NIO files for New York IPO
NIO (蔚來汽車), an electric car maker seeking to compete with Tesla Inc, has filed for a US$1.8 billion initial public offering (IPO), becoming the first Chinese automaker to seek a listing in the US. The company, backed by technology giant Tencent Holdings Ltd (騰訊), applied to list its American depositary receipts on the New York Stock Exchange under the symbol NIO. The US$1.8 billion registration amount is a placeholder to calculate filing fees. Nio and other Chinese electric car makers are raising funds to develop new products and power an expansion as the world’s biggest automobile market signals a shift to battery-powered vehicles in a bid to cut pollution and reduce dependence on imported oil.
WPP to move headquarters
WPP PLC is set to move out of its central London headquarters after 30 years, in another break with the past following the departure in April of founder and CEO Martin Sorrell from the world’s largest advertising company. The company would stop leasing the small mews property which, despite its location in Farm Street in the upscale district of Mayfair, is one of the more low-key headquarters for a FTSE 100 company. Staff from the head office, who cover areas such as legal and finance, are to move into Sea Containers, a large office on the south bank of the River Thames that is already home to some of WPP’s agencies. However, that building might not be large enough for all the staff in the parent company and the long-term ambition is for all staff to work together, sources said.
Two dealmakers promoted
Morgan Stanley is promoting a pair of dealmakers in Southeast Asia, with one banker rising from intern to a senior position in just seven years. The US firm has appointed Jannie Tsuei, who started as an associate intern in New York in 2011, as chief operating officer for Southeast Asia investment banking, an internal memo showed. It also named Jonathan Pflug, who joined Morgan Stanley as an associate that year, to head Southeast Asia mergers and acquisitions and Singapore coverage. Tsuei, who is a vice president at the firm, began her finance career on Morgan Stanley’s real-estate investment banking team in the US before moving to Singapore in 2015, the memo showed. Earlier this year, she transitioned to Singapore coverage and has been helping build out the firm’s work on healthcare deals in the region. A representative for Morgan Stanley confirmed the contents of the memo.
Deutsche Bank to add staff
Deutsche Bank AG has almost finished restructuring its Asian investment banking business and plans to add bankers in the coming months, regional head James McMurdo said. “Yes, we did trim, but we trimmed where we thought we were less competitive, or where we thought the opportunity was not that significant and that has largely been completed,” McMurdo said in a telephone interview on Monday. He said that the lender is focused on Asia, servicing clients in local markets, as well as global capital markets and cross-border deals. His comments follow those of Lok Yim, head of the Asia-Pacific wealth business, who last week said that the German lender is still recruiting for that business in the region. Deutsche Bank CEO Christian Sewing has pledged to keep the lender “strong” in Asia, even as he prepared to overhaul operations worldwide.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion