Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.
[IPO] Kuaishou is looking to raise $5.4 billion via an IPO in Hong Kong. The short video making app, which counts TikTok as its biggest rival could be valued at close to $61.7 billion post IPO. The IPO is touted to be the largest tech IPO since Uber went public in 2019.
Over60: Bloomberg Quint
[Electric Vehicles] The world’s most indebted property company’s electric vehicle unit is now worth more than Ford in terms of market capitalization, despite never releasing a car. China Evergrande New Energy Vehicle Group Ltd shares soared by 67% as it sold a 10% stake to strategic investors. The company is now worth $51 billion. Markets are wildin’.
[Cryptocurrency] Bitcoin is headed towards its worst run since September. The cryptocurrency was trading at close to $32,000 on Friday - marking its second consecutive drop on a week by week basis. The drop comes as regulators have increased their scrutiny towards the alternative asset, along with the rumour that the same token was spent twice (a major violation of its underlying technology).
[M&A] Boohoo is expected to emerge as the winner in the race to take over troubled retailer Debenhams. The deal is expected to be at around £50 million ($68 million). The sale will involve Boohoo acquiring Debenhams’ brands and will result in the closure of current Debenhams stores.
Over60: The Guardian
[Commodities] Nickel’s price on the London Metal Exchange (LME) has risen by over 70% since March, touching $18,410 per tonne. The biggest attribute to the bull rally has been due to an increase in the hype surrounding electric vehicles (the batteries used have a higher Nickel content). The same expectations are reflected in the high prices of Copper and Lithium.
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