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Hua Hong’s new listing
China’s second-largest chipmaker Hua Hong’s [1347.HK] Shanghai Stock Exchange STAR Market IPO saw its shares gain as much as 15% soon after opening, but these gains fell back to see the stock close its first day on the exchange 2% up. Hua Hong’s Hong Kong-listed shares fell 11% on the day. The IPO raised RMB21.2bn and is the largest Asia Pacific equity sale this year.
Siemens CEO blames rollout pace for losses
Christian Bruch, CEO of Siemens Energy [ENR.DE], has told CNBC the company has “rolled out platforms into the market” too fast, as losses at its wind turbine subsidiary Siemens Gamesa rose to €2.2bn in Q3 earnings reported Monday. The losses, which stem from quality issues, have pushed the group’s forecast losses for the year to approximately €4.5bn. Nevertheless, book orders of €14.9bn were up 54.2% year-over-year.
Barbie makes a billion
Barbie has become the first solo female-directed film to take $1bn at the box office, passing the landmark figure on Sunday. Strong performance in China, the world’s second-largest film market, helped drive sales, according to experts cited by CNN. It also marks the first billion-dollar pop for Warner Bros Discovery [WBD], which merged in 2022, and only the second film to pass the market this year.
Liontown and Sumitomo in joint lithium study
Australian lithium producer Liontown Resources [LTR.AX] is partnering with Japanese trading house Sumitomo Corp [8053.T] to investigate ways of producing lithium hydroxide in Japan. The joint study will take approximately two years to complete, a spokesperson told Reuters. Production of hard rock lithium concentrate from Liontown’s Kathleen Valley mine is expected to commence midway through next year.
Jio Financial shares to be listed by Reliance
Reliance Industries [RELIANCE.NS] is planning to list shares of Reliance Jio Financial Services, its financial services subsidiary, with the listing date expected at Reliance’s upcoming annual general meeting. Chairman Mukesh Ambani told shareholders that Jio was well-positioned to “play a crucial role in transforming the landscape of digital finance in India”.
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