Company briefs: ByteDance; Star Health and Allied Insurance; Dell Technologies

ByteDance 

ByteDance is in discussions with external investors on a cash infusion for its Zillow-like real estate listings and deals service, aiming to spin off and create an independent business to tap the booming Chinese market. It is seeking to raise funds and spin off Xingfuli - loosely translated as "Happy Lane"- as one of a growing line-up of apps alongside TikTok and news platform Toutiao, the company said. This will help streamline its operations as growth slows, Chinese online outlet The Paper reported.

BLOOMBERG

Star Health and Allied Insurance 

India's Star Health and Allied Insurance, backed by billionaire investor Rakesh Jhunjhunwala, and its holders are set to move ahead with their plan to raise almost US$1 billion (S$1.37 billion) by selling shares. The company and its shareholders are selling as much as 81 million shares between 870 rupees (S$16) and 900 rupees each, according to the terms of the deal.

The total proceeds could be as high as US$975 million, with about 73 per cent being offered to qualified institutional buyers.

BLOOMBERG

Dell Technologies

Laptop maker Dell Technologies said on Tuesday that profit surged more than four-fold in the third quarter, as demand for its personal computers and servers was boosted by businesses increasingly adopting hybrid work models.

With the Covid-19 pandemic disrupting in-person activity across many industries, millions of consumers have started to work and learn from home. Revenue at Dell's client solutions unit, home to its hardware devices, rose 35 per cent in the quarter on an operating income of US$1.1 billion (S$1.5 billion).

REUTERS

A version of this article appeared in the print edition of The Straits Times on November 25, 2021, with the headline 'Company briefs '. Subscribe