UCloud IPO approved
Chinese cloud storage provider UCloud Technology Co Ltd (優刻得科技) on Friday obtained approval from the Shanghai Stock Exchange for an initial public offering (IPO) on the Star market, according to an exchange filing. It is the first company with unequal voting rights to get approval from the exchange for the dual-class listing in the domestic market, according to data compiled by Bloomberg. The company aims to raise about 4.7 billion yuan (US$660 million) via the IPO, according to a separate exchange filing.
Tata gets solar order
Tata Power Solar Systems Ltd, a unit of Tata Power Co, received an order to build a 105 megawatt-peak floating solar plant in the southern Indian state of Kerala, the company said in a stock exchange filing. The 3.43 billion rupee (US$49 million) project is to be built on the reservoir of NTPC Ltd’s naphtha-fired plant in Kayamkulam and commissioned within 21 months, Tata Power Solar Systems said. The order also includes operations and maintenance of the plant for three years, it said.
Malaysia announces delay
Malaysia and Singapore have agreed to delay by another month a decision on whether to go ahead with a train project connecting the city-state with Malaysia’s southern state of Johor, Malaysia said on Sunday. The countries agreed to extend the deadline to decide on the RTS Link project by a month to Oct. 31 without any additional cost, the Malaysian Ministry of Transport said in a statement. Malaysia will have to pay Singapore abortive costs if the Rapid Transit System Link is not taken forward.
Bank laments growth target
Downside risks in the nation’s economy are outweighing upside ones, making it increasingly hard for the central bank to maintain its growth forecast that was already cut earlier this year, Bank of Korea Governor Lee Ju-yeol said. Even though the US and China are to resume trade talks, a slowdown in the global economy is likely to persist and it will be some time before demand for memory chips picks up again, Lee told reporters on Friday evening. “It will be tough to achieve the 2.2 percent growth projection.”
Islamic bonds considered
The nation is considering selling a US dollar-denominated Islamic bond as early as next month as the kingdom seeks to take advantage of lower borrowing costs, people with knowledge of the matter said. The government is close to hiring banks for the possible sukuk sale, the people said, asking not to be identified because the information is private. A spokesman for the Ministry of Finance did not immediately respond to requests to comment.
Vietnam projection upgraded
Economists are upgrading their growth projections for Vietnam after data this weekend showed that the nation’s economy surged more than 7 percent in the third quarter. Citigroup Inc revised its full-year forecast to 6.9 percent from 6.7 percent previously on the basis of another solid performance in the fourth quarter. Maybank Kim Eng Research Ltd now sees 7 percent growth for the year versus a prior call of 6.8 percent and United Overseas Bank Ltd changed to 6.8 percent for the year from 6.7 percent.
TV and online retailer Momo.com Inc (富邦媒體) yesterday said it has set up a new logistics subsidiary, Fu Sheng Logistics Co (富昇物流), to oversee the company’s extensive shipping operations. Leveraging Momo’s 23 satellite warehouses and distribution centers nationwide, Fu Sheng will be in charge of executing the retailer’s same-day shipment plan for deliveries in Taipei, New Taipei City, Taoyuan, Taichung, Tainan and Kaohsiung, Momo said in a press release. Seeking to further shorten its supply chain, the company is to set up another seven satellite warehouses and distribution centers by the end of the year. “Fu Sheng has a fleet of 200 couriers
US-CHINA TENSIONS: The company said that it supplies self-designed chips to the Chinese company and, as such, is not affected by the latest US export restrictions Macronix International Co (旺宏電子) said it does not expect its shipments of memory chips to Huawei Technologies Co (華為) to be affected by the latest US export restrictions on the Chinese tech giant. “As long as the company [Huawei] places orders, we will ship [chips], unless the [Taiwanese] government restricts all Taiwanese companies from shipping” to Huawei, Macronix chairman and chief executive officer Miin Wu (吳敏求) said on Monday in Hsinchu. The US Department of Commerce on Friday took a further step to block chip supplies from non-US companies to Huawei by requiring foreign semiconductor makers to get US government permission before
‘ACCORDING TO PLAN’: A company official said that it has set up production sites worldwide to provide services and that its Wisconsin project was going smoothly Hon Hai Precision Industry Co’s (鴻海精密) smart manufacturing center in Wisconsin would begin trial manufacturing in the middle of this year, the company said yesterday, adding that it plans to build a research institute to develop key technologies to support growth over the next five years. Hon Hai, known internationally as Foxconn Technology Group (富士康科技集團), said in an annual report submitted to the Taiwan Stock Exchange that its planned Foxconn Institute for Research in Science and Technology would conduct research into artificial intelligence, next-generation communications, quantum computing, cybersecurity and nano semiconductors in Taiwan. Hon Hai is to make products at the center
E Ink Holdings Inc (元太科技), the world’s sole supplier of e-paper displays for e-readers and shelf labels, posted its best quarterly net profit for the first quarter in nine years amid increased demand during a traditionally slow season. Net profit soared 80 percent to NT$787 million (US$26.23 million) in the quarter ended March 31, compared with NT$438 million a year earlier. That translated into earnings per share of NT$0.69, up from NT$0.39. E Ink posted lower royalty income of NT$371.23 million last quarter from NT$448.74 million a year earlier, a company financial statement showed. E Ink said that it expects royalty income to