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Biren, which designs high-performance graphics processing units (GPUs), received regulatory approval to list on the Hong Kong stock exchange, according to a China Securities Regulatory Commission filing on Monday. This was expected to put the company on track to become the first GPU developer to go public in Hong Kong.Co-founded by Wall Street veteran and entrepreneur Michael Zhang Wen in 2019, Biren planned to float about 372 million shares, but has not yet disclosed its fundraising target. According to mainland Chinese reports, the company could raise about US$300 million from its Hong Kong listing.It also underscored the broader strategy by…
Hong Kong has signed a comprehensive avoidance of double taxation agreement (CDTA) with Norway, marking its fourth such pact this year as the city steps up efforts to strengthen its appeal as an international business and investment hub.Secretary for Financial Services and the Treasury Christopher Hui Ching-yu signed the agreement with the Government of the Kingdom of Norway in Beijing on Tuesday. Hui had visited Norway to discuss the matter in June.Under the agreement, Hong Kong residents who pay taxes in Norway can offset the amount against their Hong Kong tax bill for the same income, subject to the provisions…
The Canadian dollar was broadly steady against most major currencies on Monday following the release of inflation data that showed price growth remained unchanged. Inflation in Canada was flat last month, while core inflation measures recorded a general slowdown, as faster food and some goods prices were offset by slower growth in services prices. Data from Statistics Canada released on Monday showed headline inflation rose 2.2% year on year in November, matching the pace seen in October and coming in below the $2.3% median forecast in a Bloomberg survey of economists. On a monthly basis, the consumer…
A prominent Chinese expert on US affairs says the competitive relationship between Washington and Beijing is likely to remain stable for the rest of Donald Trump’s presidential term – a prospect crucial for China’s strategic planning.The China-US rivalry has achieved a “resilient balance”, Ni Feng, researcher and former director of the Institute of American Studies at the Chinese Academy of Social Sciences (CASS), said at a symposium held in Shenzhen on Sunday.Unlike the competition of the past six years – which was driven by a cold war mindset – future rivalry between the United States and China will not create…
India’s ruling party has seized on the chaotic handling of football legend Lionel Messi’s appearance in Kolkata to attack the government in West Bengal, turning the Argentinian’s visit into an election-season test for one of the country’s most politically consequential states.The visit descended into chaos as crowd unrest prompted arrests and an apology from West Bengal’s Chief Minister Mamata Banerjee.West Bengal’s opposition leaders from the Bharatiya Janata Party (BJP), which governs nationally, have portrayed the disorder as emblematic of deeper failures under Banerjee’s Trinamool Congress government.On Saturday, chants of “Messi, Messi” filled the air in Kolkata’s 85,000-capacity Salt Lake Stadium…
Founded in Shanghai in September 2020 by former engineers at Advanced Micro Devices, MetaX priced its initial public offering at 104.66 yuan per share, which was expected to raise 4.2 billion yuan (US$596 million) from the sale of 40.1 million shares, with net proceeds estimated to reach 3.9 billion. That was the second-highest share price offer this year on the Nasdaq-style Star Market, behind Moore Threads’ 114.28 yuan.Based on its offer price, MetaX’s implied market capitalisation stood at about 37.7 billion yuan. That was nearly 79 per cent higher compared with its pre-IPO valuation of 21.07 billion yuan in March.The…
Jazz International Holding Limited has been confirmed as the new acquirer of shares and control of TPL Insurance Limited, replacing the previously announced VEON Group Holding Company Ltd and its affiliates. The development was disclosed by Arif Habib Limited (AHL), acting as the manager to the offer, via an addendum to a public announcement of intention, to the Pakistan Stock Exchange (PSX) on Tuesday. “The acquirer has been confirmed as Jazz International Holding Limited, replacing VEON Group Holding Company Ltd and/or its affiliated entities for acquisition of shares and control of the target company with Pakistan Mobile Communications Limited, as…
With Nasdaq seeking US regulatory approval to extend its trading hours to 23 hours, some industry players believe local bourse operator Hong Kong Exchanges and Clearing (HKEX) will need to consider a similar move for certain products to enhance its competitiveness.HKEX chief executive Bonnie Chan Yiting did not mention trading hours in her blog on Monday, but she did say the bourse operator would expand into digital currencies and tokenisation over the next decade, which analysts pointed out were the types of products in demand for round-the-clock trading.“Trading securities 23 hours a day may not be suitable at the current…
With Nasdaq seeking US regulatory approval to extend its trading hours to 23 hours, some industry players believe local bourse operator Hong Kong Exchanges and Clearing (HKEX) will need to consider a similar move for certain products to enhance its competitiveness.HKEX chief executive Bonnie Chan Yiting did not mention trading hours in her blog on Monday, but she did say the bourse operator would expand into digital currencies and tokenisation over the next decade, which analysts pointed out were the types of products in demand for round-the-clock trading.“Trading securities 23 hours a day may not be suitable at the current…
The Canadian dollar was broadly steady against most major currencies on Monday following the release of inflation data that showed price growth remained unchanged. Inflation in Canada was flat last month, while core inflation measures recorded a general slowdown, as faster food and some goods prices were offset by slower growth in services prices. Data from Statistics Canada released on Monday showed headline inflation rose 2.2% year on year in November, matching the pace seen in October and coming in below the $2.3% median forecast in a Bloomberg survey of economists. On a monthly basis, the consumer…