By Reuters Staff
2 Min Read
(Reuters) - Mytheresa’s shares jumped more than 37% in their U.S. market debut on Thursday, giving the German online luxury fashion retailer a market value of $3.08 billion.
Mytheresa’s American depositary shares (ADS) opened at $35.85, well above their initial public offering (IPO) price of $26 apiece. The company had earlier targeted a price range of $16 to $18.
The Munich-based company, which sells products from brands such as Alexander McQueen, Fendi and Gucci, offered 15.6 million ADS in its IPO, raising $406.8 million.
The company was founded as a fashion store more than 30 years ago by Susanne and Christoph Botschen, who launched its online version in 2006 and sold the business to luxury department chain Neiman Marcus in 2014.
3 Min Read
FILE PHOTO: A logo of Baidu is seen during the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020. REUTERS/Aly Song
BEIJING (Reuters) - China’s Baidu Inc plans to form a company to make smart electric vehicles (EV), two sources familiar with the matter said, with manufacturing to be carried out at plants owned by automaker Geely.
Baidu, the leading search engine company in China, will take a majority stake and absolute voting power in the new company.
The venture will revamp some of Geely’s existing car manufacturing facilities to make the vehicles, with in-car software input from Baidu and engineering know-how from Geely, sources told Reuters.
4 Min Read
SHANGHAI (Reuters) - Alibaba Group founder Jack Ma made his first public appearance since October on Wednesday when he spoke to a group of teachers by video, easing concern about his unusual absence from the limelight and sending shares in the e-commerce giant surging.
Speculation over Ma’s whereabouts has swirled in the wake of news this month that he was replaced in the final episode of a reality TV show he had been a judge on, and amid a regulatory clampdown by Beijing on his sprawling business empire.
The billionaire, who commands a cult-like reverence in China, had not appeared in public since Oct. 24, when he blasted China’s regulatory system in a speech at a Shanghai forum. That set him on a collision course with officials and led to the suspension of a blockbuster $37 billion IPO for Alibaba’s financial affiliate Ant Group.
South Korea's LG Electronics said on Wednesday it was considering all options for its loss-making mobile division, which analysts said could include shutting its smartphone business or selling off parts of the unit.
Germany's Merck KGaA said the most important clinical trial testing its cancer drug hopeful bintrafusp alfa, which it is co-developing with GlaxoSmithKline, would be stopped because the treatment does not appear to work.