Hongkong, 21st Oct 2020: China's top ride-hailing firm Didi Chuxing is considering Hong Kong for a multibillion-dollar initial public offering (IPO) next year, people with knowledge of the matter said, rethinking previous aims to list in New York amid rising Sino-US tension. Didi, backed by technology investment giants SoftBank , Alibaba, and Tencent, has started initial talks with investment banks for the long-awaited IPO, according to three people. The people spoke on condition of anonymity as the information, including the identity of the banks, was private. The people said the Beijing-based company is targeting a valuation of more than $60 billion by the time of launching the IPO, expected as soon as in the first half of 2021. Founded eight years ago, Didi has begun generating he...

Alibaba’s Ant Group files for IPO in Hong Kong & Shanghai

25Aug By AdityaNo Comments

Market

Alibaba’s Ant Group files for IPO in Hong Kong & Shanghai

Shanghai, Aug 25th, 2020: The financial firm of Chinese e-commerce giant Alibaba led Ant Group filed for a dual listing in Hong Kong and Shanghai. This could be one of the largest IPO since the Covid19 pandemic began in China. Ant Group operates Alipay, one of China's leading online payment services. The IPO will be the first dual listing on the Hong Kong exchange and Shanghai's STAR Market. However, the company's filing did not disclose the timetable for IPO and how much money they are looking to raise. Over a billion users use Alipay to pay for purchases both online and in stores, to send money to friends, and to pay bills. In 12 months that ended in June, Ant Group tallied USD 17 trillion in transaction volume. In the filing, Ant Group said it plans to use the funds raise...

11Oct By AdityaNo Comments

CHINA

Google Under Pressure From China Remove Apps supporting Hongkong Protesters

Google removed a mobile game that let people play as a Hong Kong protester, saying it violated a policy against cashing in on conflicts. The move came after Apple removed an app criticized by China for allowing protesters in Hong Kong to track police. Finding out, Beijing steps up pressure on foreign companies deemed to be providing support to the pro-democracy movement. Google said its decision to yank "The Revolution of Our Times" game from its Play Store did not result from any takedown requests by police or any other party outside the California-based company. "We have a longstanding policy prohibiting developers from capitalizing on sensitive events such as attempting to make money from serious ongoing conflicts or tragedies through a game," Google said in response. "A...

Meet The Richest Man in Asia, Also An Investor in Facebook

5Dec By NitishNo Comments

Story

Meet The Richest Man in Asia, Also An Investor in Facebook

Li Ka-shing the richest man in Asia was born in 1928, Chaozhou in China's Guangdong Province to a school-principal father. In 1940 With the Japanese invading, his father packs up the family and flees to Hong Kong. Dad died from tuberculosis two years later; at 12 Li starts working in a plastic-watch-strap company to support his family. "The great tug of war and the taste of poverty—they are hardly memories one can forget," Li says. In 1950, Li quits and starts his own business, making plastic toys, later switching to plastic flowers. More than a decade later, riots in Hong Kong depress property values, giving him the opportunity to buy up commercial real estate on the cheap. In 1972 - Li lists his holding company, Cheung Kong Ltd., in Hong Kong. Investors can't get enough. Really....