Kr-Asia Daily: Shares in Qudian surged 9 percent in their U.S. stock market

Plus, Razer saw a rise of 18 percent in their Hong Kong stock market debut. Qualcomm rejected Broadcom’s $103-billion takeover bid.

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Kr-Asia Daily: Shares in Qudian surged 9 percent in their U.S. stock market

Southeast Asia:

iPaymy, a Singapore Fintech startup, raised US$1 million in funding from BEENEXT and Digital Garage Incubation. Targeting SMEs, the company’s first product offers users an online platform to pay for monthly expenses using their credit card. iPaymy for business, the company’s new product, provides interest-free payment and a series of tools for capital management. iPaymy aims to help small business operators to free up cash to fuel growth. (e27)

Razer saw a rise of 18 percent in their Hong Kong stock market debut. The Singapore and U.S. headquartered gaming hardware company raised $500 million after pricing the IPO of 1.063 billion primary shares near top of the HK$2.93-HK$4.00 range last week. In Hong Kong, there is a growing demand for new technology stocks mainly from retail investors. (DealStreetAsia)

Inmagine Goupe, a Malaysia-based digital stock media firm, acquired Story & Heart and Vectr, two U.S.-based media companies. Story & Heart is a video licensing and filmmaking platform while Vectr is a graphic editor platform. Imagine Group owns 123RF.com. Earlier this year, the company bought Pixlr and TheHungryJPEG, which are respectively a photo editor and an online design marketplace. The company plans to make 123RF a public company by the end of 2017.(DealStreetAsia)

 

China:

Chinese Fintech company Lexin submitted its prospectus to SEC for an IPO in the U.S. The company plans to raise $500 million with the price range and share numbers currently undisclosed. Following Qudian, Hexindai, PPDai and Rong360, Lexin is to become the fifth Fintech company to list in the U.S. market. It will also be the first listed Chinese E-commerce platform which allows instalment payment. (36Kr)

ICBC, the largest commercial bank in China, launched an investment tool powered by AI dubbed AI Tou. The tool can customise the PE investment plan when customers set up the acceptable risk levels and investment terms. Investors will be advised to change to different investment plan to best benefit from the current stock and bond market. ICBC plans to include features allowing customers to buy insurance and financial products next year. (Stock.qq)

Alibaba is said to issue $5 billion -7 billion bonds after 2-year absence in the bond market. Citibank, Credit Suisse, Goldman Sachs, J.P. Morgan and Morgan Stanley will arrange the process of issuing. (36Kr)

Shares in Qudian surged 9 percent in their U.S. stock market as the company’s quarterly earnings report exceeded expectations. Qudian’s revenue reached $218.1 million with the net profit hit $99.7 million. In October, the Chinese online loan provider raised about $900 million in the biggest U.S. listing by a Chinese Fintech firm. Then its share price dropped dramatically as Chinese regulators are said to tighten control over platforms of the same kind. (Finance iFeng)

 

World:

Qualcomm rejected Broadcom’s $103-billion takeover bid. The Mobile chipmaker believed the rival’s proposal undervalued the company and would face regulatory hurdle. Broadcom declared it would attempt to engage with Qualcomm. According to analysts, Broadcom can raise its bid, go for a proxy fight or launch a hostile exchange offer. (Reuters)

iPhone X’s Face ID was hacked by Vietnam firm Bkay using a mask which costs less than $150. The mask’s mould was made by a 3D printer while skin and nose were handmade. Although the company said the mask was easy to make, analysist said users don’t need to panic for now because hackers need a full scan of a target’s face and also physical access to the device. (Forbes)