Tencent rises 3.93% after Sogou deal approved HSBC jumps after Bank of England scraps dividend curbs
July 13 (Reuters) - Hong Kong shares rose on Tuesday as high tech and financials stocks rallied, after Chinese regulators approved a deal involving index heavyweight Tencent Holdings and after the Bank of England scrapped dividend curbs on lenders including HSBC. At the close of trade, the Hang Seng index was up 448.17 points, or 1.63%, at 27,963.41. The Hang Seng China Enterprises index rose 1.69% to 10,113.32. Tech firms in Hong Kong drove gains, with the sub-index of the Hang Seng tracking the IT sector rising 3.3% and the Hang Seng Tech index up 1.94%. Tencent Holdings Ltd jumped 3.93% after China’s antitrust regulator on Tuesday approved its plan to take the country’s no.3 search engine Sogou Inc private in a $3.5 billion deal. The financial sector also gained, rising 1.54% with Hong Kong shares of HSBC Holdings Plc ending 2.62% higher after the Bank of Eng
China Plans to Exempt H.K. IPOs From Cybersecurity Reviews
Bloomberg News, Bloomberg News A screen displays stock figures outside the Exchange Square complex, which houses the Hong Kong Stock Exchange, in Hong Kong, China, on Monday, Sept. 16, 2019. The Hong Kong bourse s unsolicited takeover bid for the London Stock Exchange Group Plc was greeted with a scathing rejection and the exchange suffered a further humiliation when China praised the rebuff as well. , Photographer: Bloomberg/Bloomberg
(Bloomberg) China plans to exempt companies going public in Hong Kong from first seeking the approval of the countryâs cybersecurity regulator, removing one hurdle for businesses that list in the Asian financial hub instead of the U.S., according to people familiar with the matter.
Li-Backed Hyphen Taps Goldman Sachs to Explore Funding Options
Manuel Baigorri, Bloomberg News Richard Li in Hong Kong in 2017. Photographer: Paul Yeung/Bloomberg , Bloomberg
(Bloomberg) Hyphen Group, a financial technology firm backed by Hong Kong billionaire Richard Li, is exploring funding options including a listing via a special purpose acquisition company and a private fundraising, according to people familiar with the matter.
Hyphen is working with Goldman Sachs Group Inc. to review strategic alternatives and has received interest from potential investors, the people said, asking not to be identified because the matter is private. A transaction could value the company at more than $500 million, the people said.
Bloomberg News, Bloomberg News Passengers look at smartphones while waiting in the departure hall of Hongqiao High-speed Railway Station in Shanghai. Photographer: Qilai Shen/Bloomberg , Bloomberg
(Bloomberg) Chinese social media and e-commerce startup Xiaohongshu, or âLittle Red Book,â is putting its U.S. initial public offering plans on hold after China tightened rules on overseas listings, according to people with knowledge of the matter.
The online platform, backed by Tencent Holdings Ltd. and Alibaba Group Holding Ltd., is discussing with advisers on alternatives as the company would likely be subject to a cybersecurity review under Beijingâs proposed policy for firms listing abroad, said the people. A listing in Hong Kong could be an option, the people said, who asked not to be identified as the information is private.
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