fbpx
DEC
11
Comments

Renren Announces Plan to Implement ADS Ratio Change

BEIJING, Dec. 11, 2019 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company"), which operates a leading premium used auto business in China through its subsidiary Kaixin Auto Holdings (NASDAQ: KXIN) as well as several U.S.-based SaaS businesses, today announced that it plans to change the ratio of its American Depositary Shares ("ADSs") to its Class A ordinary shares (the "ADS Ratio"), par value US$0.001 per share, from the current ADS Ratio of one (1) ADS to fifteen (15) Class A ordinary shares to a new ADS Ratio of one (1) ADS to forty-five (45) Class A ordinary shares. The Company will file a post-effective amendment to the ADS Registration Statement on Form F-6 with the SEC to reflect the change in the ADS Ratio. The Company anticipates that the change in the ADS Ratio will be effective on or about January 9, 2020, subject to the SEC having declared the post-effective amendment to the ADS Registration Statement on Form F-6 to be effective on or before that date.

For Renren's ADS holders, the change in the ADS Ratio will have the same effect as a one-for-three reverse ADS split. Each ADS holder of record at the close of business on the date when the change in ADS Ratio is effective will be required to surrender and exchange every three (3) existing ADSs then held for one (1) new ADS. Citibank, N.A., as the depositary bank for Renren's ADS program, will arrange for the exchange of the current ADSs for the new ones. Renren's ADSs will continue to be traded on the New York Stock Exchange under the symbol "RENN".

No fractional new ADSs will be issued in connection with the change in the ADS Ratio. Instead, fractional entitlements to new ADSs will be aggregated and sold by the depositary bank and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes and expenses) will distributed to the applicable ADS holders by the depositary bank. The change in the ADS Ratio will have no impact on Renren's underlying Class A ordinary shares, and no Class A ordinary shares will be issued or cancelled in connection with the change in the ADS Ratio.

As a result of the change in the ADS Ratio, the ADS trading price is expected to increase proportionally, although the Company can give no assurance that the ADS trading price after the change in the ADS Ratio will be equal to or greater than three times the ADS trading price before the change. As previously announced on August 2, 2019, the Company received a letter of non-compliance from the New York Stock Exchange dated July 30, 2019, regarding its ADS trading price. The Company believes that the change in the ADS Ratio will help the Company to maintain compliance with the continued listing requirements of the New York Stock Exchange. However, the Company can give no assurance that this goal will be achieved.

About Renren Inc.

Continue reading

Copyright

© PR Newswire

DEC
11
Comments

Hong Kong tops global IPO market in 2019 spurred by mega-sized deals, according to KPMG China

HONG KONG, Dec. 11, 2019 /PRNewswire/ -- The Hong Kong bourse once again ranked first globally in terms of IPO proceeds, at a time of global uncertainties, cementing its position as the world's leading IPO hub, according to KPMG's IPO markets 2019 review report.

By the end of 2019, Hong Kong will have completed 160 IPOs, raising a total of HKD 307.8 billion, with a historical high of 145 new Main Board listings, a considerable increase from 130 in 2018. The fundraising total in 2019 was largely driven by a strong performance in the second half of the year, highlighted by two mega-sized deals: Alibaba's secondary listing and the listing of Budweiser Brewing Company.

Paul Lau, Partner, Head of Professional Practice and Capital Markets, KPMG China, said: "Hong Kong continues to be the top IPO destination, with mega-sized listings by Alibaba and Budweiser indicating that the local bourse remains highly attractive to Chinese and international companies. This is despite global IPO markets seeing a slight decrease in proceeds and investors being more cautious with their sector selection amid increased economic uncertainty, reflected in the scaling back in IPOs from higher risk sectors globally this year."

TMT and unicorn IPOs gain momentum

The new listing regime in Hong Kong made it possible for IPOs by pre-revenue biotech companies and Alibaba, the first secondary listing with a weighted voting rights (WVR) structure. TMT claimed the top position in terms of funds raised by sector in Hong Kong, due to the Alibaba offering. This deal alone represented 33 percent of total funds raised in the Hong Kong IPO market during the year.

Continue reading

Copyright

© PR Newswire

DEC
11
Comments

HKEX Stock Connect Awards 2019 Celebrates Achievements of Market Participants

  • Record year on Northbound Stock Connect celebrated by Hong Kong trading community
  • New award in 2019 for top-performing brokers contributing to A-share index inclusions

HONG KONG, Dec. 11, 2019 /PRNewswire/ -- Hong Kong Exchanges and Clearing Limited (HKEX) today (Wednesday) was delighted to present its Stock Connect Awards 2019 to recognise the achievements of top-performing market participants. During 2019 these organisations helped accelerate trade volumes on Northbound Stock Connect, making this another record year for the landmark mutual market access programme linking Hong Kong and Mainland China's equity markets.

This year's awards were presented to brokers that contributed the most to Northbound trade flows and Special Segregated Account (SPSA) participation in 2019. Awards were also handed out to brokers with the best improvement in their own ranking during the year, as well as to custodian banks with the largest amount of Stock Connect Northbound trading depository assets.

In addition, a new award was introduced this year to honour the efforts of top-performing brokers that contributed to the smooth transition of A-share inclusions into international indices.

"Stock Connect has become the undisputed platform of choice for international investors seeking exposure to Mainland China's dynamic equity markets, and the programme's great success could not have been possible without the ongoing support and dedication of our market participants," said HKEX Chief Executive Charles Li.

"It has been another record year and on behalf of HKEX, I would like to convey our warmest congratulations, and appreciation, to all award recipients for setting new milestones for Stock Connect."

Continue reading

Copyright

© PR Newswire

DEC
11
Comments

"Sunday" the Southeast Asian Insurtech Raises USD 11 Million Series A2 Led by Quona Capital

"Sunday" the Southeast Asian Insurtech Raises USD 11 Million Series A2 Led by Quona Capital

BANGKOK, Dec. 11, 2019 /PRNewswire/ -- Sunday, a leading full-stack insurtech based in Thailand, has raised a USD 11 million extension round to its Series A financing. The round was led by Quona Capital, a leading fintech venture firm whose funds are anchored by Accion, with participation from existing investor Vertex. The new funding will provide growth capital to enable Sunday to expand its business and build enhancements to its proprietary core technology, which utilizes machine learning to price premiums for health, motor, and travel insurance in real time. More information is available at www.easysunday.com


Sunday InsurTech Raises USD 11 Milliion Series A2 led by Quona Capital

Launched in 2017, Sunday offers end-to-end insurance products and services powered by its machine-learning risk prediction engines, and aims to serve all of its customers as the "one-stop insurance shop" for healthcare, mobile gadgets, motor vehicle and travel insurance.

"Over the last two years, Sunday has been laser-focused on redesigning the entire insurance journey using data and technology," said Sunday co-founder and CEO Cindy Kua. "Today we're proud to be able to deliver personalised coverage and superior customer experiences from initial insurance purchase all the way through to any claims, whether on the Sunday system or through its partner channels."

The new funding will enable Sunday to further grow its AI and tech development efforts, especially in healthcare, according to Kua. "We've invested considerable effort already to build a company that we believe is uniquely positioned to manage evolving risks within a highly localized Southeast Asian market like Thailand, and we're excited to grow these efforts further with the support of Quona Capital," she added.

Continue reading

Copyright

© PR Newswire

DEC
11
Comments

HPD LendScape Acquires Software Consultancy, Finaptix, to Accelerate Global Growth

LONDON, Dec. 11, 2019 /PRNewswire/ -- Working capital finance software provider, HPD LendScape, has acquired leading software implementation consultancy, Finaptix, in a move to address the asset finance sector, extending its LendScapeÒ platform to all forms of secured lending.

The deal adds industry experts Steve Taplin and Michael Mayes to the executive team that includes Kevin Day, CEO, along with Andrea Cole, previously Product Director of LendScapeÒ. Together they will support the company's further expansion and rounds off a year which saw personnel increase by 19%.

HPD LendScape is set to be the first technology vendor to deliver a combined solution for asset based lending, working capital finance and now also commercial and consumer lending, including equipment and auto finance. The LendScapeÒ SaaS proposition is easy to deploy and clients can access new expert consulting to make implementations fast, efficient and cost effective.

The new team brings the sales, operational and technology experience needed to meet increasing demand from banks, which favour enabling software platform providers over off-the-shelf products to meet their wider finance market needs. 

Tony Davison, Chairman of HPD LendScape commented: "We have the right team to accelerate international expansion and are well positioned to enter and service two of the most profitable markets in the secured lending space."

Continue reading

Copyright

© PR Newswire

DEC
11
Comments

TradingView Launches Top Brokers Product to Increase Financial Transparency and Accountability

NEW YORK, Dec. 11, 2019 /PRNewswire/ -- TradingView, a global financial technology firm, today announced the launch of Top Brokers on TradingView. The product was built to create more trust, transparency, and inclusion between brokerages and investors.

Top Brokers on TradingView is where brokerages connect directly with current and potential customers. It's also where traders, investors, and anyone interested in financial markets can review and discover the brokerage that's perfect for them. In return, brokerages listed on TradingView can share new offers, make educational announcements, and publish ideas.

Top Brokers on TradingView was created to bring more transparency and accountability to the financial world. Only verified users who have a confirmed account with a specific brokerage can leave reviews. This gives all brokers a meaningful way to learn, engage, and work with new and existing customers who are looking for a brokerage solution.

Brokers who join today will gain access to a suite of marketing tools to engage TradingView's global audience with sponsored content, featured posts, and special offers. Brokers can market their fees, leverage ratios, and brand by setting up their profile page.

"We are very excited about this new initiative. Part of our mission is to build an open, transparent, and most importantly trustworthy community where brokers and their customers are part of the new ecosystem." said Denis Globa, TradingView CEO.

Continue reading

Copyright

© PR Newswire

DEC
11
Comments

OKEx Partners with Blockchain-Based e-Contract Platform FirmaChain

OKEx to list FirmaChain's FCT token, while FirmaChain will accept the exchange's utility token OKB for e-contract services

VALLETTA, Malta, Dec. 11, 2019 /PRNewswire/ -- OKEx (www.okex.com), the world's largest spot and futures digital asset exchange by trading volume, today announced a partnership with FirmaChain, a blockchain-based electronic contract platform. Through this partnership, customers can use OKEx's global utility token, OKB, for purchases on FirmaChain. In addition, FirmaChain's FCT token will be listed on OKEx on December 18, 2019.

FirmaChain uses blockchain technology to bring transparency and verification to contracts while solving issues including forgery. Through its decentralized application (DApp) Duite, FirmaChain reduces processing costs for international contracts by using less resources and simplifying the process, overcoming the current limitations of traditional, written contracts.

The depositing of FCT will be available from 10:00 December 11, 2019 (UTC). FCT spot trading against USDT and BTC will open at 10:00 December 18, 2019 (UTC). FCT withdrawal will open from 10:00 December 19, 2019 (UTC).

"FirmaChain is an excellent company developing real-world applications with blockchain technology and coming up with its groundbreaking e-contracts platform," said Andy Cheung, Head of Operations at OKEx. "We're excited about this partnership that we are able to add FCT, the native token of FirmaChain on the OKEx trading platform, and at the same time, to include OKB for service redemption on the Firmachain network, where users can choose to pay in OKB or FCT when using the e-contract provided by Duite, Firma Solution's service."

Continue reading

Copyright

© PR Newswire

DEC
11
Comments

FinVolution Group's Subsidiary Receive Approval to Connect to The People's Bank of China Credit Reference Center

SHANGHAI, Dec. 11, 2019 /PRNewswire/ -- FinVolution Group (formerly known as "PPDAI," or the "Company") (NYSE: FINV), a leading fintech platform in China, today announced the People's Bank of China (PBOC) has approved the Company's online micro-lending subsidiary to be connected to the PBOC Credit Reference Center, which will allow the subsidiary to access and update borrowers' credit records to the Credit Reference Center.

Mr. Feng Zhang, Co-Chief Executive Officer of the Company commented, "We are excited to align ourselves with the PBOC Credit Reference Center, which will enhance our risk assessment capabilities and also contribute to the strengthening of the country's credit infrastructure. Together with the access to Baihang Credit and the National Internet Finance Association's credit information system, and with our advanced technology capabilities, we are well equipped to effectively manage credit risk and capture the opportunities in China's consumer finance sector."

About FinVolution Group

FinVolution Group is a leading online consumer finance platform in China connecting underserved individual borrowers with financial institutions. Established in 2007, the Company is a pioneer in China's online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company's platform, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of September 30, 2019, the Company had over 102 million cumulative registered users.

For more information, please visit http://ir.finvgroup.com

Continue reading

Copyright

© PR Newswire

DEC
11
Comments

UK Based Innovators GeoDB are Leading the Way in Democratizing Big Data With a Blockchain Based Data Sharing Ecosystem

UK Based Innovators GeoDB are Leading the Way in Democratizing Big Data With a Blockchain Based Data Sharing Ecosystem

MADRID, Dec. 11, 2019 /PRNewswire/ -- Considering all the talks around the Big Data industry and the growing issues around this market, most of the companies experience inconvenience while integrating various analytical tools. Even now, the majority of big data analytics companies spend more than 80% of their workflow on finding, evaluating, purchasing and formatting the data before the analysis starts. Besides that, big data trading & analysis is a fast growing $200 billion (USD) market, whereby by 2030, more than 95% of business decisions are expected to be data driven.


Heat map of GeoCash users

GeoDB is a decentralized peer-to-peer data sharing ecosystem that boasts over 12 million users from 150 countries. They are on the forefront of addressing some of the major issues in the big data industry. The company has successfully raised over $3 million (USD) from several closed private investment rounds as well as a crowd sale held on crowdcube, the leading crowdfunding platform in the UK. 

GeoDB has established several strategic partnerships with third party applications whose users will share data while being rewarded via the GeoDB ecosystem. With over 12 million users the company is confident that they will become one of the largest company by amount of token holders already in 2020. This would make GeoDB one of the first crypto/blockchain projects to achieve mass user adoption, which has been a major challenge for most blockchain based projects.

Apart from merely boasting about having a large user base, GeoDB also launched their in-house GeoCash application about 5 months ago and during this time, over 1000 wallets were created and more than 15 million locations where uploaded to the platform. To achieve this without any marketing activity is nothing short of phenomenal. It's a clear indication that the company is on the right path and that they have an active, passionate community. 

This can be further validated by the fact that they have won several big startup competitions like the AI & Blockchain Summit in Barcelona in 2019 as well as a competition held by Alastria, the leading blockchain ecosystem in Spain. 

Continue reading

Copyright

© PR Newswire

DEC
11
Comments

TCL Electronics Awarded "Listed Company Awards of Excellence" for Two Consecutive Years

HONG KONG, Dec. 11, 2019 /PRNewswire/ -- TCL Electronics Holdings Limited ("TCL Electronics" or "the Company", HKSE stock code: 01070.HK) is pleased to announce that with its outstanding performance and excellent corporate governance, it has won the "Listed Company Awards of Excellence 2019" from the Hong Kong Economic Journal (HKEJ), one of the most authoritative and credible financial media in Hong Kong. TCL Electronics has won the honor for two consecutive years which represents continuous recognition from the capital market and industry experts for its comprehensive strength, excellent financial performance, rigorous corporate governance and proactive investor relations.

The "Listed Company Awards of Excellence 2019" is organized by HKEJ with a stringent selection process and aims to honor listed companies for their excellent performance. All candidates are screened based on four important criteria, Piotroski F-Score, including number of recommendations from professional analysts, stock price performance and financial performance with the adoption of EJFQ "signals" (www.ejfq.com), a unique stock-tracking system developed by HKEJ. The shortlist is verified by a judging panel comprising industry leaders, industry chamber of commerce, professional consultants and the conference, and 33 most competent listed companies are selected among over 2,000 Hong Kong listed companies. 

As one of the leading companies in the global TV industry, TCL Electronics' TV products are currently sold in more than 160 countries and regions around the world, and its overseas shipments remain No.1 among Chinese TV brands for 10 consecutive years. In 2019, the Company further developed high potential overseas markets and accelerated globalization strategies. In the first three quarters of this year, the Company's global TV shipments ranked 2nd in the world (source: Sigmaintell), and the market share increased by 1.1 percentage points year-on-year to 13.2%, marking the biggest growth among the world's top three TV manufacturers. It is noteworthy that the Company has been able to generate revenue from overseas Internet business for the first time this year and deepened cooperation with partners such as Google, Roku and Netflix, becoming the first Chinese company in the industry to have a large and sustainable overseas Internet business revenue.

In the past year, TCL Electronics has made remarkable progress in the globalization strategies, product mix optimization and Internet business, laying a good foundation for the sustained growth on its performance. At the same time, TCL Electronics continuously enhances its corporate governance and the quality of information disclosure, actively communicates and interacts with investors and shareholders via various methods, keeps the capital market well-informed about the Company's development, and improves the quality of its business operations and enhances the Company's image in capital market by way of maintaining a high dividend payout ratio to share profits with investors. Being awarded for the second time indicates that the Company is strongly recognized by the investment community, the media and the public. It also demonstrates the Company's efficient operations and effective corporate governance. In the future, TCL Electronics will further deepen its strategic cooperation with overseas Internet business partners, constantly propel brand globalization and enhance brand influence. By continuously optimizing global production capacities and expanding global market shares, TCL Electronics is committed to becoming the world's leading Smart technology company with sustainable user operating revenue to generate greater value for shareholders.

About TCL Electronics

Continue reading

Copyright

© PR Newswire

 
     
 

Latest Spot Rate

 
14 December 2019
SYDNEY, Dec. 14, 2019 /PRNewswire/ -- SendGold, Asia-Pacific's award-winning, peer-to-peer Digital Gold Money platform, has secured investment from EL&C Baillieu, one of Australia's leading wealth management firms. SendGold is also crowdfunding on...
14 December 2019
Investment Caution: Ecoinsmining Ltd.Date added:December 13, 2019Address/Contact:http://www.ecoinsmining.orgBackground:Ecoinsmining Ltd. claims to be based in the United Kingdom and offers cryptocurrency investments.We recently became aware that Ecoi...
14 December 2019
Investment Caution: Notesco Limited dba IronFX (IronFX)Date added:December 13, 2019Address/Contact:http://www.ironfx.comBackground:IronFx claims that its business is registered in Bermuda and offers an online trading platform.We recently became aware...
14 December 2019
Investment Caution: Sotfware and Media Ltd. dba BoxInvesting (BoxInvesting)Date added:December 13, 2019Address/Contact:http://www.boxinvesting.comBackground:BoxInvesting claims to have offices around the world, including Canada, and offers an online ...
14 December 2019
BEIJING, Dec. 14, 2019 /PRNewswire/ -- Bat Group, Inc. (Nasdaq: GLG) (the "Company"), is pleased to announce that it has regained compliance with Nasdaq's minimum bid price requirement.On December 11, 2019, the Company received a written notification...
How It Works | About | Contact | Privacy Policy | Advertise
© 2009 - 2019 ChatPips. All Rights Reserved. Risk Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.