Meituan confirms plans to raise funds in HK -- Group buying and dining behemoth Meituan-Dianping confirmed on June 25 that it would raise an undisclosed sum of funds through an initial public offering in Hong Kong to finance its future expansion plans. Though the company did not reveal the exact size of its planned float, Bloomberg reports indicated that it would raise over 6 billion U.S. dollars and target a valuation of roughly 60 billion U.S. dollars, a price tag that rivals Xiaomi's goal of as much as 6.1 billion U.S. dollars in what would be the world's largest IPO in two years. (Source: China Daily)
Chinese used-car trading platform Uxin debuts on Nasdaq -- Chinese used-car e-commerce platform Uxin Limited started trading on Nasdaq Stock Market on June 27 The company, trading under the ticker symbol of "UXIN", announced its IPO of 25 million American depositary shares (ADSs) at a price to the public of 9.0 U.S. dollars per ADS. Concurrent with the private placement of 175 million U.S. dollars of convertible bonds, Uxin planned to raise a total of approximately 400 million dollars, assuming the underwriters do not exercise their option to purchase additional ADSs. Each ADS represents three Class A Ordinary Shares of the Company.
Xiaomi to offer about 2.18 bln shares at HKD17-22 per share -- The Beijing-based smart phone maker Xiaomi on June 25 updated its listing prospectus, to offer 2.18 billion shares in one of the biggest global stock market debuts in recent years. This will include 1.434 billion new shares and 745 million old shares at the prices of 17-22 Hong Kong dollars per share. Xiaomi shares will start trading on Hong Kong's stock exchange on July 9 under the code of (01810.HK).
IFLYTEK signs agreement with MIT to explore AI -- IFLYTEK CO., LTD. lately signed a strategic cooperation agreement with MIT’s Computer Science and Artificial Intelligence Laboratory (MIT CSAIL) on establishing an Artificial Intelligence(AI) alliance, in a bid to provide an in-depth exploration of the frontier areas of AI research, www.cs.com.cn reported. According to the agreement, the two parties will exert their respective strengths to conduct in-depth research and development cooperation in areas such as speech processing, reasoning and cognitive intelligence, and human-like AI, and jointly promote AI-related applications, standards setting, and ethical research.
China’s beauty brand CHANDO promotes World Cup masks in Taiwan, Singapore and Australia -- Chinese leading cosmetics producer JALA Group Co. joined hands with Alibaba’s Tmall.com to promote its national beauty brand CHANDO and high-end brand MAYSU at pop-up stores in Taiwan, Singapore and Australia from June 15 to 18. Taking rides of the on-going World Cup heat, JALA Group presented its World Cup fan glacier water masks that offer customers facial cares while staying up late cheering for their beloved teams. Meanwhile, AR technology was applied to help customers try on cosmetics in the stores.
Chinese firm to construct road linking Kenya to South Sudan -- Kenya's North Rift region is set for transformation as a Chinese firms has won the tender to construct the first tarmac road that extends to South Sudan. China National Aero-Technology International Engineering Corporation has been contracted to undertake the construction of the 60 kilometers road in a region referred to as Kenya's bread-basket.
Diageo to top up stake in baijiu maker Shuijingfang -- Alcoholic spirits producer Diageo Plc said it has proposed increasing its stake in Chinese baijiumaker Sichuan Shuijingfang Co Ltd to up to 60 percent through a partial tender offer. Diageo offered 62 yuan (9.44 U.S. dollars) per share of Shuijingfang, the company said in a statement. It currently holds a 39.71 percent stake in the Chinese distiller. The British maker of Johnnie Walker Scotch whisky and Smirnoff vodka offered close to a 25 percent premium on Shuijingfang's closing share price of 49.6 yuan on June 25. (Source: China Daily)
Yili climbs up the rankings of food brands -- Chinese dairy brand Yili has jumped five places to third in a new report that ranks the world’s top 50 food brands. Brand Finance, a London-based valuation consultancy, released its latest 2018 Food and Drink report on June 26. Yili is the only Chinese brand in the top 10 global list, moving up from eighth spot in 2017, following a 43 percent growth to 6.2 billion U.S. dollars in brand value. (Source: China Daily)
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