Spate Of Hong Kong IPOs Provides Glimmer Of Hope For Chinese Investors Amid Week-Long Sell-off
Portfolio Pulse from Daniel Harrison
Despite a week-long sell-off in Hong Kong, six companies, including Tencent-backed Tuhu Car Inc. and AI firm Beijing Fourth Paradigm Technology Co., Ltd., listed on the Hang Seng Index, marking a rare moment of new listings activity. Mobile game operator ZX Inc. was 103 times oversubscribed, representing Hong Kong’s largest oversubscription this year. Tuhu Car, the fourth-largest IPO this year, plans to expand its business in China's growing EV market. Alibaba Group also announced it is spinning off its Cainiao Smart Logistics Network Limited subsidiary in a $1 billion IPO later this year.
September 29, 2023 | 4:32 pm
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Alibaba Group announced it is spinning off its Cainiao Smart Logistics Network Limited subsidiary in a $1 billion IPO later this year.
The planned IPO of Alibaba's subsidiary Cainiao could potentially bring in significant funds for Alibaba, boosting its financial position.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Tencent-backed Tuhu Car Inc. listed on the Hang Seng Index, marking a rare moment of new listings activity. Tuhu Car, the fourth-largest IPO this year, plans to expand its business in China's growing EV market.
Tencent's investment in Tuhu Car, which is planning to expand in the growing EV market, could potentially boost Tencent's revenues and profitability.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80