(HK) Alibaba Group plans to list logistics arm on HKSE

Alibaba Group Holding Ltd (9988.HK)

Tech heavyweight Alibaba Group Holding Ltd said on Tuesday night that it plans to list its logistics arm Cainiao on the Hong Kong stock exchange, making it the first business unit to go public following a major restructuring.

Alibaba said in a filing that it had submitted a spin-off proposal to the Hong Kong bourse and has received confirmation to proceed. The move comes about six months after Alibaba announced in March that it would split its business into six main units, with each separate business having the flexibility to raise outside capital and seek its own IPO.

Geely Automobile Holdings Ltd (175.HK)

Smart Automobile, the electric vehicle joint venture of Mercedes-Benz and Geely Holding Group, will make Malaysia the bridgehead of its southern expansion, according to CEO Tong Xiangbei.

Smart Auto's new energy vehicles are now exported to Malaysia, and the next step will be to set up manufacturing bases overseas.

The automaker has a two-track global strategy this year, Tong noted. One track is a “southward expansion” pushing into Oceania and Southeast Asia, while the other focuses on ’making progress westward’ by targeting the Israeli market first, followed by other Middle Eastern markets.

Lenovo Group Ltd (992.HK)

To address the new paradigms in the AI industry, Lenovo Group Ltd has gone a notch higher by incorporating a hands-on approach through its AI Innovators program that offers AIready infrastructure for enhanced adoption, according to Robert Daigle, director and global AI business leader at Lenovo.

With training versus inference being a burning issue in the AI sector, Lenovo is looking at the deployment of inference models, given that they will play an instrumental role in the adoption of gen AI. This is advantageous because enterprises do not have to train their own bespoke foundation models, according to Daigle.

Tencent Holdings Ltd (700.HK)

Fitch Ratings has affirmed China-based Tencent Holdings Limited's Long-Term Foreign-Currency Issuer Default Rating and senior unsecured rating at 'A+'. The Outlook is Stable.

The agency has also affirmed the company's outstanding senior unsecured notes and its US$30bn global medium-term note programme at 'A+'.

The affirmation reflects our expectations that Tencent will continue to maintain its strong business profile and manage its regulatory risk well.

The popularity of Tencent's Weixin services has further enhanced the company's platform strength in mobile and provides opportunities to capture new business.

Xiaomi Corp-Class B (1810.HK)

Chinese smartphone giant Xiaomi Corp has partnered with a large Indian consumer electronics company in a move that will increase production of its handsets and other devices in the South Asian country amid increased regulatory scrutiny by New Delhi.

The partnership with Padget comes months after Xiaomi announced plans to expand its network of bricks-and-mortar stores across India. It currently has 18,000 stores in the country.

Xiaomi had about a 15% share of India’s smartphone market in the second quarter, ranking third behind Samsung Electronics and Vivo.

Source: Rakuten Research - 4 Oct 2023

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