1/13/12: What’s Going On

Lenovo, Affirm, Visa, Boeing
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“Lenovo Group Ltd. is capitalizing on two booming markets, Chinese stocks and the global PC industry, to list in Shanghai. The company is the world’s largest maker of personal computers and is well-known for acquiring IBM’s ThinkPad unit and the Motorola Mobility smartphone business. The news that Lenovo would join the STAR Market, China’s answer to the Nasdaq, boosted its Hong Kong-traded shares, which on Wednesday hit their highest level since 2015.”
“Mobile adoption continued to grow in 2020, in part due to the market forces of the COVID-19 pandemic. According to App Annie’s annual “State of Mobile” industry report, mobile app downloads grew by 7% year-over-year to a record 218 billion in 2020. Meanwhile, consumer spending grew by 20% to also hit a new milestone of $143 billion, led by markets that included China, the United States, Japan, South Korea and the United Kingdom. Consumers also spent 3.5 trillion minutes using apps on Android devices alone, the report found.”
“Affirm Holdings Inc., which provides installment loans to online shoppers, priced its U.S. initial public offering above its marketed range to raise $1.2 billion. In the first major U.S. technology listing this year, Affirm sold 24.6 million shares for $49 each, according to a statement on Wednesday, confirming an earlier Bloomberg News report. The San Francisco-based company had marketed the shares for $41 to $44 apiece, a range that it had raised Monday from $33 to $38.”

Companies Raising Capital
Rapyd$300 MillionTo Boost Its FinTech-As-A-Service API
Cockroach Labs$160 MillionMakers of CockroachDB, A Competitor To Google Spanner
Bryte$24 MillionPivoting From Selling $8K AI-Powered Mattresses To Licensing Its Tech

“Tuesday was a big day for several hot tech stocks which reached all-time highs. Those include DoorDash, Asana, Uber, Pinterest and Snap. That’s possibly driven by investors positioning themselves ahead of fourth quarter earnings reports.”
“Megvii, owner of facial recognition software Face++ which had been put on a U.S. blacklist, will seek a domestic initial public offering. The artificial intelligence company had earlier sought a listing in Hong Kong.”
“For ski towns in the U.S., it’s feast or famine this season, with record growth in some businesses and shutdowns in others. To understand the impact of the pandemic, WSJ visited California’s Lake Tahoe region, which has the country’s largest concentration of resorts.”
“Visa Inc. abandoned its $5.3 billion planned acquisition of financial-technology firm Plaid Inc. amid a Justice Department antitrust lawsuit that challenged the deal.”
“Boeing Co.’s drone unit has agreed to pay $25 million to settle civil-fraud allegations that it overcharged on more than half a dozen contracts signed with the U.S. Navy and special forces between 2009 and 2017.”

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