Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, curated by hand to exclude the clutter and ensure you get up to speed in under a minute.
[IPO] Ant Group has received approval from Chinese regulators regarding its Hong Kong listing. The IPO is expected to be the largest in history, with the company looking to fetch over $35 billion from it.
[Business] Chinese e-commerce giant Alibaba Group Holding Ltd. is set to take on Walmart with a $3.6 billion investment in Hypermarket China.
[Global Economy] China’s growth during the pandemic is not expected to save western economies from contracting. Data from the IMF showed that the global economy would contract by 4.4%. This is in contrast to the 2008 recession, where China’s enormous stimulus program fueled growth worldwide.
Over60: WSJ (Exclusive)
[GDP] China’s GDP grew by 4.9% YoY, as its post-pandemic economic recovery strengthened. Industrial production increased by 5.8% QoQ, while sales in September rose by 3.3%.
[M&A] ConocoPhillips will buy its rival Concho Resources in an all-share deal worth $9.7 billion. This is the third biggest deal in the Shale sector since the pandemic began.