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Hong Kong book closed early due to strong demand

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The Ant Group Co. logo is displayed at the company’s headquarters in Hangzhou, China, on Monday, Sept. 28, 2020.

Qilai Shen | Bloomberg | Getty Images

GUANGZHOU, China — Ant Group will close its Hong Kong institutional book building process a day earlier than expected due to strong demand for its record initial public offering (IPO), a person familiar with the matter told CNBC.

The Chinese financial technology giant is carrying out a dual listing in Shanghai and Hong Kong, issuing an equal number of new shares in each location.

Ant Group’s listing will raise a total of just under $34.5 billion, making it the biggest IPO of all time. The Hong Kong portion will raise around $17.24 billion, before a so-called overallotment option is exercised.

Of the Hong Kong shares issued, 97.5% will go to institutional investors.

According to the source, who was not authorized to speak publicly, the book building will now close at 5 p.m. Hong Kong time on Wednesday, instead of Thursday at 5 p.m. as expected.

A book building process is a period during which investors indicate their interest in an IPO, and submit the number of shares and price they want to subscribe to. If demand is high, the book can be closed early.

Ant Group declined to comment when contacted by CNBC.

Ant Group priced its Shanghai-listed shares at 68.8 yuan each and its Hong Kong shares at 80 Hong Kong dollars.

The company’s Hong Kong shares are slated to begin trading on Nov. 5 with the Shanghai portion expected at the same time.


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OANN suspended from YouTube after promoting a sham cure for Covid-19 | YouTube

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YouTube has suspended the conservative news outlet One America News Network from posting new videos for a week and from making money off of its existing videos after it promoted a sham cure for Covid-19.

The video was removed under YouTube’s policies to prevent the spread of Covid-19 misinformation, which prohibit saying there is a guaranteed cure to the virus. OANN has been suspended for “repeated violations” of this policy, said YouTube spokesperson Ivy Choi.

“Since early in this pandemic, we’ve worked to prevent the spread of harmful misinformation associated with Covid-19 on YouTube,” Choi said.

YouTube’s Covid-specific misinformation policies prohibit content that disputes the existence of the virus, discourages someone from seeking medical treatment for Covid, disputes guidance from local health authorities on the pandemic, or offers unsubstantiated medical advice or treatment.

Under these policies, an offending account will receive one warning for posting misinformation and then three strikes before it is permanently removed from the platform. The strikes carry progressively more severe penalties, including de-monetization. OANN previously received a warning for “similarly violating our Covid-19 misinformation policy,” according to YouTube.

The company said it has manually reviewed and removed 200,000 videos related to dangerous or misleading Covid-19 information since February 2020, including for example a widely condemned viral video published by rightwing media outlet Breitbart featuring dubious claims from people identifying themselves as doctors, telling people not to wear masks.

While the suspension from posting new videos is temporary, YouTube says the de-monitization of all OANN content will be permanent, unless the network addresses its issues.

Tuesday’s removal comes after four Democratic senators sent a letter Tuesday to YouTube’s chief executive officer, Susan Wojcicki, pressing the company to do more to crack down on election-related misinformation.

Meanwhile, after breaking with longtime ally Fox News, Donald Trump has urged his supporters to turn to news outlets such as Newsmax and OANN. These outlets openly support Trump and, without evidence, cast doubt on the validity of the election of Joe Biden. YouTube said it does not consider OANN an “authoritative news source”, meaning under its policies the account will not surface high up in search results for broad queries about Covid-19 nor be promoted in recommendations.


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HP (HPQ) earnings Q4 2020

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Enrique Lores, CEO, HP

Scott Mlyn | CNBC

HP shares rose as much as 9% in extended trading on Tuesday after the PC maker reported fiscal fourth-quarter earnings that beat analysts’ estimates and provided an optimistic earnings forecast.

  • Earnings: 62 cents per share, adjusted, vs. 52 cents per share as expected by analysts, according to Refinitiv.
  • Revenue: $15.3 billion vs. $14.7 billion as expected by analysts, according to Refinitiv.

Revenue declined for the fourth consecutive quarter on an annualized basis. It fell about 1% in the quarter, which ended on Oct. 31, according to a statement.

HP is forecasting 64 cents to 70 cents in adjusted earnings per share in the fiscal first quarter, higher than the Refinitiv consensus of 54 cents.

The company’s largest business segment, Personal Systems, which includes PC notebooks and desktops, delivered $10.4 billion in revenue, flat year over year and below the $10.5 billion consensus among analysts polled by FactSet. Within that unit, sales of notebooks rose 18% to $7.41 billion, but the overall segment was pulled down by desktop and workstation declines.

HP more than doubled unit sales of and revenue from Chromebook PCs running Google’s Chrome OS operating system, said Marie Myers, HP’s chief transformation officer and acting chief financial officer, on a conference call with analysts. She replaced Steve Fieler, who left in the quarter to join Google.

Also on Tuesday, PC maker Dell reported fiscal third-quarter results and said sales of consumer devices, including PCs, were up 14% from a year earlier in the quarter that ended on Oct. 30.

Excluding the after-hours jump, HP shares are up 6% since the start of the year, while the S&P 500 has gained about 13% over the same period.

This is breaking news. Please check back for updates.

WATCH: Cramer breaks down the runs in housing, work-from-home and cloud stocks


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YouTube suspends OANN for a week after it posted fake Covid-19 cure

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The logo of video-sharing website YouTube is displayed on a smartphone on November 19, 2018 in Berlin, Germany.

Thomas Trutschel | Photothek via Getty Images

YouTube on Tuesday barred One America News Network (OANN) from posting new videos and livestreaming for one week, after the right-leaning media organization uploaded a fake cure for the coronavirus.

“After careful review, we removed a video from OANN and issued a strike on the channel for violating our COVID-19 misinformation policy, which prohibits content claiming there’s a guaranteed cure,” a YouTube spokesperson told CNBC. “Additionally, due to repeated violations of our Covid-19 misinformation policy and other channel monetization policies, we’ve suspended the channel from the YouTube Partner Program and as a result, its monetization on YouTube.

It was unclear what specifically OANN’s video said about a Covid-19 cure that made YouTube decide to suspend the channel.

The organization will have to reapply to YouTube’s Partner Program (YPP) if it wants the ability to make money off of its existing content again. YPP is YouTube’s program that connects large YouTube channels with advertisers. YouTube said broadly that companies will only be readmitted after they’ve fixed the issues that led to suspension.

Tuesday’s move marks YouTube’s largest crackdown against OANN. The social media giant has been criticized for allowing OANN to spread misinformation, such as false claims that President Donald Trump won the Presidential election.

Axios first reported on YouTube’s suspension of OANN.

A representative from OANN could not immediately be reached for comment.

Subscribe to CNBC on YouTube.


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