Shares of Sigenergy Technology, a Chinese residential energy storage manufacturer, surged more than 100% during its Hong Kong trading debut on Thursday, reports Caixin. This pushes the startup’s valuation to HK$162.8 billion ($20.8 billion). The Shanghai-based company raised HK$4.4 billion by offering 13.6 million shares in its initial public offering (IPO), with the stock closing at […]
Category: Markets
Investors pressed Mercedes-Benz on its recovery plans for China on Thursday, reports Reuters, warning that a luxury-focused strategy could hurt the German brand’s chances of winning back Chinese consumers after a slump in sales. Like rivals BMW and Audi, Mercedes has lost ground in the world’s largest car market, struggling to keep pace with fast-moving local […]
Hong Kong stocks fell to a nearly three-month low on Wednesday, reports the South China Morning Post. This comes as surging oil prices fuelled bets that rising energy costs would stoke inflation and cripple global growth. The Hang Seng Index closed 2% lower at 25,249.48, the lowest since December 16. The Hang Seng Tech Index lost […]
Hong Kong stocks retreated by the most in nearly a year on Monday alongside risk assets in Asia, while oil and gold surged after the US strikes on Iran, reports the South China Morning Post. This comes as surging geopolitical risks sparked a risk-off mode among investors. The Hang Seng Index closed 2.12% down at 26,067.27. At […]
Airline shares plunged on Monday, with Hong Kong’s Cathay Pacific down more than 5%, and Air China, China Southern Airlines, China Eastern Airlines fell at least 4% after the US and Israel launched weekend strikes on Iran, disrupting travel and sending oil prices surging, reports Reuters. Global air travel remained in turmoil on Monday as war […]