Date
18 September 2019

Markets

  • We Company, had it pressed on with the initial public offering, would have been valued at less than the US$12.8 billion in equity it has raised since it was founded in 2010. Photo: AFP

    WeWork delays IPO after frosty investor response

    Sep 18, 2019 7:51am
    WeWork owner The We Company has postponed its initial public offering (IPO), walking away from preparations to launch it this month after a lackluster response from investors to its plans, Reuters reports. The US office-sharing startup...
  • The Hong Kong Exchanges and Clearing has reportedly set up meetings with top investors of the London Stock Exchange over the next few weeks. Photo: AFP

    After LSE rebuff, HKEx begins investor charm offensive

    Sep 16, 2019 7:39am
    Hong Kong Exchanges and Clearing (HKEx, 00388.HK) is embarking on a three-week charm offensive with London Stock Exchange investors as the Asian trading house tries to salvage its proposed US$39 billion takeover offer, Reuters reports. LSE’s...
  • The London Stock Exchange reportedly wants to focus on completing its US$27 billion proposed acquisition of Refinitiv rather than risk it being derailed by the Hong Kong bourse, Photo: Bloomberg

    LSE board set to meet for decision on HKEx bid: report

    Sep 13, 2019 9:19am
    The London Stock Exchange’s board will meet in coming days to decide on the Hong Kong bourse’s surprise US$39 billion takeover proposal, a source close to the British company said on Thursday, as the market poured...
  • Hong Kong Exchanges and Clearing CEO Charles Li has made a daring move, but he admits he came in a bit late. Photo: Bloomberg

    HK-British corporate takeover drama: money can’t buy you love?

    - Sep 12, 2019 10:37am
    If Wednesday’s surprise announcement by the Hong Kong Exchanges and Clearing (HKEx, 00388.HK) of its proposal to acquire the London Stock Exchange (LSE) were a drama, would it be a comedy or a tragedy? Well, some...
  • HKEx appears confident its LSE proposal will face no major regulatory hurdles, but closing a deal will be anything but easy. Photo: Bloomberg

    HKEx seen facing uphill battle on US$39 bln bid for LSE

    Sep 12, 2019 10:17am
    Hong Kong Exchanges and Clearing (HKEx) unveiled a US$39 billion takeover approach to the London Stock Exchange (LSE) on Wednesday that received a cool response from investors concerned about its regulatory and financial hurdles. To prevail,...
  • The Hong Kong Exchanges and Clearing's bid to take over the London Stock Exchange comes as Britain is set to leave the European Union and Hong Kong is beset by months of political turmoil. Photo: CNSA/Bloomberg

    HKEx makes US$39 billion bid for London Stock Exchange

    Sep 11, 2019 5:55pm
    Hong Kong Exchanges and Clearing (00388.HK) has made an unsolicited US$39 billion takeover bid for the London Stock Exchange, an offer contingent on the LSE ditching its acquisition of data company Refinitiv. The combination would help...
  • People take an escalator next to posters and sticker notes supporting the anti-government protest movement near the Central Government Offices in Admiralty on Thursday. Photo: Reuters

    Back to the futures for Hong Kong traders

    - Sep 6, 2019 12:45pm
    “Hong Kong has no future and no option.” This was the running joke among brokers on Thursday after the Hong Kong Exchanges and Clearing (00388.HK) suspended derivatives trading for the first time in its history. Not a...
  • There is growing investor skepticism over WeWork's lack of a roadmap to profitability. Photo: Bloomberg

    WeWork considering reducing IPO valuation by more than half

    Sep 6, 2019 8:33am
    WeWork owner The We Company is considering slashing the valuation it will seek in an initial public offering to a little over US$20 billion, less than half the US$47 billion valuation it achieved in a private...
  • Manny Pacquiao has launched his “Pac” tokens, which will allow fans to buy his merchandise and interact with him via social media. Photo: Reuters

    Boxing champ Pacquiao launches own crypto tokens

    Sep 2, 2019 7:27am
    Philippine boxing champion Manny Pacquiao launched his very own cryptocurrency on Sunday at a free concert in Manila, where he serenaded more than 2,000 fans to drum up interest in the product. The 40-year-old boxer, who...
  • Alibaba could launch the Hong Kong deal as early as in October, seeking to raise US$10 billion to US$15 billion, when political tensions in the city ease. Photo: Xinhua

    Alibaba postpones HK listing amid protests: report

    Aug 21, 2019 12:41pm
    China’s biggest e-commerce company Alibaba Group Holding Ltd. has delayed its up to US$15 billion listing in Hong Kong amid growing political unrest in the Asian financial hub, Reuters reports, citing two people with knowledge of...
  • Juul is striving to grow outside the US as American regulators step up oversight on e-cigarette products. Photo: Bloomberg

    E-cigarette maker Juul raises US$325 mln for global expansion

    Aug 20, 2019 9:37am
    Electronic cigarette maker Juul Labs has raised US$325 million in an equity and debt offering to speed up its global reach amid intense regulatory scrutiny in its home turf in the United States, Reuters reports. Juul,...
  • A screen shows the numbers after the closing bell at the New York Stock Exchange on Wednesday. Photo: Reuters

    Selloff on Wall Street as recession fears take hold

    Aug 15, 2019 8:58am
    US stocks fell sharply on Wednesday, with all the three major indexes crashing about 3 percent, as recession fears gripped the market after the US Treasury yield curve temporarily inverted for the first time in 12...
  • Refinitiv acquisition will turn the LSE into a major distributor as well as creator of financial market data. Photo: Reuters

    LSE confirms US$27 bln Refinitiv deal

    Aug 1, 2019 4:31pm
    London Stock Exchange (LSE) said it has agreed to buy financial information business Refinitiv in a US$27 billion deal, confirming a move to transform itself into a market data and analytics giant. “This transaction is a...
  • Demonstrators charge with a cart filled with burning cardboard during a clash with police in Sheung Wan on Sunday. Photo: Reuters

    Amid all the tumult

    - Jul 30, 2019 12:06pm
    Despite what doomsayers say, the local market appears to be taking the current political turmoil in stride. Fifty days after the mammoth rally against the extradition bill on June 9, one can say that the Hang...
  • A merger with Refinitiv would significantly expand LSE’s information services business. Photo: Reuters

    LSE shares surge as investors cheer US$27 bln Refinitiv bid

    Jul 30, 2019 9:30am
    London Stock Exchange Group shares rose more than 15 percent to a record high on Monday as investors cheered its US$27 billion bid to buy financial data firm Refinitiv Holdings, Reuters reports.  Analysts believe the deal...
  • All but four of the 25 stocks listed on STAR Market fell on Tuesday as investors took profits from opening day gains. Photo: Reuters

    Top investors lose US$1 bln as STAR Market reverses on day two

    Jul 23, 2019 5:08pm
    The biggest shareholders in China’s new Nasdaq-style STAR Market lost a combined US$1 billion in the second day of trade on Tuesday, a day after the board’s roaring debut created three new billionaires, Reuters reports. All...
  • Officials attend the listing ceremony of the first batch of companies on STAR Market, China's new Nasdaq-style tech board, at the Shanghai Stock Exchange on Monday. Photo: Reuters

    Most stocks surge on first day of trade on China’s STAR Market

    Jul 22, 2019 11:54am
    China’s new Nasdaq-style board for homegrown technology firms started trading on Monday, with most of the stocks surging in their debut, Reuters reports. Most of the first batch of 25 companies – ranging from chip-makers to...
  • Hong Kong Exchange and Clearing acts as a watchdog of the stock market, but it is also a listed organization that must look after its earnings and share price growth. Photo: Reuters

    A call for better regulatory mechanism for listing approvals

    - Jul 22, 2019 11:41am
    On June 23, the Securities and Futures Commission (SFC) and the Independent Commission Against Corruption (ICAC) announced a joint operation that led to the arrest of a former head of the IPO vetting team of the...
  • If the Fed stands firm and does not cut rates, gold prices might suffer. Photo: Reuters

    Gold: Impact from US and Chinese policies

    - Jul 15, 2019 4:58pm
    Gold prices have been on a wild ride. Between 2000 and 2011, they rose from US$280 to around US$1,900 per ounce before falling back to US$1,050 in 2015. Currently, they are trading at around US$1,400 an...
  • Richard Branson wants to cash in on burgeoning demand for space travel. Photo: AFP

    Richard Branson’s Virgin Galactic to go public by year-end

    Jul 10, 2019 7:32am
    British billionaire Richard Branson will take Virgin Galactic public by year-end, giving it the much-needed funds to take on Jeff Bezos’ Blue Origin in the race to space, Reuters reports. The company will list its shares...