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Tencent Music could sell an additional 12.3 million shares if an over-allotment option is exercised. The $1.23 billion figure is smaller than the $2 billion that was earlier mooted as a fundraising target, though the company never confirmed such a number. A source close to the deal said Tencent Music was keen to get itself listed this year because it was worried U.S.-China trade tensions would worsen, not because it desperately needed fresh money. “It’s not worth waiting any longer for a potentially higher valuation if they have to deal with so many uncertainties,” said the source swank lion cufflinks uk online.
At $1.23 billion, the IPO would still be one of the largest by a Chinese company in the United States this year, behind the $2.4 billion raised by video streaming company iQiyi in March and the $1.6 billion garnered by online group discounter Pinduoduo in July. In total, Chinese companies have raised $7.8 billion from U.S. IPOs so far this year – the biggest amount since 2014 – according to Refinitiv data swank lion cufflinks uk online. Tencent Music owns streaming apps QQ Music, Kugou and Kuwo as well as karaoke app WeSing, and claims more than 800 million monthly active users..
The company is targeting a valuation of between $22 billion and $25 billion, according to a source close to the deal, roughly on par with that of its Swedish music streaming counterpart Spotify Technology, which went public in New York in April and has a market value of $24.3 billion. Tencent Music, which has a cross shareholding deal with Spotify, offers more in the way of socially interactive services that makes it profitable. It reported a 244 percent jump in profit in the first nine months of this year to $394 million from $114 million in the same period in 2017. By comparison, its Swedish peer posted a net loss of $520 million over the first nine months of the year swank lion cufflinks uk online.
(Reuters) – British fashion chain Ted Baker (TED.L) said it would investigate claims against chief executive and founder Ray Kelvin relating to his habit of hugging business colleagues. An online campaign claiming to represent over 200 employees has called on the company to end “forced hugging” and “a culture that leaves harassment unchallenged”. Ted Baker said that an independent committee of non-executive directors had been appointed to ensure that the views and concerns mentioned in the petition are considered and appropriate responses are taken swank lion cufflinks uk online.
There was no direct comment from Kelvin himself, who owns around 35 percent of the company according to Refinitiv Eikon data. Kelvin, 62, developed the Ted Baker brand and has been chief executive since the launch of the company in 1988. “Ray greets many people he meets with a hug, be it a shareholder, investor, supplier, partner, customer or colleague,” the company said in a statement swank lion cufflinks uk online. “Hugs have become part of Ted Baker’s culture, but are absolutely not insisted upon,” it added..