Hong Kong's New World shares surge on report of take-private deal talks
: Shares of cash-strapped
Hong Kong property developer
New World Development
surged on Thursday after a media report on a potential take-private deal.
Financial news provider
Octus
reported on Wednesday the developer, along with its controlling Cheng family, have been in discussions with U.S. private equity firm
Blackstone
regarding a potential financing deal of up to $2.5 billion, which could result in a joint take-private offer.
The discussions, which could involve preferred or ordinary equity, are still in the early stages and subject to change, Octus reported, citing sources.
As of 0246 GMT, New World's shares gained 11% after jumping as much as 16% earlier in Thursday's trading session.
New World, with a market capitalisation of HK$18.2 billion ($2.32 billion), did not immediately respond to a Reuters request for comment. Blackstone could not be immediately reached for comment.
In late June, New World closed an $11.2 billion loan refinancing package, one of the largest ever in Hong Kong, designed to bring the company back from the brink of default.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Sturgeon Moon 2025: The ‘fishy' story behind August's full moon & your final evening to see its glow
If you caught August's full moon on Saturday, Aug. 9, you saw the famous Sturgeon Moon glowing golden as it climbed above the horizon. If not, there was still one more chance on Sunday, Aug 10, to enjoy nearly the same view before it began to wane. The Sturgeon Moon officially peaked at 3:54 a.m. EDT (0754 GMT) on Aug. 9, but its beauty wasn't confined to that moment. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program The most breathtaking view came at moonrise, when it appeared large and luminous just above the horizon. Here were the moonrise times for the US on Aug. 9, with Aug. 10's times only a couple of minutes later: by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like An engineer reveals: 1 simple trick to get all TV channels Techno Mag Learn More Undo New York City – 8:30 p.m. EDT Chicago – 8:24 p.m. CDT Los Angeles – 8:09 p.m. PDT This rare August alignment meant Americans could enjoy two consecutive evenings of nearly identical full moonrises, a treat that doesn't happen every month. The moon appears nearly full to casual observers a night or two before and after its peak. But the story behind the Sturgeon Moon's name is equally captivating, rooted in seasonal fishing and centuries-old traditions. Live Events The meaning behind the name 'Sturgeon Moon' The name dates back centuries, originating from the abundance of sturgeon fish in the Great Lakes during late summer. Native American tribes, such as the Anishinaabeg, also call it the Wild Rice Moon, while NASA notes that it's known in other regions as the Green Corn Moon or Grain Moon. Each name reflects seasonal harvests and natural events tied to this time of year. How to make the most of tonight's viewing For the best experience, head somewhere with a clear eastern horizon, such as a beach, open field, or city rooftop. The moon will appear largest and most dramatic as it rises, glowing in shades of deep orange and gold before climbing higher into the night sky. Binoculars or a telescope will reveal more surface detail, but even without equipment, tonight's moon will be a stunning natural sight you won't forget. What's next after the Sturgeon Moon? The next full moon will be the Harvest Moon, rising on Sunday, Sept. 8, 2025. This one will be extra special for skywatchers in parts of Asia, Australia, and the Pacific, where a total lunar eclipse will occur. North America won't see the eclipse, but will still enjoy the classic golden glow of the harvest moonrise.
Time of India
a day ago
- Time of India
US gold futures pare gains after official says White House to clarify tariff policy on bullion bars
Gold prices experienced volatility. This happened after the White House announced plans for an executive order on gold tariffs. The U.S. Customs and Border Protection also indicated potential tariffs on gold bullion bars. The spread between U.S. gold futures and spot prices widened. Some refineries paused bullion deliveries to the United States due to uncertainty. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads U.S. gold futures pared gains on Friday, retreating from record high levels, after reports that the White House plans to issue an executive order clarifying the country's stance on gold bar statement from White House official on the upcoming executive order follows a ruling posted by the U.S. Customs and Border Protection service's website, indicating that Washington may place the most widely traded gold bullion bars in the United States under country-specific import U.S. gold futures were steady at $3454.1 per ounce as of 1852 GMT, after hitting a record $3,534.10 earlier in the session."Gold's panic ascent shows that even safe haven assets are not immune to the volatility unleashed in the confusion of the tariff age," Susannah Streeter, head of money and markets, Hargreaves spread between U.S. gold futures and spot prices widened, and currently sits at $57, down from over $100 earlier in the session. Spot gold steadied at $3,396.8 per ounce as of 2:52 p.m. ET (1852 GMT), but was up 1% for the noted that if the tariff sticks, it expects the premium between Comex futures and London ones to rise further, as will arbitrage opportunities between alternative refinery broadly noted that they are awaiting further clarity on the issue, adding that a U.S. tariff on gold deliveries could significantly affect Switzerland, given its status as the world's leading hub for gold refining and goods are subject to U.S. import tariffs of 39%, and the country is continuing discussions with the United States about reducing the gold refineries, including a large Swiss entity, have paused deliveries of bullion to the United States due to uncertainty, two sources familiar with the matter told spot silver was steady at $38.29, platinum fell 0.5% to $1,327.85, and palladium was down 2.2% at $1,125.48.
Economic Times
a day ago
- Economic Times
US gold futures pare gains after official says White House to clarify tariff policy on bullion bars
Gold prices experienced volatility. This happened after the White House announced plans for an executive order on gold tariffs. The U.S. Customs and Border Protection also indicated potential tariffs on gold bullion bars. The spread between U.S. gold futures and spot prices widened. Some refineries paused bullion deliveries to the United States due to uncertainty. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads U.S. gold futures pared gains on Friday, retreating from record high levels, after reports that the White House plans to issue an executive order clarifying the country's stance on gold bar statement from White House official on the upcoming executive order follows a ruling posted by the U.S. Customs and Border Protection service's website, indicating that Washington may place the most widely traded gold bullion bars in the United States under country-specific import U.S. gold futures were steady at $3454.1 per ounce as of 1852 GMT, after hitting a record $3,534.10 earlier in the session."Gold's panic ascent shows that even safe haven assets are not immune to the volatility unleashed in the confusion of the tariff age," Susannah Streeter, head of money and markets, Hargreaves spread between U.S. gold futures and spot prices widened, and currently sits at $57, down from over $100 earlier in the session. Spot gold steadied at $3,396.8 per ounce as of 2:52 p.m. ET (1852 GMT), but was up 1% for the noted that if the tariff sticks, it expects the premium between Comex futures and London ones to rise further, as will arbitrage opportunities between alternative refinery broadly noted that they are awaiting further clarity on the issue, adding that a U.S. tariff on gold deliveries could significantly affect Switzerland, given its status as the world's leading hub for gold refining and goods are subject to U.S. import tariffs of 39%, and the country is continuing discussions with the United States about reducing the gold refineries, including a large Swiss entity, have paused deliveries of bullion to the United States due to uncertainty, two sources familiar with the matter told spot silver was steady at $38.29, platinum fell 0.5% to $1,327.85, and palladium was down 2.2% at $1,125.48.
