Latest news with #ChinaRenaissance
South China Morning Post
4 days ago
- Business
- South China Morning Post
China Renaissance hits paydirt after stablecoin issuer Circle's shares double on debut
China Renaissance, which has funded many leading Chinese technology firms, made another winning bet after shares of stablecoin issuer Circle Internet Group more than doubled on their debut in New York. The Chinese investment bank said in a filing to the Hong Kong stock exchange on Friday that it had invested in Circle, which was founded in 2013, in 2018 through its Huaxing New Economy Fund. The investment reflected its 'strong confidence in the growth prospects of the digital asset industry', the statement said. China Renaissance did not disclose the amount of its investment in Circle. Circle also did not disclose the stake in its initial public offering prospectus, suggesting it was likely to be less than 5 per cent. China Renaissance was founded in 2005 by renowned deal maker Bao Fan. Photo: Reuters Circle is the issuer of USDC, the second-largest stablecoin, which accounted for nearly 30 per cent of the market at the end of March. A stablecoin is a type of cryptocurrency designed to maintain a fixed value by being pegged to a reference asset, typically a fiat currency such as the US dollar. The company's shares soared as much as 235 per cent before closing 168 per cent higher at US$83.23on the first day of trading on the New York Stock Exchange on Thursday.
South China Morning Post
4 days ago
- Business
- South China Morning Post
China Renaissance hits paydirt after stablecoin issuer Circle's shares double on debut
China Renaissance, which has funded many leading Chinese technology firms, made another winning bet after shares of stablecoin issuer Circle Internet Group more than doubled on their debut in New York. The Chinese investment bank said in a filing to the Hong Kong stock exchange on Friday that it had invested in Circle, which was founded in 2013, in 2018 through its Huaxing New Economy Fund. The investment reflected its 'strong confidence in the growth prospects of the digital asset industry', the statement said. China Renaissance did not disclose the amount of its investment in Circle. Circle also did not disclose the stake in its initial public offering prospectus, suggesting it was likely to be less than 5 per cent. China Renaissance was founded in 2005 by renowned deal maker Bao Fan. Photo: Reuters Circle is the issuer of USDC, the second-largest stablecoin, which accounted for nearly 30 per cent of the market at the end of March. A stablecoin is a type of cryptocurrency designed to maintain a fixed value by being pegged to a reference asset, typically a fiat currency such as the US dollar. The company's shares soared as much as 235 per cent before closing 168 per cent higher at US$83.23on the first day of trading on the New York Stock Exchange on Thursday.
Business Insider
5 days ago
- Business
- Business Insider
Marvell initiated with a Buy at China Renaissance
China Renaissance initiated coverage of Marvell (MRVL) with a Buy rating and $110.42 price target Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
