Harmontronics Automation files lawsuit against CATL, subsidiaries over delayed payments
The Suzhou-based intelligent manufacturing solution provider said it has signed multiple contracts and orders for battery swapping stations with CATL and its two subsidiaries. They have delayed payments despite Harmontronics Automation's fulfilled obligations including delivery and installation, the filing said.
CATL did not immediately respond to a request for comment.
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Straits Times
3 hours ago
- Straits Times
Yangzijiang Financial jumps over 22%; STI hits all-time high of 4,019
Sign up now: Get ST's newsletters delivered to your inbox SINGAPORE – Investment manager Yangzijiang Financial saw its shares surge as much as 22.6 per cent last week before coming to a close at 90 cents on July 4. Yangzijiang Financial on July 2 revealed the April 28 incorporation of its wholly owned subsidiary, Yangzijiang Maritime Development, at an issued and paid-up share capital of US$100 (S$130), comprising 100 ordinary shares issued at US$1 per share. This follows an April 27 announcement in which Yangzijiang Financial disclosed the possibility of spinning off its maritime investment segment into a new company to be listed on the mainboard of the Singapore Exchange (SGX). Yangzijiang Maritime Development will be led by executive chairman and chief executive officer Ren Yuanlin, who is also the founder of Yangzijiang Shipbuilding, a Straits Times Index (STI) component stock. Yangzijiang Shipbuilding shares took a beating earlier in 2025 after US President Donald Trump first proposed port fees on China-built ships . Shares of the China-based shipbuilder have since recovered some ground, but closed the week flat at $2.21. The STI hit an all-time high of 4,019 on July 4. Property stocks contributed to its gains last week, but they retreated on July 4 after the Government raised the seller's stamp duty (SSD) on private residential homes to between 4 per cent and 16 per cent, if a property is sold less than four years after the date of purchase. Top stories Swipe. Select. Stay informed. Singapore First BTO project in Sembawang North to be offered in July HDB launch World Tariffs will kick in on Aug 1 barring trade deals: US Treasury Secretary Singapore Woman on SMRT's 190 bus injured after bottle thrown at vehicle leaves hole in window Business Great Eastern says Takeover Code not breached when it shared IFA valuation with OCBC Asia 'Don't be seen in India again': Indian nationals pushed into Bangladesh at gunpoint Asia Thousands evacuated as Typhoon Danas lashes Taiwan Asia Two women fatally stabbed at bar in Japan by man Life Star Awards 2025: Christopher Lee wins big, including Special Achievement Award and Best Actor Before the change, the SSD had been payable by those who sold a residential property within three years of purchase, at rates of between 4 per cent and 12 per cent. Hongkong Land rose the most, by nearly 8.6 per cent, and closed July 4 at US$6.34. UOL rose 6.4 per cent through the week to close at $6.48, while City Developments rose 4.7 per cent to $5.39. CapitaLand Investment was up 2.6 per cent to $2.71. Info-Tech's IPO well received, more privatisations possible Software services provider Info-Tech Systems ended its first trading day on July 4 at 91 cents , 4.6 per cent above its initial public offering (IPO) price. The counter debuted on the mainboard at 95 cents and traded as high as 98 cents during the day. It is Singapore's second listing for 2025 and first mainboard listing in close to two years. Info-Tech's IPO of some 24.9 million shares was fully subscribed at 87 cents apiece. It included five million shares for retail investors, which were 14.4 times subscribed. The healthy response to Info-Tech's listing is good news for the local exchange, which has seen returning interest from companies seeking to list in Singapore. On June 30, Dezign Format Group, which provides events, exhibitions and decor services across various industries, lodged its preliminary prospectus to list on the Catalist . It follows a similar move by property revitalisation firm Lum Chang Creations on June 23. The SGX may soon welcome another mainboard listing with NTT DC Reit, a real estate investment trust that will hold six data centres owned by Japanese telecoms giant NTT across the US, Austria and Singapore. NTT DC Reit is seeking to raise roughly US$864 million if an overallotment option is included, according to Reuters, quoting a term sheet that marked the start of the bookbuilding process. The value of the base offering is between US$772 million and US$812 million, while the overallotment option would add another US$51.5 million, the term sheet showed. The listing is targeted for July 14. Listing interest has risen after the Monetary Authority of Singapore announced measures in February to strengthen Singapore's equities market, including streamlined disclosure requirements for IPOs and a 20 per cent tax rebate for primary listings. The increase in listing interest comes after the SGX had seen a dearth of new listings and a rising number of privatisations recently. In 2025 so far, there have been 15 privatisation offers compared with 18 in 2024, and more could be on the cards, analysts said. According to UOB Kay Hian analyst John Cheong, China Sunsine Chemical Holdings and Valuetronics Holdings are currently trading at steep discounts compared with their manufacturing peers, while investment holding company Avarga, Samudera Shipping and CH Offshore could be attractive takeover targets given their strong net cash positions. Companies with high net cash are attractive privatisation targets as their strong balance sheets can help finance the deal and reduce risk for acquirers. Construction stocks rally Construction and industrial stocks closed the week with a strong showing. Firms in the industry are expected to benefit from a slew of new projects following the unveiling of the Urban Redevelopment Authority's Draft Master Plan 2025 on June 25. The plan involves new public and private homes at the former Singapore Racecourse in Kranji, as well as in Dover and Newton. New neighbourhoods will be established in Paterson as well as Defu, while three new integrated community hubs will be built within the next 10 to 15 years in Sengkang, Woodlands North and Yio Chu Kang. Bishan will also see new mixed-use developments in the town centre, which will be positioned as a business node like Paya Lebar Central. Other major projects include Changi Airport Terminal 5 and the expansion of Marina Bay Sands, as well as upgrading works on the Cross Island Line and Thomson-East Coast Line extensions. Construction and civil engineering firms Koh Brothers Group and OKP Holdings rose the most, with Koh Brothers jumping 14 per cent through the week to close at a five-year high of 22 cents, while OKP advanced 10 per cent to a record high of 94 cents. Shares of OKP have nearly trebled in price since the start of 2025, after the Building and Construction Authority provided estimates of construction demand ranging between $47 billion and $53 billion. Concrete technologies firm Pan United climbed by more than 8 per cent to close at 87 cents, while Hong Leong Asia, the industrial arm of Hong Leong Group, rose 5.8 per cent to $1.67. Other market movers Shares of Del Monte Pacific plunged by more than 11 per cent last week, closing July 4 at 5.6 cents. The food and beverage firm announced that its US subsidiary, Del Monte Foods, is contemplating a going-concern sale process for all or substantially all of its assets after filing for bankruptcy. As part of the process, Del Monte Pacific will relinquish control of its US subsidiary and deconsolidate it from its accounts. According to Del Monte Pacific's 2024 annual report, Del Monte Foods' US$1.7 billion in sales accounted for more than 70 per cent of the group's total sales. In contrast, other consumer staple stocks rose, including Sheng Siong, which climbed 4.8 per cent through the week to $1.97, and DFI Retail Group, which rose 5.5 per cent to US$2.88. What to look out for this week The remaining shareholders of Great Eastern will vote on whether to delist the company from the SGX in an extraordinary general meeting on July 8. If 75 per cent of the minority shareholders vote in favour of a delisting, OCBC Bank will make an exit offer for the remaining 6.28 per cent of the shares in Great Eastern that it does not already own for $30.15 per share in cash. If the delisting vote fails, shareholders must then vote on whether Great Eastern's shares should resume trading. Meanwhile, Lum Chang Creations is slated to complete the registration of its offer document on July 9, when it will reveal its offer price, valuation and market capitalisation.
Straits Times
7 hours ago
- Straits Times
TikTok building new version of app ahead of expected US sale, The Information reports
Sign up now: Get ST's newsletters delivered to your inbox TikTok has developed a plan to launch the new app to US app stores on Sept 5, according to the report. NEW YORK - TikTok is building a new version of its app for users in the United States ahead of a planned sale of the app to a group of investors, The Information reported on July 6, citing unnamed sources. This comes as US President Donald Trump said on July 4 he will start talking to China on July 7 or 8 about a possible TikTok deal. He said the United States 'pretty much' has a deal on the sale of the TikTok short-video app. TikTok has developed a plan to launch the new app to US app stores on Sept 5, the report said. In June, Mr Trump extended to Sept 17 a deadline for China-based ByteDance to divest the US assets of TikTok. The report added that TikTok users will eventually have to download the new app to be able to continue using the service, although the existing app will work until March of 2026, though the timeline could change. TikTok did not immediately respond to a Reuters request for comment. Top stories Swipe. Select. Stay informed. Singapore First BTO project in Sembawang North to be offered in July HDB launch World Tariffs will kick in on Aug 1 barring trade deals: US Treasury Secretary Singapore Woman on SMRT's 190 bus injured after bottle thrown at vehicle leaves hole in window Business Great Eastern says Takeover Code not breached when it shared IFA valuation with OCBC Asia 'Don't be seen in India again': Indian nationals pushed into Bangladesh at gunpoint Asia Thousands evacuated as Typhoon Danas lashes Taiwan Asia Two women fatally stabbed at bar in Japan by man Life Star Awards 2025: Christopher Lee wins big, including Special Achievement Award and Best Actor Reuters could not immediately confirm the report. A deal had been in the works earlier this year to spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors. That was put on hold after China indicated it would not approve it following Mr Trump's announcements of steep tariffs on Chinese goods. Mr Trump said the United States will probably have to get a deal approved by China. REUTERS
CNA
9 hours ago
- CNA
US tariffs to kick in Aug 1 barring trade deals: Treasury Secretary
WASHINGTON: US tariffs will kick in on Aug 1 if trading partners from Taiwan to the European Union do not strike deals with Washington, Treasury Secretary Scott Bessent said on Sunday (Jul 6). The rates will "boomerang back" to the sometimes very high levels which President Donald Trump had announced on April 2 - before he suspended the levies to allow for trade talks and set a July 9 deadline for agreement, Bessent told CNN. Bessent confirmed comments by Trump to reporters aboard Air Force One on Friday in which he also cited a new deadline: "Well, I'll probably start them on August 1. Well, that's pretty early. Right?" The president said he had signed 12 letters to be sent out, likely on Monday. The tariffs were part of a broader announcement in April where Trump imposed a 10 per cent duty on goods from almost all trading partners, with a plan to step up these rates for a select group within days. But he swiftly paused the hikes until July 9, allowing for trade talks to take place. Countries have been pushing to strike deals that would help them avoid these elevated duties. So far, the Trump administration has unveiled deals with the United Kingdom and Vietnam, while Washington and Beijing agreed to temporarily lower staggeringly high levies on each other's products. Bessent said the administration was "close to several deals". "I would expect to see several big announcements over the next couple of days," he said. But he would not say which countries he was referring to, adding: "I don't want to let them off the hook." As his July 9 deadline approaches, Trump has repeatedly said he plans to inform countries of US tariff rates by sending them letters. Aboard Air Force One on Friday, Trump said sending notices would be much easier than "sitting down and working 15 different things ... this is what you have to pay, if you want to do business (with) the United States." Bessent pushed back at CNN host Dana Bash's assertion the administration was using threats rather than negotiations, and denied that Trump was setting a new deadline with the Aug 1 date. "It's not a new deadline. We are saying, this is when it's happening. If you want to speed things up, have at it. If you want to go back to the old rate, that's your choice," he said. He said the playbook was to apply "maximum pressure" and cited the European Union as an example, saying they are "making very good progress" after a slow start. EU and US negotiators are holding talks over the weekend, and France's finance minister said on Saturday he hoped they could strike a deal this weekend. Other countries were still expressing unease, however. Japan's Prime Minister Shigeru Ishiba said on Sunday he "won't easily compromise" in trade talks with Washington.
