China has allegedly terminated independent driving startup Pony.ai’s efforts to go public on New York Stock Exchange (NYSE) amidst Beijing’s endeavors to enforce regulations on numerous sectors in China’s tech industry, Reuters reported on Wednesday. The California-based company was expected to go public via a special-purpose acquisition with a blank-check company in the U.S. that would have […]
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South Korean developer of Player Unknown’s Battlegrounds’ (PUBG), Krafton, initial public offering recorded a 20 percent drop on Tuesday following a crackdown due to a state-led media attack on the gaming industry. This is considered the biggest initial decline of a South Korean IPO after LG Philips LCD collapse in the same market 17 years ago. Krafton’s loss came after it reduced its IPO target by more than 10 percent last month following regulatory demands […]
Robinhood Markets confirmed on Tuesday its first acquisition plans since the release of its initial public offering (IPO) earlier this month of obtaining venture-backed startup Say Technology for around $140 million in cash. The trading service company revealed the deal in a blog post from the company’s chief product officer, Aparna Chennapragada, without disclosing when […]
Softbank dropped $5 billion worth of publicly listed shares through its SB NorthStar trading unit of four tech giants during its first quarter, the Japanese conglomerate revealed in a financial report released on Tuesday. Back in 2020, the Tokyo-based multinational company vastly invested in social networking platform Facebook, Google’s parent company Alphabet, popular streaming service […]
Amidst Washington’s deadlock with Beijing, China Telecom may potentially elevate its Shanghai’s initial public offering (IPO) to more than $8 billion leading to its biggest offering this year in the Shanghai Stock Exchange, following the firm’s delisting in its New York counterpart (NYSE) in January. Following Chinese media reports, the Beijing-based firm established its IPO at $0.70 per share, inflating the firm’s worth […]
The U.S. has expressed its support toward Brazil’s proposal of becoming a NATO partner but stressed its concerns regarding the Latin American country’s business with Chinese telecoms titan Huawei within its 5G telecoms network, White House officials told reporters on Monday. During a trip to Brazil last week, U.S. National Security Advisor notified President Jair Bolsonaro of the state’s concerns in partnering with Huawei citing cybersecurity […]
China’s largest e-commerce company, Alibaba, said Monday it fired a manager accused of sexual assault and pledged to strengthen its anti-sexual harassment policy, after a female employee accused the company of suppressing her report of the assault. The unidentified female employee went public Saturday with an internal post detailing the alleged sexual assault by her […]
South Korea will release billionaire Samsung scion Lee Jae-yong on parole this week after he spent 18 months in prison for his role in a massive corruption scandal that triggered nationwide protests and led to the ouster of the country’s previous president. The announcement Monday by the Justice Ministry, which came with a year left […]
Special-purpose acquisition company Athena Acquisition Corp. announced on Wednesday, alongside technology service provider Pico, definitive merger plans amounting to $1.75 billion. Pico Quantitative Trading – solutions provider to the financial market community – agrees to a merger with blank-check company Athena Acquisition, led by former The Bancorp CEO Betsy Cohen. The deal is set to […]
Uber’s ride-hailing service is regaining the momentum that it lost during the pandemic, but it’s coming at a cost that’s raising more doubts about the company’s ability to make money. At the same time, Uber’s unprofitable delivery service is still growing at a torrid pace, indicating that some homebound habits may be here to stay, […]