|Bid||3.650 x 0|
|Ask||3.660 x 0|
|Day's Range||3.610 - 3.660|
|52 Week Range||3.090 - 4.100|
|Beta (5Y Monthly)||0.85|
|PE Ratio (TTM)||5.23|
|Forward Dividend & Yield||0.18 (5.01%)|
|Ex-Dividend Date||Jun 03, 2019|
|1y Target Est||4.08|
SHANGHAI/HONG KONG (Reuters) - State-owned financial conglomerate China Everbright Group aims to restructure its sprawling business and pursue a billion dollar IPO next year in Hong Kong, three people with direct knowledge of the matter told Reuters on Thursday. While the offering size has yet to be finalised, the initial public offering (IPO) will likely be at least in the billion-dollar bracket, two of the people said. The third person estimated that Everbright, backed by sovereign wealth fund subsidiary Central Huijin Investment Ltd and China's Ministry of Finance, could raise up to $3 billion.
(Bloomberg) -- The promise of artificial intelligence has yet to translate into big business. Now Kai-Fu Lee, a prominent venture capitalist in China and founder of Sinovation Ventures, says his firm’s new startup should be able to reach $100 million in revenue next year and go public the year after.AInnovation, established in March 2018, develops artificial intelligence products for companies in industries such as retail, manufacturing, and finance. Its customers include Mars Inc., Carlsberg A/S, Nestle SA, Foxconn Technology Group, China Everbright Bank Co. and Postal Savings Bank of China Co.Chief Executive Officer Hocking Xu, a veteran of International Business Machines Corp. and SAP SE, has hired staff that work with traditional companies to figure out how to take advantage of AI in their operations. AInnovation is on track to hit $100 million in revenue within two years of its founding, the fastest pace yet for such a startup, Lee said.“We took the approach of ‘Let’s take some of the best business people and let’s target the industries which need AI the most’,” he said.Lee figures AInnovation will be able to go public in less than two years at a valuation of $1 billion to $2 billion. The firm has raised about $70 million so far from Sinovation, CICC ALPHA and Chengwei Capital. Since the company was funded with yuan, it would most likely list domestically, either on China’s new NASDAQ-like Star market, or on the country’s ChiNext.For retail companies, AInnovation sells products including a smart vending machine that opens with facial recognition and software that monitors retail shelves with image recognition. It’s created computer vision technology that detects defects on the production line for manufacturers and underwriting software and natural language processing technology for financial firms. There’s a large market in particular for technology to catch flaws early in the manufacturing process, said Jeffrey Ding, a researcher with Oxford’s Center for the Governance of AI. That effort “aligns with the Chinese government’s priorities to upgrade smart manufacturing capabilities to compete with countries like Germany and Switzerland,” he said in an email.The former president of Google China, Kai-Fu Lee founded Sinovation Ventures in 2009. It manages more than $2 billion across seven funds in U.S. and Chinese currencies. It holds shares in more than 300 companies, most of which are in China. Its investments include autonomous driving company Momenta, consumer AI chip firm Horizon Robotics Inc. and bitcoin mining and AI chip company Bitmain Technologies Ltd.In artificial intelligence, “we’re still at a very early stage in the commercialization,” Lee said. “We’re still at the equivalent of early internet portals, back when everybody was using Yahoo and there wasn’t even a Google, Amazon, or Facebook.”Global economic ructions, however, may present short-term challenges. Venture deals in China have been plummeting as investors pull back amid escalating trade tensions and slowing economic growth. The value of investments in the country tumbled 77% to $9.4 billion in the second quarter from a year earlier.“In an economy that’s slowing down, everything slows, including venture capital. There will definitely be a shakeout,” Lee said. “The positive side is that if the economy is challenging, and valuations are down, it’s a good time for us to go shopping.”Sinovation was one of the first Chinese venture capital firms with a presence in the U.S. With the trade war and the Trump administration’s tighter scrutiny of foreign investments, the firm has scaled back investments and no longer has an office in the U.S., Lee said, adding that investments in America have always been a small fraction of its overall investments.“In the long term, it’s a pity if we have to cause a total separation of two countries because one could argue that AI got to where it got because the whole world has been able to work together.”(Updates with analyst’s comment in the 9th paragraph)To contact the reporter on this story: Selina Wang in China at email@example.comTo contact the editors responsible for this story: Jillian Ward at firstname.lastname@example.org, Peter Elstrom, Colum MurphyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
April 9 (Reuters) - China Everbright Bank Co Ltd : * SAYS IT GETS SECURITIES REGULATOR'S APPROVAL TO ISSUE PREFERENCE SHARES IN PRIVATE PLACEMENT Source text in Chinese: https://bit.ly/2GacdyD Further ...
SHANGHAI, China, April 08, 2019 -- 360 Finance, Inc. (QFIN) (“360 Finance” or the “Company”), a leading digital consumer finance platform, announced that it signed a strategic.
Feb 20 (Reuters) - Inner Mongolia M-Grass Ecology And Environment: * SAYS IT SIGNS STRATEGIC COOPERATION AGREEMENT WITH CHINA EVERBRIGHT BANK'S HOHHOT BRANCH Source text in Chinese: https://bit.ly/2EjgzCy ...
Jan 23 (Reuters) - China Everbright Bank Co Ltd : * SAYS CHINA BANKING AND INSURANCE REGULATOR APPROVES GE HAIJIAO AS HEAD OF THE BANK Source text in Chinese: https://bit.ly/2MrLf70 Further company coverage: ...
Jan 21 (Reuters) - China Everbright Bank : * SAYS PRELIM 2018 NET PROFIT UP 6.7 PERCENT Y/Y AT 33.66 BILLION YUAN ($4.95 billion) Source text in Chinese: https://bit.ly/2sF7SvK Further company coverage: ...