Alibaba Said to Have Applied for HK Listing
Alibaba Group Holding Ltd, China's dominant e-commerce service provider, has lodged its application for listing at the Hong Kong stock exchange aimed at raising up to $20 billion, Hong Kong-based Oriental Daily reported. The company is expected to float in October with a valuation of $100 billion. Approximately $7 billion from the money raised will be used to buy back Alibaba's share owned by Yahoo! Inc (Nasdaq: YHOO), the source said. Alibaba delisted its B2B site Alibaba.com a year ago in preparation for the initial public offering of the group as a whole. Its Taobao.com is China's top C2C site; its Tmall.com is China's top B2C site; its Alipay is China's top third party billing service provider. Japan's Softbank is Alibaba's largest shareholder, holding a 35% stake; Yahoo owns 23%, Alibaba's management owns 24.7%; some private equities and institutional investors own 10.3%; its founder Jack Ma owns 7%.
Tencent Said to Invest in Xiaomi
Tencent Holdings Ltd (HKG: 0700) is behind Xiaomi's latest round of fundraising, DoNews reported, citing a source from an investment bank. Xiaomi, a Chinese smartphone maker, is reportedly to land as much as $2 billion soon from a Tencent-backed Russian venture capital contributor Digital Sky Technologies. Xiaomi is currently evaluated to be worth $9 billion. The details about the latest fundraising is expected to be announced in mid August.
Unit Sale Boosts ZTE Earnings Despite Falling Revenue
ZTE Corp (HKG: 0763, SHE: 000063), China's second largest telecom device maker, said its net profit rose 23% year on year to 302.3 million yuan in 1H 2013, buoyed by the sale of a subsidiary. The company's sale of its 81% stake in monitoring system maker Shenzhen ZNV Technology Co in 1H 2013 profited 820 million yuan. However, ZTE's revenue fell 12% year on year to 37.71 billion yuan in 1H 2013 after sales of handset, data cards and telecom equipment dropped domestically and overseas due to stiffer competition.
Shenhua Cut Coal Price
China Shenhua Energy Co (HKG: 1088, SHA: 601088), the nation's biggest coal producer, has again cut its coal prices after the one in June. The 5,500kcal Shenhua No 1 coal price declined to 570 yuan/ton from usually 575-580 yuan/ton. Many coal producers have formed a cartel to deal with the situation. For instance, the top five coal producers in Shanxi have worked together to formulate a pricing strategy.
Yonghui Enters Guangzhou
Yonghui Superstores Co (SHA: 601933), a Fujian province-based supermarket chain, said it would start doing business in Guangzhou in September and expected to break even for its business in Guangdong's provincial capital within a year. Yonghui said it will sell fresh food, which would make up 40% of all goods at the Guangzhou store, to attract consumers against foreign retailers and e-commerce firms. The company's gross margin from fresh food was almost 13% in 2012, according to its annual report.
You are currently reading
total words in this article.
To continue reading this article, you must be a subscriber. Log in now..