Tue, Nov 14, 2017 - Page 10 News List

World Business Quick Take

Agencies

TECH STOCKS

Hong Kong IPOs hit record

Hong Kong’s red-hot market for technology listings has already surpassed the heady days of the dot-com boom. Fundraising from tech-related initial public offerings in the city, led by ZhongAn Online P&C Insurance Co (眾安保險), has hit a record US$4.2 billion this year, data compiled by Bloomberg show. That is more than five times the amount raised in Hong Kong during the global dot-com boom in 2000. This year’s haul beats the previous record of US$2.9 billion set in 2004, when now-dominant Chinese Internet company Tencent Holdings Ltd (騰訊) first sold stock to the public. The next major deal to begin trading is to be Yixin Group Ltd (易鑫集團), a car-financing Web site that raised HK$6.8 billion (US$871.82 million) after pricing at the top of a marketed range, people with knowledge of the matter said.

WIRELESS

Vodacom data sales advance

Vodacom Group Ltd, Africa’s biggest wireless operator by market value, said revenue from data services surpassed voice for the first time in South Africa, as more customers switched to internet-enabled phones. First-half data sales advanced 15 percent to 11.4 billion rand (US$785.68 million) in Vodacom’s biggest market, accounting for 43 percent of service revenue, the Johannesburg-based company said in a statement yesterday. Helped by promotions, the wireless operator added more customers in South Africa and international markets such as Tanzania, it said. “We expect that data contribution in our international markets could surpass that of voice in the next five years or so,” chief executive officer Shameel Joosub said.

GAMING

Razer IPO sells 1bn shares

Razer Inc, the maker of computer accessories for hardcore gamers, jumped on its first day of trade after raising HK$4.1 billion in its initial public offering (IPO). The stock traded at HK$5.31 as of 9:33am yesterday, 37 percent above the HK$3.88 price in the IPO. The company sold 1.06 billion shares in the sale with the stock issued near the top of a marketed range of HK$2.93 to HK$4.00. San Francisco and Singapore-based Razer produces a suite of products for gaming enthusiasts, from computer mice to performance laptops. The company has expanded its lineup by launching a US$699.99 Android smartphone that is designed for gameplay.

INVESTMENT

Softbank seeks Uber stake

Japanese technology conglomerate Softbank has reached a deal with Uber to invest billions in the ride-hailing giant. Uber Technologies Inc confirmed the investment in a statement Sunday without giving details. However, a person briefed on the deal told reporters that Softbank Group is to buy about US$1 billion worth of new Uber stock, and then is to offer to purchase shares from investors and Uber employees with the goal of reaching a 14 percent stake in the company. Uber is currently valued at US$68.5 billion, but stock offers are to be based on a lower valuation, so it is unknown just how much the total multibillion-dollar deal will be worth, said the person, who spoke on condition of anonymity because details were not released. Uber’s statement said it reached an agreement with a consortium led by Softbank and Dragoneer Investment Group. The deal is a vote of confidence in the company’s potential and “will help fuel our investments in technology and our continued expansion at home and abroad, while strengthening our corporate governance,” the statement said.

This story has been viewed 1263 times.

Comments will be moderated. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned.

TOP top