The U.S. accounting watchdog on Thursday said it has gotten full access to inspect and investigate firms in China for the first time ever, removing the risk that around 200 Chinese companies could be kicked off U.S. stock exchanges. The statement from the Public Company Accounting Oversight Board marks a victory for U.S. regulators and… Continue reading Chinese firms avert delisting as US audit watchdog gets full inspection access
Author: Deal Street Asia Online News
IPO market freeze sparks 80% drop in Nasdaq listings
Equity listings on the Nasdaq fell about 80% this year, as the appetite for new issues took a hit from extreme volatility in the stock market, sparked by the Federal Reserve’s war on inflation. A total of 156 companies listed their shares on the bourse this year, raising nearly $15 billion in initial public offerings,… Continue reading IPO market freeze sparks 80% drop in Nasdaq listings
Hong Kong retail shareholders revive HSBC spin-off call
A group of HSBC’s Hong Kong-based retail investors are seeking support to demand the bank restore its pre-pandemic dividend and set a plan to spin off assets. HSBC “underperforms its peers, violates dividend commitments (and) ignores shareholders’ interests,” Ken Lui, convener of the group , said in a Thursday newspaper advertisement. London-headquartered HSBC, which is… Continue reading Hong Kong retail shareholders revive HSBC spin-off call
Blackstone said to be weighing exit options for Japan-based Ayumi PharmaceuticalThe specialty pharmaceutical company is reportedly worth at least $1b.
US private equity (PE) giant Blackstone is understood to be exploring exit options for Japan-based Ayumi Pharmaceutical Corp, in a deal that could value the specialty pharmaceutical company at at least $1 billion. Bloomberg was the first to report the development, saying Blackstone was working with potential advisers on options including an initial public offering… Continue reading Blackstone said to be weighing exit options for Japan-based Ayumi PharmaceuticalThe specialty pharmaceutical company is reportedly worth at least $1b.
Musk cashes out another $3.6b in Tesla stockMusk unloaded 22 million shares in Tesla over three days.
Tesla boss Elon Musk disclosed another $3.6 billion in stock sales on Wednesday, taking his total near $40 billion this year and frustrating investors as the company’s shares wallow at two-year lows. A U.S securities filing showed he unloaded 22 million shares in the world’s most valuable carmaker over three days from Monday to Wednesday.… Continue reading Musk cashes out another $3.6b in Tesla stockMusk unloaded 22 million shares in Tesla over three days.
E-commerce site builder Plugo raises $9m and other SE Asia deals
Plugo, a Jakarta-based e-commerce website builder, has announced raising $9 million in a Series A funding round anchored by Altos Ventures. The round, which comes ahead of the company’s planned public launch in 2023, was also participated by BonAngels Venture Partner, Access Ventures, Mahanusa Capital, Prodigy Investment, and Pearl Abyss Capital, according to the announcement.… Continue reading E-commerce site builder Plugo raises $9m and other SE Asia deals
Grab to cut costs amid macroeconomic uncertainties, CEO writes in memo
Grab Holdings Ltd, Southeast Asia’s biggest ride-hailing and food delivery firm, is rolling out cost-cutting measures to cope with an uncertain macroeconomic situation, the Singapore-based company’s chief executive told staff in a memo. The measures include a freeze on most hirings, salary freezes for senior managers and cuts in travel and expense budgets, according to… Continue reading Grab to cut costs amid macroeconomic uncertainties, CEO writes in memo
Australian regulator sues comparison site over crypto product
Australia’s corporate regulator sued the country’s biggest comparison website on Thursday in relation to a cryptocurrency product, accusing it of conducting unlicensed financial services and breaching consumer protection laws. The lawsuit is the third by the Australian Securities and Investments Commission (ASIC) against a supplier of crypto-related products in the past two months as it… Continue reading Australian regulator sues comparison site over crypto product
Ford, China’s CATL planning to build battery plant in US
Ford Motor Co and China’s Contemporary Amperex Technology Co Ltd (CATL) are considering building a battery plant in Michigan or Virginia to reap tax benefits without treading on Sino-US political sensitivities, Bloomberg reported on Wednesday. The multibillion-dollar facility will make lithium iron phosphate batteries for Ford’s electric models, Bloomberg reported, citing people familiar with the… Continue reading Ford, China’s CATL planning to build battery plant in US
500 Global raises $11.2m so far for new accelerator fundThe fund has so far received commitments from 27 investors.
San Francisco-based early-stage venture investor 500 Global (formerly 500 Startups), has raised $11.2 million so far for its new accelerator fund, its filing with the US SEC showed. The filing showed that 500 Global Accelerator Fund I has already received commitments from 27 investors since its launch in December 2021. The fund will likely continue… Continue reading 500 Global raises $11.2m so far for new accelerator fundThe fund has so far received commitments from 27 investors.