Can China reclaim its IPO crown?
One after another, blockbuster Chinese listings are coming to Hong Kong. In May Hengrui Pharmaceuticals, a drug manufacturer, and CATL, a battery-maker, sold $5.3bn-worth of shares between them. Seres, which makes electric vehicles, hopes to raise $2bn in the coming weeks. Shein, a fast-fashion firm, may abandon plans for an offering in London for one in Hong Kong. All told, in April more than 130 applications were under consideration by the local exchange, up from fewer than 60 at the start of 2024. On current trends, the city will be the world's largest venue for stock debuts this year.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economist
8 hours ago
- Economist
Can China reclaim its IPO crown?
One after another, blockbuster Chinese listings are coming to Hong Kong. In May Hengrui Pharmaceuticals, a drug manufacturer, and CATL, a battery-maker, sold $5.3bn-worth of shares between them. Seres, which makes electric vehicles, hopes to raise $2bn in the coming weeks. Shein, a fast-fashion firm, may abandon plans for an offering in London for one in Hong Kong. All told, in April more than 130 applications were under consideration by the local exchange, up from fewer than 60 at the start of 2024. On current trends, the city will be the world's largest venue for stock debuts this year.
NBC News
13 hours ago
- NBC News
He invented a viral watch-cleaning device. Now he says the American dream has been 'ripped out of my hands' by Trump tariffs.
Checkbook Chronicles Anthony Mendoza, a veteran Army major and father of two daughters, saw his invention as a pathway to entrepreneurial success, That dream is hanging by a thread. June 15, 2025, 8:04 AM EDT By Rob Wile President Donald Trump's April 10 announcement that he was raising tariffs on China to 145% left Anthony Mendoza shattered. The 41-year-old Phoenix resident, father of two and veteran U.S. Army major had stumbled onto an invention that allows amateur antique watch aficionados to gently rinse a timepiece's components. He named it ChronoClean, and the device began to go viral. By last winter, Mendoza had sold out of his first 500 units. Yet with a single social media post, the president seems to have dashed Mendoza's plans for the future of his business. 'I really felt like my American dream had been ripped out of my hands,' Mendoza said. 'And that our own president and government was letting it happen.' Business breakdown The ChronoClean had gained traction online among a fast-growing amateur community of antique timepiece tinkerers, especially abroad. Unable to locate an affordable manufacturer in the United States, Mendoza had turned to Chinese producers, which allowed him to sell the device for $150 each. 'I tried to get it built here — that's what I wanted to do initially,' Mendoza said of manufacturing the product in the U.S. 'But I went to several companies, and every one I went to said, 'No way, we can't do that, it would cost $300 each just to make it for you.' So it was totally out of the realm of possibility.' A boost from a popular YouTube account in the timepiece community helped. After accounting for costs, Mendoza estimated that he earned about $60,000 in profit. Tariff troubles After selling out of his first batch of 500 units last winter, Mendoza said he had dialed up another 500 on Valentine's Day for production. Two weeks later, Trump's tariff escalations began. The president first imposed a total of 20% duties on exports from China in early March. Over the next several weeks, the level would steadily rise until it hit a high of 145% in the second week of April. At that point, Mendoza thought he'd have to abandon the ChronoClean entirely, just as the second set of products was ready to ship. The duties would stay at that three-figure level for about a month more, shaking global markets and keeping Mendoza awake at night. Having recovered from a devastating divorce and still unable to find steady work after retiring from a 20-year career in the Army, Mendoza had pinned his entrepreneurial hopes on the success of ChronoClean. Finally, on May 12, the Trump administration announced a breakthrough after trade talks between the U.S. and China in Geneva. That agreement brought the duty level back down to what was initially announced as 30%. Mendoza jumped, telling his Chinese liaison to immediately ship the units. Even at the newly lowered tariff level, Mendoza's shipping costs doubled from $1,100 on the first batch of ChronoClean devices to $2,650 for the second. Looking ahead To this day, Mendoza must grapple with the uncertain environment Trump's on-again, off-again tariff pronouncements have created. As a backup plan, Mendoza says he has routed some orders directly to the U.K. to avoid the U.S. duties. But it's an expensive hedge: Mendoza said it cuts into his bottom line. He remains anxious about further escalations from Trump. 'If it goes back to 145%, I won't be able to import my next shipment into the U.S.,' Mendoza said. He has a lead time of about five months, and has to be able to make decisions with certainty. 'Because they are selling so well, I need to start working on my next order now,' he said. A closer look at this moment in time Mendoza describes himself as having 'strong political feelings.' 'I don't like the way things are right now,' he said. He called the Trump administration's insistence on moving vast manufacturing operations from overseas to the U.S. 'a slap in the face' to small-business owners. 'It sounds great if you don't understand how logistics work. For my product, the reason it sells is because it's the cheapest you can buy,' Mendoza said, pointing to the reality that affordable manufacturing outside of the U.S. helps him keep his prices low for customers. As a single parent, Mendoza is working to try to put his two daughters through college. Between those expenses and funding ChronoClean, Mendoza said his financial cushion is thin. It's all the more wrenching given what he's gone through, he said. 'It's like, 'You've been deployed, you started as a private, retired a major, got through a horrible divorce, you're a great father and now you've started your own business and invented a product people want — they're begging for it,'' he said of ChronoClean. 'Then here comes your own government to shatter that dream, so big businesses and Elon Musk can get richer," Mendoza said. "To me, that's not the American dream. It's small business, middle America, everyone should have a good chance at this. [The tariffs] will potentially put me out of business, it's hard to wrap your head around it.' Rob Wile Rob Wile is a Pulitzer Prize-winning journalist covering breaking business stories for
Glasgow Times
16 hours ago
- Glasgow Times
Glasgow Italian artwork collection to go on tour in China
Paintings, ceramics and sculptures which are expected to give a 'culturally-rich' view of the visual arts in Italy from 1400 to 1800 will be loaned out later this year. It is hoped the 'Prosperous Symphony – Italian Treasures from Glasgow Museums' exhibition will boost tourism and trade links with China. Glasgow councillors backed the tour, which is set to start in Shenzhen in September before visiting 'five or six' other cities, at a meeting last week. Items will return to Glasgow in 2028 and could then be displayed in Kelvingrove museum. Following the meeting, a spokesperson for Glasgow Life, the council's culture and leisure arm, which runs the city's museums, said: 'As the first standalone touring exhibition of Italian artwork from Glasgow's museums to museums in China, it represents an exciting opportunity to build on the city's international strategy. 'China is a key overseas market, and this prestigious exchange will strengthen business, academic and civic relationships. It will also position Glasgow in cities across China as a culturally rich, must-visit destination, encouraging inward tourism. 'We are currently finalising which works will travel as part of the tour and will provide an update in due course. Glasgow Life will receive £30,000 from each venue hosting Prosperous Symphony – Italian Treasures from Glasgow Museums.' A council report stated that alongside 33 paintings, the collection includes examples of ceramics, glass, marble sculpture, textile, arms and armour. An exhibition of the city's Italian art went on tour to the United States in 2013 and all but one of the paintings and objects have been in storage since. Glasgow Life will be working with NOMAD Exhibitions on the tour, which has estimated around 100,000 visitors per venue. The council report added: 'With a new international strategy, regular trade missions, links between the city's universities, businesses and China and the targeting of a direct air route into the city, the timing to use an exhibition as cultural exchange and the backdrop for other initiatives is now.' It stated Glasgow Airport is targeting a direct China to Glasgow air route to complement two direct flights per week — four in summer — between Edinburgh and Beijing. Ideas to promote the tour include using the University of Glasgow's networks, as it has 9,000 Chinese students as well as alumni who now work in China. Connections through Glasgow's chamber of commerce, which aims to attract inward investment from businesses in Beijing and Shanghai, will also be explored.
