SeaPRwire

Carousell exploring US listing via Spac

elean
2 minutes

SINGAPORE (BLOOMBERG) - Singapore-based online classifieds marketplace operator Carousell is considering a United States listing via a merger with a blank-cheque company, according to sources with knowledge of the matter. The start-up is working with an adviser on the potential transaction that could value the company at as much as US$1.5 billion (S$2 billion), said the people, who asked not to be named as the process is private. A listing through a special purpose acquisition company (Spac) could take place as soon as the end of this year, the people said. Carousell would be joining a growing list of companies in South-east Asia that are planning to go public in the US via Spac mergers. They include Malaysia's online used-car platform Carsome and Indonesia's Tiket.com as well as Singapore's PropertyGuru and Grab Holdings. A Spac raises capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. Subsequently, an operating company can merge with or be acquired by the publicly traded Spac and become a listed company in lieu of executing its own IPO. Discussions are preliminary and details of Carousell's listing plans could change, the ...

ACN Newswire

Joy Spreader Plans to Adopt a Share Award Scheme through a Stock Repurchase Program

indie
2 minutes

HONG KONG, Jun 21, 2021 - (ACN Newswire via SEAPRWire.com) - The Board of Joy Spreader (06988.HK), a Hong Kong publicly traded company, made voluntary announcement regarding its plan of adoption of Share Award Scheme through a stock repurchase program on June 21st, 2021. The announcement says that the Scheme serves the purposes to recognize the crucial and remarkable dedications and contributions of certain directors, employees, consultants and advisers of the Company, as well as to incentivize them to retain longer term tenure with the Company, while to motivate them to endeavor for the future development and expansion strategy.Analysts credit that the Company has delivered an impressive growth dynamics and positive momentum in the recent years, however, believe the current stock price fails to reflect the intrinsic value of the Company, while signifying the optimal time window to conduct a stock repurchase program for award shares scheme. The announced Scheme demonstrates the Board's genuinely confidence and resolutely determination of the Company's prospect, along with establishment a stable and long-term platform of mutual interests between the Company and selected participants...

SeaPRwire

Tips on investing in ethical companies

elean
5 minutes

(NYTIMES) - Vital Farms says on its website that its eggs and butter "are delicious, ethical food you don't have to question". But a lawsuit filed against it last month claims that its marketing has misled consumers and investors into believing they're supporting a company that is more ethical and humane than it actually is. Vital Farms responded that it has operated in an ethical and humane way and that it has always been transparent about its practice of raising hens to lay eggs. But the lawsuit, brought on behalf of a group of consumers who felt they were deceived, raises a broader point for investors seeking to put their money into companies that have environmentally conscious business practices. What criteria need to be met for an investment to satisfy an environmental, social and governance screen known as ESG? Any company that says it is operating in an ethical way should be able to prove that claim is true or face charges of greenwashing, a term that implies deception. But it is not always clear-cut. Does a fossil fuel company that is making strides to invest in renewable energy and is doing more than its competitors make the cut? Can a solar company have problematic human ...

SeaPRwire

Chinese ride-hailing giant Didi reveals $2 billion loss in US IPO filing

elean
4 minutes

NEW YORK (BLOOMBERG) - Chinese ride-hailing company Didi revealed a US$1.6 billion (S$2 billion) net loss for 2020 as it moves ahead with plans for a US initial public offering (IPO). The company in its first public filing for the IPO listed the offering as US$100 million, a placeholder that will change when the company discloses terms for the share sale. Didi filed on Thursday (June 10) under the business name Xiaoju Kuaizhi, with Goldman Sachs Group, Morgan Stanley and JPMorgan Chase & Co leading the offering. Didi, one of the largest investments in SoftBank Group's portfolio, accelerated its listing plans after its business rebounded as the coronavirus pandemic ebbed in China. The company has been considering seeking a valuation of as much as US$70 billion to US$100 billion in the IPO, Bloomberg News reported in April. In recent months, Didi has been trading at a valuation of about US$95 billion on the secondary market, said people familiar with the matter who asked not to be identified because the information was private. The company last raised funding at a US$62 billion value last year, according to PitchBook. A representative for Didi declined to comment on the company's val...

SeaPRwire

GameStop says SEC is investigating trading of its shares

elean
4 minutes

NEW YORK (BLOOMBERG, REUTERS) - GameStop, one of the popular "meme" companies whose stock has soared this year, said US securities regulators are looking into the trading of its shares. The video-game retailer said on Wednesday (June 9) that staffers from the Securities and Exchange Commission (SEC) contacted the company on May 26, for voluntary production of documents and information related to the stock. "We are in the process of reviewing the request and producing the requested documents and intend to cooperate fully with the SEC staff regarding this matter," the company said in a quarterly filing. "This inquiry is not expected to adversely impact us." Since February, securities regulators have been combing social media and message-board posts for signs that fraud played a role in dizzying stock swings for GameStop, AMC Entertainment Holdings and other companies, people familiar with the matter said at the time. GameStop is one of a handful of stocks that have been fueled by Reddit traders who invest based on social-media buzz. Shares of the money-losing chain have gained 1,500 per cent this year, closing on Wednesday at US$302.56. The stock fell as much as 13 per cent in extend...

SeaPRwire

Singapore biomedical start-up Lucence seeks more funding to grow

elean
1 minute

SINGAPORE - His brother founded a Singapore online gaming company that became a home-grown unicorn that listed in Hong Kong. Now he is on the path to do the same with his medical diagnostics firm. Lucence Health, a biomedical company founded four years ago by Dr Tan Min-Han, appears poised to become another local billion-dollar start-up. It specialises in non-invasive liquid biopsy tests to detect cancers and other diseases. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

SeaPRwire

Tesla executive and top Elon Musk lieutenant has left the company

elean
3 minutes

NEW YORK (BLOOMBERG) - Tesla has parted ways with Jerome Guillen, a 10-year veteran who most recently served as president of heavy trucking and was one of four top executives running the company alongside chief executive officer Elon Musk. Mr Guillen left the company June 3, according to a regulatory filing on Monday (June 7). He was a top lieutenant to Mr Musk and the brains behind the ramp up of Model 3 production in 2018. The executive previously served as president of Tesla's automotive business, and was named head of heavy trucking in March of this year. "That is a huge and unexpected loss," Pierre Ferragu, an analyst at New Street Research who has a buy recommendation on the Tesla shares, said in an email. He added the news is part of a pattern of high-level executive departures at the company. "Jerome's contribution to Tesla will remain part of the company and the company will continue to attract other top-guns." Tesla fell as much as 0.8 per cent in postmarket trading on Monday after closing up 1 per cent to US$605.13. The stock is down about 14 per cent this year. Mr Guillen, who is French, joined Tesla in the fall of 2010 as the programme director for the Model S, the bre...

SeaPRwire

China electric vehicle maker betting on cult status to sell a million cars

elean
8 minutes

SHANGHAI (BLOOMBERG) - Since last July, a little-known automaker in China's south-west has dominated the world's largest electric car market, outselling bigger players and even Tesla almost every month with a tiny, bare-bones EV that starts at just US$4,500 (S$5,958). The Hongguang Mini is the brainchild of SAIC-GM-Wuling Automobile, a joint venture between SAIC Motor and Guangxi Automobile Group, two state-backed automakers, and US giant General Motors. Based in the city of Liuzhou, known for its limestone mountains and river-snail soup, the company - which has sold some 270,000 of the cars within nine months, making it the best-selling EV in China - has even bigger ambitions for the future. It is aiming for annual sales of 1.2 million vehicles next year, almost equal to the number of EVs churned out by China's carmakers in 2020 combined. It is an eyebrow-raising target, but even before the Hongguang Mini, Wuling had a track record for producing winners in a market that is defining the new era of driving. Set up in 2002, the Chinese-American JV built its business selling microvans: dependable sliding-door workhorses that earned the nickname "the bread box car" in Mandarin, and wer...

ACN Newswire

A Leading Property Project Management Company in China, CENTRAL CHINA MANAGEMENT COMPANY LIMITED Successfully Listed on Main Board of SEHK

indie
4 minutes

HONG KONG, May 31, 2021 - (ACN Newswire via SEAPRWire.com) - CENTRAL CHINA MANAGEMENT COMPANY LIMITED ("CCMGT" or the "Company", stock code: 9982.HK), a leading property project management company in China, is officially listed and commenced trading on the Main Board of The Stock Exchange of Hong Kong Limited ("SEHK") today.CCMGT debuted in the Hong Kong stock market via spin-off and the Global Offering. The total number of shares of the Company amounts to approximately 3.282 billion, among which 10% were offered through the Global Offering, constituting 328,172,000 shares, with the final offer price determined at HK$3.00 per offer share. The net proceeds from the Global Offering to be received by the Company, after deduction of the underwriting fees and commissions and estimated total expenses payable by the Company in connection with the Global Offering, are estimated to be approximately HK$916.18 million.The Hong Kong Public Offering received satisfactory response, where the total number of valid applications amounted to approximately 4.99 times of the total number of offer shares initially available for subscription. As for the International Offering, the total number of valid ...

SeaPRwire

Ford says 40% of sales to be electric vehicles by 2030

elean
4 minutes

NEW YORK (AFP) - Ford once again is ramping up investment in zero-emission cars and expects 40 per cent of volume by 2030 to be comprised of fully electric vehicles, the company announced on Wednesday (May 26). The US automaker said it will increase investment in electric vehicles, components and infrastructure to more than US$30 billion (S$40 billion) by 2025, boosting the amount from the US$22 billion target set in February. The company last week unveiled an all-electric version of its bestselling F-150 truck in an eco-friendly reinvention of a flagship American car brand, and said it has received 70,000 reservations from customers in just one week. "This is our biggest opportunity for growth and value creation since Henry Ford started to scale the Model T, and we're grabbing it with both hands," Ford chief executive officer Jim Farley said in a statement. Farley and other executives presented the plans in a virtual meeting with financial analysts and other stakeholders. Besides the battery-powered F-150, called the Lightning, Ford has begun selling the electric Mustang Mach-E sport utility vehicle and will soon bring the E-Transit cargo van to showrooms. The company also is inve...

JCN Newswire
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Showa Denko Announces Change in Effective Date of Company Split (Simplified Absorption-Type Company Split)

ruth
3 minutes

TOKYO, May 26, 2021 - (JCN Newswire via SEAPRWire.com) - As stated in "the Announcement of Execution of Master Agreement regarding Series of Transactions to Effect, among other matters, the Succession of the Aluminum Can and Aluminum Rolling Businesses through Company Splits (Simplified Absorption-Type Company Splits), and Result in Certain Consolidated Subsidiary Ceasing to be a Consolidated Subsidiary of Showa Denko K.K.", dated January 28, 2021, the Company originally planned to succeed the aluminum can business of the Company to Showa Aluminum Can Corp., which is a wholly owned consolidated subsidiary of the Company, effective on June 1, 2021. However, the Board of Directors, at a meeting also held today, passed a resolution to change the effective date of the company split. The Company also decided to change the signing date, June 24, 2021, of the succession of the aluminum rolling business to Showa Denko Sakai Aluminum Corp., which is a wholly owned non-consolidated subsidiary of the Company.1. Details of the change of dateBased on the article 6 of the company split agreement (aluminum can business), the effective date of the company split (aluminum can business), after consu...

SeaPRwire

WeWork reports quarterly loss of $2.7b ahead of public listing

elean
2 minutes

BENGALURU (REUTERS) - SoftBank-backed office-sharing startup WeWork on Thursday (May 20) reported a first-quarter net loss of US$2.06 billion (S$2.74 billion), as it was hit by restructuring charges while it prepares to go public through a merger with a blank-check firm. WeWork said its business was recovering as more people returned to offices due to easing of Covid-19 curbs, after work-from-home arrangements last year weighed heavily on the company by reducing occupancy and increasing operating costs. Total occupancy ticked up to 50 per cent in the first quarter compared to 47 per cent in the fourth quarter, the company said. WeWork in March agreed to go public through a merger with BowX Acquisition, a special purpose acquisition company, in a deal that valued it at US$9 billion. SoftBank Group said it would retain a majority stake in the company after the merger. The company, whose attempt at an initial public offering in 2019 spectacularly imploded due to investor concerns over its business model and co-founder Adam Neumann's management style, said first-quarter revenue nearly halved to US$598 million from a year ago. WeWork said it had 490,000 members in the first quarter, com...

ACN Newswire
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The Change Company’s Newest Banking App Supports Women as the Next Wave of Financial Investors

indie
3 minutes

LOS ANGELES, CA., May 21, 2021 - (ACN Newswire via SEAPRWire.com) - The Change Company (ChangeLLC.com) has officially launched its newest neobank ChangeFi (ChangeFi.com) in an effort to support the banking disadvantages women face around the world. Women in the U.S. and abroad are statistically less likely to have a bank account and own homes. According to GlobalFinDex, women make up 55% of the world's population without a bank account, a staggering 1 billion women worldwide. Globally, women are making significantly less income than men, which makes it harder for them to afford bank accounts that require a minimum balance. Additionally, some women don't have the ability to access a branch if they don't have a vehicle or are stay-at-home mothers. ChangeFi was created to address those needs by charging no overdraft fees, no monthly fees, no minimums while highlighting easy to use money management tools.As a digital bank, ChangeFi is creating initiatives specifically in the hopes of leveling the playing field of financial opportunities for women and female entrepreneurs. Its parent company, The Change Company, earned Community Development Financial Institution ("CDFI") certification f...

ACN Newswire
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APOLLOMICS INC. ANNOUNCES OFFICIAL OPENING OF SHANGHAI BRANCH

indie
2 minutes

Foster City, CA, Shanghai and Hangzhou, China, May 20, 2021 - (ACN Newswire via SEAPRWire.com) - Apollomics Inc., an innovative biopharmaceutical company committed to the discovery and development of mono- and combination- oncology therapies, today announced that Apollomics Shanghai Branch has been officially opened and started its operations at Zhangjiang Hi-Tech Park, Pudong District, Shanghai.Dr. Guoliang Yu, the company's Co-Founder, Chairman and CEO said, "In 2018, we established a Chinese company in Hangzhou, and our Chinese team has grown from a few people to dozens of people. The Shanghai branch is located in the Silicon Valley of bioinnovative drugs in China, Zhangjiang Medicine Valley, which has gathered top talent from research and development, clinical and commercialization. Many of our clinical trials in China are soon to be carried out. The establishment of the Shanghai branch will be more conducive to the construction of our diverse talent team and will also promote connection and communication with domestic and foreign partners."About Apollomics, Inc.Apollomics, Inc. is an innovative biopharmaceutical company committed to the discovery and development of monotherapi...

SeaPRwire

Amazon in talks to buy film studio MGM, says report

elean
3 minutes

NEW YORK (BLOOMBERG) - Amazon.com is in discussions to acquire the nearly century-old Metro-Goldwyn-Mayer movie studio in what would be its biggest push into entertainment yet, according to news reports. MGM, the storied Hollywood company behind the James Bond series, would help bolster Amazon’s Prime streaming service, The Information and Variety said in separate reports. Amazon is weeks into negotiations to buy the studio for about US$9 billion (S$12 billion), according to Variety. MGM and Amazon declined to comment on the report. MGM has been seen as a takeover target for years, but was never able to close a sale. The company made a fresh push last year, when it reportedly hired advisers to solicit offers. In seeking a deal, MGM aims to capitalise on the proliferation of streaming services, which has increased demand for large backlogs of content. It has also discussed other scenarios with tech giants. MGM, whose library includes the Rocky films and Silence Of The Lambs, also held talks with Apple and Netflix about taking its new James Bond film directly to streaming. But the company said last year that it is committed to a theatrical release for the film, which is currently sla...

ACN Newswire
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NutryFarm Ventures Into Singapore’s Durian Market with Established Singapore E-Commerce Company, Ebuy

indie
2 minutes

Singapore, May 12, 2021 - (ACN Newswire via SEAPRWire.com) - The Board of Directors (the "Board") of NutryFarm International Limited (the "Company', and together with its subsidiaries, the "Group") wishes to announce that Global Agricapital Holdings Pte. Ltd. ("Global Agricapital"), a wholly-owned subsidiary of the Company, had on 11 May 2021 entered into a memorandum of understanding with EBuy Pte Ltd ("Ebuy") to expand its durian business activities in Singapore (the "MOU").Under the MOU, Ebuy will import and distribute pre-packaged durians into Singapore from Malaysia and Thailand on behalf of Global Agricapital, and from the suppliers of Global Agricapital. Global Agricapital will ensure the consistent supply, quality and authenticity of the pre-packaged durians from its suppliers.The parties expect to start the first shipment by 1 June 2021.Established as an e-commerce company in Singapore since 2013, Ebuy is a leading distributor of fresh produce in Singapore, including daily fresh vegetables and fruits, to food service providers, retailers, restaurants and hotels. Ebuy has 13 refrigerated warehouses in 3 locations with 16 trucks.Since December 2020, Nutryfarm has announced v...

ACN Newswire
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Don Muang Tollway (SET:DMT) begins stock trading on SET

indie
4 minutes

BANGKOK, May 7, 2021 - (ACN Newswire via SEAPRWire.com) - Don Muang Tollway PCL (SET:DMT), an experienced transportation infrastructure management company and an operator of the Uttraphimuk Elevated Toll Road or Don Muang Tollway, will begin its trading on the Stock Exchange of Thailand (SET) on May 7, 2021. With expertise in managing a toll road business for over 30 years, the company is looking for new investment opportunities and aiming to become a leader in developing and managing transportation infrastructure projects in Thailand, creating sustainable growth and ensure steady returns for its shareholders in the long term.Mr. Tarnin Phanichewa, Managing Director of Don Muang Tollway, reports that the company will begin trading its shares on the Stock Exchange of Thailand (SET) on May 7, 2021, under the Transportation and Logistics sector with the symbol of DMT.DMT has been well preparing on business expansion plans to take advantage of public private partnership opportunities, allowing private sectors to participate in infrastructure development projects with the government. Leveraging on its strengths and having more than 30 years of experience in managing Don Muang Tollway, t...

ACN Newswire
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NTSB-style Report Blames the Washington Companies in Bridge Destruction

indie
3 minutes

LAS VEGAS, NV, May 4, 2021 - (ACN Newswire via SEAPRWire.com) - A root cause analytical investigation of the causation of a potentially fatal collision of two Komatsu excavators with a locally important bridge on the I-5 freeway in the State of Washington was executed recently. Mr Jeff Guzzetti, former Director, Accident Investigation Division of the Federal Aviation Administration, and former Deputy Director, Regional Office of the U.S. National Transportation Safety Board (NTSB), provides an in-depth review of the accident which occurred July 22, 2016. The goal of Mr Guzzetti's investigation is to determine the root cause of the bridge strike.Mr Guzzetti was called upon to utilize the forensics-style methodology employed by his former employer, the US National Transportation Safety Board (NTSB), with a high degree of professional integrity and impartiality in determining the causal events behind the accidents, and finding the parties with the most responsibility in the bridge strike.Quoted from Mr Guzzetti's report under probable cause:"Based on my review of available material, I have determined that the probable cause of this accident is (1) the shipper's improper loading of the...

SeaPRwire

Google saving over US$1 billion a year by working from home

elean
2 minutes

NEW YORK (BLOOMBERG) - With Covid-19 restrictions lifting, more people are booking trips and hotels online, which is very good for Google's advertising business. Google's employees, however, are working from home and not traveling as much on the company dime - and that's also good for its business. During the first quarter, Google parent Alphabet saved US$268 million (S$355 million) in expenses from company promotions, travel and entertainment, compared to same period a year earlier, "primarily as a result of Covid-19," according to a company filing. On an annualized basis, that would be more than US$1 billion. Indeed, Alphabet said in its annual report earlier this year that advertising and promotional expenses dropped by US$1.4 billion in 2020 as the company reduced spending, paused or rescheduled campaigns, and changed some events to digital-only formats due to the pandemic. Travel and entertainment expenses fell by US$371 million. The savings offset many of the costs that came with hiring thousands more workers. And the pandemic prudence allowed the company to keep its marketing and administrative costs effectively flat for the first quarter, despite boosting revenue by 34 per ...

ACN Newswire

Annual Report on Form 20-F for Fiscal Year 2020 of Aluminum Corporation of China Limited Now Available

indie
2 minutes

BEIJING, Apr 23, 2021 - (ACN Newswire via SEAPRWire.com) - Aluminum Corporation of China Limited (the "Company"; NYSE "ACH"; SEHK "2600"; SSE "601600") announces that the Company's annual report for the 2020 fiscal year filed with the SEC on April 22, 2021 can be accessed via the following link: http://www.chalco.com.cn/en/report/2020/202104/t20210421_79276.htmlA paper copy of the Company's complete annual report will be provided to any shareholder without charge upon written request to Aluminum Corporation of China Limited at No. 62 North Xizhimen Street, Haidian District, Beijing, PRC 100082.Background information:Aluminum Corporation of China Limited is a leading enterprise in non-ferrous metal industry in China. The scope of business of the Company primarily includes bauxite and coal mining, alumina refining, primary aluminum smelting, trading of alumina, primary aluminum, other non-ferrous metal products, coal products and raw and ancillary materials in bulk and power generation. The Company was established as a joint stock limited company incorporated in the People's Republic of China. The Company's American Depository Shares and H Shares are listed on the New York Stock Exch...