China Business Digest: Hong Kong Retail Investors March to Ant IPO; Mobile Browser Crackdown Nets Big Names

  • Oct 28, 2020
  • Caixin Global

Analysts expect Ant Group’s record dual listing will attract a whopping 1 million retail investors in Hong Kong. And China’s environment ministry is discouraging the aluminum sector from going West. Meanwhile, a leading U.S. Republican senator has unveiled a bill that could block blacklisted Chinese firms from tapping U.S. capital markets.

Ant Group’s IPO expected to attract 1 million retail investors in Hong Kong

The Hong Kong leg of Ant Group’s record dual listing is likely to attract (link in Chinese) 1 million retail investors. That would top the 970,000 retail investors involved in Industrial and Commercial Bank of China Ltd.’s IPO and the 960,000 who participated in Bank of China Ltd.’s, said Pamela Chung, managing director at business consulting firm Tricor Group.

China’s environment ministry calls for end to aluminum industry moving West

In response (link in Chinese) to a development plan approved by the country’s top economic planner, China’s environment ministry on Tuesday said the aluminum industry, as a sector that causes severe pollution and has too much capacity, should not be encouraged to develop in the country’s West.

Mobile browser crackdown ensnares big names including Huawei and Tencent

Browsers operated by some of China’s biggest internet names, including Huawei Technologies Co. Ltd., Alibaba Group Holding Ltd. and Tencent Holdings Ltd., were caught up in a crackdown by the cyberspace regulator, which requested they be swept clean by Nov. 9 of “rumor-mongering,” “sensational headlines” and material that violates “socialist core values.”

Ant Group picks four foreign strategic investors for Shanghai leg of record IPO

GIC Pte. Ltd., Singapore’s sovereign wealth fund, and the Canada Pension Plan Investment Board are the two biggest foreign strategic investors of Ant Group’s $34.5 billion IPO, each paying around 2 billion yuan ($298 million) for 28.6 million shares. Temasek Fullerton Alpha Pte. Ltd., which is owned by Singapore state-owned investment group Temasek Holdings Pte. Ltd., and the Abu Dhabi Investment Authority (ADIA), the sovereign wealth fund of the Emirate of Abu Dhabi, each paid around 1.5 billion yuan for 21.5 million shares.

• Top Republican Senator Marco Rubio has introduced legislation to block access to U.S. capital markets for Chinese companies that have been blacklisted by Washington, threatening a blow against Chinese firms that rely on U.S. investors for funding. (Reuters)

• GeneCast Biotechnology Co. Ltd., a Chinese biotech startup that specializes in second-generation sequencing technology and bioinformatics, has closed its 1 billion yuan ($149 million) series E funding round led by China Structural Reform Fund.

• Shanghai-based medical rehabilitation robot startup Fourier Intelligence Co. Ltd. has secured 100 million yuan in its series C funding round, led by Vision Plus Capital.

• The Chinese mainland reported (link in Chinese) 42 new coronavirus cases for Tuesday, 20 of those imported. The other 22 were locally transmitted asymptomatic cases found in the Kashgar prefecture of the Xinjiang Uygur autonomous region, where a cluster of infections has been linked to a local garment factory.

• As of noon Wednesday Beijing time, the number of global Covid-19 cases was approaching 44 million, with more than 1.16 million deaths, according to data from Johns Hopkins University.

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