Wed, Aug 15, 2018 - Page 10 News List

World Business Quick Take

Agencies

AUTOMAKERS

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.

ADVERTISING

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.

FINANCE

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.

BANKING

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.

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