hackingbear writes: People’s Bank of China, the country’s central bank, said on Wednesday that any non-bank payment company with half of the market in online transactions or two entities with a combined two-thirds share could be subject to antitrust probes, potentially dealing another blow to financial technology giant Ant Group Co. and its biggest rival Tencent Holdings Ltd. Ant’s Alipay accounts…
Tag: initial public offering
US Approves NYSE Listing Plan To Cut Out Wall Street Middlemen
Companies may go public on the New York Stock Exchange without forking out fat fees to Wall Street banks which typically underwrite such capital raisings, the U.S. securities regulator said on Tuesday. Reuters reports: The Securities and Exchange Commission approval of the NYSE’s “direct” listing plan threatens to overhaul the U.S. initial public offering market, by allowing aspiring public companies to…
As Bitcoin Surges, Prominent Cryptocurrency Exchange Coinbase Aims To Go Public
Cryptocurrency brokerage Coinbase said Thursday that it has filed a draft registration statement with the Securities and Exchange Commission, paving the way for plans for an eventual initial public offering. CNN reports: The announcement comes as interest in bitcoin and other cryptocurrencies has soared during the coronavirus pandemic. Investors have found such currencies attractive as the US dollar weakens. Bitcoin has…
Electric-Car Companies Now Comprise Half the Worth of the World’s 10 Most Valuable Automakers
An anonymous reader quotes a report from Bloomberg: Electric-car companies are suddenly worth half of the total market capitalization of the world’s 10 most valuable automakers. That’s because money managers sized up the convergence of government policies and people’s preferences combating climate change and made alternative energy their biggest bet. Much was achieved by Tesla Inc., the Palo Alto maker of…
Unity Will Groom 80,000 Game Developers With Education Initiative
Unity Technologies hopes to groom 80,000 people for game jobs over three years with an education initiative aimed at helping people learn how to program and develop games. From a report: Unity is paying for this program with help from its initial public offering, in which it raised $1.3 billion at a $13.6 billion valuation in September. At the time, it…
China’s President Xi Jinping Personally Pulled Plug on Jack Ma’s Ant IPO
Chinese President Xi Jinping personally made the decision to halt the initial public offering of Ant Group, which would have been the world’s biggest, after controlling shareholder Jack Ma infuriated government leaders, WSJ reported Thursday, citing Chinese officials with knowledge of the matter. From the report: The rebuke was the culmination of years of tense relations between China’s most celebrated entrepreneur…
China Halts Ant Group’s Blockbuster IPO
In a late-evening announcement that stunned China, the Shanghai Stock Exchange slammed the brakes on Ant’s initial public offering, which was set to be the biggest stock debut in history with investors on multiple continents and at least $34 billion in proceeds. The New York Times reports: The stock exchange’s notice to Ant said that the company’s proposed offering might no…
US Explores Curbs On Ant Group, Tencent Payment Systems
An anonymous reader quotes a report from Bloomberg: The Trump administration is exploring restrictions on billionaire Jack Ma’s Ant Group as well as Tencent Holdings Ltd. over concerns that their digital payment platforms threaten U.S. national security, according to people familiar with the matter, a move that risks infuriating China and disrupting what could be the world’s largest initial public offering….
Last-Minute TikTok Deal Averts Shutdown
“President Donald Trump said Saturday he’s given his ‘blessing’ to a proposed deal that would see the popular video-sharing app TikTok partner with Oracle and Walmart and form a U.S. company,” reports CBS News:
Mr. Trump has targeted Chinese-owned TikTok for national security and data privacy concerns in the latest flashpoint in the rising tensions between Washington and Beijing. The president’s support…