Connect with us

Business

Listing interrupted: China suspends Ant Group’s $37bn IPO – Al Jazeera English

Published

 on


China suspended Ant Group’s $37bn stock market listing on Tuesday, thwarting the world’s largest IPO with just days to go, in a dramatic move that left investors and bankers scrambling for answers.

The Shanghai stock exchange first announced that it had suspended Ant’s initial public offering on its STAR market, prompting Ant to also freeze the Hong Kong leg of the dual listing, which was due on Thursday.

Ant said that its listing had been suspended by the Shanghai stock exchange following a meeting that its billionaire founder Jack Ma and top executives held with Chinese financial regulators.

The Chinese financial technology giant said it may not meet listing qualifications or disclosure requirements, and also cited recent changes in the fintech regulatory environment.

The Shanghai stock exchange described Ant’s meeting with financial regulators as a “major event”.

Regulators had summoned Ma, Ant’s Executive Chairman Eric Jing and Chief Executive Simon Hu to a meeting on Monday when they were told the company’s lucrative online lending business would face tighter government scrutiny, sources told Reuters news agency.

Beijing has become more uncomfortable with banks heavily using microlenders or third-party technology platforms like Ant for underwriting consumer loans, amid fears of rising defaults and deteriorating asset quality in a pandemic-hit economy.

“The Communist Party has shown the tycoons who’s boss. Jack Ma might be the richest man in the world but that doesn’t mean a thing. This has gone from the deal of the century to the shock of the century,” said Francis Lun, CEO of GEO Securities.

The move reverberated across markets, with Alibaba Group Holding, which owns about a third of Ant, falling 9 percent in United States trading, losing nearly $76bn – more than double the amount Ant was going to raise in its listing.

“This is a curveball that has been thrown at us … I don’t know what to say,” said a banker working on the IPO.

Ant was set to go public in Hong Kong and Shanghai on Thursday after raising about $37bn, including the greenshoe option of the domestic leg, in a record public sale of shares.

The IPO was a sensational draw for China’s retail investors who bid a record $3 trillion, equivalent to the entire annual economic output, for shares in the fintech giant.

Ant added that it would release further details on the suspension of its H-share listing and on application refunds as soon as possible.

Apology for inconvenience

The Chinese state-backed Economic Daily newspaper said in a commentary published after news of Ant’s IPO suspension that the listing’s delay showed regulators’ determination to protect the interests of investors and the most pressing matter was for Ant to carry out “rectifications”.

Ant’s meeting with regulators on Monday came as Chinese authorities published new draft rules for online micro-lending.

“Ant may be just falling victim to their own size and success,” said Alex Sirakov, senior associate at advisory firm Kapronasia. “I am more inclined to think of this as a political message reminding everyone this is a highly regulated economy.”

At the end of October, Ma had called financial regulation outdated and badly suited to companies trying to use technology to drive financial innovation.

Ant apologised to its investors on Tuesday in a separate statement for “any inconvenience caused by this development”, adding: “We will properly handle the follow-up matters in accordance with applicable regulations of the two stock exchanges.”

Alibaba said that it would support Ant to adapt and embrace the evolving regulatory framework.

CICC and China Securities Co, co-sponsors for Ant’s STAR IPO did not immediately respond to requests for comment.

JPMorgan and Citigroup declined to comment, while Morgan Stanley did not immediately respond to a request for comment. The three Western banks plus CICC are co-sponsors of Ant’s Hong Kong IPO.

Let’s block ads! (Why?)



Source link

Continue Reading

Business

Ontario removes one COVID-19 case from Ottawa total Wednesday – CTV Edmonton

Published

 on


OTTAWA —
Ottawa Public Health says five more people have tested positive for COVID-19 but the health unit removed 12 cases from its pandemic total after it was found those individuals did not live in Ottawa.

Cases are sometimes removed from totals for a particular health unit when investigations reveal the individual or individuals who tested positive live in another health region.

“On Aug. 3, 2021, some cases were removed from the OPH dashboard because it was determined that the individuals did not live within the city of Ottawa,” Ottawa Public Health said in a statement. “As such, OPH’s cumulative case count has decreased since the previous report.”

A previous version of this article reported an increase of three new cases and the removal of 10, based on changes in daily figures for total cases by age category. Ottawa Public Health later told CTV News Ottawa the correct figures in terms of daily new cases and cases removed via data correction was five new cases and 12 cases removed. The overall change to the pandemic total remains the same.

The correction brings the total number of confirmed COVID-19 cases in Ottawa down to 27,821, seven fewer than what was reported Tuesday. Eight of the cases removed from Ottawa’s total were considered resolved. The number of confirmed active cases in Ottawa rose by one.

Hospitals and ICUs in Ottawa remain free of COVID-19 patients and there are zero active COVID-19 outbreaks in the city.

Across the province, Public Health Ontario said 139 more people have tested positive for COVID-19 and 11 more Ontarians have died, while noting that seven deaths are from 2020 and were added following a data cleanup. Another 155 cases are now considered resolved.

Two new cases were reported in the Hastings Prince Edward Public Health region on Wednesday. No other eastern Ontario public health unit reported new COVID-19 infections.

OTTAWA’S KEY COVID-19 STATISTICS

Ottawa is now in Step 3 of Ontario’s Roadmap to Reopen plan.

Ottawa Public Health data:

  • COVID-19 cases per 100,000 (July 27 to Aug. 2): 3.8 (down from 4.0)
  • Positivity rate in Ottawa (July 28 to Aug.3): 0.5 per cent (unchanged from July 23-29)
  • Reproduction number (seven day average): 0.95 (down from 1.16)

Reproduction values greater than 1 indicate the virus is spreading and each case infects more than one contact. If it is less than 1, it means spread is slowing.

COVID-19 VACCINES IN OTTAWA

Ottawa Public Health updates vaccine numbers on Mondays, Wednesdays and Fridays. 

As of Monday:

  • Ottawa residents with 1 dose (12+): 768,618 (+1,266)
  • Ottawa residents with 2 doses (12+): 668,736(+6,771)
  • Share of population 12 and older with at least one dose: 83 per cent
  • Share of population 12 and older fully vaccinated: 72 per cent
  • Total doses received in Ottawa*: 1,333,790

**Total doses received does not include doses shipped to pharmacies and primary care clinics, but statistics on Ottawa residents with one or two doses includes anyone with an Ottawa postal code who was vaccinated anywhere in Ontario. 

ACTIVE CASES OF COVID-19 IN OTTAWA

There are 43 active cases of COVID-19 in Ottawa on Wednesday, up from 42 on Tuesday.

Ottawa Public Health removed eight resolved cases from its pandemic total on Wednesday. The total number of resolved cases of coronavirus in Ottawa is 27,185. The eight cases were removed upon investigations revealing these individuals did not live in Ottawa.

The number of active cases is the number of total laboratory-confirmed cases of COVID-19 minus the numbers of resolved cases and deaths. A case is considered resolved 14 days after known symptom onset or positive test result.

HOSPITALIZATIONS IN OTTAWA

Ottawa Public Health is reporting zero COVID-19 patients in local hospitals and zero in intensive care.

Local ICUs have been COVID-19 free for more than a month.

These data are based on figures from Ottawa Public Health’s COVID-19 dashboard, which refer to residents of Ottawa and do not include patient transfers from other regions.

COVID-19 CASES IN OTTAWA BY AGE CATEGORY

  • 0-9 years old: Three new cases (2,307 total cases)
  • 10-19 years-old: Zero new cases (3,586 total cases)
  • 20-29 years-old: Three cases removed from total (6,243 total cases)
  • 30-39 years-old: Three cases removed from total (4,251 total cases)
  • 40-49 years-old: One case removed from total (3,662 total cases)
  • 50-59 years-old: Two cases removed from total (3,332 total cases)
  • 60-69-years-old: One case removed from total (1,964 total cases)
  • 70-79 years-old: Zero new cases (1,097 total cases)
  • 80-89 years-old: Zero new cases (856 total cases)
  • 90+ years old: Zero new cases (520 total cases)
  • Unknown: Zero new cases (3 cases total)  

VARIANTS OF CONCERN

Ottawa Public Health data*:

  • Total Alpha (B.1.1.7) cases: 6,834 (-1)
  • Total Beta (B.1.351) cases: 406
  • Total Gamma (P.1) cases: 35 
  • Total Delta (B.1.617.2) cases: 52 (+1)
  • Percent of new cases with variant/mutation in last 30 days: 40 per cent
  • Total variants of concern/mutation cases: 9,154 (+1)
  • Deaths linked to variants/mutations: 101

*OPH notes that that VOC and mutation trends must be treated with caution due to the varying time required to complete VOC testing and/or genomic analysis following the initial positive test for SARS-CoV-2. Test results may be completed in batches and data corrections or updates can result in changes to case counts that may differ from past reports.

COVID-19 TESTING IN OTTAWA

Ottawa Public Health says 525 Ottawa residents were tested for COVID-19 on Tuesday. The daily positivity rate was 0.95 per cent.

The weekly average positivity rate for Ottawa residents for the week of July 28 to Aug. 3 is 0.5 per cent.

CASES OF COVID-19 AROUND THE REGION

  • Eastern Ontario Health Unit: Zero new cases
  • Hastings Prince Edward Public Health: Two new cases
  • Kingston, Frontenac, Lennox & Addington Public Health: Zero new cases
  • Leeds, Grenville & Lanark District Health Unit: Zero new cases
  • Renfrew County and District Health Unit: Zero new cases

Correction:

A previous version of this article reported an increase of three new cases and the removal of 10, based on changes in daily figures for total cases by age category. Ottawa Public Health later told CTV News Ottawa the correct figures in terms of daily new cases and cases removed via data correction was five new cases and 12 cases removed. The overall change to the pandemic total remains the same.

Adblock test (Why?)



Source link

Continue Reading

Business

Feds say 82000-plus doses of AstraZeneca vaccine to be sent to Trinidad and Tobago – CP24 Toronto's Breaking News

Published

 on


OTTAWA – The federal government has announced it will send more than 82,000 doses of the Oxford AstraZeneca COVID-19 vaccine to Trinidad and Tobago.

International Development Minister Karina Gould said in a release Wednesday that Trinidad and Tobago was selected to receive the excess doses that had already arrived in Canada based on need and the country’s capacity to deploy them immediately.

Gould said the doses will be delivered in the coming days and the Government of Trinidad and Tobago will manage the administration of the vaccines in accordance with manufacturing guidelines and public health best practices.

Last month, the federal government said it would donate nearly 18 million doses of the Oxford-AstraZeneca vaccine to poorer countries.

At the time, Procurement Minister Anita Anand said after talking to the provinces, the federal government determined these vaccine doses were excess supply, as demand for the AstraZeneca vaccine had been met.

She said Canada would donate 17.7 million doses that were supposed to flow into Canada from the United States through an advance purchase agreement with AstraZeneca and that they would be made available to lower-income countries through the global vaccine-sharing alliance COVAX.

In her statement Wednesday, Gould said vaccinating the world against COVID-19 continues to be the best strategy to end the pandemic.

“By redirecting excess doses we do not need here in Canada, we are supporting global efforts to fight this virus, and ensuring vaccines get to those in need,” she said. “Canadians know that no one is safe until everyone is safe.”

At the G7 meeting in June, Prime Minister Justin Trudeau pledged that Canada would give back at least 13 million doses it was set to receive through a contract with COVAX, on top of millions of dollars already set aside for the global vaccine effort.

Global Affairs Canada said Trinidad and Tobago is a key partner for Canada, with more than 100,000 Canadians with connections to the country, and many thousands of Trinbagonians with connections to Canada.

This report by The Canadian Press was first published Aug. 4, 2021

Adblock test (Why?)



Source link

Continue Reading

Business

Pfizer Vaccine Could Get Final FDA Approval by September – NBC News

Published

 on


Adblock test (Why?)



Source link

Continue Reading

Trending