Connect with us

OTHER

Alibaba’s Hong Kong Shares Rise 6.6 Percent on Debut in Heavy Volume

Published

on

Alibaba Group’s Hong Kong shares closed their first trading session up 6.6 percent from the issue price after this year’s largest stock sale.

Shares worth HKD 13.99 billion (1.39 billion pounds) were traded, according to Refinitiv data, making it the third biggest debut on record for the Hong Kong market.

Alibaba is already the fifth most-traded company in New York this year, averaging $2.6 billion a day, Refinitiv data showed.

The Chinese e-commerce giant has raised at least $11.3 billion from its secondary listing, which has been seen as a vote of confidence in Hong Kong’s financial future amid six months of increasingly violent anti-government protests.

The figure could climb to as much as $12.9 billion if Alibaba chooses to exercise an over-allotment option within 30 days of the start of trade..

Alibaba shares closed at HKD187.60 which was 6.6 percent higher than the issue price of HKD 176 per share.

On Monday its US American Depository Shares (ADS) closed at $190.45. With eight Hong Kong shares per ADS, that implied a price of HKD 186.30 per share.

Alibaba’s debut ranks third in the city for first-day turnover behind insurer AIA Group in 2010 which recorded HKD 49.38 billion in turnover, China Literature was second with HKD14.17 billion when it debuted in November 2017, Refinitiv data showed.

The average daily turnover on the Hong Kong Exchange this year has been $11.6 billion, according to the exchange’s third-quarter earnings report, implying that Alibaba on Tuesday accounted for more than one-tenth of total market turnover.

The funds raised from the Hong Kong listing will help Alibaba, Asia’s biggest company by market value and world’s seventh-largest, invest more in a range of online services.

But analysts also note that the establishment of a base of investors in Hong Kong and China could function as a backup for the company should its shares be hit in New York amid the US-China trade dispute.

The Hong Kong and New York stocks are fungible, which means investors can buy and sell the same shares on either exchange and that pricing on the exchanges are unlikely to diverge too far from each other.

A long time coming
The premium to New York reflects the willingness of investors in the city and Asia to take on the stock of a company they know well, market participants said. Expectations are also high that it will get a lift in valuation when it becomes eligible for trading in the Stock Connect that links Shanghai and Shenzhen with Hong Kong next June.

“There will be some upside for the company’s price in Hong Kong but I don’t think we will see the shares double or triple in a year,” said Geo Securities Chief Executive Francis Lun.

At Tuesday’s listing ceremony, CEO Daniel Zhang noted the Hong Kong debut had been a long time coming.

Alibaba had hoped to initially list in Hong Kong, but eventually chose New York for its record-breaking $25 billion initial public offering in 2014 after its unusual governance structure failed to win acceptance from Hong Kong regulators.

The loss of the listing triggered years of argument and consultations that resulted in rule changes last year.

“Thank you Hong Kong and thank you HKEX. Your reform and innovation of the capital markets in the past few years has made it possible for us to realise what we missed five years ago,” Zhang said at the listing ceremony.

The Hong Kong listing has surpassed other large stock sales this year, ranking ahead of Uber Technologies $8.1 billion IPO and $5.7 billion IPO for Anheuser-Busch InBev’s Asian brewing business in Hong Kong.

In its prospectus, Alibaba said it would use the funds raised to increase its investment in online delivery and local services platform Ele.me and in online travel group Fliggy.

Alibaba also plans to spend more on developing Youku, one of the leading online video platforms in China.

Small retail investors were enthusiastic buyers of the deal, subscribing for 40 times the shares they were originally allotted and eventually taking 10 percent of the deal.

NDTV Gadgets360.com

OTHER

The Basics of Business Intelligence [Infographic]

Published

on

Take large amounts of data. Refine it. Analyze it. Then make decisions based off the resulting information.

That, in a nutshell, is business intelligence, or BI. BI is not a single tool, but a variety of resources, from hardware to software, and anything that provides data, including the treasure trove available from your social media channels.

Business intelligence software organizes the data, and users create reports, dashboards, and data visualizations. As a term, BI now includes advanced and augmented analytics, and while traditional BI focuses on what happened in the past and what’s happening in the present, business analytics (BA) identifies current trends in order to predict future trends.

Essentially, business intelligence software takes your company’s data and helps you better understand what happened, why it happened, what will happen, and what you can do about it. And the advantages for business are clear.

To learn more about business intelligence, check out this infographic.

The Basics of Business Intelligence

Social Media Today

Continue Reading

OTHER

Cabinet Approves Personal Data Protection Bill, to Be Introduced in Parliament This Session

Published

on

The Union Cabinet on Wednesday approved the much-anticipated Personal Data Protection Bill and the government will now introduce the bill in Parliament in the ongoing winter session. Union Minister for Information and Broadcasting, Prakash Javadekar, however, did not give any details of the bills to the media, saying details will be discussed first in Parliament.

The Ministry of Electronics and Information Technology (MeitY) moved the Bill in the Cabinet and Telecom and Information Technology Minister Ravi Shankar Prasad had recently informed the Upper House that the work on Data Protection law is in progress and would be introduced very soon in Parliament.

The bill is an attempt to set up a framework for the handling of citizen’s personal data in the country. It includes conditions on how organisations should receive, handle, and process users’ personal data

The proposed law may have a considerable impact on MNCs operating in India, whether with or without a physical presence, due to its data localisation requirements and cross-border data transfer restrictions.

Toeing the European Union’s General Data Protection Regulation (GDPR), the government had last year introduced a draft personal data protection bill to regulate the use of individual’s data by the government and private companies.

The draft bill, titled The Personal Data Protection Bill, 2018, was prepared by an expert group headed by former Supreme Court judge B.N. Srikrishna. Now there will be norms on collection, storage and processing of personal data, consent of individuals, penalties and compensation, code of conduct and an enforcement model is likely to be a part of the law.

NDTV Gadgets360.com

Continue Reading

OTHER

DuckDuckGo Is Twitter CEO Jack Dorsey’s Default Search Engine

Published

on

Twitter founder and CEO Jack Dorsey recently revealed that he has stopped using Google and moved to its rival DuckDuckGo.

In a Twitter post, the CEO professed love to DuckDuckGo and said he had made it his default engine.

It read: “I love @DuckDuckGo. My default search engine for a while now. The app is even better!”

Soon, DuckDuckGo responded to Dorsey’s compliment with a witty tweet, writing: That’s great to hear @jack! Happy to have you on the on the Duck side,” followed by a duck emoji.

Launched in 2008, DuckDuckGo’s search engine is far behind the US based search engine giant Google, with its average number of searches per days at close to 50 million, while Google processes more than 3.5 billion search queries a day

to recall, Dorsey recently trolled social media giant Facebook, when the company rebranded its logo from lower case to all caps in order to distinguish it self from the company’s subsidiaries such as Instagram and WhatsApp.

NDTV Gadgets360.com

Continue Reading

Trending