Tag: Initial Public Offerings

China’s Chip Champion to Raise Billions in Race for A.I. Control

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China’s largest maker of memory chips is raising billions of dollars in a blockbuster public offering to pursue the nation’s agenda of technological self-sufficiency and leadership in the global race to develop artificial intelligence. ChangXin Memory Technologies, known as CXMT, said in a filing on Wednesday that it had roughly doubled the price of its offering on the Shanghai exchange from earlier guidance, based on strong investor demand. It is seeking to raise the equivalent of up to $9.8 billion. That would be the largest initial public offering in Asia…

Absent From the SpaceX and OpenAI I.P.O.s? Chinese Investors.

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When SpaceX starts trading this week, one group will be noticeably absent from the frenzy: investors from China and Hong Kong. They are also likely to miss out on the upcoming initial public offering for OpenAI. SpaceX, Elon Musk’s rocket maker and artificial intelligence company, has excluded investors in China and Hong Kong from participating in its I.P.O., according to five people with knowledge of the decision, who asked not to be identified because they were not authorized to speak publicly. OpenAI, another leading A.I. company, is likely to impose…

Shein’s I.P.O. Presents Tests on Wall Street and Washington

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Shein aims to win over Wall Street and Washington In filing confidentially for an initial public offering, Shein, the ultrafast-fashion retailer, is showing ambition on two fronts. The company and its underwriters are betting that investors will be more receptive to I.P.O.s, even though high-profile market debuts this fall largely fizzled out. Shein is also testing whether it can endure what’s likely to be an increase in political heat on the China-founded e-commerce giant. The company has cut some of its most prominent ties to China, after drawing pushback from…

Shein, the Fast-Fashion Giant, Is Said to Have Filed for an I.P.O.

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Shein, the ultrafast-fashion retailer founded in China more than a decade ago, has filed confidentially for an initial public offering in the United States, according to a person familiar with the plans for the deal, who was not authorized to speak publicly about it. Some companies keep their paperwork for an initial public offering temporarily under seal so they can prepare for the offering out of the public spotlight. Investors had largely expected Shein to make the move this year, after the historically tight-lipped company began to address a range…

China Hits Ant Group with $985 Million Fine

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Chinese authorities announced a fine of nearly $1 billion for financial technology firm Ant Group on Friday, nearly three years after regulators halted the company’s plan for a record-breaking public offering that ushered in a period of intense government scrutiny of technology firms. The fine announced by China’s top securities regulator is seen as a sign that the authorities are wrapping up investigations into technology firms, bringing to a close a period of tough regulation for the industry. Officials said earlier this year that they would start to relax oversight…

Didi’s Wall Street Exit Signals Investors Playing by China’s Rules

Chin@Strategy

When the Chinese ride-hailing giant Didi Chuxing decided to delist its shares in the United States, it was an abrupt reversal that illustrated the growing rift between Wall Street and China’s rapidly growing corporate sector. Barely six months ago, Didi had been the latest Chinese start-up darling to go public on the New York Stock Exchange, following the path of such companies as Alibaba and Baidu to list its shares in the world’s premier financial hub. Now Didi’s move to relocate its listing to the Hong Kong stock exchange almost…

Didi of China Moves to Delist From New York Stock Exchange

Chin@Strategy

With 377 million active users a year in China and services in 16 other countries, Didi Chuxing has been celebrated in China as a homegrown tech champion. It vanquished its American rival, Uber, and bought that company’s Chinese operations in 2016. Promises to use its banks of data to unsnarl traffic and develop driverless car technologies made its executives icons as Chinese officials called for building a more innovative economy. Updated  Dec. 2, 2021, 7:49 p.m. ET The delisting is likely to increase investor concerns about what seems to be…

Who’s Buying Evergrande?

Chin@Strategy

A look inside Robinhood during meme-stock mania The trading app Robinhood has grown explosively, gone public and, for good measure, is now getting into crypto wallets. But internal exchanges between company managers revealed in a new legal filing — featuring Robinhood’s C.E.O., Vlad Tenev — highlight the tensions between fast growth and consumer protection. A class-action lawsuit brought by Robinhood users alleges that the company was negligent during a period of extreme market volatility in late January, knowing it had insufficient capital to handle all the trading by new and…