
Richard Li's FWD Group Seeks $442 Million in Hong Kong IPO
FWD is selling 91.3 million shares at HK$38 each in the IPO, according to a stock exchange filing Thursday. The shares are scheduled to start trading July 7.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
8 minutes ago
- Yahoo
Leapmotor Raises Full-Year Target After Sales Hit Record
Zhejiang Leapmotor Technology has lifted its full-year sales target after swinging to a first-half profit on surging demand and a ramped up push into overseas markets. Co-President Michael Wu also says the Chinese EV maker's strategy won't be affected by a government crackdown on price wars. He speaks with Yvonne Man and David Ingles on "Bloomberg: The China Show." Sign in to access your portfolio
Yahoo
8 minutes ago
- Yahoo
Exclusive-Nvidia working on new AI chip for China that outperforms the H20, sources say
By Liam Mo and Fanny Potkin BEIJING/SINGAPORE (Reuters) -Nvidia is developing a new AI chip for China based on its latest Blackwell architecture that will be more powerful than the H20 model it is currently allowed to sell there, two people briefed on the matter said. U.S. President Donald Trump last week opened the door to the possibility of more advanced Nvidia chips being sold in China. But the sources noted U.S. regulatory approval is far from guaranteed amid deep-seated fears in Washington about giving China too much access to U.S. artificial intelligence technology. The new chip, tentatively known as the B30A, will use a single-die design that is likely to deliver half the raw computing power of the more sophisticated dual-die configuration in Nvidia's flagship B300 accelerator card, the sources said. A single-die design is when all the main parts of an integrated circuit are made on one continuous piece of silicon rather than split across multiple dies. The new chip would have high-bandwidth memory and Nvidia's NVLink technology for fast data transmission between processors, features that are also in the H20 - a chip based on the company's older Hopper architecture. The chip's specifications are not completely finalised but Nvidia hopes to deliver samples to Chinese clients for testing as early as next month, said the sources who were not authorised to speak to media and declined to be identified. Nvidia said in a statement: "We evaluate a variety of products for our roadmap, so that we can be prepared to compete to the extent that governments allow." "Everything we offer is with the full approval of the applicable authorities and designed solely for beneficial commercial use," it said. The U.S. Department of Commerce did not respond to a Reuters request for comment. FLASHPOINT The extent to which China, which generated 13% of Nvidia's revenue in the past financial year, can have access to cutting-edge AI chips is one of the biggest flashpoints in U.S.-Sino trade tensions. Nvidia only received permission in July to recommence sales of the H20. It was developed specifically for China after export restrictions were put in place in 2023, but company was abruptly ordered to stop sales in April. Trump said last week he might allow Nvidia to sell a scaled-down version of its next-generation chip in China after announcing an unprecedented deal that will see Nvidia and rival AMD give the U.S. government 15% of revenue from sales of some advanced chips in China. A new Nvidia chip for China might have "30% to 50% off", he suggested in an apparent reference to the chip's computing power, adding that the H20 was "obsolete". U.S. legislators, both Democratic and Republican, have worried that access to even scaled-down versions of flagship AI chips will impede U.S. efforts to maintain its lead in artificial intelligence. But Nvidia and others argue that it is important to retain Chinese interest in its chips - which work with Nvidia's software tools - so that developers do not completely switch over to offerings from rivals like Huawei. Huawei has made great strides in chip development, with its latest models said to be on par with Nvidia in some aspects like computing power, though analysts say it lags in key areas such as software ecosystem support and memory bandwidth capabilities. Complicating Nvidia's efforts to retain market share in China, Chinese state media have also in recent weeks alleged that the U.S firm's chips could pose security risks, and authorities have cautioned Chinese tech firms about purchasing the H20. Nvidia says its chips carry no backdoor risks. Nvidia is also preparing to start delivering a separate new China-specific chip based on its Blackwell architecture and designed primarily for AI inference tasks, according to two other people familiar with those plans. Reuters reported in May that this chip, currently dubbed the RTX6000D, will sell for less than the H20, reflecting weaker specifications and simpler manufacturing requirements. The chip is designed to fall under thresholds set by the U.S. government. It uses conventional GDDR memory and features memory bandwidth of 1,398 gigabytes per second, just below the 1.4 terabyte threshold established by restrictions introduced in April that led to the initial H20 ban. Nvidia is set to deliver small batches of RTX6000D to Chinese clients in September, said one of the people.
Yahoo
8 minutes ago
- Yahoo
Asian shares are mixed in quiet trading as traders await cues from the Fed
BANGKOK (AP) — Shares were mixed in Asia on Tuesday after Wall Street held near its records, with traders awaiting fresh cues about interest rates from the U.S. Federal Reserve. Tokyo's Nikkei 225 index lost 0.2% to 43,579.50 as market heavyweight SoftBank Group Corp. fell after it announced it was taking a $2 billion stake in U.S. computer chip maker Intel. In Hong Kong, the Hang Seng shed 0.2% to 25,125.17, while the Shanghai Composite index edged less than 0.1% higher, to 3,730.71. Australia's S&P/ASX 200 declined 0.7% to 8,894.90. In Seoul, the Kospi gave up 1% to 3,145.82. Taiwan's Taiex fell 0.5% and the Sensex in India was up 0.3%. In Bangkok, the SET also gained 0.3%. This week will bring updates from the head of the Federal Reserve and from some of the biggest U.S. retailers. On Monday, indexes mostly fell in Europe in their first trading after Trump's inconclusive summit meeting with Russian President Vladimir Putin on Friday about the war in Ukraine. Trump met with Ukrainian President Volodymyr Zelenskyy on Monday, but that meeting finished after U.S. markets were closed. The S&P 500 barely budged and fell by less than 0.1%, closing at 6,449.15. It was its first loss after it set an all-time high for three consecutive days. The Dow Jones Industrial Average slipped 0.1% to 43,533.86, and the Nasdaq composite edged up by less than 0.1% to 21,629.77. Novo Nordisk's stock that trades in the United States rose 3.7% after the Danish company said U.S. regulators approved its Wegovy drug as part of a treatment for a liver disease found in many overweight and obese people. Soho House, a membership club with locations around the world, jumped 14.9% after announcing a deal where an investor group led by hotel-operator MCR would pay $9 in cash for its shares. Several of the country's largest retailers, meanwhile, were mixed ahead of profit reports scheduled for later in the week. Home Depot, which will report on Tuesday, slipped 1.2%. Target rose 1.9% ahead of its report on Wednesday, and Walmart added 0.7% before its report on Thursday. They, along with companies like Estee Lauder and Ross Stores, could offer a look at how different types of U.S. households are holding up when the job market seems to have relatively few firings but also fewer hirings. On Friday, the focus will swing to Jackson Hole, Wyoming, which has been the home in past years of many big policy announcements from the Fed. There, Fed Chair Jerome Powell will give a speech, and investors are hoping to hear how his mind has changed about interest rates since he said last month that he wanted to wait longer before cutting interest rates. The Fed's twin jobs are to keep the job market healthy while also maintaining a lid on inflation, and helping one can often hurt the other in the short term. Lower rates can boost the economy by making it cheaper for U.S. households and businesses to borrow to buy houses, cars or equipment, for example, but they also risk worsening inflation. Inflation updates have been mixed, but traders are expecting the Fed to cut its main interest rate for the first time this year at its next meeting in September. The hope is that Powell could give a nod to that. Expectations for cuts to interest rates have pulled Treasury yields lower lately, and they largely remained there on Monday. The yield on the 10-year Treasury held at 4.33%, where it was late Friday. In other dealings early Tuesday, U.S. benchmark crude oil lost 44 cents to $62.26 per barrel. Brent crude, the international standard, slipped 42 cents to $66.18 per barrel. The U.S. dollar fell to 147.61 Japanese yen from 147.88 yen. The euro was unchanged at $1.1663. ___ AP Business Writer Stan Choe contributed. Elaine Kurtenbach, The Associated Press