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South China Morning Post
26 minutes ago
- South China Morning Post
SenseTime, Mengniu join UBTech in wave of Chinese firms tapping capital markets
Chinese companies are stepping up their fundraising activities to shore up liquidity and manage refinancing needs as market sentiment shows signs of recovery in the second half of the year. Advertisement On Thursday, artificial intelligence firm SenseTime unveiled an agreement to raise HK$2.5 billion (US$318 million) through a share subscription, and dairy giant Mengniu Dairy said it would generate 3.5 billion yuan (US$489 million) through a bond issuance. Those plans came to light a day after UBTech Robotics divulged a HK$2.4 billion share placement plan. The financing moves come amid strong momentum in Hong Kong's equity market . Initial public offerings in the city surged 695 per cent year on year in the first half to US$14.1 billion, making it the world's largest IPO market during the period, according to a report released by bourse operator Hong Kong Exchanges and Clearing (HKEX) on Wednesday. 'Investor sentiment has improved markedly,' despite complicated geopolitical tensions, HKEX said, noting that both international institutions and retail investors had shown strong demand for new offerings. Equity fundraising was particularly active in the consumer sector and the technology, media and telecommunications sector, with firms in AI, healthcare and fast-moving consumer goods raising substantial capital to fuel expansion, it said. SenseTime said its conditional subscription agreement with unnamed investors would involve 1.67 billion new shares priced at HK$1.50 apiece, representing a 6.25 per cent discount to its last closing price. The proceeds were expected to support the firm's business development and general corporate use, including ongoing investment in AI infrastructure and research into generative models, as well as new areas such as robotics and digital finance, it said. Advertisement Mengniu, one of China's largest dairy producers, said it would issue two tranches of yuan-denominated bonds: a 2 billion yuan bond maturing in 2030 with a 2 per cent coupon, and a 1.5 billion yuan bond maturing in 2035 with a 2.3 per cent coupon. The company said the proceeds would be used for refinancing existing debt, with an equivalent amount to be allocated to eligible green and social-responsibility projects under its sustainable-financing framework.
The Standard
an hour ago
- The Standard
US-South Korea trade talks postponed over Bessent schedule as tariff deadline looms
U.S. Secretary of the Treasury Scott Bessent speaks during a press conference following a weekly policy luncheon on Capitol Hill in Washington, D.C., U.S., June 24, 2025. REUTERS/Kevin Mohatt/File Photo
South China Morning Post
2 hours ago
- South China Morning Post
23 Hong Kong kindergartens plan to close by end of school year
At least 23 kindergartens have indicated they will close by the end of the current school year in August, marking a 28 per cent year-on-year increase over 2023-24, education authorities' data shows. The anticipated rise has been linked to the record-low birth rate in 2022, with children born that year set to make up most of the next batch of first-year kindergarteners. The sector has also warned that more closures may follow if the situation fails to improve. The city has already seen a dip in the number of registered births this year, with levels for the first five months dropping by about 6 per cent year on year, despite small upticks in 2023 and 2024. In a reply to the Post, the Education Bureau said that as of June this year, 23 preschools had indicated that they would cease operations in or by the end of the 2024-25 school year. In the first 10 months of 2023-24, 18 kindergartens told authorities that they would close. The tally for that entire school year later reached 29, comprising 17 non-subsidised local kindergartens, eight non-local institutions and four subsidised local preschools.
