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11/12/20: What’s Going On

Tencent's booming business faces regulatory concerns, Cano Health talks SPAC merger and more from around the business world.
(StreetVJ)
(StreetVJ)
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“Tencent can probably ride out the eventual waning of the Covid-19 boost, thanks to its strong pipeline. The new games “Moonlight Blade Mobile” and “League of Legends: Wild Rift” are both doing well. But there is a cloud over the company’s outlook: Beijing’s latest regulatory actions. Last week the government halted the record $34 billion initial public offering of Alibaba-backed Ant Group, and this week it released a draft of tough rules targeting monopolistic practices on the country’s digital platforms.”

A blank-check company backed by real-estate investor Barry Sternlicht is in talks to merge with Cano Health LLC in a $4.4 billion deal that would take the health-care provider for seniors public. Mr. Sternlicht’s special purpose acquisition company, Jaws Acquisition Corp. JWS 5.53% , could announce a deal valuing Cano Health at $4.4 billion, including debt, as soon as Thursday, the people said—assuming the talks don’t fall through at the last minute.”

“The same U.S. explosion of Covid-19 cases that helped Pfizer Inc. get results for its vaccine trial earlier this week is helping speed along Moderna’s trial. Moderna said Wednesday its study has accumulated more than 53 infections, allowing a preliminary analysis of the shot’s effectiveness to begin. The shares jumped.”

Companies Raising Capital
NameAmountDescription
PUBG$100 MilionSouth Korean Gaming Firm (Re-entering the India Market with Money from its New Parent Company)
Railsbank$37 MillionLondon-Headquartered Banking-as-a-Service Platform

“Applications for U.S. state unemployment benefits fell by the most in five weeks, signaling the gradual recovery in the labor market is continuing despite a record surge in Covid-19 infections.”

“Facebook Inc. and Alphabet Inc.’s Google plan to continue banning political ads on their platforms for the next several weeks to prevent confusion about election results, according to people familiar with the matter and an email reviewed by The Wall Street Journal.”

“Microsoft has hired Chris Young, a technology industry veteran who was most recently CEO of McAfee, as executive vice president of business development.”

“Shares of Chinese discount e-commerce site Pinduoduo rose after the company said revenue increased 89% in the third quarter compared to last year.”

“Eastman Kodak Co. said five former executives were able to collect millions of dollars by selling stock options they didn’t own, an admission that is set to add to the scrutiny the company faces over the circumstances surrounding a halted U.S. loan.”

Following the debut of the Xbox Series X earlier this week, the Playstation 5launches today.

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