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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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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JD.com Finance Arm Raises $1.95 Billion at $20 Billion Valuation 

JD.com Finance Arm Raises $1.95 Billion at $20 Billion Valuation

The finance arm of China leading e-commerce company JD.com, JD Finance, has raised $1.95 billion (CNY 13 billion).  The funding of $1.95 billion raised will value the company at nearly $20 billion (CNY 133 billion).

” JD.com Finance Arm Raises $1.95 Billion at $20 Billion Valuation “

In 2017, the finance arm of JD.com was separated to form JD Finance.  JD Finance products includes consumer credit and wealth management products, and currently served 8 million small businesses and 400 million individuals.

In China, JD Finance is competing with the world’s largest fintech company, Alibaba spin-off, Ant Financial, which owns Alipay.  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.  The company was founded in 2004 in Beijing by CEO, Richard Liu who has an estimated net worth of around $10 billion.

Investors in JD Finance $1.95 billion round includes China’s leading private equity firms CICC Capital, China Securities, Citic Capital and Bank of China Group Investment (BOCGI).

Source: ReutersBloombergXinhua

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Tencent Music Plans IPO in United States at More than $25 Billion Valuation

Tencent Music Plans IPO in United States at More than $25 Billion Valuation

Tencent Music, a business unit of China technology giant Tencent Holdings, is planning an IPO in the United States that is expected to value the music business at more than $25 billion.  The filing was made to the Hong Kong Stock Exchange (HKSE) on 8th July 2018, which will be spin-off from Tencent Holdings (listed on HKSE).

” Tencent Music Plans IPO in United States at More than $25 Billion Valuation “

Tencent Music Entertainment Group, is a leading online music entertainment platform in China and is a business subsidiary of spin-off from Tencent Holdings.  In December 2017, the world’s largest music streaming company Spotify, took a 9% equity stake in Tencent Music, and Tencent taking a 7.5% equity stake in Spotify.  In April 2018, Spotify went public in United States at more than $26 billion market value.  Spotify was founded by Daniel Ek and Martin Lorentzon and was launched in 2008 and is available in more than 60 countries.  It is the biggest music streaming company in the world with 71 million premium subscribers ($9.99 monthly) globally while Apple music streaming service has 36 million subscribers (April 2018).  After the IPO, both founders Daniel Ek and Martin Lorentzon became billionaires with net worth of more than $2 billion & $1 billion respectively.

Tencent was founded in Shenzhen, China in November 1998 by 5 founders, Ma Huateng (Pony Ma), Zhang Zhidong, Xu Chenye, Chen Yidan and Zeng Liqing.  It is one of the world’s largest technology company with a market value of more than $500 billion (July 2018) while Tencent CEO Ma Huateng (Pony Ma) is one of the world’s richest man with more than $40 billion personal net worth.

Tencent is a leading provider of Internet value added services in China.  It has more than 1.04 billion users on its social messaging platforms, Weixin and WeChat and 805 million users its QQ platform.  On June 16, 2004, Tencent Holdings Limited (SEHK 700) went public on the main board of the Hong Kong Stock Exchange.

Source: ReutersSCMPTencent FilingTWI

 

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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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Credit Suisse to Pay $76 Million to US Authorities for Hiring Practices in Asia-Pacific

Credit Suisse to Pay $76 Million to US Authorities for Hiring Practices in Asia-Pacific

Credit Suisse (Hong Kong) has agreed to pay United States authorities $76 million to resolve investigations of the Swiss bank hiring practices in Asia-Pacific.  The United States Department of Justice (DoJ) have announced that Credit Suisse had engaged in a corrupt scheme by by hiring friends and family of Chinese government officials to win business with Chinese state-owned entities, generating at least $46 million in profits.

” Credit Suisse to Pay $76 Million to US Authorities for Hiring Practices in Asia-Pacific “

Between 2007 and 2013, several Credit Suisse senior managers in the Asia Pacific (APAC) region had hired and promoted candidates of government officials and executives of clients that were state-owned entities (SOEs) to win business for Credit Suisse.  These ‘relationship hires’ often lacked necessary technical skills, and offered fewer qualifications and significantly less relevant banking experience than other candidates for the jobs.  The hiring of friends and family of Chinese government officials had generated the bank at least $46 million in profits.

The DoJ and Credit Suisse (Hong Kong) have entered into a non-prosecution agreement, with the Swiss bank paying a criminal penalty of $47 million ($76,853,720) to resolve the matter.  In related proceedings, Credit Suisse Group also settled with the U.S. Securities and Exchange Commission (SEC), paying a total of $24,989,843 in disgorgement of profits and $4.8 million ($4,833,961) in prejudgment interest.  The total fine from both United States authorities DoJ and SEC, amounted to $76 million ($76,853,720).

Other banks have also made settlements with U.S. authorities for hiring practices, including JP Morgan paying more than $260 million in 2017.

Source: Credit Suisse, Reuters, Bloomberg

 

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World Largest Mobile Telco Tower Operator China Tower to Raise $10 Billion in Hong Kong IPO

World Largest Mobile Telco Tower Operator China Tower to Raise $10 Billion in Hong Kong IPO

The world’s largest mobile telecommunication tower operator China Tower, is raising $8 billion to $10 billion in Hong Kong IPO.  The IPO will value the company in the range of $40 billion, and will be one of the largest capital raised on the Hong Kong Stock Exchange.

” World Largest Mobile Telco Tower Operator China Tower to Raise $10 Billion in Hong Kong IPO “

  • Agricultural Bank of China – 7th July 2010 and raised $19.22 billion (Greenshoe $22 billion)
  • Industrial and Commercial Bank of China – 20th October 2006 and raised $19.09 billion
  • AIA – 21st October 2010 and raised $17.82 billion

China Tower was formed in 2014 with the merger of China Mobile, China Telecom and China Unicom in 2014.  It is the world’s largest telecommunications tower infrastructure service provider, operating and managing 1,872,154 sites and served 2,687,475 tenants.  In 2017, the company have a market share of around 96.3% in China (number of sites in the PRC telecommunications tower infrastructure market).  In 2017, China Tower reported operating revenue of $10.2 billion (CNY 68.66 billion) and operating profit of $1.156 billion (CNY 7.71 billion).

The company major shareholders are China Mobile (38%), Unicom (28.1%) and China Telecom (27.8% stake).  China International Capital Corp and Goldman Sachs are joint sponsors for the IPO.

Source: Hong Kong ExchangeReuters, Bloomberg

 

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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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