Tag Archives: Aims

Meituan-Dianping files for Hong Kong IPO; aims to raise over $4 billion: sources
June 25, 2018 6:16 am|Comments (0)

HONG KONG/SHANGHAI (Reuters) – China’s Meituan-Dianping, an online food delivery-to-ticketing services platform, is bringing its sizable initial public offering (IPO) to Hong Kong, where it aims to raise over $ 4 billion, three people with knowledge of the deal said.

Drivers of food delivery service Meituan are seen in Beijing, China April 11, 2018. Picture taken April 11, 2018. REUTERS/Stringer

The firm filed plans late on Friday for the city’s second multibillion-dollar tech float this year after smartphone maker Xiaomi Corp’s blockbuster IPO of up to $ 6.1 billion. Meituan-Dianping is also – after Xiaomi – the latest company with a dual-class share structure to file for a Hong Kong listing, under the city’s new rules designed to attract tech companies.

The Beijing-based firm, backed by gaming and social media company Tencent Holdings Ltd (0700.HK), was valued at around $ 30 billion in a fundraising round last year.

It is aiming for a $ 60 billion valuation with the IPO, though industry insiders said it may have difficulty reaching that target as it is still money-losing and relies on a cash-burning business model to boost growth.

The firm is likely to list in October, said the people, who declined to be identified as the information was not public.

Meituan-Dianping did not detail the amount of funds targeted or a time frame. It declined to comment on its planned IPO when contacted by Reuters.

Founded in 2010 by serial entrepreneur Wang Xing, Meituan, likened to U.S. discounting platform Groupon Inc (GRPN.O), in 2015 completed a $ 15 billion merger with Dianping, akin to U.S. online review firm Yelp Inc (YELP.N). It offers a broad range of services including movie ticketing, food delivery, hotel and travel booking as well as ride-hailing.

Competitors include food-delivery platform Ele.me, backed by e-commerce firm Alibaba Group Holding Ltd (BABA.N), and leading ride-hailing firm Didi Chuxing, backed by Japan’s SoftBank Group Corp (9984.T).

In its draft prospectus, which gave investors the first detailed look at its financial health ahead of the IPO, the company disclosed a 19 billion yuan ($ 2.9 billion) loss for 2017, steeper than in the previous two years.

Its adjusted net loss – which excludes the impact of fair value changes of convertible redeemable preferred shares and other items – was 2.85 billion yuan, smaller than losses of 5.35 billion yuan in 2016 and 5.91 billion yuan in 2015, the prospectus showed.

Revenue rose to 33.9 billion yuan in fiscal 2017, sharply higher than the 12.99 billion yuan made in the prior year.

Meituan-Dianping’s other backers include venture capital firms Sequoia Capital and DST Global, Singapore sovereign wealth fund GIC Pte Ltd and state-owned investment company Temasek Holdings (Private) Ltd, as well as the Canada Pension Plan Investment Board.

Currently, Chief Executive Wang Xing owns 11.4 percent of the company, while Tencent owns 20.1 percent and Sequoia Capital 11.4 percent. Wang will remain controlling shareholder after the listing, the prospectus showed.

Being holders of Class A shares, Wang and two other co-founders, Mu Rongjun and Wang Huiwen, will be beneficiaries of a weighted voting rights structure, or dual-class shares, which give greater power to founding shareholders even with minority shareholding. Each Class A share has 10 votes while each Class B share has one vote.

The firm has mandated Bank of America Merrill Lynch, Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N) to jointly sponsor its IPO. China Renaissance is the financial adviser.

Reporting by Adam Jourdan in Shanghai, Julie Zhu and Fiona Lau of IFR in Hong Kong, Aaron Saldanha in Bangalore, and Matthew Miller in BeijingEditing by Christopher Cushing and Edwina Gibbs

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Wall Street Breakfast: U.S. Aims For 3% Growth Hat Trick
January 26, 2018 6:05 pm|Comments (0)

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Japan's Murata aims for profitable battery biz in 2-3 years: CEO
October 3, 2017 10:40 am|Comments (0)

CHIBA (Reuters) – Japanese electronics components firm Murata Manufacturing Co Ltd aims to turn around its money-losing battery business within two to three years as its safety technology draws strong interest from smartphone vendors, its chief executive said.

“We are seeing brisk demand for our smartphone batteries due to their safety performance, particularly since a series of incidents last year involving overheating batteries,” Tsuneo Murata said in an interview with Reuters on Tuesday.

The firm’s battery business, most of which it acquired from Sony Corp for 17.5 billion yen ($ 154.8 million) last month, uses gel electrolytes for smartphone batteries, which are less prone to fire than commonly used liquid-type batteries.

Murata plans to boost battery revenue to 200 billion yen in the year through March 2021, up around 30 percent from current levels, with capital investment of 50 billion yen over the next two to three years.

Half of battery revenue currently comes from smartphone batteries, and the proportion will not change in the coming years, the CEO said.

He said sales expansion will come through focusing on battery efficiency, with the aim of raising the sales volume of each product rather than broadening Murata’s product line-up.

He also sees no need to rush into the automotive battery business, which he said is already highly competitive. “It won’t be too late to make decisions after a clear trend emerges in the green-car market,” Murata said.

The CEO also maintained the firm’s 2019 goal of commercializing all-solid-state batteries, a new type of battery that significantly increases safety.

The battery will be initially mounted on wearable devices, where safety is the top priority, Murata said, adding that more work needs to be done to increase energy density before launch.

Toyota Motor Corp is working on an electric car powered by an all-solid-state battery that significantly increases driving range and reduces charging time. Murata said his firm’s battery is different to that of Toyota.

Reporting by Makiko Yamazaki and Yoshiyasu Shida; Editing by Christopher Cushing

Our Standards:The Thomson Reuters Trust Principles.

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IDG Contributor Network: Veeam Aims for Continuous Availability With Availability Suite V10
July 23, 2017 5:00 am|Comments (0)

Veeam Software has been busy at its VeeamON user conference in New Orleans this week. During the event, the company talked about how it supports the “always on enterprise” and how it is helping enterprises support the transition to supporting the “digital life.”

The company’s new Veeam Availability Suite v10 is designed to, in the company’s words, “provide non-stop business continuity, digital transformation agility and analytics and visibility.”

Veeam Availability Suite v10

Here’s what the company has to say about this new version of its software:

This platform protects:

  • Physical servers and Network Attached Storage (NAS).
  • Tier-1 applications and mission-critical workloads with NEW Veeam CDP (continuous data protection), bringing recovery SLAs of seconds using continuous replication to the private or managed cloud.
  • Native object storage support, freeing up costly primary backup storage with policy-driven automated data management to reduce long-term retention and compliance costs. This includes broad cloud object storage support with Amazon S3, Amazon Glacier, Microsoft Azure Blob and any S3/Swift compatible storage.

The company goes on to describe what’s new:

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New Amazon Web Services initiative aims to build supply of trained AWS workers in UK
January 12, 2017 8:10 pm|Comments (0)

Brexit may be strengthening the market for cloud computing in UK, driving UK-based companies to seek local storage for their data and to cut their …


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New Relic aims to be your dashboard of the future
December 15, 2016 3:55 am|Comments (0)

In Lew Cirne’s view, all companies are now software companies and understanding how your software is treating your customers is key to business success. Cirne is the founder and CEO of New Relic, a cloud-based provider of application management tools. In this CEO Interview Series conversation with IDG Chief Content Officer John Gallant, Cirne explained how New Relic gets IT and business execs on the same page in improving operations and customer experience, and he described the company’s new tools for keeping highly virtualized private and public infrastructure in synch. He also talked about a ‘unique’ pricing scheme that recognizes the dynamic nature of computing today, and outlined why existing management tool vendors have a long way to go to catch up with New Relic.

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New Relic aims to be your dashboard of the future
December 14, 2016 1:25 am|Comments (0)

In Lew Cirne’s view, all companies are now software companies and understanding how your software is treating your customers is key to business success. Cirne is the founder and CEO of New Relic, a cloud-based provider of application management tools. In this CEO Interview Series conversation with IDG Chief Content Officer John Gallant, Cirne explained how New Relic gets IT and business execs on the same page in improving operations and customer experience, and he described the company’s new tools for keeping highly virtualized private and public infrastructure in synch. He also talked about a ‘unique’ pricing scheme that recognizes the dynamic nature of computing today, and outlined why existing management tool vendors have a long way to go to catch up with New Relic.

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NY regulation aims to raise bank security standards
December 12, 2016 11:00 pm|Comments (0)

Next week, New York State will begin a 45-day public comment period on its new financial industry cybersecurity regulation — and, so far, security experts have a favorable view of the proposal.

Under the new regulations, banks and insurance companies doing business in New York State will need to establish a cybersecurity program, appoint a Chief Information Security Officer and monitor the cybersecurity policies of their business partners.

According to New York Gov. Andrew Cuomo, this is the first such regulation in the country. “This regulation helps guarantee the financial services industry upholds its obligation to protect consumers and ensure that its systems are sufficiently constructed to prevent cyber-attacks to the fullest extent possible,” he said in a statement.

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New Relic aims to be your dashboard of the future
December 12, 2016 9:43 am|Comments (0)

In Lew Cirne’s view, all companies are now software companies and understanding how your software is treating your customers is key to business success. Cirne is the founder and CEO of New Relic, a cloud-based provider of application management tools. In this CEO Interview Series conversation with IDG Chief Content Officer John Gallant, Cirne explained how New Relic gets IT and business execs on the same page in improving operations and customer experience, and he described the company’s new tools for keeping highly virtualized private and public infrastructure in synch. He also talked about a ‘unique’ pricing scheme that recognizes the dynamic nature of computing today, and outlined why existing management tool vendors have a long way to go to catch up with New Relic.

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New Relic aims to be your dashboard of the future
November 30, 2016 7:45 pm|Comments (0)

In Lew Cirne’s view, all companies are now software companies and understanding how your software is treating your customers is key to business success. Cirne is the founder and CEO of New Relic, a cloud-based provider of application management tools. In this CEO Interview Series conversation with IDG Chief Content Officer John Gallant, Cirne explained how New Relic gets IT and business execs on the same page in improving operations and customer experience, and he described the company’s new tools for keeping highly virtualized private and public infrastructure in synch. He also talked about a ‘unique’ pricing scheme that recognizes the dynamic nature of computing today, and outlined why existing management tool vendors have a long way to go to catch up with New Relic.

To read this article in full or to leave a comment, please click here

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