|Bid||81.050 x 0|
|Ask||81.100 x 0|
|Day's Range||77.350 - 81.500|
|52 Week Range||34.400 - 83.950|
|Beta (5Y Monthly)||0.13|
|PE Ratio (TTM)||N/A|
|Earnings Date||Mar 22, 2021|
|Forward Dividend & Yield||0.27 (0.35%)|
|Ex-Dividend Date||Jun 02, 2021|
|1y Target Est||N/A|
(Bloomberg) -- Country Garden Services Holdings Co. raised $2 billion, paving the way for more acquisitions as China’s largest listed property services manager seeks to reach an ambitious revenue goal.In the biggest additional fundraising in the sector, the Foshan, Guangdong-based company agreed to sell HK$10.5 billion in new shares and issue HK$5.04 billion of zero-coupon convertible bonds due 2022, exchange filings showed Tuesday. That’s more than earlier offered, according to terms for the deal obtained by Bloomberg News.Click here for more details on the transaction.The proceeds will be used for acquisitions, expansion of new businesses and general purposes. In March, President Li Changjiang said the company aimed to reach 100 billion yuan ($16 billion) in revenue by 2025, up from 15.6 billion yuan last year. Fundraising is expected to drive the target, CMB International Capital Corp. property analyst Jeffrey Zeng said. Real estate service providers, whose businesses range from housekeeping to parcel deliveries, are taking advantage of lofty valuations to raise cash and expand through takeovers, and competition has become fierce. In January， China Evergrande Group’s property services unit bought a rival for 1.5 billion yuan to help meet its ambitions of increasing profit by 50% this year.Country Garden Services announced plans in March to take mid-sized rival Sichuan Languang Justbon Services Group Co. private to expand its business. The deal would use 8.3 billion yuan, more than half of its cash buffer at the end of last year, according to CMB.While many companies are seeking to buy competitors, others are looking to sell. Chicago-based Jones Lang LaSalle Inc. is weighing a plan to offload its property management business in China for at least $500 million, Bloomberg reported last month.At HK$75.25 apiece, the share placement represents a 6% discount to the closing price of Country Garden Services in Hong Kong on Monday. The stock fell 1.8% to HK$78.60 at 11:48 a.m. on Tuesday.Country Garden Services now trades 47 times projected earnings this year, among the highest in the industry, according to data compiled by Bloomberg. Listed in Hong Kong in 2018, it’s the biggest publicly traded property management services firm, with a market value of HK$238 billion.(Updates with analyst comment in the third paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Warren Buffett-backed battery producer BYD, the solar panel glass manufacturer Xinyi Solar Holdings and property management firm Country Garden Services Holdings will become constituents of the Hang Seng Index from next month, as part of the largest expansion of the index in history since its establishment in 1969. The three new members will raise the number of constituents on Hong Kong's benchmark index to 58 with effect from June 7, according to a statement by Hang Seng Indexes. The addition, first foreshadowed in March, is part of a plan to broaden the key gauge of Asia's second-largest capital market from 55 to 80 by mid-2022, as the index compiler overhauls its flagship index to better reflect how Hong Kong's financial market has evolved since 1969. The plan would add about five stocks to the index every three months for five successive quarters in the first phase, eventually reaching 100 stocks in the longer term. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. "The new enhancements to the HSI will further increase its representation and make the index more balanced and diversified," Anita Mo, chief executive of Hang Seng Indexes Company, said when the overhaul was first announced in March. The three stocks will carry a combined weighting of 2.41 per cent on the Hang Seng Index, with BYD the biggest at 0.98 per cent, Country Garden Services at 0.97 per cent, and Xinyi solar at 0.46 per cent. BYD has dropped 19 per cent this year, Xinyi Solar lost 35 per cent while Country Garden Services, part of Chinese developer Country Garden Holdings or Cogard, advanced 48 per cent. In comparison, the Hang Seng Index rose 4.2 per cent over the same period. In one year term, however, all three appreciated substantially with BYD advancing 282 per cent, Xinyi Solar 126 per cent and Country Garden Services 113 per cent. They outpaced the index which gained 24 per cent. Volatility controls at different global stock exchanges, 2021. SCMP Graphics alt=Volatility controls at different global stock exchanges, 2021. SCMP Graphics "We think coverage of the consumer, healthcare, and technology sectors will significantly increase, and they will become the biggest winners" of the overhaul of the Hang Seng Index, said CICC's chief strategist Wang Hanfeng, in a research report. "Constituents will be selected from seven industry groups to achieve a more balanced industry distribution." BYD, Xinyi and Country Garden Services will add a combined market capitalisation of HK$523.47 billion (US$67.46 billion) to the HSI family. The rebalancing will have implications to other existing members. Chinese social media and online games giant Tencent Holdings, insurance juggernaut AIA Group and HSBC will remain the most-heavily weighted stocks but their weighting will cut down to 8 per cent from 10 per cent as a result of the new cap set by the complier in March. BYD's manufacturing plant in Lancaster, Los Angeles County on August 5, 2019. Photo: Xinhua alt=BYD's manufacturing plant in Lancaster, Los Angeles County on August 5, 2019. Photo: Xinhua Alibaba Group Holding, which owns this newspaper, will see its weighting increase from 5 per cent to 7.3 per cent while food delivery firm Meituan will account for 7.7 per cent weight, under the 8 per cent-limit for the weighted voting right companies. The overhaul, the biggest in the index's 52-year history, reflects the changes in Hong Kong's role as a financial centre. The enlargement is seen as a result of the local markets growing much bigger, particularly after listing reforms in 2018 that allowed companies with weighted voting rights and biotech firms yet to turn a profit to list. These moves brought a wave of initial public offerings (IPOs) to the city. The Hang Seng Index was introduced in 1969 as a public service, initially named after the HSBC subsidiary that conducted the calculation and compilation. The index compiler was established in 1984. For more than three decades from Hong Kong's days as a British colony to almost a decade after the return of the city to Chinese sovereignty, the Hang Seng was made up of merely 33 stocks, comprising mostly property developers, conglomerates and the large banks that dominated the city's economy out of more than 1,000 publicly traded companies. The mnemonic of the largest companies that made up the index reflected their influence: 1 for CK Hutchison, 2 for CLP Holdings, 3 for Hong Kong & China Gas and 5 for HSBC. A model of the Forest City development at the Country Garden Holdings property showroom in Iskandar Malaysia zone of Johor Bahru in southern Malaysia, on Tuesday, November 2, 2016. Photo: Bloomberg alt=A model of the Forest City development at the Country Garden Holdings property showroom in Iskandar Malaysia zone of Johor Bahru in southern Malaysia, on Tuesday, November 2, 2016. Photo: Bloomberg The index made its first change in 2006, adding five so-called H shares - China-domiciled companies listed in Hong Kong - to expand the constituents to 38 stocks, before reaching 50 in December 2012. With 80 stocks, the Hang Seng Index would cover 71 per cent of Hong Kong's total market capitalisation, up from 56.6 per cent as of the end of January. It will also cover 66 per cent of market turnover, up from 50 per cent now, Hang Seng Indexes said in March. In May last year, the company agreed to add companies with multiple voting rights to the benchmark, which led to the inclusion of Alibaba, smartphone maker Xiaomi and Meituan. As part of the revamp, Hang Seng Indexes will also ensure that between 20 and 25 Hong Kong companies are among the constituent stocks, so as to prevent their representation from falling as more Chinese companies are added to the benchmark. The index currently has 24 Hong Kong firms and 31 Chinese companies. The latest reforms also shorten the time required for companies to become a constituent stock. According to the overhauled rules, they will only be required to have been listed for three months - down from the current requirement of two years - before they can be added to the index. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2021 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2021. South China Morning Post Publishers Ltd. All rights reserved.
BEIJING, Jan. 05, 2021 (GLOBE NEWSWIRE) -- BlueCity Holdings Limited (“BlueCity” or the “Company”) (NASDAQ: BLCT), a world’s leading online LGBTQ platform, today announced the appointment of Mr. Weiru Chen as a new independent director to its board of directors (the “Board”), effective immediately. Mr. Zhe Wei has concurrently resigned from his positions as a director and a member of the compensation committee and nominating and corporate governance committee of the Board. After the changes, the Board will continue to consist of five members, four of whom are independent directors. The compensation committee will consist of Ms. Rong Lu, Mr. Baoli Ma and Mr. Weiru Chen, with Ms. Rong Lu as the chairperson. The nominating and corporate governance committee will consist of Mr. Baoli Ma, Ms. Wenjie Wu and Mr. Weiru Chen, with Mr. Baoli Ma as the chairperson.Mr. Baoli Ma, BlueCity’s Founder, Chairman and Chief Executive Officer, stated: “We are excited to welcome Mr. Weiru Chen to join our Board. We believe his extensive background in corporate governance, strategic management and industry expertise will be of great value to BlueCity. We look forward to working closely with him and benefiting from his valuable insights and extensive experience. Meanwhile, on behalf of the Board and everyone at BlueCity, I thank Mr. Zhe Wei for his significant contribution to the Company during his tenure on the Board. We wish him all the best in his future endeavors.”Mr. Weiru Chen is an associate professor of strategy at China Europe International Business School (CEIBS). He has served as executive director of the Internet Industry Research Center and chief strategic officer of Alibaba Cainiao Logistic Network between August 2017 and July 2020. Prior to joining CEIBS, he served as an assistant professor of strategy at INSEAD Business School from 2003 to 2011. Mr. Chen’s research is centered on firms’ technological innovation, platform strategy, and digital transformation. Mr. Chen has also served as an independent director of several public companies, including TAL Education Group (NYSE: TAL) since June 2015, Dian Diagnostics Group (SHE: 300244) since August 2017, Country Garden Services Holdings Company Limited (HK: 06098) since February 2018 and FangDD Network Group Ltd. (Nasdaq: DUO) since November 2019. Mr. Chen received a bachelor’s degree from National Taiwan University in Taiwan in 1993, a master’s degree from TamKang University in 1996 and a Ph.D. in Management from Purdue University in 2003.About BlueCityBlueCity (NASDAQ: BLCT) is a world-leading online LGBTQ platform providing a full suite of services that fosters connections and enhance the wellbeing of the LGBTQ community through its portfolio of brands. BlueCity’s mobile app Blued enables users to conveniently and safely connect with each other, express themselves and access professional health-related and family planning consulting services. Available in 13 languages, it has more than 58 million registered users worldwide and is the largest online LGBTQ community in China, India, Korea, Thailand and Vietnam. BlueCity’s portfolio of brands also includes Finka, a leading gay social networking app for a younger generation in China, and LESDO, a leading lesbian social networking app in China.Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” and similar statements. Among other things, business outlook and quotations from management in this announcement, as well as BlueCity’s strategic and operational plans, contain forward-looking statements. BlueCity may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about BlueCity’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is current as of the date of the press release, and the Company does not undertake any obligation to update such information, except as required under applicable law.For more information, please contact:In China: BlueCity Holdings Limited Ms. Lingling Kong Investor Relations Director Phone: +86 10-5876-9662 Email: firstname.lastname@example.orgThe Blueshirt Group Ms. Susie Wang Phone: +86 138-1081-7475 Email: email@example.comIn the United States: The Blueshirt Group Ms. Julia Qian Phone: +1 973-619-3227 Email: Julia@blueshirtgroup.com