JD.com Receives $550 million Investment from Google in Strategic Partnership

JD.com Receives $550 million Investment from Google in Strategic Partnership

China leading e-commerce company has received $550 million cash investment from Google in a strategic partnership to improve user shopping experiences in the world, including Southeast Asia, the U.S. and Europe.  The two leading technology companies aim to explore the creation of next generation retail infrastructure solutions, to offer helpful, personalized and frictionless shopping experiences.

” JD.com Receives $550 million Investment from Google in Strategic Partnership “

JD.com is a major rival of Alibaba, while Google is competing with Amazon on online shopping experience.  JD.com investors includes Tencent and Walmart, and has strategic partnership with French giant hypermarket, Carrefour.

JD.com is China’s leading one-stop e-commerce platform, providing 301.8 million active customers.  In 2014, JD.com became publicly listed on NASDAQ with a market value of more than $26 billion.  In 2018 June,  JD.com is trading around $58 billion in market value, more than twice its IPO price.  JD.com is China’s largest online retailer and its biggest overall retailer, as well as the country’s biggest Internet company by revenue.  It reported more than 266 million annual active customers, 405 warehouses and $37.5 billion revenue in 2016.  The company was founded in 2004 in Beijing by CEO, Richard Liu who has an estimated net worth of around $10 billion.

Google is a subsidiary of Alphabet Inc, and owns products and platforms including Search, Maps, Gmail, Android, Google Play, Chrome and YouTube.

Source: JD.com, Reuters, SCMP

 

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More China Billionaires as Xiaomi Raises $6.1 Billion for Hong Kong IPO

More China Billionaires as Xiaomi Raises $6.1 Billion for Hong Kong IPO

Xiaomi is expected to raise up to $6.1 Billion for their July’s initial public offering (IPO) in Hong Kong, that will value the 8-year-old company between $53 billion to just under $70 billion.  The IPO will also make at least 3 other co-founders billionaires, alongside founder & CEO Lei Jun and co-founder & President Lin Bin.

” More China Billionaires as Xiaomi Raises $6.1 Billion for Hong Kong IPO “

At $75 billion market value with 20% public float, founder & CEO Lei Jun’s share will be worth $18.8 billion while co-founder & President Lin Bin’s share will be worth $8 billion.  3 other co-founders, Li Wanqiang, Wong Kong Kat and Hong Feng will also be billionaires with $1.9 billion each.

Shareholding value of founders ($50 billion with 25% public float):

  1. Lei Jun, 31.4% at $11.8 billion
  2. Lin Bin, 13.3% at $5 billion
  3. Li Wanqiang, 3.2% at $1.2 billion
  4. Wong Kong Kat, 3.2% at $1.2 billion
  5. Hong Feng, 3.2% at $1.2 billion
  6. Liu De, 1.6% at $0.6 billion
  7. Zhou Guangping, 1.4% at $0.5 billion
  8. Wang Chuan, 1.1% at $0.4 billion

Data Simulation: Bloomberg

Xiaomi is the first listing under new Hong Kong exchange rules.  It will go public in Hong Kong, postponing its initial plan to issue China Depository Receipts (CDRs) in Shanghai concurrently.  In April 2018, Hong Kong stock exchange (HKSE) announced companies with dual-class shareholding structures and biotech firms with no revenue will be able to apply for listing on the Hong Kong stock exchange from 30th April 2018 under new bourse rules.

Xiaomi is founded in 2010 by Lei Jun and 7 other co-founders.  It  is the 4th largest smartphone player by market share, behind Apple, Samsung and Huawei.  In 2017, the smartphone maker sold 91.4 million smartphones, generated revenue of $18.09 billion (CNY 114.6 billion) and incurred a net loss of $6.93 billion (CNY 43.9 billion).

In the IPO filing under the new Hong Kong listing rule, Xiaomi will have weighted voting rights (WVR) structure, or dual-class shares.  The dual-class share will give greater power to founding shareholders, even with minority shareholding.  At the moment, Lei Jun owns 31.4%  shareholding of Xiaomi while Lin Bin holds 13.3%.

Source: SCMP, Bloomberg, CGTN

 

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Amazon Founder and CEO Jeff Bezos Net Worth Surges to $142.8 Billion

Amazon Founder and CEO Jeff Bezos Net Worth Surges to $142.8 Billion

Amazon founder and CEO Jeff Bezos personal net worth has surged to $142.8 billion, according to Forbes real time billionaire ranking (20th June 2018).  His personal fortune is $50 billion more than the 2nd richest man in the world, Microsoft founder Bill Gates with $92.6 billion.  In 3rd place is Warren Buffett with $81.9 billion net worth.

” Amazon Founder and CEO Jeff Bezos Net Worth Surges to $142.8 Billion “

Jeff Bezos (age 54) founded Amazon in a garage in 1994.  He was born in 1964 and graduated from Princeton University in computer science and electrical engineering in 1986.  He started working in Wall Street and worked in a hedge fund.  In 1994, he founded Amazon as an online bookstore, named after the South American River.  The bookstore opened on 16th July 1995 and in 1997, went publicly listed.  Today, Amazon is the 2nd largest company in the world at $837 billion (20th June 2018) in market value.  Apple is the largest company in market value at $913 billion (20th June 2018).

The fortune of Jeff Bezos at $142.8 billion is larger than the GDP of Kazakhstan with $137.28 billion (0.18% of global economy, 55th largest economy globally).  His personal investments includes his venture capital firm Bezos Expeditions, Twitter, Stackoverflow, Washington Post, Business Insider, Airbnb, Uber, Google and the space company Blue Origin.  The 54th largest economy is Qatar, one of the world’s largest oil producing countries with GDP of $152.45 billion.  United States is the largest economy with a GDP of $18.62 trillion, representing 24.55% of global economy.  China is 2nd with $11.2 trillion (14.76%) and Japan is 3rd with $4.95 trillion (6.52%).

Only 12 billionaires in the world have more than $50 billion personal fortune.

List of Billionaires with more than $50 billion:

  1. Jeff Bezos – $142.8 billion
  2. Bill Gates – $92.6 billion
  3. Warren Buffett – $81.9 billion
  4. Bernard Arnault – $78.8 billion
  5. Mark Zuckerberg – $75.3 billion
  6. Amancio Ortega – $73.7 billion
  7. Carlos Slim Helu – $59.9 billion
  8. Larry Ellison – $56.9 billion
  9. Larry Page – $54 billion
  10. Sergey Brin – $52.5 billion
  11. Michael Bloomberg – $51.9 billion
  12. Charles Koch – $51.6 billion
  13. David Koch – $51.6 billion

Source: Forbes, Biography ,World Bank, Caproasia Institute

 

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Audi CEO Rupert Stadler Arrested by German Authorities for Emissions Test Fraud

Audi CEO Rupert Stadler Arrested by German Authorities for Emissions Test Fraud

Audi CEO Rupert Stadler has been arrested by German authorities for car emissions test fraud.  In September 2015, the German carmaker admitted using an illegal software to cheat diesel emissions tests in the incident referred as the “Dieselgate” scandal.

” Audi CEO Rupert Stadler Arrested by German Authorities for Car Emissions Test Fraud “

On 18th June 2018, Audi CEO Rupert Stadler was taken into custody at the request of the Munich II Public Prosecutor’s Office (Germany).  He has also been released from his duties as Board of Management of Volkswagen and Chairman of the Board of Management of AUDI.

In 2017, Audi delivered 1.87 million cars, setting a new record for the group.  The 4 brands Audi, Lamborghini, Ducati und Italdesign form the Audi Group, which has been part of Volkswagen Group since 1965.

The Volkswagen Group has 12 brands including Volkswagen, Audi, SEAT, ŠKODA, Bentley, Bugatti, Lamborghini, Porsche, Ducati, Scania and MAN.  It also offers a wide range of financial services, including dealer and customer financing, leasing, banking and insurance activities, and fleet management.

Source: Audi, Bloomberg, Reuters

 

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Japan Online Marketplace and Selling App Mercari to Raise $1.2 Billion at $3.7 Billion Valuation

Japan Online Marketplace and Selling App Mercari to Raise $1.2 Billion at $3.7 Billion Valuation

Japan online marketplace and selling app Mercari is raising $1.2 billion in capital, valuing the 5-year-old company at $3.7 billion.  Mercari is a popular online marketplace and selling app in Japan, with presence in United States and Europe.  Users can sell and buy old items, from fashion to toys, sporting goods to electronics, jewelry to shoes.  The Mercari app has more than 100 million downloads worldwide and more than 100,000 new items are listed everyday.  (Mercari in Latin means to trade or to buy.)

” Japan Online Marketplace and Selling App Mercari to Raise $1.2 Billion at $3.7 Billion Valuation “

The company was founded by Japanese serial entrepreneur Shintaro Yamada in 2013.  He owns more than 28% share, giving him an additional $1.04 billion fortune and becoming a billionaire when the company goes public on the Tokyo stock exchange (Mother’s market) on the 19th June 2018.

In 2010, Shintaro Yamada had sold his company Unoh, one of Japan’s leading social games companies to the world’s largest social game developer, Zynga.  Zynga’s games have 230 million monthly active users, and own popular games such as FarmVille and Mafia Wars.

 

Stocks listed on the Tokyo Stock Exchange are grouped into First Section for large companies, Second Section for mid-sized companies, and the Mothers section  (Market of the high-growth and emerging stocks) for high-growth startup companies.

Source: Mercari, Bloomberg, Reuters, TechCrunch 

 

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China Creates 3 New Billionaires as China Largest Lithium Battery Maker Rises to $13.5 Billion Market Value on 2nd Day of IPO

China Creates 3 New Billionaires as China Largest Lithium Battery Maker Rises to $13.5 Billion Market Value on 2nd Day of IPO

China’s biggest lithium battery maker Contemporary Amperex Technology Ltd (CATL) with clients including BMW and Volkswagen and Tesla electric battery competitor, has created 3 billionaires after rising to a market value of $13.5 billion, 2 days after IPO on the Shenzhen Stock Exchange.  On  the 1st day of IPO (Monday, 11th June 2018), the company stock rose 44% and 10% on the 2nd day (Tuesday).

” China Creates 3 New Billionaires as China Largest Lithium Battery Maker Rises to $13.5 Billion Market Value on 2nd Day of IPO “

The 3 new billionaires are founder Zeng Yuqun (26%, $3.8 billion), vice-chairman Huang Shilin (12%, $1.9 billion), and major shareholder Pei Zhenhua (>$1 billion). Contemporary Amperex Technology Ltd (CATL) was founded in 2011 by Zeng Yuqun 7 years ago.  Today, the company is one of China’s largest battery suppliers for the electric vehicle industry with customers including BMW, Volkswagen, Geely and Hyundai Motor.

In China, the 44% (23x P/E) increase is the maximum allowed in China’s first day trade (at IPO), according to China Securities Regulatory Commission guidance issued in 2014.  Since 2001, China allows daily stock swings of 10% (limit) in either direction.

Source: Reuters, Bloomberg, CATL

 

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Early Investor and CEO of China Online Job Portal 51job Rick Yan is Worth $1.5 Billion after Stock Surge

Early Investor and CEO of China Online Job Portal 51job Rick Yan is Worth $1.5 Billion after Stock Surge

Early investor and CEO of China online job portal 51job Rick Yan, is worth $1.5 Billion after 51job Inc (Nasdaq: JOBS) stock doubled to more than $7 billion in market value in the last 7 months.  Rick Yan owns 20.8% of 51job Inc, one of China’s largest online recruiting and human resources businesses.

” Early Investor and CEO of China Online Job Portal 51job Rick Yan is Worth $1.5 Billion after Stock Surge “

An early investor and advisor of 51job at inception in 1998, Rick Yan had joined 51job as CEO in April 2000.  Prior to the role, he was with management consulting firm, Bain & Company between 1989 to 2000 and is regarded as an expert in the consumer products and technology sectors.  Born in Hong Kong, Rick received his Bachelor of Engineering degree and Master of Philosophy degree from the University of Hong Kong and Master of Business Administration degree from INSEAD in France.

51job Inc is a leading human resource solutions provider in China, offering a broad array of services in the areas of recruitment solutions, training and assessment, and HR outsourcing and consulting services.  51job.com is the leading recruitment website in China, with the most registered members (over 100 million), the largest resume database (100 million), and the highest peak traffic (over 300 million average daily page views). On average, there are over 5 million job postings online, and approximately 42 million applications are delivered through 51job.com to potential employers every week.  It owns brands including an executive search, YingJieSheng.com (for graduates and students in China) and 51jingying.com (online professional networking).  51job was founded in 1998 by Norman Lui.

 

Source: SCMP, Bloomberg, Insead, 51job

 

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Foxconn Industrial Internet Shanghai IPO Debuts with 44% Surge to $61 Billion Market Value

Foxconn Industrial Internet Shanghai IPO Debuts with 44% Surge to $61 Billion Market Value

Foxconn industrial internet has surged by 44% at its Shanghai IPO to reach a market capitalisation of $61 billion.  The 44% (23x P/E) increase is the maximum allowed in China’s first day trade (at IPO), according to China Securities Regulatory Commission guidance issued in 2014.

” Foxconn Industrial Internet Shanghai IPO Debuts with 44% Surge to $61 Billion Market Value “

Foxconn Industrial Internet is the subsidiary of Hon Hai Precision (Foxconn), the world’s biggest contract electronics manufacturer and a major supplier to Apple including the popular iPhone.  Founder Terry Gou had created Foxconn industrial internet to path a new chapter away from Foxconn’s main business on manufacturing electronics to leading global corporations.

Terry Gou, is a Taiwanese tycoon and billionaire with an estimated net worth of $8 billion, was born in 1950.  He founded Hon Hai Precision Industry Company in Taiwan in 1974 at the age of 24 with $7,500.  He grew the business into the world’s largest contract manufacturer of electronics that employs almost 1.2 million employees.

 

Source: Bloomberg, SCMP, Xinhua

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Alibaba’s Ant Financial has Raised $14 Billion in $150 Billion Valuation

Alibaba’s Ant Financial has Raised $14 Billion in $150 Billion Valuation

Ant Financial, the largest online financial platform in China and a unit of Alibaba, has raised $14 billion in Series C equity financing from global investors.  The $14 billion is possibly the largest private funding raised, will value the company at around $150 billion in market value.  (Market Cap on 8.6.2018: Goldman Sachs $87 billion, Citigroup $174 billion, JP Morgan $376 billion, Alibaba $537 billion)

” Alibaba’s Ant Financial has Raised $14 Billion in $150 Billion Valuation “

Ant Financial (Ant Small and Micro Financial Services Group Co.), which owns Alipay, was spinned off from Alibaba Group before its 2014 IPO.  Brands under Ant Financial Services Group include Alipay, Ant Fortune, Zhima Credit, MYbank and Ant Financial Cloud.  Alipay, together with its global partners, served approximately 870 million annual active users globally and over 15 million small businesses in China.

Investors in the $14 billion round includes Canada Pension Plan Investment Board with a reported $600 million investment, Singapore’s sovereign wealth fund (GIC and Temasek), Malaysia’s sovereign wealth fund Khazanah Nasional and leading equity firms Warburg Pincus, Silver Lake General Atlantic and Carlyle Group.  Deutsche Bank, Citi, China International Capital Corporation, CITIC Securities, J.P. Morgan and Morgan Stanley are the appointed financial advisors to Ant Financial and Ant International for the Series C equity financing.

Ant Financial is anticipated by media reports to do an initial public offering (IPO) in 2019.

Source: Ant Financial, Reuters, Bloomberg

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1963 Ferrari GTO Sold for $70 Million in Private Auction

1963 Ferrari GTO Sold for $70 Million in Private Auction

A 1963 Ferrari GTO had been sold for $70 Million in private auction, in what is likely to be the most expensive car in the world.  The buyer of the 1964 Tour de France winning car, is reported to be American David MacNeil, the founder of WeatherTech (floor mat-maker).

” 1963 Ferrari GTO Sold for $70 Million in Private Auction “

There are only 36 units of Ferrari GTO produced (1962 to 1964), with a top speed of 174 mph (280 km/h) and 0 to 60 mph (112 km/h) in 6 seconds.  In 2013, a 1963 Ferrari GTO in 2013 was sold for $52 million.  Reported owners of the 1963 Ferrari GTO includes Ralph Lauren and Rob Walton (Walmart heir).

Source: Marketwatch, CNN, CNBC, Foxnews

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