Biotech Firm MediLink Is Said to Hire Banks for Hong Kong IPO
MediLink Therapeutics Ltd. has hired China International Capital Corp., JPMorgan Chase & Co. and Morgan Stanley for a planned initial public offering in Hong Kong, according to people familiar with the matter.
The Suzhou, China-based biotechnology company is seeking to raise more than $100 million in the IPO, the people said, asking not to be identified because the information isn't public.
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Forbes
17 minutes ago
- Forbes
India's Largest Companies 2025: Big Banks Highlight India's Presence On The Global 2000
India's most profitable private sector bank, HDFC Bank, moved up to No. 53 on this year's Global 2000. India is among the top five countries to be represented on the 2025 Forbes Global 2000 list, ranking the world's largest publicly traded companies. With 70 companies this year it is No. 4 behind the U.S. (612), China/Hong Kong (317) and Japan (180). Indian companies span a range of sectors from banking to telecom to consumer goods and this year their combined profit rose to $126 billion from $120 billion last year. Combined assets grew to $5.5 trillion from $5.08 trillion the previous year and the aggregate market value rose marginally to $2.3 trillion from $2.15 trillion last year. Mumbai-based conglomerate, Reliance Industries, with interests in everything from petrochemicals, oil and gas to retail and telecom, retained the top spot in the country, and moved up four ranks from No.49 to No.45 on the global list. Reliance reported sales of $114 billion, up from $109 billion last year, and was largely insulated from global headwinds with its revenue driven mostly by domestic demand. More than a third of the companies are drawn from the financial services sector spanning banks, insurance companies and consumer lenders. India's most profitable private sector bank, HDFC Bank, moved up 12 spots to No. 53 on the global list. It took over the No. 2 position in India from state-run behemoth State Bank of India which stayed put at No. 55 globally but slipped to the third position in the country. Private lenders ICICI Bank and Axis Bank also feature among the top ten in the country, buoyed by a robust banking sector, which was bolstered by the Reserve Bank of India's interest rate cuts, high net interest margins and robust asset quality. (The NIFTY Bank index grew 14% over the past year.) Seven Indian companies debuted on the Global 2000 this year. Notable among them is Gurgaon-based Eternal, parent of food delivery service Zomato and 10-minute grocery delivery service Blinkit. Among the large Indian conglomerates, the most entries were from the $164 billion (revenue) Tata group conglomerate. Half a dozen Tata companies made the cut, including regulars such as auto behemoth Tata Motors and IT giant Tata Consultancy Services as well as one new entrant to the list, Mumbai-based retailer Trent. Selling everything from apparel to footwear to grocery, the company saw sales jump to $2 billion from $1.5 billion in the past year as profits rose to $231 million from $181 million. The company that climbed up the most in the ranks was Cholamandalam, the financial services arm of the Chennai-based conglomerate the Murugappa Group. Cholamandalam, which has revenues of $3.1 billion, rose 410 ranks to No. 1539, up from No. 1949 last year. Eight companies fell off the list including Varun Beverages, which is one of PepsiCo's biggest bottlers outside the U.S. The Gurgaon-based company is fending off rising competition in the domestic market, specifically from the revival of homegrown beverage brand Campa Cola now owned by Reliance Industries. Steel makers Steel Authority of India and Jindal Steel and Power, part of the O.P Jindal group chaired by India's richest woman, Savitri Jindal, also dropped out, hammered by cheap Chinese imports and lower capacity utilization. But JSW Steel, run by Jindal's son Sajjan Jindal, managed to retain its place in the ranks but fell by 254 places to No. 899–down from No. 645 last year. Forbes
Yahoo
18 minutes ago
- Yahoo
Xi Plays Long Game on US-China Trade as Trump Seeks Quick Wins
(Bloomberg) — While Donald Trump hailed the outcome of trade talks in London, Xi Jinping walked away with an understated strategic gain: a negotiating process that buys China time and helps defuse the threat of more harmful tariffs and technology curbs. Shuttered NY College Has Alumni Fighting Over Its Future Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NYC Renters Brace for Price Hikes After Broker-Fee Ban NY Long Island Rail Service Resumes After Grand Central Fire Do World's Fairs Still Matter? Shortly after two days of negotiations wrapped, Trump declared Wednesday on social media that a deal had been 'DONE' to restore the flow of critical magnets from China, and pledged to lift curbs on student visas. Hours earlier, US Commerce Secretary Howard Lutnick revealed Washington would unwind its recent tech curbs, if niche metals essential to US auto and defense firms now flowed fast enough. China's focus was very different. A People's Daily commentary on Thursday — Beijing's most substantial comments so far on the talks — made no mention of export controls. Instead, the Communist Party mouthpiece touted an 'institutional guarantee' established in Geneva for the two sides to bridge differences via a 'consultation mechanism.' In a long-awaited leaders' call before the London negotiations, Xi told Trump the importance of using this channel, it added. The contrast illustrates a disconnect in how the world's biggest economies want to manage their trade dispute, and broader rollercoaster relationship. While Trump seeks quick deals done directly with top leaders, Xi favors a framework led by his lieutenants that wards against being blindsided. Such haggling could drag on for years, with the 'Phase One' deal from the first trade war taking most of Trump's first term. 'Xi is playing a longer game on US-China trade. His time in office is simply much longer than Trump's,' said Christopher Beddor, deputy China research director at Gavekal Research. 'That's not to say there's never any short-term thinking, but the lack of term limits presents very different incentives than for Trump.' While slow-walking negotiations allows China the chance to assess how hard a bargain Trump drives with other nations, the lingering uncertainty is bad for business, he added. Xi showed last week he can be flexible, getting on the phone with Trump as ties spiraled, breaking from the protocol to set up such an interaction. In the Biden era, then National Security Advisor Jake Sullivan and Foreign Minister Wang Yi would huddle in foreign locations for days before their leaders spoke directly, managing outcomes and expectations. While the Geneva talks last month wrapped with an identical US-China statement, suggesting a degree of alignment, that accord quickly fell apart over US claims China reneged on a promise to release shipments of rare earths. Beijing says it always intended to keep in place a permit process, which American companies complained moved so slowly some factories were forced to pause production. The lack of a detailed read out from either side this time around has left much in doubt, including on what Beijing committed to on the export of niche metals used in everything from fighter jets to electric vehicles. Lutnick told CNBC on Wednesday that China was going to approve 'all applications for magnets from the United States companies right away' — a sweeping claim that appeared to leave plenty of room for disappointment. Chinese Commerce Ministry spokesman He Yadong pledged his country would 'fully consider the reasonable needs and concerns of all countries in the civilian sector,' at a regular press briefing in Beijing on Thursday, adding that approval work was being strengthened. 'The Chinese incentive is also to keep cards close to their chest, and not make a lot of proclamations about what they have or have not committed to,' said Arthur Kroeber, founding partner and head of research at Gavekal. 'There is a lot of leeway for them within the whole export licensing regime.' One approach could be to restart enough export licenses so commercial buyers aren't stymied, but not so much that firms can stockpile, thus blunting Beijing's future leverage, he added. Adding to the fuzziness, Trump declared on social media that China now faces a 55% charge, a number that appears to include levies introduced during his first presidency. It also combines a 10% baseline duty imposed by Trump and a 20% tax tied to fentanyl trafficking — an area where Beijing was seen as having room to negotiate if it stepped up scrutiny of its companies. Lutnick cast doubt on that, and raised questions about the nature of future negotiations, saying that tariffs on China would 'definitely' stick at their current level. That suggests a 90-day pause set to expire in August on Trump's blanket 145% rate was now irrelevant. Such a position also dilutes the incentive for Beijing to offer concessions in future trade talks, if tariffs can't budge. While China has felt the pain from US levies, with exports to the world's largest economy plunging 34% in May, Trump appears to be in the bigger hurry to get a deal. His administration is facing a self-imposed July 9 deadline to either strike pacts with dozens of global trading partners or reimpose sweeping tariffs. In a sign of the Republican leader's growing impatience, he warned Wednesday that he will soon send letters to countries saying, 'this is the deal, you can take it or leave it.' Exemplifying that willingness to keep things moving, Trump's team in a rare move this week put export controls on the negotiating table — previously, such tools have been justified with national security concerns, and were largely off limits. Watering down that rationale could open the door to more cooperation, and advance Trump's stated goal to 'open up China to American trade.' Still, China is unlikely to agree to large purchases of goods that compete in areas where Beijing is looking to build self sufficiency and nurture its own national champions. Rebalancing their economies, a concept touted by US Treasury Secretary Scott Bessent, could involve attracting more Chinese investment into the US. Policy whiplash by the Trump administration might deter many Chinese companies from pouring money into the US economy, even if Xi were to encourage them to do so. Addressing these issues will take time, presumably requiring long discussions using the mechanism that China and US included in what Beijing called their 'hard won' agreement. 'Some people say that the result of the London talks was just a framework,' said Zhu Junwei, a former researcher in the People's Liberation Army who is now director of American research at Grandview Institution in Beijing. 'It's better to have a framework than have nothing.' —With assistance from Jing Li and Lucille Liu. American Mid: Hampton Inn's Good-Enough Formula for World Domination New Grads Join Worst Entry-Level Job Market in Years The Spying Scandal Rocking the World of HR Software US Tariffs Threaten to Derail Vietnam's Historic Industrial Boom The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling ©2025 Bloomberg L.P.
Yahoo
22 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures slide ahead of fresh inflation data, as Trump renews tariff threat
US stock futures pulled back on Thursday ahead of a fresh batch of inflation data, as President Trump renewed his threat to impose "take it or leave it" tariffs on trading partners. Dow Jones Industrial Average futures (YM=F) fell roughly 0.6%, or over 250 points, as component Boeing (BA) slumped in the wake of a deadly plane crash in India. S&P 500 futures (ES=F) dropped 0.5%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) also moved 0.5% lower. Stocks are staying downbeat after the S&P 500 (^GSPC) snapped this week's run of wins, as investors add growing tensions in the Middle East to worries over Trump's trade policy, including the fragility of the US-China detente. For now the spotlight is on the May reading on wholesale inflation due later, after its consumer counterpart showed an easing in price pressures in the wake of Trump's "reciprocal" tariff hikes in April. Further hints that tariffs are sparing inflation could put the Federal Reserve in a tight spot ahead of its policy meeting next week. Bets on interest-rate cuts this year have mounted, but analysts expect officials to maintain their wait-and-see approach to economic data and policy decisions. While investor focus is shifting back to the Fed, Wall Street is still closely following the latest twists and turns in Trump's tariff policy in the hunt for clarity. Read more: The latest on Trump's tariffs US trading partners will get letters within a week or two to set their unilateral tariff rates, Trump reiterated on Wednesday, renewing the threat of no-deal hikes. 'At a certain point, we're just going to send letters out. And I think you understand that, saying this is the deal, you can take it or leave it,' the president said at the Kennedy Center in Washington. Meanwhile, Treasury Secretary Scott Bessent told Congress it's "highly likely" that countries in trade negotiations with the US will see an extension of the 90-day tariff pause, currently set to expire July 9. Chime is set to debut on the Nasdaq later today under the ticker symbol CHYM. The digital bank raised $864 million in its IPO, and priced shares at $27 each for a valuation of $11.6 billion. Chime's entrance in the public markets has been viewed as another indicator of whether the IPO market is thawing after a freeze due to tariff-induced uncertainty. Other recent go-publics, like stablecoin issuer Circle (CRCL) and Nvidia-backed CoreWeave (CRWV), saw massive rallies after their IPOs. As my colleague Josh Schafer wrote yesterday, the largest tech stocks are once again leading the market higher, and that enthusiasm has trickled down to newly issued public offerings. In a June 9 research report, Carson Group associate portfolio manager Blake Anderson found that tech IPOs have been outperforming non-tech IPOs, with shares tied to tech IPOs rising an average of 108% from their deal price. Beyond Chime, other closely watched IPO hopefuls in the pipeline include crypto exchange Gemini; buy now, pay later firm Klarna ( AI chipmaker Cerebras ( and medical supplies company Medline. Read more here about the details of Chime's IPO. Bloomberg reports: Read more here. President Trump's Truth Social posts aren't moving markets like they used to, notes Yahoo Finance's Josh Schafer. Stocks barely budged as he posted on Wednesday that a US-China deal was "done" — something that would have swung markets around a month earlier. Instead, stocks found their direction from economic data, Josh reports: Read more here from today's Morning Brief. The dollar (DX=F) fell further on Thursday as concerns grew about US tariffs after President Trump said he would soon tell trading partners about unilateral levies. Bloomberg News reports: Read more here. Boeing stock fell on Thursday by 8% in premarket trading after an Air India aircraft carrying over 200 people crashed minutes after taking off from the western Indian city of Ahmedabad. Aviation tracking site Flightradar24 said the plane was a Boeing 787-8 Dreamliner, one of the most modern passenger aircraft in service. Air India confirmed the plane, which was headed to Gatwick Airport in the UK, crashed in a civilian area near the airport, but has not specified if there are any fatalities. It is still not clear what caused the crash. According to Reuters, Boeing confirmed it was aware of the crash and was working to gather more information. The news comes as the planemaker is trying to rebuild trust relating to the safety of its jets and increase production under new Chief Executive Officer Kelly Orthberg. "There's revised fears of the problems that plagued Boeing aircraft and Boeing itself in recent years," said Chris Beauchamp, analyst at IG Group. Economic data: Producer Price Index (May); Initial jobless claims (week ending June 7) Continuing claims (week ending May 31) Earnings: Adobe (ADBE), Lovesac (LOVE), RH (RH) Here are some of the biggest stories you may have missed overnight and early this morning: Boeing stock slides after plane crashes in India The $11 trillion gap in costing Trump's 'big, beautiful' bill Gundlach: 'Reckoning is coming' for US debt Trump says he will set unilateral tariff rates within weeks Americans flunk on retirement literacy. Here's why it matters. Nvidia, Samsung to take stakes in robot AI startup Skild US long-dated debt faces crucial test in $22 billion auction Oracle stock jumps as AI boosts revenue forecast Here are some top stocks trending on Yahoo Finance in premarket trading: Oracle (ORCL) stock rose 8% in premarket trading on Thursday after the tech company raised its annual forecast, driven by demand for its AI related cloud services. "Oracle's once-stodgy image levels up to 'cloud-native mage,' and the competitive map now looks less like a classic three-player real time strategy and more like a battle-royale with everyone dropping in, looking for compute loot", said Michael Ashley Schulman, partner at Running Point Capital Advisors. GameStop (GME) shares slumped on Thursday by 11% after announcing a convertible notes offering. The press release said: "GameStop intends to use the net proceeds from the offering for general corporate purposes, including making investments in a manner consistent with GameStop's Investment Policy and potential acquisitions." Boeing (BA) stock fell 8% before the bell on Thursday after a plane crashed in India, with more than 200 people on board, near the airport in the country's western city of Ahmedabad. The plane, which was headed to Gatwick airport in the UK, crashed in a civilian area. Oil prices pulled back early Thursday morning, reversing earlier overnight gains as traders assessed a US decision to pull some diplomats out of the Middle East. The decision to reduce staffing in Iraq came after Iran threatened to hit US assets in the region ahead of its talks with the US over nuclear-related activity. Brent crude futures fell to under $69 a barrel, while West Texas Intermediate crude traded below $68 a barrel — both down around 1%. Prices jumped over 4% on Wednesday amid reports of a potential evacuation. Reuters reports: Read more here. Gold (GC=F) rose for a second day in a row as tensions in the Middle East, coupled with Trump's claims of upcoming unilateral tariffs, pushed risk-averse investors toward the haven commodity. Bloomberg reports: Read more here. Chime is set to debut on the Nasdaq later today under the ticker symbol CHYM. The digital bank raised $864 million in its IPO, and priced shares at $27 each for a valuation of $11.6 billion. Chime's entrance in the public markets has been viewed as another indicator of whether the IPO market is thawing after a freeze due to tariff-induced uncertainty. Other recent go-publics, like stablecoin issuer Circle (CRCL) and Nvidia-backed CoreWeave (CRWV), saw massive rallies after their IPOs. As my colleague Josh Schafer wrote yesterday, the largest tech stocks are once again leading the market higher, and that enthusiasm has trickled down to newly issued public offerings. In a June 9 research report, Carson Group associate portfolio manager Blake Anderson found that tech IPOs have been outperforming non-tech IPOs, with shares tied to tech IPOs rising an average of 108% from their deal price. Beyond Chime, other closely watched IPO hopefuls in the pipeline include crypto exchange Gemini; buy now, pay later firm Klarna ( AI chipmaker Cerebras ( and medical supplies company Medline. Read more here about the details of Chime's IPO. Bloomberg reports: Read more here. President Trump's Truth Social posts aren't moving markets like they used to, notes Yahoo Finance's Josh Schafer. Stocks barely budged as he posted on Wednesday that a US-China deal was "done" — something that would have swung markets around a month earlier. Instead, stocks found their direction from economic data, Josh reports: Read more here from today's Morning Brief. The dollar (DX=F) fell further on Thursday as concerns grew about US tariffs after President Trump said he would soon tell trading partners about unilateral levies. Bloomberg News reports: Read more here. Boeing stock fell on Thursday by 8% in premarket trading after an Air India aircraft carrying over 200 people crashed minutes after taking off from the western Indian city of Ahmedabad. Aviation tracking site Flightradar24 said the plane was a Boeing 787-8 Dreamliner, one of the most modern passenger aircraft in service. Air India confirmed the plane, which was headed to Gatwick Airport in the UK, crashed in a civilian area near the airport, but has not specified if there are any fatalities. It is still not clear what caused the crash. According to Reuters, Boeing confirmed it was aware of the crash and was working to gather more information. The news comes as the planemaker is trying to rebuild trust relating to the safety of its jets and increase production under new Chief Executive Officer Kelly Orthberg. "There's revised fears of the problems that plagued Boeing aircraft and Boeing itself in recent years," said Chris Beauchamp, analyst at IG Group. Economic data: Producer Price Index (May); Initial jobless claims (week ending June 7) Continuing claims (week ending May 31) Earnings: Adobe (ADBE), Lovesac (LOVE), RH (RH) Here are some of the biggest stories you may have missed overnight and early this morning: Boeing stock slides after plane crashes in India The $11 trillion gap in costing Trump's 'big, beautiful' bill Gundlach: 'Reckoning is coming' for US debt Trump says he will set unilateral tariff rates within weeks Americans flunk on retirement literacy. Here's why it matters. Nvidia, Samsung to take stakes in robot AI startup Skild US long-dated debt faces crucial test in $22 billion auction Oracle stock jumps as AI boosts revenue forecast Here are some top stocks trending on Yahoo Finance in premarket trading: Oracle (ORCL) stock rose 8% in premarket trading on Thursday after the tech company raised its annual forecast, driven by demand for its AI related cloud services. "Oracle's once-stodgy image levels up to 'cloud-native mage,' and the competitive map now looks less like a classic three-player real time strategy and more like a battle-royale with everyone dropping in, looking for compute loot", said Michael Ashley Schulman, partner at Running Point Capital Advisors. GameStop (GME) shares slumped on Thursday by 11% after announcing a convertible notes offering. The press release said: "GameStop intends to use the net proceeds from the offering for general corporate purposes, including making investments in a manner consistent with GameStop's Investment Policy and potential acquisitions." Boeing (BA) stock fell 8% before the bell on Thursday after a plane crashed in India, with more than 200 people on board, near the airport in the country's western city of Ahmedabad. The plane, which was headed to Gatwick airport in the UK, crashed in a civilian area. Oil prices pulled back early Thursday morning, reversing earlier overnight gains as traders assessed a US decision to pull some diplomats out of the Middle East. The decision to reduce staffing in Iraq came after Iran threatened to hit US assets in the region ahead of its talks with the US over nuclear-related activity. Brent crude futures fell to under $69 a barrel, while West Texas Intermediate crude traded below $68 a barrel — both down around 1%. Prices jumped over 4% on Wednesday amid reports of a potential evacuation. Reuters reports: Read more here. Gold (GC=F) rose for a second day in a row as tensions in the Middle East, coupled with Trump's claims of upcoming unilateral tariffs, pushed risk-averse investors toward the haven commodity. Bloomberg reports: Read more here. Sign in to access your portfolio
