News Formal

Jack Ma is telling China's startup founders it's time to go public

  • 📰 BusinessTimes
  • ⏱ Reading Time:
  • 57 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 26%
  • Publisher: 51%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

[HONG KONG] Jack Ma's timing is frequently spot-on. Now, he's signalling to a host of Chinese startups it's time to race ahead with multibillion-dollar stock sales before the coronavirus pandemic or trade war does more damage to the global economy. Read more at The Business Times.

At least a dozen corporations are seeking to tap the well: Chinese search leader Baidu and Ctrip are said to be exploring secondary listings in Hong Kong. ByteDance, owner of viral video sensation TikTok, is a possible contender. Local media report Didi is about to kickstart its own IPO process in Hong Kong, though a spokesperson denied that on Wednesday.

"With China being the only major economy to offer clear growth prospects, the appetite for China related securities will only increase," said Andy Mok, senior research fellow at the Center for China and Globalization."Despite the large size of the Ant IPO, the pool of liquidity seeking acceptable returns is even larger."

Ant's float will create other unwelcome ripple effects. Share sales from Meituan, JD.com and Netease have all strained available capital and triggered consequent spikes in the Hong Kong dollar. Demand for the currency had already begun to swell on Tuesday - before Ant has even had a chance to pin down a timeframe.

There're signs the city may not be fully equipped to handle the deluge. Since last year's US$13 billion secondary listing, Alibaba's Hong Kong stock has drawn just a fraction of the trading activity it typically generates in New York, partly due to a local stamp duty that curbs high frequency trading. While the city led the world in listings last year, volume on the exchange is just about a quarter of its US peers in dollar terms.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 15. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

House Republicans want Twitter chief Jack Dorsey to testify at tech hearingWASHINGTON (REUTERS) - Republicans on the US House Judiciary Committee said on Wednesday (July 22) they want Twitter chief executive officer Jack Dorsey to appear at a hearing next week of major technology companies.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Airbnb approached about blank-check company merger for public listing: CEOHome rental startup Airbnb has been approached about going public through a merger with a blank-check acquisition company, a novel way of listing ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Airbnb approached about blank-check company merger for public listing: CEO[BENGALURU] Home rental startup Airbnb has been approached about going public through a merger with a blank-check acquisition company, a novel way of listing on the stock market that is gaining traction, co-founder and chief executive Brian Chesky said on Wednesday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »