4 Min Read
HONG KONG/BEIJING (Reuters) - U.S.-listed Chinese electric vehicle (EV) makers Li Auto Inc, Nio Inc and Xpeng Inc plan to list in Hong Kong as soon as this year, tapping a growing investor base closer to home, said people with direct knowledge of the matter.
FILE PHOTO: An Xpeng P7 performance electric vehicle is seen outside the New York Stock Exchange ahead of the Chinese company s IPO in New York, Aug. 27, 2020. REUTERS/Mike Segar/File Photo
The trio each aim to sell at least 5% of enlarged share capital in the Asian hub, the people said. Based on their New York market capitalisation on Monday, proceeds could reach $5 billion.
By Reuters Staff
2 Min Read
(Reuters) - Electricity and gas provider Just Energy Group Inc said it filed for creditor protection in Canada and plans to do the same in the United States, citing massive costs from the Texas deep freeze last month.
It became the second Texas electricity company to take the step in the face of extraordinary electricity charges during the cold snap.
Last week, Texas’ largest and oldest electric power cooperative, Brazos Electric Power Cooperative Inc, filed for bankruptcy protection in Houston, citing a disputed $1.8 billion debt to the state’s grid operator.
Just Energy said on Tuesday it expects to receive a loan that would enable it to pay the state’s grid operator more than $250 million for power. It would be unable to cover the bill without the loan.
Three U.S. House lawmakers introduced legislation on Tuesday calling on the U.S. Postal Service to freeze a $482 million contract to Oshkosh to finalize production for the next-generation postal vehicles pending a review of the contract.
By Reuters Staff
3 Min Read
(Reuters) - Shares of GameStop jumped on Tuesday for the fifth straight day, as the meme stock rally that began earlier this year got more juice on news about the video game retailer’s e-commerce strategy and speculation that small investors will pour stimulus check funds into stock markets.
GameStop shares were up 23.5% to $239.80 in early trading, a day after the company entrusted leadership of its online sales efforts to board member and major shareholder Ryan Cohen, co-founder of online pet retailer Chewy Inc.
The resurgent rally lifted other stocks favored by retail investors on forums such as Reddit’s WallStreetBets. Market watchers have cited the U.S. Senate’s passage of a $1.9 trillion stimulus bill including $1,400 direct payments to Americans as one catalyst.
Shares of Tesla Inc fell for a fifth consecutive session on Monday, caught in a tech-led selloff that has wiped more than $244 billion off the company's market value over the last month.