Company Briefs : Oppo

Smartphone maker Oppo is cutting around 20 per cent of staff in key software and device teams after it merged operations with affiliate OnePlus. Oppo, which in 2016 became China's top-selling brand, is retrenching after expanding too rapidly on the hiring front in recent years and attacking a premium segment dominated by Apple, sources familiar with the matter said. The cuts affect important units, including a team that customises Android into its in-house ColorOS, and an Internet of Things division that develops a spectrum of wearables such as smartwatches and earbuds.

BLOOMBERG

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Oxford Nanopore Technologies

DNA-sequencing company Oxford Nanopore Technologies, whose technology is used to identify variants of Covid-19, is looking to raise £300 million (S$556 million) in a London listing on the back of a pandemic boost.

The spin-off from the University of Oxford supplies Britain with tests using DNA and RNA sequencing to detect strains of Covid-19. Its technology was also used during the Ebola and Zika outbreaks. The company was worth about £2.5 billion during its last funding round in May, based on the valuation that shareholder IP Group assigns to its 14.5 per cent stake.

REUTERS

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SK Innovation

SK Innovation shareholders approved the company's proposal to separate its battery business into a new company. The decision paves the way for the battery business, a supplier for Ford Motor, Hyundai Motor and others, to potentially raise funds and go public to finance its high-cost production capacity expansion.

The unit, which will be launched on Oct 1, will first become SK Innovation's wholly owned subsidiary, tentatively named SK Battery. Over 80 per cent of SK Innovation shareholders voted in favour of the plan, SK Innovation said.

REUTERS