Latest news with #Singapore-based
Straits Times
3 hours ago
- Business
- Straits Times
Shein switching to Hong Kong listing after London IPO stalls, sources say
Shein's proposed listing in London failed to secure the green light from Chinese regulators, sources say. PHOTO: REUTERS HONG KONG - Shein is working towards a listing in Hong Kong after the online fast-fashion retailer's proposed initial public offering (IPO) in London failed to secure the green light from Chinese regulators, said three sources with knowledge of the matter. The Singapore-based company aims to file a draft prospectus with Hong Kong's stock exchange in the coming weeks, one of the sources said. Shein plans to go public in the Asian financial hub within the year, two of the sources said. Shein plans to change the listing venue as it had not yet received approval for its London IPO from Chinese regulators, notably the China Securities Regulatory Commission (CSRC), the two sources said. The company in March secured approval from Britain's Financial Conduct Authority (FCA) for its IPO in London, and soon informed the CSRC, one of the sources said. The company initially expected the green light from Chinese regulators to follow swiftly after the FCA but has since experienced an unexpected delay and limited communication from the CSRC, said the source. Before its attempt to list in London, Shein had pursued a listing in New York, as part of its efforts to gain legitimacy as a global, rather than a Chinese company, and access to a wide pool of large Western investors. A listing in Hong Kong would go against that strategy and could hurt its global credentials. Allegations that Shein's products contain cotton from China's Xinjiang region and a planned legal challenge to the London IPO by a non-governmental organisation campaigning against forced labour in China have complicated the London listing and risk embarrassment for the Chinese government, a separate source with direct knowledge of the matter said. Tensions with the United States over trade only exacerbate the wariness of Beijing and the CSRC, the source said. The US and NGOs accuse China of human rights abuses in the Xinjiang Uyghur Autonomous Region, where they say Uyghur people are forced to work producing cotton and other goods. Beijing has denied any abuses. Shein says it has a zero tolerance policy for forced labour and child labour in its supply chain. IPO valuation In 2022, the company moved its headquarters from China to Singapore for regulatory, international expansion, and financial reasons – while keeping its supply chains and warehouses in China. Shein does not own or operate any factories, and instead sources its products from 7,000 third-party suppliers in China as well as some factories in other countries like Brazil and Turkey. But its business model of sending products straight from factories to shoppers around the world has been disrupted by the Trump administration ending duty-free access and slapping steep tariffs on e-commerce packages from China. The 'de minimis' exemption allowed e-commerce packages from China worth less than US$800 to enter the US duty-free and helped Shein, Temu, and Amazon Haul sell clothes, gadgets and accessories extremely cheaply. Now, those parcels are subject to a minimum tariff of 30 per cent. Regardless of where Shein lists, its eventual IPO valuation will hinge on the impact of the removal of the de minimis exemption, the sources have said. The US exemption is still in place for goods that are not from China or Hong Kong. The European Union has also proposed changes to its duty exemption on parcels under 150 euros, adding to pressure on the business model. Reuters reported in February that Shein was set to cut its valuation in a potential London listing to around US$50 billion (S$64.5 billion), nearly a quarter less than the US$66 billion valuation it achieved in a US$2 billion private fundraising in 2023. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
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Business Standard
7 hours ago
- Business
- Business Standard
Myntra raises ₹1,062 cr from parent firm in fresh capital infusion
The Flipkart-owned platform eyes growth in Singapore and beyond, posts Rs 30.9 crore profit in FY24, and readies for its flagship sale event starting May 31 Peerzada Abrar Listen to This Article Myntra, the online fashion platform owned by Walmart-backed Flipkart Group, has secured Rs 1,062.5 crore in fresh funding from its Singapore-based parent entity, FK Myntra Holdings Pvt Ltd, according to regulatory filings reviewed by business intelligence platform Tofler. As part of the capital infusion, Myntra issued approximately 1.94 million shares, each with a face value of Rs 1 and a premium of Rs 5,465.23 per share. The development comes at a time when the company is scaling up its operations in India and overseas. Myntra recently forayed into the international market with the launch of Myntra Global, marking its first
Yahoo
8 hours ago
- Business
- Yahoo
Deutsche Bank Boosts Digital Transformation With Collaborations
Deutsche Bank DB has embarked on a digital transformation drive, focusing on cloud migration, artificial intelligence (AI), and automation to enhance operational efficiency and client services. In sync with this, this week, DB has collaborated with International Business Machines IBM and finaXai, a Singapore-based AI company. DB announced that it reinforced its strategic partnership with IBM through a new license agreement, providing the former with greater access to International Business Machines' advanced software solutions. By leveraging IBM's innovative technologies, Deutsche Bank aims to streamline workflows, reduce operational costs and improve efficiency across all areas of its business. The transition from legacy systems to IBM's advanced cloud and AI solutions will allow DB to develop a more agile, scalable and secure technology stack. IBM's technologies, including the watsonx AI portfolio, will enable Deutsche Bank to deliver more personalized and seamless services to clients, from smarter customer support to tailored financial solutions. The integration of IBM's AI capabilities is expected to not only improve operational efficiency but also enhance fraud detection, risk management and regulatory compliance, leading to substantial cost savings and revenues. Deutsche Bank has announced a strategic partnership with finaXai, co-founded by researchers from Nanyang Technological University and the National University of Singapore. This partnership is expected to significantly expand Project DAMA 2 — Deutsche Bank's public-permissioned multi-chain asset servicing pilot. Notably, Project DAMA 2 intends to transform the management and servicing of tokenized funds and their investors by leveraging digital and AI technologies. Deutsche Bank and finaXai are set to explore the integration of technologies, including Machine Learning and Large Language Models, into asset servicing workflows. The focus will be on leveraging explainable AI to enable asset managers to execute fund lifecycle activities with enhanced speed, precision and transparency. Anand Rengarajan, Deutsche Bank's head of securities services APAC & MEA and global head of sales, stated, 'We are delighted to work with a diverse mix of experts from the academic and innovation worlds to contribute to the future of tokenised assets.' 'Through this collaboration, we unify leading research-backed solutions with industry applications to reduce complexity and boost AI's explainability and integration with DLT. With this work, we seek to better understand and anticipate our asset manager clients' needs as they explore the future of tokenisation,' he added. These strategic collaborations emphasize Deutsche Bank's commitment to adopting innovative technologies to reshape the future of financial services. By broadening its partnerships with IBM and finaXai, DB is not only transforming its technology stack and operational workflows but also setting new standards in digital asset servicing. Through these initiatives, the bank is positioned to enhance efficiency, security and client experience while navigating the evolving landscape of tokenized assets and AI-driven financial services. Over the past six months, DB shares have surged 64.7% on the NYSE compared with the industry's rise of 25%. Image Source: Zacks Investment Research Currently, Deutsche Bank carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. This month, Citigroup Inc. C unveiled Citi AI, a range of AI tools aimed at enhancing internal processes for Hong Kong employees. Citi AI aims to maximize efficiency in operations by offering support in information retrieval, document summarization and writing electronic communications for employees. Citigroup AI is currently accessible to approximately 150,000 employees across 11 countries, including the United States, India and Singapore. The company plans to expand availability to more markets this year. In November 2024, PNC Financial Services Group, Inc. PNC announced its partnership with GTreasury, a global leader in Digital Treasury Solutions. This collaboration integrated PNC's embedded banking solution, PINACLE Connect, with GTreasury's treasury and risk management platform. PNC introduced PINACLE Connect in 2021 to remove complexities and address client feedback, particularly regarding technology integration and fraud prevention. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Citigroup Inc. (C) : Free Stock Analysis Report The PNC Financial Services Group, Inc (PNC) : Free Stock Analysis Report International Business Machines Corporation (IBM) : Free Stock Analysis Report Deutsche Bank Aktiengesellschaft (DB) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Yahoo
13 hours ago
- Business
- Yahoo
Kenon: Q1 Earnings Snapshot
SINGAPORE (AP) — SINGAPORE (AP) — Kenon Holdings Ltd. (KEN) on Wednesday reported profit of $12 million in its first quarter. The Singapore-based company said it had net income of 22 cents per share. The holding company posted revenue of $183 million in the period. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on KEN at 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
Business Times
13 hours ago
- Business
- Business Times
mm2 Asia to sell 21.02% of its stake in subsidiary Vividthree to PE fund for S$1.7 million
[SINGAPORE] Mainboard-listed media company mm2 Asia on Wednesday (May 28) entered into a sale and purchase agreement with private equity fund Hildrics Asia Growth Fund VCC to dispose of 21.02 per cent of its stake in subsidiary Vividthree Holdings for S$1.7 million. mm2 Asia currently holds about 29.9 per cent of the total issued and paid-up share capital of Vividthree. Following the proposed disposal, the company will hold about 8.9 per cent of Vividthree's total issued and paid-up share capital, and Vividthree will cease to be an associated company of the group. Vividthree was established in 2006 and is listed on the Catalist board of the Singapore Exchange (SGX). It is principally involved in the business of digital content production specialising in virtual reality, visual effects and computer-generated imagery. The buyer Hildrics Asia Growth Fund VCC is a private equity fund that provides growth capital to mid-tier South-east Asian enterprises with established track records and growth potential. It is managed by Hildrics Capital, a Singapore-based fund management company specialising in originating proprietary deals across all industries in Singapore and South-east Asia. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The firm focuses on long-term capital appreciation through equity and equity-related investments and has a long-term interest aligned with the management of its portfolio companies, said mm2 Asia in a bourse filing. mm2 Asia noted that the proposed disposal 'is in the best interests' of the group, as it gives the company an opportunity to realise the value of the sale shares, enhance the group's liquidity and improve its overall financial position and flexibility. The proceeds from the proposed disposal will be used to repay the group's outstanding liabilities. Based on the latest announced unaudited consolidated financial statements of mm2 Asia for the financial period ended Sep 30, 2024, the book value of the sale shares is an estimated S$2,048,641. Meanwhile, the net tangible asset value of the sale shares, excluding non-controlling interests, is an estimated S$1,890,856. The net loss attributable to the sale shares is about S$176,812. mm2 Asia said it did not conduct an independent valuation on the sale shares. Based on the volume-weighted average price of Vividthree's S$0.0197 per share for trades transacted on the Catalist of the SGX on May 28, which was the last full market day preceding the date of the sales and purchase agreement, the open market value of the sale shares is approximately S$1,921,798.55. The consideration for the proposed disposal is S$0.01734 per sale share, which amounts to an estimated S$1.7 million. Hildrics Asia Growth Fund VCC will pay this in cash. Based on the book value of the sale shares, there is a deficit of approximately S$357,068.06 of the consideration, mm2 Asia noted. Based on mm2 Asia's financial statements for the period ended Sep 30, the loss on disposal of the sale shares amounts to approximately S$2,824,403. The proposed disposal is expected to be completed on May 30, 2025, upon fulfilment of all conditions. Assuming the proposed disposal was completed on Mar 31, 2024, the group's net tangible assets per share would be 0.016 cent, compared with 0.017 cent before the disposal. Meanwhile, assuming the proposal disposal was completed on Apr 1, 2024, its loss per share would be 0.003 cent, against a loss of 0.002 cent before the disposal. Shares of mm2 Asia last closed at S$0.009 on Tuesday.
