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Chinese robotaxi firm Pony AI files for U.S IPO
  + stars: | 2024-10-17 | by ( ) www.cnbc.com   time to read: +2 min
Pony AI, in which Japan's Toyota owns a 13.4% stake, revealed that its revenue nearly doubled to $24.7 million in the first half of 2024. Net loss attributable to the company was $51.3 million in the same period, compared with $69.4 million last year. The number of Chinese companies that pursued stock market flotations in the U.S. dropped in the past few years after Beijing clamped down on offshore capital-raising in 2021. EV maker Zeekr's debut in May was the first big listing by a Chinese company in the U.S. since then. Pony AI has applied to list on the Nasdaq stock exchange under the ticker symbol "PONY."
Persons: Saudi Arabia's NEOM, BingEx, Goldman Sachs Organizations: Toyota, U.S . Federal Reserve, Japan's Toyota, Saudi Arabia's, Zeekr's, Nasdaq, BofA Securities, Deutsche Bank, Huatai Securities, Tiger, underwriters Locations: Beijing, China, U.S, Saudi
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTiger Brokers CEO confident of further growth in the Singapore marketIan Leong, CEO of Tiger Brokers discusses the company's popularity in Singapore, and how it plans to remain competitive through product innovation.
Persons: Ian Leong Organizations: Tiger, Tiger Brokers Locations: Singapore
The 'Korea discount': Value stock or value trap?
  + stars: | 2023-11-28 | by ( Lim Hui Jie | ) www.cnbc.com   time to read: +6 min
A cameraman takes video footage of a stock index board showing South Korea's benchmark stock index (L) after a ceremony celebrating the New Year's opening of the South Korea stock market at the Korea Exchange in Seoul on January 2, 2023. Chaebol challengeIn South Korea, most market heavyweights are corporations called "chaebols," large family-owned global conglomerates that are usually controlled by the founder's family. However, IHS Markit highlighted in June last year that in South Korea, the ex-dividend date comes before the companies' dividend announcement dates. With such challenges, should investors be putting their money into South Korea stocks — or should they stay away? "If authorities continue to improve the investment environment further, the chances for the South Korean stock index to be included in the [MSCI World Index] will grow," he said.
Persons: Jung Yeon, JUNG YEON, Vikas Pershad, Jiang Zhang, Jeremy Tan, Zhang, Hebe Chen, Chen, Ryota Abe Organizations: South, Korea Exchange, Getty, Management, North, CNBC, Samsung Electronics, LG, SK, Hyundai, Samsung, Tiger Fund Management, IHS, South Korea's Financial Services Commission, IG International, Sumitomo Mitsui Banking Locations: South Korea, Korea, Seoul, North Korea, Korea's, Southeast Asia
Futu offers services to Chinese citizens who already hold dollars and other currencies in bank accounts abroad. Photo: Budrul Chukrut/Zuma PressTwo Nasdaq-listed online brokerages that cater to clients in China are preparing to further curtail their offerings in the country, amid tightening controls by Beijing on private firms, capital flight and data flows. Futu Holdings and Up Fintech Holding, known as Tiger Brokers, are planning to remove apps from online stores in China that allow their customers to trade stocks overseas, according to people familiar with the matter.
Futu offers services to Chinese citizens who already hold dollars and other currencies in bank accounts abroad. Photo: Budrul Chukrut/Zuma PressTwo Nasdaq-listed online brokerages that cater to clients in China are preparing to further curtail their offerings in the country, amid tightening controls by Beijing on private firms, capital flight and data flows. Futu Holdings and Up Fintech Holding, known as Tiger Brokers, are planning to remove apps from online stores in China that allow their customers to trade stocks overseas, according to people familiar with the matter.
Futu offers services to Chinese citizens who already hold dollars and other currencies in bank accounts abroad. Photo: Budrul Chukrut/Zuma PressTwo Nasdaq-listed online brokerages that cater to clients in China are preparing to further curtail their offerings in the country, amid tightening controls by Beijing on private firms, capital flight and data flows. Futu Holdings and Up Fintech Holding, known as Tiger Brokers, are planning to remove apps from online stores in China that allow their customers to trade stocks overseas, according to people familiar with the matter.
Futu, UP Fintech shares fall on plan to remove apps in China
  + stars: | 2023-05-16 | by ( ) www.reuters.com   time to read: +2 min
SHANGHAI, May 16 (Reuters) - New York-listed shares in Futu Holdings Ltd and UP Fintech Holding Ltd plunged in pre-market trading on Tuesday, after the online brokerages said they will remove their apps in mainland China following guidance from regulators. U.S.-listed shares of Futu slumped more than 15% in pre-market trading, while UP Fintech dropped roughly 10%. It added the company remains dedicated to serving existing clients in mainland China. It's not clear if Hong Kong units of Chinese brokerages, such as China International Capital Corp and Haitong Securities, also need to remove their apps in China. Futu, which has delayed its Hong Kong listing plan, holds a licence in Hong Kong, Singapore and the United States.
China’s Robinhoods Are Still Out in the Cold in 2023
  + stars: | 2023-01-03 | by ( Jacky Wong | ) www.wsj.com   time to read: 1 min
China is sending more friendly signals to businesses again lately. But Robinhood -like online brokers are still getting no love from Beijing in the new year. U.S.-listed Chinese online brokers Futu Holdings and UP Fintech , which is usually known as Tiger Brokers, didn’t end 2022 in a joyous mood. Their shares plunged around 30% on Friday after Chinese regulators said they had engaged in illegal operations allowing customers in mainland China to make cross-border trades. On Thursday, Futu said it would postpone its planned dual-listing in Hong Kong: Its shares were scheduled to start trading there on Friday.
Futu has been listed in the U.S. since 2019. SINGAPORE—China’s securities regulator said two Nasdaq-listed online brokers have allowed customers on the mainland to make cross-border trades, stoking concerns that Chinese authorities aren’t finished with their crackdowns on private-sector companies. The American depositary receipts of Up Fintech Holding Ltd., which is also known as Tiger Brokers, and Futu Holdings Ltd. tumbled more than 25% in U.S. premarket trading after the China Securities Regulatory Commission put out a statement Friday that named both companies.
China Regulator Says Futu, Up Fintech Violated Laws
  + stars: | 2022-12-30 | by ( Weilun Soon | ) www.wsj.com   time to read: 1 min
SINGAPORE—China’s securities regulator said two Nasdaq-listed online brokers violated its domestic laws by allowing customers on the mainland to make cross-border trades, stoking concerns that Chinese authorities aren’t finished with their crackdowns on private-sector companies. The American depositary receipts of Up Fintech Holding Ltd., which is also known as Tiger Brokers, and Futu Holdings Ltd. fell around 20% in Friday morning New York trading after the China Securities Regulatory Commission put out a statement that mentioned both companies.
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