Latest news with #KaneWu
Time of India
26-05-2025
- Business
- Time of India
HKBN's chief executive says China Mobile offer not good enough, open to more bidders
By Kane Wu HONG KONG : China Mobile 's HK$7.8 billion ($996.1 million) takeover offer for broadband operator HKBN is not good enough and the Hong Kong-based company is open to engage with more bidders to get the best value for shareholders, its CEO said on Monday. State-owned China Mobile made an offer for HKBN at HK$5.23 a share in December, and Reuters reported last Friday, citing sources, that it was moving closer to a deal after its rival U.S.-based I Squared Capital dropped out of the race. HKBN Chief Executive William Yeung, who is also a board member and executive vice chairman of the company, told Reuters China Mobile's offer, which the board has not accepted, does not reflect the company's growth over the past six months. HKBN reported a 5% rise in earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the six months through May, higher than the 3% by its major competitor Hong Kong Telecom, Yeung said. The offer also did not take into account HKBN's past capital expenditure, which has reached some HK$11 billion and future growth projections, Yeung said. "I will look at our business, who we are, where we are, where we are playing in our interim resource enhancement, I'm very happy in continuing a 4% to 5% EBITDA goal in the years ahead," he said. China Mobile's HK$5.23 apiece offer for HKBN would translate into some HK$4.91 a share excluding dividend, Yeung said. In response to Reuters story on Friday, Yeung said it was a "rumour" that Chinese sovereign wealth fund China Investment Corp (CIC) had vetoed I Squared's plan to present a formal offer for HKBN, saying the board was still talking to both bidders. CIC is a minority shareholder in I Squared-controlled HGC Global Communications in Hong Kong. "We are still talking to both parties (China Mobile and I Squared), and we are even open to talking to any others. I think the company should always look for the best and consider the interest of minority shareholders as well," Yeung said. Reuters reported in January that I Squared was preparing to trump China Mobile's offer but would not go higher than HK$6 a share. Yeung said I Squared made HKBN an "initial" competing offer, but declined to comment further. His views were personal and would not represent the view of HKBN's board, he added. "There are still diverse views within the board," Yeung said. HKBN declined to comment.
Yahoo
23-05-2025
- Business
- Yahoo
Exclusive-Foxconn among potential bidders for Singaporean chip assembly firm UTAC in $3 billion deal, sources say
By Kane Wu HONG KONG (Reuters) -Taiwan's Foxconn is among potential bidders for the Singaporean semiconductor assembly and testing business UTAC Holdings in a deal that could value the company at about $3 billion, two people with knowledge of the matter said. UTAC's owner, Beijing-based private equity firm Wise Road Capital, has hired Jefferies to run a sale process and is expecting to field non-binding bids by end of this month, the sources said. Both the sources declined to be named as the information was confidential. Foxconn and Jefferies declined to comment, while UTAC and Wise Road did not immediately respond to a request for comment. Global chip manufacturing has been beset by concerns over national security and technological competition in recent years, particularly between the United States and China. Historically, semiconductors have relied on a very global manufacturing supply chain, but the U.S. has made moves to curb China's access to advanced chips and high-end manufacturing tools, citing risks that these would benefit China's military, which Beijing denies. The sources said that UTAC is likely to attract interest from financial and strategic bidders that are not from the U.S. due to its China presence. Foxconn, a major supplier to Apple and the world's largest contract electronics maker, has expanded into making semiconductors in recent years as part of its long-term growth strategy, its website says. Founded in 1997 in Singapore, UTAC provides assembly and test services for semiconductor chips with various end uses, including consumer, computing and security devices and medical applications. Outside Singapore, it also has production facilities in Thailand, China and Indonesia and with a global sales network that covers the U.S., Europe and Asia, according to the company website. Its customers are primarily "fabless" companies - meaning those that outsource fabrication - as well as integrated device manufacturers and wafer foundries. UTAC does not disclose its financial performance but its estimated annual earnings before interest, taxes, depreciation, and amortisation are about $300 million, said the sources. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
21-05-2025
- Business
- Time of India
China Mobile closer to taking over Hong Kong broadband company HKBN
By Kane Wu and Yantoultra Ngui HONG KONG/SINGAPORE: China Mobile , the world's biggest wireless carrier by users, is moving closer to a deal to take over Hong Kong broadband company HKBN after rival bidder I Squared Capital dropped out of the race, three sources said. U.S.-based global infrastructure investor I Squared was preparing to trump China Mobile's offer of HK$5.23 per HKBN share made in December, but was not keen to pay more than HK$6 apiece, Reuters reported in January. I Squared however did not secure approval from Chinese sovereign wealth fund China Investment Corp (CIC) to go ahead with the bid for HKBN, said the sources, who have knowledge of the matter. CIC vetoed the deal as a minority shareholder in I Squared-controlled HGC Global Communications in Hong Kong, as a potential acquisition could affect the operations of the fixed-line operator, which also has a broadband business, said one of the sources. I Squared and CIC declined to comment. State-owned China Mobile did not immediately respond to Reuters' requests for comment. China Mobile made its takeover offer in early December, valuing HKBN at HK$7.8 billion ($996.1 million), after first showing interest nearly two years ago. The company currently has a market value of HK$7.6 billion with the stock at HK$5.10 on Wednesday. Deal terms are still being negotiated and could be affected by a mismatch in valuation expectations, one of the sources said. All the sources declined to be named as the matter was confidential. "We are still in discussions with various parties, and are fully committed to protecting the interests of all shareholders," HKBN said in a statement to Reuters. I Squared's departure from the bidding race for HKBN comes weeks after China Mobile acquired a 15.5% stake in the company in April from existing shareholder TPG.
Yahoo
21-05-2025
- Business
- Yahoo
China Mobile closer to taking over Hong Kong broadband company HKBN, sources say
By Kane Wu and Yantoultra Ngui HONG KONG/SINGAPORE (Reuters) -China Mobile, the world's biggest wireless carrier by users, is moving closer to a deal to take over Hong Kong broadband company HKBN after rival bidder I Squared Capital dropped out of the race, three sources said. U.S.-based global infrastructure investor I Squared was preparing to trump China Mobile's offer of HK$5.23 per HKBN share made in December, but was not keen to pay more than HK$6 apiece, Reuters reported in January. I Squared however did not secure approval from Chinese sovereign wealth fund China Investment Corp (CIC) to go ahead with the bid for HKBN, said the sources, who have knowledge of the matter. CIC vetoed the deal as a minority shareholder in I Squared-controlled HGC Global Communications in Hong Kong, as a potential acquisition could affect the operations of the fixed-line operator, which also has a broadband business, said one of the sources. I Squared and CIC declined to comment. State-owned China Mobile did not immediately respond to Reuters' requests for comment. China Mobile made its takeover offer in early December, valuing HKBN at HK$7.8 billion ($996.1 million), after first showing interest nearly two years ago. The company currently has a market value of HK$7.6 billion with the stock at HK$5.10 on Wednesday. Deal terms are still being negotiated and could be affected by a mismatch in valuation expectations, one of the sources said. All the sources declined to be named as the matter was confidential. "We are still in discussions with various parties, and are fully committed to protecting the interests of all shareholders," HKBN said in a statement to Reuters. I Squared's departure from the bidding race for HKBN comes weeks after China Mobile acquired a 15.5% stake in the company in April from existing shareholder TPG. ($1 = 7.8288 Hong Kong dollars) Sign in to access your portfolio
Zawya
14-05-2025
- Business
- Zawya
China's CATL set to price shares at $33.70 each in Hong Kong listing, sources say
SYDNEY: Chinese battery maker CATL is set to price its shares at HK$263 ($33.70) each and increase the size of the company's Hong Kong listing, according to two sources with direct knowledge of the matter, raising about $4.6 billion. It would the largest listing globally in 2025, according to LSEG data. Prospective investors have been told orders for CATL stock made below HK$263 per share risk missing out on allocations, the sources added. A so-called offer size adjustment option to increase the number of shares on sale by 17.7 million is set be exercised, the sources said. Adding that stock will take the value of CATL's listing to about HK$35.66 billion ($4.57 billion). The sources could not be named discussing confidential information. CATL did not immediately respond to a request for comment from Reuters. The HK$263 price is about a 6% discount to CATL's Shenzhen-stock's closing price of 258.77 yuan (HK$279.99) on Tuesday. The stock was trading up about 1% on Wednesday, compared to China's CSI300 which was up about 1.5%. ($1 = 7.8048 Hong Kong dollars) (1 Hong Kong dollar = 0.9242 yuan) (Reporting by Scott Murdoch and Kane Wu; Editing by Muralikumar Anantharaman)
