China 3-Year-Old E-Commerce Pinduoduo Files IPO in United States at $20 Billion Valuation

China 3-Year-Old E-Commerce Pinduoduo Files IPO in United States at $20 Billion Valuation

One of China’s fastest growing e-commerce Pinduoduo has filed for IPO on NASDAQ (United States) that could value the 3-year-old company at more than $20 billion.  It is expected to announce pricing terms in the week of 23rd July 2018, raising up to $1.63 billion in the IPO.

” China 3-Year-Old E-Commerce Pinduoduo Plans IPO in United States at $20 Billion Valuation “

Pinduoduo was founded in 2015 by ex-Google engineer Colin Huang.   The 3-year-old e-commerce company allows consumers to form groups to get higher discounts from sellers & merchants.  In March 2018, it reported 103 million active monthly users on its mobile app, gross merchandise volume of $14.74 billion (CNY 100 billion) and revenue of $462 million for the 12 months period from April 2017 to March 2018.  It is now China’s 3rd largest e-commerce company behind the 2 largest players, Alibaba and JD.com.

The key shareholders of Pinduoduo includes Tencent Holding and Sequoia Capital.  The IPO is expected to make Colin Huang a billionaire with shares (50.7%) worth more than $10 billion in value if the company is listed at $20 billion market valuation.

Credit Suisse, Goldman Sachs (Asia), CICC and China Renaissance are the joint bookrunners on the deal.

Source: NASDAQ, Renaissance Capital, Reuters, Financial Times

 

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Boss of China Investment Company Zillion Holdings in $5.67 Billion Fund-Raising Fraud has Left China

Boss of China Investment Company Zillion Holdings in $5.67 Billion Fund-Raising Fraud has Left China

The boss of a China investment company Zillion Holdings involved in a $5.67 billion illegal fundraising fraud,  Wu Zaiping, has reportedly left China.

” Boss of China Investment Company Zillion Holdings in $5.67 Billion Fund-Raising Fraud has Left China “

The investment company Zillion Holdings, without approvals, had raised over $5.67 billion (CNY 38 billion) through peer-to-peer lending and other platforms, and sold wealth management products.  Wu Zaiping is the boss of the company while Zillion Holdings’ legal representative, Tao Lei, had been arrested.

Source: Caixing, Zillion Holdings

 

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Hollywood Star George Clooney is Best Paid Actor with $239 Million Earnings in 2017/2018

Hollywood Star George Clooney is Best Paid Actor with $239 Million Earnings in 2017/2018

Hollywood star George Clooney is the best paid actor in the world with $239 million earnings in 2017/2018 ( June 2017 – May 2018), in the list of the world’s 100 highest-paid entertainers by Forbes.  The highest paid celebrity is boxer Floyd Mayweather (#1) with $285 million earnings while there are 2 Asians on the top 100 list with Jackie Chan (joint #49) with $45.5 million earnings and Bollywood actor Salman Khan (#82) with $37.7 million earnings.

” Hollywood Star George Clooney is Best Paid Actor with $239 Million Earnings in 2017/2018 “

George Clooney is a Hollywood A-list celebrity and is most known for his roles in the ‘Ocean’s Eleven’ films, with Brad Pitt, Julia Roberts and Matt Damon.  He also received an Oscar for his performance in ‘Syriana.’

George Clooney (Age 57) was born in 1961 in Kentucky, United States.  He was born into a family of entertainers with his father being a television personality and news anchor, while his aunt was a singer and actress.

 

Forbes Top 10 highest paid celebrities:

  1. Floyd Mayweather – $285 million
  2. George Clooney – $239 million
  3. Kylie Jenner – $166.5 million
  4. Judy Sheindlin – $147 million
  5. Dwayne Johnson – $124 million
  6. U2 – $118 million
  7. Coldplay – $115.5 million
  8. Lionel Messi – $111 million
  9. Ed Sheeran – $110 million
  10. Cristiano Ronaldo – $108 million

 

Joint #59 Jackie Chan $45.5 million (Asian celebrity)
#89 Salman Khan  $37.7 million (Asian celebrity) (edited and included in this article on 20th July 2018)

 

Source: BioReutersBBCIndependent, Forbes

 

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Hong Kong Central Bank Fines Citi Hong Kong $500,000 for Routing Non-Qualified Clients to Dark Pool Trades

Hong Kong Central Bank Fines Citi Hong Kong $500,000 for Routing Non-Qualified Clients to Dark Pool Trades

Hong Kong central bank, Hong Kong Monetary Authority (HKMA) has fined Citi in Hong Kong $500,000 (HK$4 Million) for routing non-qualified clients to “dark pool” trades.

” Hong Kong Central Bank Fines Citi Hong Kong $500,000 for Routing Non-Qualified Clients to Dark Pool Trades “

Between 2016 to 2017, a review was donated on the alternative liquidity pools, known as Citi Match in Citigroup Global Markets Asia Limited.  The bank system had defaulted certain clients as allowed to match trades in Citi Match, when their orders should not have been enabled access to ALP. In August 2016, it was discovered that the default setting of over 470 clients was incorrect and the orders of over 130 clients were routed to Citi Match for execution.  The clients were not assessed if they are qualified investors and, therefore did not provide them with the ALP Guidelines.  (All affected clients qualified investors.)

“Dark pool” trades are officially known as alternative liquidity pools in Hong Kong.  The platform allows investors to trade shares anonymously, with information of their orders being spread and affecting the price.

Source: HKMA, Reuters, SCMP

 

 

 

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World Largest Hedge Fund Bridgewater Associates Receives License in China to Launch Private Securities 

World Largest Hedge Fund Bridgewater Associates Receives License in China to Launch Private Securities

The world’s largest hedge fund Bridgewater Associates with $160 billion AUM, has received license in China to launch private securities products in China for qualified institutional and high-net-worth individual investors in China.  The Shanghai-based subsidiary, has received the Private Securities Investment Fund Manager (PFM) license from the Asset Management Association of China in June 2018.

” World Largest Hedge Fund Bridgewater Associates Receives License in China to Launch Private Securities “

Bridgewater Associate is founded in 1975 by Ray Dalio.  Today, the he hedge fund manages about $160 billion for around 350 of the largest global institutional clients including public and corporate pension funds, university endowments, charitable foundations, supranational agencies, sovereign wealth funds, and central banks.

Ray Dalio is one of the wealthiest man in the world with an estimated net worth of more than $17 billion.

Source: China DailyReuters, Bloomberg , Asset Management Association of China, Bridgewater Associates

 

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New McLaren 600LT Coupé Launched and Priced at $244,000

New McLaren 600LT Coupé Launched and Priced at $244,000

McLaren has released the McLaren 600LT Coupé priced at $244,000 (£185,500).  The McLaren 600LT is only the 4th fourth McLaren to have the ‘Longtail’ name.

” New McLaren 600LT Coupé Launched and Priced at $244,000 “

The ‘Longtail’ of the McLaren F1 GTR made its debut during the 1997 season.  The McLaren F1 GTR ‘Longtail’ took victory in five of the 11 rounds of the 1997 FIA GT Championship and finished 1st and 2nd in the GT1 class at the 24 Hours of Le Mans. The nearest opposition was almost 30 laps behind.  Only 9 examples and the development prototype were built.

The McLaren 600LT  has a 3.8-litre V8 engine with peak power at 600PS (592bhp) and maximum torque of 620Nm (457lb ft).  Volume of the new McLaren LT will also be strictly limited and production of the 600LT Coupé will begin in October 2018 and last for around 12 months.  Like its 675LT predecessors, each 600LT will be hand-assembled at the McLaren Production Centre in Woking, Surrey. It is available to order at McLaren retailers with a price tag of $244,000 (£185,500), and includes a Pure McLaren Road Owner Track Day at a race circuit, with expert driving tuition.

McLaren Automotive is a creator of luxury, high-performance sportscars and supercars.  The company, launched in 2010, is now the largest part of the McLaren Group.  Every vehicle is hand-assembled at the McLaren Production Centre (MPC) in Woking, Surrey, England.  The company has three defined product families: Sports Series, Super Series and Ultimate Series which are retailed through over 80 retailers in 30 markets around the world.

Source: McLaren

 

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Chinese Online Travel Tongcheng-eLong Files for IPO in Hong Kong 

Chinese Online Travel Tongcheng-eLong Files for IPO in Hong Kong 

Chinese online travel service provider Tongcheng-eLong backed by Tencent and Ctrip.com, has filed for IPO in Hong Kong.  It is expected to raise between $1 billion to $1.5 billion in the IPO.

“Chinese Online Travel Tongcheng-eLong Files for IPO in Hong Kong”

The Tongcheng-eLong platform provides travel services, such as transportation ticketing, accommodation reservation and other value-added products. In 2017, it had 121.2 million monthly active users, revenue of  $385 million (CNY 2.5 billion) and net profit of $30 million (CNY 194 million).

Tongcheng-eLong is formed in December 2017 through a merger of Tongcheng and eLong, founded in 2004 and 1999 respectively.  In 2016, ELong with major investors including Expedia, was delisted on Nasdaq by Ctrip and Tencent.

In the IPO filing, the 2 biggest shareholders in Tongcheng-eLong are Tencent Holdings (24.92%), one of China’s largest technology company and Ctrip (22.88%), the largest online travel company in China and second largest in the world after USA-based Booking Holdings.

James Liang, co-founder and Executive Chairman of Ctrip and Zhixiang Wu, co-founder and President & CEO of Tongcheng Tourism serve as co-chairmen of Tongcheng-eLong.  Heping Ma, co-founder of Tongcheng Tourism & President of Tongcheng Network and Hao Jiang, CEO of eLong are joint CEOs in Tongcheng-eLong.

Source: Hong Kong ExchangeBooking, Forbes, Forbes, Ctrip.com

 

 

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Meituan-Dianping Files for IPO in Hong Kong with Target Market Value Around $60 Billion

Meituan-Dianping Files for IPO in Hong Kong with Target Market Value Around $60 Billion

China’s leading e-commerce platform for services Meituan-Dianping has filed for IPO in Hong Kong, expecting to raise a few billion in capital with a target market value of around $60 billion.

” Meituan-Dianping Files for IPO in Hong Kong with Target Market Value Around $60 Billion “

Meituan-Dianping was formed in 2015 through the merger of Meituan.com and Dianping.com, founded in 2003 and 2010 respectively.  Meituan was founded by Wang Xing in 2010, and is the co-founder, CEO and Chairman of the board of Meituan-Dianpin.

Wang Xing’s share in Meituan-Dianping (through Crown Holdings (9.7705%) and Shared Patience (1.66%) represents more than 11.43% of the company, giving him a share value of $6.85 billion at $60 billion market value.  Dianping founder Mu Rongjun has a 2.51% total direct and indirect interests with share value of $1.5 billion through direct ownership in Share Vision (0.14%) and Charmway Enterprises (2.36%), a trust for family and himself.  Other major investors include China’s technology giant Tencent, more than 19.3% interests via Tencent Huai River Investment (12.44%) Tencent Mobility Limited 6.86%) and Sequoia Capital (4.06%).

Meituan-Dianping is China’s leading e-commerce platform for services, providing services including movie ticketing, food delivery, restaurant bookings, beauty services, travel and luxury goods.  In 2017, the platform generated over 5.8 billion transactions, totaling $54.63 billion (CNY 357 billion) in gross transaction volume,  310 million transacting users and 4.4 million active merchants in over 2,800 cities and counties across China.  In 2017, it reported $5.19 billion (CNY 33.9 billion) revenue.  In April 2018, its subsidiary Tollan Holdings acquired Mobile for $2.7 billion.

 Bank of America Merrill Lynch, Goldman Sachs  and Morgan Stanley are joint sponsors for the IPO.

Source: HKSE, Reuters, Bloomberg , Techcrunch

 

 

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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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