FAST NEWS: OneConnect Cashes Out of Non-core Business

The latest: Financial technology service provider OneConnect Financial Technology Co. Ltd. (OCFT.US; 6638.HK) on Thursday said it sold its 40% stake in Puhui Lixin to Puhui Management, a company principally engaged in the investment and disposal of non-performing assets. Looking up: At the end of September, OneConnect had cash and cash equivalents of 1.46 billion yuan ($204 million). Through this transaction the company will obtain an additional 199 million yuan, further increasing its cash reserves. Take Note: Upon completion of the sale, OneConnect will no longer be able to incorporate…

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Ganfeng Lithium Revs Up Battery Ambitions with LiEnergy Spinoff

The major producer of a key metal used to power new energy cars will pump 2 billion yuan into its young battery unit ahead of a planned spinoff Key Takeaways: Ganfeng Lithium will spin off its LiEnergy battery unit, seeking to take advantage of higher valuations for battery makers compared with lithium producers The spinoff is probably a prelude to a separate listing for LiEnergy, which could come as soon as late 2023 when the unit is set to launch two major new production facilities By Doug Young Watch out…

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Dividend Payouts Under the Microscope at IPO-bound Esco Lifesciences

The maker of biosafety equipment and other laboratory tools has filed to list on the Hong Kong Stock Exchange, with market attention focusing on its generous pre-IPO dividends Key Takeaways: Esco Lifesciences is the world’s second-biggest supplier of biosafety cabinets, selling its products in over 100 countries The company is under the tight control of the founding Lin family and has been liberal with dividend payouts, which in 2020 exceeded the firm’s net profit By Molly Wen The battle against Covid-19 has accelerated the quest for innovative drugs, pumping money…

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