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Business

China’s Xiaomi secures seven cornerstone investors for US$6.1bil HK IPO

HONG KONG: Chinese smartphone maker Xiaomi Corp has lined up $548 million from seven cornerstone investors including U.S. chipmaker Qualcomm Inc for its Hong Kong IPO of up to $6.1 billion, according to a term sheet seen by Reuters.

Business

China's Xiaomi targets as much as US$6.1b in Hong Kong IPO

HONG KONG: Chinese smartphone maker Xiaomi Corp is planning to raise up to $6.1 billion from a Hong Kong IPO launching this week, people with knowledge of the matter said, in what will be one of the biggest tech floats globally of recent years.

Business

EPF registers 80.58% increase in i-akaun service usage in Q1

KUALA LUMPUR: The Employees Provident Fund (EPF) posted an 80.58% increase in the number of usage of its electronic service i-Akaun to 11.12 million in its first quarter (Q1 2018) from 6.16 million in the corresponding period last year.

Markets Premium

Soft Chinese tech IPOs test next wave of listings

Lackluster returns could affect the timing and valuation of the many firms angling to list shares

Investment

Walmart’s US$16b India investment creates two billionaires

NEW YORK: The world’s wealthiest family has just bestowed billionaire status on two of India’s most feted tech entrepreneurs.

Telcos

SoftBank tops estimates as Sprint delivers income

TOKYO: SoftBank Group Corp’s fourth-quarter profit topped analysts’ projections, thanks to Sprint Corp’s first annual net income in more than a decade. The US wireless subsidiary is planning to merge with rival T-Mobile US Inc.

Business

Flipkart board approves deal to sell 75% stake to Walmart

BANGALORE: The board of Flipkart Online Services Pvt has approved an agreement to sell about 75% of the company to a Walmart Inc-led group for approximately US$15bil, according to people familiar with the matter, an enormous bet by the American retailer on international expansion.

Corporate News

Ping An Healthcare opens up 4.6pct in Hong Kong debut

HONG KONG: Ping An Healthcare and Technology Co Ltd shares opened up 4.6 percent on their market debut in Hong Kong on Friday, as investors jostled for a piece of the fast-growing business.

Business Premium

China’s biggest tech unicorns stampede to go public

At least a dozen firms, many tied to the country’s internet-consumer economy, have been in talks about IPOs

Business

Walmart in lead to buy India’s top e-commerce firm

BANGALORE: Walmart Inc looks likely to take the next round in the battle for India’s retail market over rival Amazon.com Inc.