Ant Group leaders say the group will eventually go public. Jack Ma loses China's richest man title to furtively furtive Zhong Gao. India to offer concessions to ensure Tesla's production costs in India are lower than in China. Ting Hsin considers listing its Texaco and other restaurant businesses in Hong Kong. stellantis reports results.
The leader of China's fintech giant Ant Group Co. said the group will eventually go public, and that the company will try to help its employees cash in on some of the shares they hold. In a posting on Ant Group's internal Web site, Executive Chairman Henry Jing said management is sorting out its compensation and incentive system and is working on a "short-term liquidity solution" for employees that will take effect in April. The liquidity solution being developed by Ant Group may involve a program to buy back some of the shares from employees.
The Hurun Report's annual list of China's richest people shows Nongfushanquan founder Zhong Glittering topping the list with an estimated net worth of RMB 550 billion. Tencent founder Ma Huateng and Pinduoduo founder Huang Zheng were second and third. Alibaba Group co-founder Jack Ma has lost his title as China's richest man . Ma and his family's wealth rose 22 percent from a year ago to CNY360 billion, placing them fourth on China's rich list.
Alphabet's Google Cloud business has partnered with Allianz and Munich Re to integrate data about customers' cyber risks into policies. Companies wishing to obtain cybersecurity insurance can request that the insurers obtain data about their security measures directly from their Google Cloud environment, and Allianz and Munich Re will use this information to determine the level of security of the insured company's cyber measures and to tailor cyber insurance policies.
The Hong Kong Stock Exchange (HKEx) said Tuesday that it has received written approval from the Hong Kong Securities and Futures Commission (SFC) regarding the appointment of Nicolas Aguzin, chief executive officer of international markets at J.P. Morgan Private Bank, as chief executive officer (CEO) of the HKEx. The HKEx announced on February 9 the appointment of Nicolas Aguzin as CEO for a period of three years from May 24 this year, but the appointment is subject to the approval of the SFC before taking effect. Mr. O'Connell will be the fourth CEO of HKEx since its listing in 2000, and will also be the first foreign CEO to replace Mr. Lee, who retired at the end of last year.
Square Financial Services, a bank owned by Square, has begun operations after completing the FDIC and Utah Department of Financial Institutions (DFI) charter approval process. independently managed Square subsidiary that will offer commercial loan and deposit products and will initially underwrite commercial loans for Square Capital's existing loan products.
The number of apps with HMS Core in Huawei's AppGallery, one of the world's top three app marketplaces, grew 188 percent to 120,000. A year after the platform announced its expansion plans at Mobile World Congress 2020, it now has 2.3 million registered developers, up 77 percent from last year, and 530 million monthly active users worldwide.In 2020, AppGallery distributed more than 384.4 billion apps, an increase of 174 billion from the previous year. Games are leading this growth; the platform now offers five times more game apps compared to last year, and in 2020, AppGallery helped more than 10,000 Chinese apps reach overseas markets.
Semiconductor Manufacturing International Corporation (SMIC) announced that it has entered into a purchase order with the Asmac Group for the purchase of Asmac products for the 12-month period from March 16, 2020, to March 2, 2021, pursuant to a volume purchase agreement. Based on the pricing of the Asmac Products to be purchased under the Asmac Purchase Orders, the total consideration for the Asmac Purchase Orders is $1.2 billion.
TCL Technologies has formed a semiconductor business unit to look for investment opportunities in the integrated circuit industry.TCL's founder, Dongsheng Li, said TCL Technologies is prepared to look for opportunities in three areas with respect to the semiconductor sector. The first is semiconductor power devices, followed by integrated circuit design. In addition, TCL Technology will also play the company's capital platform advantages, including through its semiconductor industry investment fund, in the integrated circuit industry to seek some investment opportunities.
Infineon, Europe's largest semiconductor company, has warned that automakers need to adopt a "different model" for sourcing key chips. This comes after supply constraints forced assembly lines around the world to come to a sudden halt. The automotive industry can't expect chipmakers to take the risk of increasing their inventories, and needs to build more "resilience" into its own supply chain.
Horizon and BYD held a signing ceremony on March 2 at BYD's headquarters in Shenzhen for a strategic partnership after BYD completed its strategic investment in automotive smart chip company Horizon. Relying on BYD's deep accumulation of intelligent technology and deep vertical integration capabilities, and Horizon's leading automotive smart chip and algorithmic capabilities, the two sides will form a strong alliance matrix, *** with the promotion of scientific and technological research and development level of deep exploration, accelerate the attack and layout of intelligent driving cutting-edge technology, accelerate the research and development of intelligent cars and mass production landing.
Auto Home will raise up to $1.1 billion through a second listing in Hong Kong. The New York-listed wireline automaker will sell 30.29 million shares at a maximum price of HK$251.8 ($32.46) per share. Another 4.54 million shares could be offered if the green shoe option is exercised, which would bring the total size of the deal to $1.1 billion. The final offering price will be set on March 9th and trading will begin on March 15th in Hong Kong.
Honda Motor's (Honda) new-vehicle sales in China rose 48 percent year-on-year in the first two months of the year to 239,013 units, according to data released Wednesday. Sales of mainstay models such as the "CR-V" and hybrid vehicles (HV) were firm. Honda's China sales reached 81,556 units in February, more than seven times the same period a year earlier, and achieved year-on-year growth for eight consecutive months. Among them, CR-V sales exceeded 10,000 units, and hybrid sales reached 10,864 units.
Peugeot has officially announced a global brand refresh and unveiled its new brand logo, as well as its future new car program. The new logo pays homage to the 1960s logo, but with flattened elements such as the word PEUGEOT and the lion's head motif. Starting in spring 2021, Peugeot will equip some of its flagship stores in 20 countries and regions around the world with the new logo, and by the end of 2023, Peugeot's more than 7,000 outlets around the world will be fully updated with the new brand image and logo. The first model to carry the logo will be the new generation Peugeot 308, which will be unveiled on March 18.
India's transport minister said India is proposing to offer incentives to ensure that Tesla's Indian production costs will be lower than those in China if the company commits to building electric vehicles in the country . Tesla incorporated a company in India a few weeks ago, taking a step toward entering the Indian market as soon as mid-2021. Tesla plans to introduce its Model 3 electric sedan for sale in India.
Volocopter announced the signing of its Series D funding round, raising an additional 200 million euros.Volocopter has raised a cumulative total of 322 million euros. The funds will be used to consolidate Volocopter's leadership position in the Urban Air Mobility (UAM) market - i.e. to get the VoloCity urban electric air cab certified and to accelerate the launch of its first commercial routes. All existing investors, including Geely, Daimler, DB Schenker, Intel Capital, btov Partners, Team Europe and Klocke Holding participated in the round.
Oil giant Exxon Mobil said it will cut about 300 jobs at its Singapore affiliate by the end of this year due to unprecedented market conditions caused by the New Crown outbreak. The number of jobs to be eliminated represents about 7 percent of the company's current workforce of more than 4,000 Singaporean employees.
Portuguese utility EDP last week became the latest energy producer to raise its renewable energy targets, with plans to double its installed renewable energy capacity by 2025.
EDP's move signals that the company is joining an increasingly crowded field of not just forward-thinking utilities, but also European utilities. utilities, but also European oil and gas giants. Renewable energy is a clear opportunity: demand for clean power is expected to grow dramatically as economies move to decarbonize and transport and industry become progressively electrified.
Tianshan announced on Wednesday that it intends to buy stakes in a number of cement companies, including Zoomlion Cement, from China National Building Material and other counterparties by issuing shares and paying cash, paying a consideration of RMB 98.1 billion. If this reorganization can be passed and implemented, it is expected to become the second largest merger and acquisition in A-share history . Tianshan shares said the move is intended to create China's largest business scale cement A-share listed companies. After the completion of the transaction, the control of the listed company has not changed, the controlling shareholder is still China building materials, the actual controller is still China building materials group.
Mitsui Chemicals will sell its subsidiary, which produces and sells nonwovens for diapers in China, to a Chinese company, for an undisclosed amount. The subsidiary, which has a plant in Tianjin, is thought to account for more than 10% of Mitsui Chemicals' nonwoven capacity. In China, Mitsui Chemicals is competing fiercely with local companies to centralize production in its main bases in Thailand and Japan.
Japan's major alcohol companies will start the initiative to use "grams" to label the alcohol content of canned beer and other products . Asahi Group Holdings and others plan to start publicizing this on their official websites in 2021, while Suntory Holdings and Sapporo Holdings also plan to do so in 2021. Kirin Holdings intends to start labeling grams on beverage cans by 2024 for beer-based beverages and liqueurs. By clearly labeling the actual amount consumed, consumers will be motivated to drink in moderation. Currently, Japanese alcoholic beverages are labeled on the cans or bottles with the number of grams, which indicates the percentage of alcohol in the total volume.
Top New International Group is considering listing its restaurant business in Hong Kong, with plans to raise $800 million. Ting Hsin International is the parent company of the instant noodle brand Master Kong. In addition to Master Kong Holdings, Ting Hsin International's business also includes the fried chicken chain brand Texaco, restaurant chain brand Master Kong's Private Beef Noodles, and convenience store chain Whole Family, involving a variety of businesses. The IPO of Ting Hsin International in Hong Kong may include its Texaco and Master Kong's Private Beef Noodle businesses. the IPO program is still in its early stages and may decide not to move forward.
WalMart has pledged to support U.S. manufacturers by spending an additional $350 billion over the next 10 years on goods made, grown or assembled in the U.S. . The move will help create more than 750,000 U.S. jobs. The company will focus its investments on plastics, small appliances, food processing, pharmaceuticals and medical supplies. These investments will also reduce emissions by approximately 100 million tons by sourcing closer to customers. This is part of the company's commitment to becoming carbon neutral by 2040.
Uber Eats Japan will expand the area of its networked delivery service across Japan during 2021. The approximately 100,000 couriers are expected to double at most to 200,000 . Japan's online food delivery industry is expanding rapidly amid the new crown epidemic, which may change the restaurant business and boost employment. Demand for takeaway deliveries is increasing due to Japan's intermittent emergency declarations, among other things. Statistics from data analytics firm VALUES show that online food ordering users, which numbered just 2.94 million in January 2020, swelled to three times that number by January 2021, when it increased to 9.02 million. Uber Eats is already present in 33 prefectures, including Tokyo and Osaka, and will be launching its services in other regions within the year.
Marriott International has revealed that it now operates more than 400 hotels in nearly 100 cities across 24 hotel brands, with 70 percent of them high-end and luxury brands. Over the next three years, Marriott International plans to expand its select-service brand portfolio while continuing to lead the market in premium and luxury brands. Guests in China have developed a preference for different hotel brands based on the purpose of their trip. This has prompted Marriott to plan its brand portfolio more appropriately when developing new hotels, and to proactively position itself in different segments of the market with a brand+destination strategy, to actively adapt to and guide the upgrading changes of the Chinese travel market.
Las Vegas Sands agreed to sell its Las Vegas properties to Apollo Global Management and Vici Properties for $6.25 billion, refocusing the company's attention on successful Asian resorts and other potential opportunities in the United States. Vici, a real estate investment trust, will hold the properties and Apollo will operate them. Sands has identified $5 billion to spend on resorts over the next five years in its capital expenditure program, mostly focused on Macau and Singapore, which contribute 85% of revenue in 2019.
Financial Information
Stellantis Group has released financial performance figures for the period ending December 31, 2020, prior to the completion of the merger between PSA and FCA. In particular, FCA Group's fourth quarter net revenue was €28.6 billion, down 4% year-on-year, while adjusted net profit was €1,843 million. For the full year, net revenue was €86.7 billion, down 20% year-on-year; adjusted net profit of €1.863 billion.PSA Group revenue for 2020 is €60.7 billion, compared to €74.731 billion in 2019.Net profit for 2020 is €2.173 billion, compared to €3.2 billion in 2019.
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