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SPAC Boom Upends Wall Street League Tables, Sparks Best Quarter For Dealmaking Since 1980 zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.
Wall Street’s $100 Billion SPAC Boom Upends the League Tables Bloomberg 4/1/2021 Ben Scent (Bloomberg) The blank-check listings craze is shifting fortunes on Wall Street, knocking some of the world’s biggest banks off their perches and bringing unexpected bragging rights for others unaccustomed to competing for league table glory. Popular Searches Cantor Fitzgerald LP, long one of the top SPAC underwriters, has been the biggest beneficiary of the boom and ended the first quarter as the No. 10 adviser on initial public offerings globally. The boutique, which hasn’t ranked that high for any full year in the past decade, got 99% of this year’s deal credit from blank-check work, data compiled by Bloomberg show. Without those deals, it would be 155 places lower. ....
Explore Now Megvii Technology Ltd. is poised to become the first major Chinese artificial intelligence startup to go public after it filed for a Chinese Depositary Receipt offering on Shanghai’s Star board on Friday. The startup, backed by Alibaba Group Holding Ltd., plans to issue up to 253 million Class B shares as the underlying stock for the CDR offering, according to its prospectus. The offering may raise at least 6 billion yuan ($922 million) after fees, which will be used to fund research and development in robotics and visual Internet of Things as well as to replenish capital, the filing shows. Citic Securities Co. is the sponsor of the listing. ....
Alibaba-Backed AI Startup Megvii Files for IPO in Shanghai msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.