The answer to Ferretti Chief Executive Alberto Galassi’s baffling confidence in its Hong Kong share sale lies in the South China Sea. The yacht maker is going public on Thursday despite seemingly ever worsening choppy waters: Western sanctions are hitting boat-loving Russian oligarchs; President Xi Jinping’s “common prosperity” drive has prompted the country’s own super-rich to lay low; and new Covid-19 outbreaks are depressing Chinese consumer spending and delaying initial public offerings.
of entities buying a large chunk of the 70% of Ferretti’s IPO going to cornerstone investors. On Friday authorities there passed new rules to promote the yacht industry, part of their aim to boost tourism and pivot away from real estate.
Ferretti priced its IPO on the lower end of the range, valuing it marginally higher than rival Sanlorenzo’s 10 times adjusted EBITDA multiple for the next 12 months. Hainan officials will be hoping it’s a seaworthy financial vessel.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Breakingviews - China-U.S. ties will degrade regardless of RussiaIn many ways, it’s business as usual in Washington when it comes to Beijing. The two capitals have recently squabbled over Russia’s invasion of Ukraine. But longer-running disputes are also still rumbling, possibly reigniting a trade war or screening U.S. investments in the People’s Republic. Whatever happens in Ukraine, economic relations look set to get worse.
Weiterlesen »
China $9 bln IPO plans stalled amid COVID outbreak - filings, estimateA wave of Chinese companies have halted domestic listing plans, filings show, as the country's biggest coronavirus outbreak in two years hampered due diligence and information gathering, affecting an estimated $9 billion-plus in fundraising.
Weiterlesen »
PetroChina taps shale oil in ageing western China fieldTop Chinese oil and gas major PetroChina is exploring shale oil in an aging western China basin and aims to build a pilot zone to pump one million tonnes of crude a year, or about 20,000 barrels per day (bpd), by 2025.
Weiterlesen »
Next China moon mission will need precision landing to target ice at south poleA flying spacecraft will peer into shadowed craters to look for ice.
Weiterlesen »
China makes genetic data a national resourceThe Chinese government has identified genetic data as a national strategic resource — and it's strengthening state control over the country's gene banks.
Weiterlesen »