Company briefs: SGX
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SGX
Total market turnover value on the Singapore Exchange (SGX) slid 4 per cent on the year to $25.6 billion last month, as total market turnover volume tumbled 28 per cent to 32.3 billion securities.
Month on month, the total market turnover value dropped 10.4 per cent, but the total market turnover volume rose 2 per cent in June, according to SGX's monthly market statistics report released yesterday.
The latest figures bring turnover value for the January to June period to $170 billion, up 13 per cent from the July to December half last year, the bourse operator noted.
THE BUSINESS TIMES
LianLian DigiTech
Hangzhou-based LianLian DigiTech, a rival to Mr Jack Ma's Ant Group, is in talks to raise as much as 1.5 billion yuan (S$317.6 million) ahead of an initial public offering (IPO) in Hong Kong as soon as next year, people familiar with the matter say.
Investment vehicles under the Zhejiang provincial government and a venture arm of China Mobile have expressed interest in participating, one of the people said. A successful deal could usher in one of the few IPO attempts by a major Chinese fintech company since regulators scrapped Ant's debut in 2020.
BLOOMBERG
Nio
The board of Chinese electric vehicle maker Nio has formed a committee comprising independent directors Denny Ting Bun Lee, Hai Wu and Yu Long to oversee an independent investigation regarding the allegations made in a report by short-seller Grizzly Research.
The short-seller claimed on June 28 that Nio had been playing "accounting games" to inflate its revenue and boost net income margins. Among other allegations, it said Nio was likely using an unconsolidated related party to exaggerate the group's revenue and profitability.
THE BUSINESS TIMES
