Falling IPO Star: Hong Kong Tipped to Lose Top-Three Ranking Again

Hong Kong is losing some of its luster as an IPO hub, hit by market worries about soaring inflation, rising interest rates, tumbling stock prices and China’s zero-Covid policy. Some analysts say the exchange has little chance of landing a top-three place for global IPO fundraising this year Key Takeaways: As of the third quarter of this year, the world’s top three IPO capital raisers were the Shanghai Stock Exchange, the Shenzhen Stock Exchange and the Korea Exchange, with Hong Kong lagging in fourth place Some analysts believe that a…

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Uxin Revs Up Online Used Car Retailing Model, Buys Time with Financial Maneuvers

Company posted strong revenue and transaction growth in the three months through June for its retail business buying, reconditioning and selling used cars online directly to consumers Key Takeaways: Uxin’s revenue more than doubled in the three months to June, though transactions under its new model as a direct online used car retailer are still relatively small The company said it has sufficient financial resources for at least the next year, following two recent debt-for-equity swaps and a new $100 million share sale to an existing investor By Doug Young…

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Greatpower Nickel Restarts IPO Engine after Earnings Setback

The producer of battery materials used in electric vehicles has filed for a second time to list on the Hong Kong Stock Exchange, fortified by an LG supply deal Key Takeaways: Greatpower Nickel and Cobalt, hit by Covid disruptions and falling prices, swung to a loss in the first half of the year after writing off a large sum for cobalt products inventory But the company benefits from a six-year supply agreement with South Korean lithium battery powerhouse LG Energy Solution, assuring a future revenue stream By Fai Pui Companies…

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AIM Vaccine Shrinks Its IPO But Gives Chairman a Mega Paycheck

China’s second-largest maker of non-Covid vaccines has finally crossed the IPO finish line and will list its shares next Thursday Key Takeaways: AIM Vaccine is finally landing on the Hong Kong Stock Exchange at its third attempt, but has only issued 0.8% of its total share capital, raising a net HK$70 million The company issued equity incentives worth a whopping 900 million yuan to its chairman before going public, and swung from profit to loss last year By Molly Wen The biopharma sector has been one of the biggest casualties…

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Stumbling Jiumaojiu Coughs Up Big Bucks for Local Mega-Mall

Operator of the popular Tai Er ‘Sauerkraut Fish’ restaurant chain will invest up to $140 million in the IFC Mall Project in its hometown of Guangzhou Key Takeaways: Jiumaojiu said it will pay up to $140 million for 26% of the company developing the Guangzhou IFC Mall Project, which will become its new headquarters The move comes as the company’s own finances show sign of stress, including a 23.2% drop in same-store sales for its core Tai Er restaurant chain in the first half of the year By Doug Young…

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Nio Enters Race for Lithium with Australian Investment

The electric vehicle maker will pay $7.7 million up front and up to $80 million more for a stake in an Argentine mining project in its tie-up with Greenwing Resources Key Takeaways: Nio Inc. will pay $7.7 million for 12% of Australian miner Greenwing Resources, which holds the rights for the San Jorge Lithium Project in Argentina Nio is the latest electric vehicle maker to purchase lithium assets, following similar moves by domestic rival BYD and global names like Tesla and General Motors By Doug Young New energy investment patterns…

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Trip.com Gets Boost From Reopening Global Borders

China’s top online travel agent returned to profitability in the second quarter as a growing number of countries where it does business outside its home market lifted travel restrictions Key Takeaways: Strongly recovering business in the U.S. and Europe helped Trip.com return to the black with a 69 million yuan profit in the second quarter The company said outbound bookings from Hong Kong jumped nearly four times last week from the previous week as the city prepared to end its quarantine requirement By Ken Lo After two years in deep…

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Qudian in Search of a Business as Stock Returns to Penny Territory

The former fintech highflyer was warned a third time about possible delisting this year after its stock fell below $1 on the failure of its latest new foray into the food industry Key Takeways: Qudian was notified by the New York Stock Exchange that it was in violation of listing rules that require its stock price to stay above $1 The warning was its third one this year, and came after the company said it was scaling down a food business it started just six months ago and ceased its…

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‘Stock Advisor’ JF Wealth Defies Market Basics with Ill-Timed IPO Bid

China’s largest online investor content provider has filed a third time for a Hong Kong listing despite some of the weakest market sentiment in years Key Takeaways: Online investment advisor JF Wealth has filed for a Hong Kong IPO, deriving most of its revenue from high-end education and content services The company faces mounting headwinds from rapidly growing sales and marketing costs and increasing refund requests By Emily Chan Basic investment courses advise stock buyers to avoid weak markets like the ones much of the world is seeing right now,…

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FinVolution Picks Up the Pace in Its Global Expansion

The fintech lender announced a major boost in the size of the borrowing facility from its Indonesia partner, though the expanded amount is still small at around $30 million Key Takeaways: FinVolution has announced a major expansion in the size of its borrowing facility from Indonesian partner PT Bank Jago The fintech lender still gets a miniscule part of its business from outside China, with international loans accounting for just 2% of its lending transaction volume By Doug Young Every journey begins with a single step, especially when that first…

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