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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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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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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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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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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Citibank to Pay $100 Million to Settle LIBOR Manipulation in United States

Citibank to Pay $100 Million to Settle LIBOR Manipulation in United States

Citibank to has agreed to pay $100 Million to resolve USD LIBOR manipulation investigations in the United States.

” Citibank to Pay $100 Million to Settle LIBOR Manipulation in United States “

The American bank had misled state and local governments, not-for-profit, private and institutional trading counterparties in United States by manipulating the USD LIBOR.  As a result, Citibank had made millions of profit while their clients had entered into swaps and other financial contracts with Citibank, without knowing that Citibank and other banks on the USD LIBOR-setting panel were manipulating LIBOR submissions.

With the Citibank $100 Million settlement, the Attorneys General have collected $420 million in payments from the three banks (Barclays, Deutsch Bank), almost all of which will be distributed to state and local government entities and not-for-profits.

The LIBOR is a benchmark interest rate that affects financial instruments worth trillions of dollars and has a widespread impact on global markets and consumers.  The investigation was conducted by a working group of 42 state Attorneys General offices, led by New York.

Source: New York StateBloomberg, CNN

 

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Middle East Biggest Private Equity Abraaj Group with $13.6 Billion AUM Files for Restructuring

Middle East Biggest Private Equity Abraaj Group with $13.6 Billion AUM Files for Restructuring

Middle East’s biggest private equity firm Abraaj Group with $13.6 billion AUM has filed for restructuring in the Cayman Islands to facilitate the orderly restructuring of the firm.

” Middle East Biggest Private Equity Abraaj Group with $13.6 Billion AUM Files for Restructuring ”

The restructuring filing is to stop legal action by Kuwait’s pension fund, Kuwait Public Institution for Social Security (PIFSS) and other creditors who are seeking the liquidation and winding up of Abraaj for non-payment of debt.  Investors including Bill & Melinda Gates Foundation through accountants had also uncovered lapses in control in the usage of funds.  The appointment of provisional liquidators (PwC) imposes a moratorium (temporarily restriction) of all claims against Abraaj, allowing an orderly restructuring process.

The Abraaj Group is Middle East’s biggest private equity firm with $13.6 billion AUM, $8.1 billion in deployed capital in over 200 investments and had exited more than 100 investments totalling $6.8 billion (data as of 30th June 2017).  The firm specialises in private equity, private credit, impact investing and real estate and invest into growth markets across Africa, Asia, Latin America, the Middle East and Turkey.

The Abraaj Group was founded in 2002 by Pakistani Arif Naqvi in 2002 with $60 million.  He grew the firm into Middle East’s biggest private equity firm with $13.6 billion AUM in 2017, presence in over 20 country offices and 5 regional hubs in Dubai, Istanbul, Mexico City, Nairobi and Singapore.

 

 

Source: Abraaj, Reuters, Bloomberg

 

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