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☆ Didi co-founder Liu steps down after decade at the helm of Chinese ride-hailing company
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: +2 min

Didi Global, the Chinese ride-hailing company, must face a lawsuit in a U.S. court claiming it defrauded investors by concealing and disobeying a Chinese government order to postpone its 2021 initial public offering until it resolved cybersecurity and privacy concerns. Didi Global 's co-founder Jean Liu has stepped down from her roles as president and board director of China's biggest ride-hailing firm to take on a new role, according to an internal company memo. Didi, which is seen as China's answer to Uber but has faced prolonged regulatory scrutiny, will no longer have a position of president, it said in the memo seen by Reuters. The company was penalized with a $1.2 billion fine in July 2022 over data security violations. Didi began to recover from its regulatory challenges in early 2023 when it received permission to relaunch its apps.

Persons: Didi Global, Jean Liu, Didi, Liu, Goldman Sachs, Will Cheng, Liu Chuanzhi Organizations: Reuters, Lenovo, Alibaba, Uber, Apple, U.S Locations: U.S, China

☆ SoftBank seen returning to loss in fourth quarter despite strength in tech stocks
▼ + stars: | 2024-05-12 | by ( ) www.cnbc.com time to read: +2 min

Japanese technology investor SoftBank Group is expected to slip back into the red when it reports earnings on Monday despite technology stocks including Arm Holdings its core asset, performing well over the quarter. Analysts and investors are also eagerly awaiting clues about new growth investments as SoftBank has ample liquidity and can monetize its huge holding in Arm. The initial public offering (IPO) market remained subdued, leaving analysts uncertain of the monetization prospects for SoftBank's portfolio of unlisted tech startups. But while the Arm stake may make possible an investment on this scale, its dominance within SoftBank's portfolio poses a risk should market sentiment turn, hitting SoftBank's value and fundraising capacity. Morningstar analyst Javier Correonero estimates a fair value for Arm of $57 per share, compared to its recent trading range around $100 per share.

Persons: SoftBank, Arm's, DiDi, Shogo Tono, Javier Correonero Organizations: SoftBank, Arm Holdings, Grab Holdings, LSEG, Nomura Securities, Nvidia, Morningstar Locations: Britain, Coupang

Two of three speakers at the engineering school’s ceremony disappeared abruptly from the school’s graduation website. A self-described “fourth-generation Trojan” from Pasadena, Ms. Blain, who has spent much of her life imagining her own U.S.C. Pro-Palestinian students tried to set up an encampment on campus days later, and university officials summoned the Los Angeles police. At the engineering school, where Ms. Tabassum, the valedictorian, will be graduating, professors were trying to resurrect her chance to speak. A university committee had picked Ms. Tabassum, who is Muslim and of South Asian ancestry, from about 100 undergraduates with near 4.0 grade point averages.

Persons: Kevin Feige, Liza Colón, Zayas, Tina, “, ”, Jaren Lewison, they’re, Ella Blain, Blain, Linda Thomas, Greenfield, Biden, U.S.C, Asna Tabassum, Jon M, Chu, Marcia McNutt, Blain’s, Annette Ricchiazzi, Carol Folt, Missives, Sean Penn, —, Goodwin Liu, Merrill Balassone, Phil Chan, Pam Zhang, Safiya Umoja Noble, Lewison, Jane Coaston, Tabassum, Yannis C, Folt, Kevin Crawford Knight, Didi Global, Zohreh, Khademi, Knight, ” Hossein Hashemi, Hashemi, Dustin Jeffords Organizations: University of Southern, Angeles, Marvel Studios, Hollywood, Netflix, Dornsife, of Letters, Arts and Sciences, Los Angeles Memorial, School of Dramatic Arts, University of Michigan, Ann Arbor , Indiana University, Bloomington, Northeastern University, United Nations, University, Vermont’s, Columbia University, National Academy of Sciences, Los Angeles police, Community, Dodger, California Supreme, MacArthur, Rossier School, Education, Jewish, commencements, New York Times, Microsoft, Media, “ Locations: University of Southern California, Los Angeles, Coast, Aude, Pasadena, Gaza, Ann Arbor ,, Boston, U.S, Israel, U.S.C, California, San Bernardino County

☆ Chinese ride-hailing company Didi Global must face U.S. investor lawsuit over IPO
▼ + stars: | 2024-03-15 | by ( ) www.cnbc.com time to read: +1 min

Didi Global, the Chinese ride-hailing company, must face a lawsuit in a U.S. court claiming it defrauded investors by concealing and disobeying a Chinese government order to postpone its 2021 initial public offering until it resolved cybersecurity and privacy concerns. Didi Global, the Chinese ride-hailing company, must face a lawsuit in a U.S. court claiming it defrauded investors by concealing and disobeying a Chinese government order to postpone its 2021 initial public offering until it resolved cybersecurity and privacy concerns. The offering valued all of Didi at about $67.5 billion. Lawyers for Didi did not immediately respond to requests for comment. The investors' lawyers did not immediately respond to similar requests.

Persons: Didi Global, District Judge Lewis Kaplan, Didi, Kaplan Organizations: District Locations: U.S, Manhattan, United States

China's powerful internet regulator is conducting a security review of Shein as the fast-fashion giant gears up for its highly anticipated U.S. initial public offering, CNBC has learned. The review focuses on how Shein handles information about its employees, partners and suppliers in the region, The Wall Street Journal reported. In 2021, Beijing launched a similar security review of ride-hailing giant Didi Global just days after it went public on the New York Stock Exchange and raised some $4.4 billion. Following Didi's downfall, all Chinese companies seeking an overseas IPO are now subject to a security review and government approval in China. If the reviews turn up information that doesn't sit well with Chinese regulators, they could squash the deal.

Persons: confidentially, Shein, Drew Bernstein, Didi Global, Didi, Bernstein, they're Organizations: CNBC, Cyberspace Administration, China, Street Journal, CAC, Washington , D.C, Marcum, New York Stock Exchange, CNBC PRO Locations: U.S, China, Washington ,, Beijing, Marcum Asia, Singapore

☆ China's Didi Global app disruption due to software failure, not cyberattack
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

A driver of Chinese ride-hailing service Didi drives with a phone showing a navigation map on Didi's app, in Beijing, China July 5, 2021. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsBEIJING, Nov 29 (Reuters) - China's Didi Global (92Sy.MU) ride-hailing app was disrupted earlier this week by an underlying system software failure and not a cyberattack, the company said in a statement on its social media account on Wednesday. The country's largest ride-hailing company faced widespread criticism this week after users in several cities were unable to book rides on Monday evening and complained about encountering glitches while using the app in the following days. Didi's China service recorded average daily transactions of 31.3 million in the third quarter, according to its latest results. Reporting by Beijing newsroom; Editing by Tom Hogue and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Didi, Tingshu Wang, Tom Hogue, Sonali Paul Organizations: REUTERS, Rights, Beijing, Thomson Locations: Beijing, China, Rights BEIJING

Shein has not determined the size of its offering or the valuation at IPO, the sources said. Shein, Goldman and JPMorgan declined to comment, while Morgan Stanley did not immediately respond to a request for comment. The most valuable China-founded enterprise to go public in the United States so far is ride-hailing giant Didi Global's (92Sy.MU) debut in 2021 at $68 billion valuation. In 2021, the comparable number was $300 billion when the IPO market was close to its peak. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes of Gap (GPS.N) as shoppers look for fresher styles.

Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Shein, Goldman, Didi Global's, Jason Benowitz, David, Dee, Delgado, CSRC, Simon Property, Sumeet Singh, It's, Pritam Biswas, Ananya Mariam Rajesh, Kane Wu, Anirban Sen, Rishabh, Scott Murdoch, Miyoung Kim, Stephen Coates Organizations: Amazon, JPMorgan, Bloomberg, Arm Holdings, Roosevelt, REUTERS, China Securities Regulatory Commission, U.S, Reuters, Securities and Exchange Commission, SPARC Group, Forever, Brands, Simon, Aequitas Research, China's Shanghai Securities, Street, Thomson Locations: United States, China, U.S, Singapore, New York City, Shein, Bengaluru, Hong Kong, New York, Sydney

☆ Chinese fast-fashion retailer Shein files for U.S. IPO - WSJ
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

The fast-fashion giant has been working with at least three investment banks about a potential IPO and was in talks with the New York Stock Exchange and the Nasdaq, Reuters reported in July. Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, which could happen in 2024. the WSJ report said. Shein declined to comment to Reuters on the report. Fast-fashion has been gaining popularity in the United States with Shein partnering with SPARC Group, a joint venture between Forever 21 owner Authentic Brands (AUTH.N) and mall operator Simon Property (SPG.N), as the online fashion retailer and its rivals look to expand their market reach. Reporting by Pritam Biswas and Ananya Mariam Rajesh in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: David, Dee, Delgado, Shein, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Didi Global's, Simon Property, Pritam Biswas, Ananya Mariam Rajesh, Arun Koyyur Organizations: REUTERS, Wall Street, New York Stock Exchange, Nasdaq, Reuters, JPMorgan, SPARC Group, Forever, Brands, Simon, Thomson Locations: New York City, U.S, China, United States, Bengaluru

☆ China's Didi Global says ride-hailing app had 'systems malfunction'
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

A man passes by a car of Chinese ride-hailing service Didi at the Shanghai Hongqiao International Airport in Shanghai, China August 14, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsSHANGHAI/BEIJING, Nov 27 (Reuters) - Didi Global said on Monday its ride-hailing app had experienced a "systems malfunction" after users in multiple cities including Beijing and Shanghai said they were unable to book rides in the evening. The company apologised for the issue on its official Weibo account and said it was urgently trying to fix it. Didi is China's largest ride-hailing company, with its service in the country delivering average daily transactions of 31.3 million in the third quarter. Reporting by Brenda Goh in Shanghai and Ethan Wang in Beijing; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Didi, Aly, Didi Global, Brenda Goh, Ethan Wang, Jan Harvey Organizations: Shanghai Hongqiao International, REUTERS, Rights, Thomson Locations: Shanghai, China, Rights SHANGHAI, BEIJING, Beijing, Weibo, Zhejiang, Jilin

Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, and Shein could go public sometime in 2024, the sources said. Shein has been planning to go public for the last few years, but halted plans almost twice since then. The fast-fashion giant's decision now comes at a time when the broader market for new issues remains laggard. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes Gap (GPS.N) as shoppers look for fresher styles and trendier clothing. Shein's confidential IPO was first reported by the Wall Street Journal earlier on Monday.

Persons: David, Dee, Delgado, Shein, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Didi Global's, Simon Property, Pritam Biswas, Ananya Mariam Rajesh, Anirban Sen, Rishabh Jaiswal, Arun Koyyur, Sherry Jacob, Phillips Organizations: REUTERS, Reuters, JPMorgan, chipmaker Arm Holdings, New York Stock Exchange, Nasdaq, SPARC Group, Forever, Brands, Simon, Wall Street, Thomson Locations: New York City, U.S, China, United States, Singapore, Bengaluru, New York

People walk past the headquarters of the Chinese ride-hailing service Didi in Beijing, China, December 3, 2021. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsNov 13 (Reuters) - Didi Global, China's largest ride-hailing company, on Monday reported its first quarterly profit since 2021, adding to signs of its comeback from regulatory challenges as domestic demand for mobility services continues to recover. Didi in 2021 came into the crosshairs of China's cyberspace regulator for pursuing a U.S. stock listing without an approval. Didi was fined $1.2 billion in July 2022 over data-security breaches, but began to emerge from these regulatory troubles in January after it was allowed to restore its apps. The company has also taken steps to streamline its business operations and focus on its core ride-hailing services.

Persons: Didi, Thomas Peter, Alibaba, Wei Cheng, Yelin, Sameer Manekar, Kim Coghill, Sherry Jacob, Phillips Organizations: REUTERS, Didi Global, HK, SoftBank, Monday, New York Stock Exchange, Thomson Locations: Beijing, China, U.S, Yelin Mo, Bengaluru

The company logo of China International Capital Corporation Ltd (CICC), China’s first joint venture investment bank, is displayed at a news conference on the company's annual results in Hong Kong, China March 30, 2016. China is Brazil's largest trading partner, however Chinese investments in Brazil fell 78% in 2022, the Brazil-China Business Council (CEBC) said in August. "We believe that more Chinese investment will be willing to ... invest into the Latin America region, especially in Brazil," said Lin. "I don't remember when politics got so involved in daily business," Lin said, reflecting on her 21 years in business. However, there were still Chinese companies listing here, said Lin and China's securities regulator China Securities Regulatory Commission had pre-approved 20 Chinese ADRs.

Persons: China’s, Bobby Yip, Lindsay Lin, Lin, CICC, acquirer, Biden, Didi Global, we're, ” Lin, Megan Davies, Echo Wang, Diane Craft Organizations: China International Capital Corporation, REUTERS, Securities, China International Capital Corp, HK, Reuters NEXT, China Business Council, Monetary Fund, China Securities Regulatory Commission, Reuters, reuters, Thomson Locations: Hong Kong, China, Brazil, New York, America, Latin America, U.S, China's

☆ China's Zeekr reveals wider loss, Beijing influence in US IPO paperwork
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Zeekr, owned by Chinese automaker Geely Auto (0175.HK), had confidentially filed for its initial public offering (IPO) in December last year. Didi had angered Chinese regulators by pushing ahead with its $4.4 billion New York listing despite being asked to put it on hold. For the six months ended June 30, the company reported a net loss of 3.87 billion Chinese yuan ($531.34 million), compared with 3.09 billion Chinese yuan a year earlier. It will list its shares on the New York Stock Exchange under the ticker symbol "ZK". ($1 = 7.2835 Chinese yuan renminbi)Reporting by Niket Nishant, Manya Saini, Jaiveer Shekhawat and Mehnaz Yasmin in Bengaluru; Editing by Krishna Chandra Eluri and Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Zeekr, Didi, Goldman Sachs, Morgan Stanley, Niket Nishant, Manya Saini, Jaiveer, Mehnaz Yasmin, Krishna Chandra Eluri, Shilpi Majumdar Organizations: Geely Auto, HK, Reuters, New York Stock Exchange, underwriters, Thomson Locations: Beijing, New York, U.S, York, China, Bengaluru

☆ Exclusive: Geely's Zeekr edges closer to US IPO, to make filing public this week - sources
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +3 min

The EV brand will publish its prospectus and its shares could start being traded on the bourse within weeks of the announcement, the sources said. Zeekr confidentially filed for a U.S. initial public offering last December, aiming to raise more than $1 billion, Reuters has reported. However, the company is likely to raise less than the targeted amount from the IPO, one of the sources said. It offers four EV models in China, with its 001 crossover priced from 269,000 yuan ($36,927.22) as its best-selling EV. ($1 = 7.2846 Chinese yuan renminbi)Reporting by Zhang Yan in Shanghai and Scott Murdoch in Sydney.

Persons: Goldman Sachs, Morgan Stanley, Zeekr, Zeekr confidentially, Didi, Amnon Shashua, Andy, Zhang Yan, Scott Murdoch, Kane Wu, Kim Coghill Organizations: bourse, underwriters, U.S, Reuters, Mobileye, Intel Corp, Tesla, Zhejiang Geely, Thomson Locations: SHANGHAI, New York, China, United States, Beijing, Zhejiang, Zeekr, Netherlands, Sweden, Germany, Israel, Kazakhstan, Shanghai, Sydney, Hong Kong

☆ Chinese listings overseas getting complicated despite growing interest, says NYSE's Ge
▼ + stars: | 2023-10-21 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

Traders work during the IPO for Chinese ride-hailing company Didi Global Inc on the New York Stock Exchange (NYSE) floor in New York City, U.S., June 30, 2021. There is strong appetite among Chinese companies to list on U.S. stock exchanges, but these IPOs have become a more complicated process, according to Kobe Ge, the head of China at the New York Stock Exchange. But they're not so familiar with the procedures, which have proved to be more challenging of late, he added. "Previously, listing in the U.S. was relatively easy," Ge said, noting it would take just four-and-a-half or five months for Chinese firms to complete a U.S. IPO. Amid a tepid U.S. IPO market, the handful of Chinese names that have been able to list this year have mostly been smaller companies.

Persons: Kobe Ge, they're, Ge Organizations: Global Inc, New York Stock Exchange, CNBC's East Tech West, CNBC, China Securities Regulatory Commission Locations: New York City, U.S, Kobe, China, Covid, Nansha, Guangzhou, Hong Kong

☆ China's Didi plans 2024 Hong Kong listing - Bloomberg News
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

A Didi logo is seen at the headquarters of Didi Chuxing in Beijing, China November 20, 2020. REUTERS/Florence Lo/File photo Acquire Licensing RightsOct 13 (Reuters) - China's biggest ride-hailing company, Didi Global, aims to list its shares on the Hong Kong Stock Exchange next year, Bloomberg News reported on Friday, citing people familiar with the matter. The company delisted from the New York Stock Exchange in 2022 after it ran afoul of Chinese regulators by pushing ahead with a $4.4 billion listing in the U.S in July 2021. Didi was banned by Chinese regulators from taking on new users and its app not available from mid-2021 until January 2023. Didi has contemplated a Hong Kong listing previously, Reuters has reported, with a listing by introduction where new capital is not raised as one option.

Persons: Didi Chuxing, Florence, Didi Global, Didi, Gursimran Kaur, Scott Murdoch, Sonia Cheema, Jamie Freed, Gerry Doyle Organizations: REUTERS, Hong Kong Stock Exchange, Bloomberg, Reuters, New York Stock Exchange, Cyberspace Administration of China, CAC, Thomson Locations: Beijing, China, U.S, New York, Hong Kong, United States, Bengaluru

The behind-the-scenes details on the IPO pricing decision are based on interviews with three people familiar with the discussions. Together with other previously unreported deliberations, they shed new light on why SoftBank took a conservative approach in valuing Arm in the IPO. SoftBank, which had owned 75% of Arm, agreed to buy the remaining 25% from its $100 billion Vision Fund at a $64 billion valuation last month. Representatives for Arm, SoftBank, PIF, Mubadala and Raine either declined to comment or did not immediately respond to requests for comment. VISION FUND BOUNCEBACKThe Vision Fund returned to profitability in the latest quarter thanks to investors' excitement around artificial intelligence boosting the value of some of the startups in which it invested.

Persons: Dado Ruvic, Masayoshi Son, Raine Group, Son, SoftBank, Fund's, Abu Dhabi's Mubadala, Raine, Didi Global, Echo Wang, Anirban Sen, Greg Roumeliotis, Christopher Cushing Organizations: REUTERS, SoftBank, Wednesday, Arm Holdings, Nasdaq, Vision Fund, Investors, Saudi Arabia's Public Investment Fund, Vision, Reuters, Nvidia Corp, Thomson Locations: San Francisco, New York, Mubadala, China, United States

☆ China's Xpeng to acquire Didi's smart EV unit in deal worth up to $744 mln
▼ + stars: | 2023-08-28 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File photo Acquire Licensing RightsHONG KONG, Aug 28 (Reuters) - Chinese electric car company Xpeng (9868.HK) said it will acquire ride-hailing giant Didi's smart electric vehicle (EV) unit in a deal worth as much as $744 million and the two companies will form a strategic partnership. As part of the deal, Xpeng will launch an A-class model next year under a new brand, currently called MONA, aiming to expand in the mass-market segment with the car to be priced in the $20,000 price tier. "Project 'MONA' will accelerate the Company's production and sales growth and help achieve greater economies of scale," Xpeng said in a statement. The deal comes amid slowing demand and excess manufacturing capacity in China's EV industry that has made it hard for relative newcomers such as Didi to enter the market. Didi will acquire around 3.25% of Xpeng shares under the deal, which could increase depending on whether production and sales targets are fulfilled.

Persons: Didi, Brendan McDermid, HONG KONG, Xpeng's, Xpeng, MONA, robotaxis, Josh Ye, Edwina Gibbs Organizations: New York Stock Exchange, REUTERS, HK, EV, Thomson Locations: New York City, U.S, HONG

☆ What ARM's expected debut means for the IPO market and SoftBank
▼ + stars: | 2023-08-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +8 min

Its debut will be a big deal for an IPO market that's been in the doldrums since 2022, but the company's listing has big implications for SoftBank as well. SoftBank agreed to acquire Arm in 2016 for $32 billion, which at the time was the biggest-ever purchase of a European technology company. The unit also swung to a 9.5 billion yen loss, having made a profit of 29.8 billion yen in the same period a year earlier. SoftBank said its Vision Fund booked an investment gain of 159.8 billion yen, its first gain in five consecutive quarters. In July, the company led a $65 million investment in U.K. insurance technology company Tractable.

Persons: Son, Tomohiro Ohsumi, SoftBank, It's, Rene Haas, Haas, Nvidia SoftBank, Arm, Grace Hopper, Didi, Uber, Yoshimitsu Goto, Leswing Organizations: SoftBank Group Corp, ARM Holdings, Bloomberg, Getty, Apple, reining, Acorn Computers, Acorn, Machines, VLSI Technology, CNBC, ARM, Nvidia, Vision, Investors, AMD, Vision Fund Locations: Tokyo, Cambridge, England, Switzerland, European, Europe, U.S, London, New York

☆ Corrie Driebusch — Reporter at The Wall Street Journal
▼ + stars: | 2023-08-18 | by ( Corrie Driebusch | ) www.wsj.com time to read: +1 min

Corrie DriebuschCorrie Driebusch covers the U.S. capital markets for The Wall Street Journal’s finance section where she regularly breaks news about the biggest IPOs. Corrie brings to her coverage a decade of experience covering the stock market and institutional investors to broaden the story beyond a stock’s first day of trading. Corrie previously wrote about the stock market and large retail brokerages for the Journal, as well as major market movers for Dow Jones Newswires. Prior to joining Dow Jones, she wrote for Institutional Investor's newsletter group, covering equity market structure and trading technology. Corrie graduated from the Medill School of Journalism at Northwestern University with a double major in political science and a concentration in economics.

Persons: Corrie Driebusch Corrie Driebusch, Corrie, Gerald Loeb, Dow Jones Newswires, Dow Jones Organizations: Technologies, Overseas Press, Global Inc, Institutional, Medill School of Journalism, Northwestern University

Analysts see this more than 7 percent increase in the number of drivers as a manifestation of the subdued job market. At least four others have issued warnings of overcapacity, with some saying drivers get fewer than 10 orders a day as a result. Cai said he earns 200-300 yuan a day, driving for Didi Global - China's answer to Uber - from 8.00 am until close to midnight. Up until recently, he made 400 yuan a day plus bonuses, going home before 8.00 pm. Shanghai driver Li Weimin's rationale for working underscores the shrinking job market.

Persons: Zhu Zhimin, Zhu, Wang Ke, James Cai, Cai, Didi, Wang, Nanxun Li, It's, Li, Casey Hall, Xihao Jiang, Marius Zaharia Organizations: Transport, Thomson Locations: SHANGHAI, Shanghai, China, Cities, Sanya, Changsha, Haikou, Hainan, Analysys, Beijing

If the negotiations lead to a deal, the Japanese tech investor would be delivering a major, immediate windfall to VF1 investors, including Saudi Arabia's Public Investment Fund and Abu Dhabi's Mubadala. A big windfall for VF1 investors could boost SoftBank's chances of tapping them for capital again in the future. VF1's investment committee and SoftBank's investment advisory board, attended by fund investor representatives, are handling the negotiations, one of the sources added. SoftBank, VF1 and Arm declined to comment. SoftBank, which took Arm private for $32 billion in 2016, sold a 25% stake in the company to VF1 for $8 billion in 2017.

Persons: Dado Ruvic, Abu Dhabi's Mubadala, Didi Global, VF1, SoftBank, Masayoshi Son, Raine, VF2, Son, Echo Wang, Anirban Sen, Greg Roumeliotis, Mark Porter Organizations: REUTERS, SoftBank Group Corp, Vision Fund, Nasdaq, Saudi Arabia's Public Investment Fund, WeWork Inc, Alibaba Group, HK, Deutsche Telekom, Mobile U.S, Amazon.com Inc, Reuters, Nvidia Corp, Thomson Locations: Arm, New York

☆ SoftBank is in talks to buy Vision Fund's 25% stake in Arm, sources say
▼ + stars: | 2023-08-13 | by ( ) www.cnbc.com time to read: +3 min

Yet its previous losses prevented SoftBank from securing outside investors for Vision Fund 2 (VF2), whose $56 billion in capital came from the Japanese firm and its management, including Chief Executive Masayoshi Son. A big windfall for VF1 investors could boost SoftBank's chances of tapping them for capital again in the future. It has been considering raising a third Vision Fund. VF1's investment committee and SoftBank's investment advisory board, attended by fund investor representatives, are handling the negotiations, one of the sources added. SoftBank, VF1 and Arm declined to comment.

Persons: SoftBank, Abu Dhabi's Mubadala, Didi Global, VF1, Masayoshi Son, Raine Organizations: Financial Times, Vision Fund, Nasdaq, Saudi Arabia's Public Investment Fund

Risk factors usually flag uncertainties in how Chinese laws are interpreted and enforced as well as the government's "substantial oversight and influence" over businesses. Chinese regulators want those boilerplate disclosures dropped; if not, offshore listing applications could be denied approval. Trying to appease both American and Chinese regulators will get tougher. On Friday, Chinese regulators held a rare meeting with KKR (KKR.N), Blackstone (BX.N), Carlyle (CG.O) and others to ensure they can continue to invest in the country. China's new offshore listing rules came into effect on March 31.

Persons: Didi Global, underwriters Goldman Sachs, Morgan Stanley, JPMorgan Chase, Carlyle, Una Galani, Thomas Shum Organizations: Reuters, Global, U.S . Securities, Exchange Commission, underwriters, JPMorgan, KKR, Blackstone, Bloomberg, Communist Party, China Securities Regulatory Commission, SEC, Thomson Locations: HONG KONG, Beijing, Hong Kong, United States, New York, China

☆ Xi Jinping calls for 'solid' security barrier around China's internet
▼ + stars: | 2023-07-15 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 15 (Reuters) - Chinese President Xi Jinping said China must build a "solid" security barrier around its internet under the supervision of the ruling Communist Party, in his latest call to safeguard online data and information. In the past decade, Xi has made preserving security a priority, with his concept of security covering everything from politics and the economy to the environment and cyberspace. In 2015, China passed a national security law with a broader scope to include its cyberspace. A year later, a law was passed that contained requirements for security reviews and for data to be stored on servers in China. Navigating China's dense network of rules and laws on online data and information is not without risk for companies.

Persons: Xi Jinping, Xi, Didi, Ryan Woo, Christina Fincher Organizations: Communist Party, Xinhua, Bain, Co, Financial, Reuters, Beijing, Thomson Locations: BEIJING, China, Beijing, U.S, Shanghai, United States

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