China Tech Digest: Baidu Plans To List In Hong Kong During First Half 2021


Baidu plans to go public in Hong Kong as early as the first half of 2021, raising at least US$3.5 billion

Baidu plans to go public in Hong Kong as early as the first half of 2021 and raise at least US$3.5 billion. People familiar with the matter said Baidu selected CLSA and Goldman Sachs for its planned Hong Kong secondary listing; the transaction may raise at least US$3.5 billion. Baidu, which is already listed on NASDAQ, plans to sell shares in Hong Kong as early as the first half of this year. People familiar with the matter also said that the company can sell about 5%-9% of its equity.

In May 2020, founder Robin Li said in an interview: “We are indeed very concerned about the continuous tightening of this kind of control on Chinese stocks from the government level in the United States. We are also constantly discussing what we can do internally. These things Of course includes secondary listings in places such as Hong Kong."

Kuaishou will conduct a listing hearing as soon as next week

The short video platform Kuaishou will seek a listing hearing on the Hong Kong Stock Exchange as soon as next week. If approved, it is expected to conduct an IPO as soon as before the new year. Earlier news pointed out that Kuaishou plans to go public on February 5, raising 5 billion US dollars (about 39 billion Hong Kong dollars), with a target valuation of 50 billion US dollars (about 390 billion Hong Kong dollars).

Ant Group plans to transfer part of its business out of its small loan company

It is reported that Ant Group plans to transfer part of its business out of its small loan companies to deal with compliance pressures.

NIO says lithium iron phosphate models mass production will not occur in the short term

Recently, there is market news that NIO has contracted a lithium iron phosphate battery production line for a possibly launching related models this year. This morning, Li Bin, the founder, chairman and CEO of NIO, responded: "We are discussing various possibilities. We will not use mass production in the short term, and lithium iron phosphate does not actually account for that much (proportion)."

China Telecom: Deeply regrets the New York Stock Exchange’s repeated overturning of its own decisions

China Telecom announced that the company received further notice from the New York Stock Exchange, and the New York Stock Exchange again overturned its previous decision, that is, the New York Stock Exchange regulator has decided to restart the American Depositary Shares listing procedure to comply with the Executive order.

The company deeply regrets the aforementioned decisions and actions of the New York Stock Exchange. The repetition and conflict of the New York Stock Exchange’s own decisions have harmed the interests of the company and its shareholders.

China Mobile announced in the evening that the New York Stock Exchange announced that it would restart the process of delisting its ADRs. The company will continue to pay close attention to the progress of related matters, and consider different plans and seek professional advice to protect the legitimate rights and interests of the company and shareholders.

Sequoia Capital China Fund strategically invests in French designer brand AMI

Sequoia Capital China Fund strategically invested in French designer brand AMI, which is Sequoia China’s first international M&A project. As the controlling shareholder, Sequoia China will support AMI to reach new consumers, upgrade digital channels, and deepen development through the experience of “technology empowering consumption” and global entrepreneurial innovation platform resources.

China is recommended to establish a specialized organization for AI algorithmic ethics

Today, at a seminar held in Beijing, the China Consumers Association recommended that the country set up a specialized AI algorithm ethics organization to be responsible for algorithm application ethics, rules, standard formulation, unfair algorithm application investigation and handling, and designate relevant government departments to be responsible for strengthening the effective supervision of algorithm applications.

They should strengthen the regulation of algorithms in the field of online consumption to protect consumers’ right to know, choose and fair transaction rights.

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