Company Briefs: Paytm
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Paytm
India's digital payments giant Paytm is set for another bout of scrutiny today when it reports earnings in the wake of its record-breaking initial public offering and tumultuous stock market debut.
Ahead of the results, Paytm's shares dropped as much as 7.7 per cent in early Mumbai trading yesterday. While the stock had jumped about 32 per cent over the past three days, it is still well below the price set in the US$2.5 billion IPO as investors continue to weigh its longer-term prospects.
Paytm's backers include the SoftBank Group and Warren Buffett's Berkshire Hathaway.
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Blackrock
BlackRock Inc is offering to reimburse some employees in Hong Kong and Singapore as much as US$2,000 (S$2,740) to help defray costs of hotel quarantine stays of up to three weeks. Permanent staff who are vice-presidents and below who have more than 12 months' continuous service are eligible, according to an internal memo.
A growing number of global firms in Hong Kong are helping with expenses related to hotel quarantine. JPMorgan Chase & Co and Morgan Stanley are offering employees about US$5,000 to offset quarantine costs.
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Kaisa Group
Chinese property developer Kaisa Group has put its last fully owned Hong Kong project up for sale as the company rushes to shore up its finances to avoid a default. The firm is selling a project in the Sai Ying Pun area for around HK$500 million (S$88 million), according to a person familiar with the matter.
The asking price is below the 501 million yuan (S$109 million) Kaisa paid for it in May last year. Kaisa has sold a slew of assets in Hong Kong, reversing a more than US$1 billion (S$1.37 billion) spending spree last year.
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