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Scott Murdoch

Ant Group to close Hong Kong institutional book early amid 'overwhelming' demand for IPO - sources

27 Oct 2020

HONG KONG Ant Group will close institutional order books of the Hong Kong portion of its record-setting dual IPO ahead of schedule due to strong demand, sources with direct knowledge of the matter said.

Ant Group closes $17.2 bln Hong Kong IPO book early amid strong demand-sources

27 Oct 2020

HONG KONG, Oct 27 Ant Group will close its Hong Kong institutional book building one day early as it aims to raise about $17.2 billion in the city, according to two sources with direct knowledge of the matter.

Investors line up for Ant Group's record $34.4 billion IPO

26 Oct 2020

HONG KONG Ant Group Co Ltd is poised to raise up to $34.4 billion (26.41 billion pounds) in the world's largest stock market debut as investors rush to buy into the fast-growing Chinese fintech giant despite risks of greater scrutiny at home and abroad.

Slim pickings: Ant to pay bankers up to $198 million in fees for Hong Kong IPO

26 Oct 2020

HONG KONG China's Ant Group will pay bankers selling its shares in Hong Kong up to $198 million in underwriting fees, its filings showed on Monday, in line with a trend of large issuers sharing a small portion of their fundraising with advisers.

FACTBOX-How Ant's listing fees compare with world's mega deals

26 Oct 2020

By Scott Murdoch HONG KONG, Oct 26 Ant Group will pay its banking syndicate up to $198 million in fees for the Hong Kong leg of its record $34.4 billion initial public offering, the company's prospectus lodged with the Hong Kong Exchange showed. Here is how they compare with the world's largest IPOs. DEAL SIZE (IN FEES (IN NUMBER OF DEAL BLN USD) MLN USD) BANKS DATE Ant Group 17.2 198.3 24 Oct/Nov (For HK 2020 leg of dual-lis ting) Saudi Aramco 29.4 60 25 Dec 2019 Alibaba 25 300.4 6 Sept 2014 Agricultural 22.1 412 10 July Bank of China 2010 ICBC 21.9 401.5 8 Oct 2006 AIA Group 20.5 408.4 11 Oct 2010 Visa 19.7 550.2 7 March 2008 General Motors 18.1 136 9 Nov 2010 ENEL (Italy) 17.4 260 2 Oct 1999 Source: Reuters and Dealogic data (Reporting by Scott Murdoch in Hong Kong; Editing by Sumeet Chatterjee and Emelia Sithole-Matarise)

HK brokers ready war chest for mom-and-pop bidding frenzy in Ant's mega IPO

23 Oct 2020

HONG KONG Hong Kong's brokerages are readying billions of margin-lending dollars to tap an expected surge in retail demand for China's fintec giant Ant Group's likely $35 billion dual-listing in Hong Kong and Shanghai in the next few weeks, industry officials said.

FOREX-Dollar firm after debate, but dragged toward weekly loss by stimulus bets

23 Oct 2020

* U.S. dollar creeps higher in Asia, but on track for poor week * Yen set for best weekly gain vs dollar in a month * Trump edges ahead in betting mkts after final debate * Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E By Tom Westbrook and Scott Murdoch SINGAPORE/HONG KONG, Oct 23 The dollar inched higher at the end of a tough week on Friday, having shed almost a cent against the euro and suffered its largest weekly drop against the yen in a month, as a measured U.S. presidential debate left investors in a cautious mood. President Donald Trump adopted a more restrained tone than in the first debate, though exchanges again focused around the handling of the COVID-19 pandemic and personal slights. The dollar ground about 0.1% higher against a basket of currencies in the Asia session, just clear of Wednesday's seven-week low, but still leaving it down about 0.7% for the week and in the bottom half of a months-long range. "The market reaction is rather muted in Asian trading hours but has slightly tilted towards a more conservative sentiment as seen in the strengthened dollar index," said Gary Ng, Asia-Pacific economist at Natixis in Hong Kong. The safe-haven yen also rose about 0.2% to 104.70 per dollar, paring some losses made on Thursday after U.S. House Speaker Nancy Pelosi said there was progress in stimulus talks. The yen is up about 0.7% for the week, its sharpest weekly rise since mid September, as investors who expect turbulent trade around the Nov. 3 election head for some shelter. The euro slipped 0.1% to $1.1800 and the Australian dollar also handed back a small early-morning gain during the Trump-Biden debate. Both currencies remain more than half a percent ahead on the dollar over the week. "People are just closing out longs ahead of the election just in case Biden isn't (elected)," said Chris Weston, head of research at broker Pepperstone in Melbourne. "We're coming into that eye of the storm now where it takes a bit of a brave soul to put on new positions ahead of the election." BOND MARKET BETS ON STIMULUS Persistent hopes that Congress might pass a stimulus package before the election and confidence that spending follows anyway, no matter who gets elected, has driven a selloff in the bond market in anticipation of inflation and government borrowing. The dollar has been sold because the prospect of stimulus has supported investors' mood. A Biden victory, which polls predict, is seen as more likely to drive further dollar weakness as he is expected to spend more on coronavirus aid than Trump. However betting markets showed a small movement in Trump's favour in the immediate aftermath of the debate, bookmaker Ladbrokes said on Twitter on Friday - which helped the dollar to firm. Elsewhere the New Zealand dollar edged down 0.l% after softer-than-expected inflation data, though it has still gained almost 1% for the week. British and European Purchasing Managers' Index figures are due later on Friday and could move markets if they show that a recent resurgence in coronavirus cases and the reimposition of some curbs on movement are starting to hurt economically. Sterling slipped on Thursday on uncertainty over Brexit outlook, but it is up 1.2% this week and is clinging on above $1.30 thanks to hopes that Britain and the European Union can eventually reach some sort of trade deal. The Chinese yuan also held its ground on the greenback after an official at China's foreign exchange regulator said it has been more stable than expected, suggesting authorities are not too worried about its recent rise. The yuan has gained about 7.5% since the end of May as China has led the global coronavirus recovery. It last sat at 6.6828 per dollar in onshore trade, about half a percent shy of a 27-month peak it hit on Wednesday. "The 6.6300 levels in the USD/CNH reached on Wednesday may be a near-term bottom," said OCBC Bank strategist Terence Wu. "Nevertheless, this bounce should not impinge on the RMB trend. This may be an opportunity to re-enter USD/CNH shorts at 6.6800/7000 levels." ======================================================== Currency bid prices at 11:40AM (340 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Euro/Dollar $1.1801 $1.1819 -0.16% +5.25% +1.1823 +1.1787 Dollar/Yen 104.7000 104.9250 -0.17% -3.56% +104.9300 +104.7400 Euro/Yen 123.56 123.93 -0.30% +1.32% +124.0100 +123.4200 Dollar/Swiss 0.9074 0.9072 +0.03% -6.22% +0.9092 +0.9072 Sterling/Dollar 1.3071 1.3083 -0.08% -1.44% +1.3086 +1.3056 Dollar/Canadian 1.3144 1.3139 +0.04% +1.18% +1.3157 +1.3125 Aussie/Dollar 0.7118 0.7118 +0.01% +1.45% +0.7139 +0.7111 NZ 0.6664 0.6675 -0.15% -0.95% +0.6678 +0.6659 Dollar/Dollar All spots Tokyo spots Europe spots Volatilities Tokyo Forex market info from BOJ (Reporting by Tom Westbrook; Editing by Sam Holmes & Shri Navaratnam)

China wealth manager platform Lufax aims to raise $2.36 billion in U.S. IPO

23 Oct 2020

HONG KONG Lufax Holding Ltd , one of China's largest online wealth management platforms, aims to raise up to $2.36 billion (1.8 billion pounds) in a U.S. initial public offering just days before the Nov. 3 election.

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