<Business Innovation Daily> Beijing Stock Exchange opens today with the first batch of 81 companies listed

Nov 15, 2021

Beijing Stock Exchange opens today with the first batch of 81 companies listed

The Beijing Stock Exchange opened today, and 10 companies that have completed the public offering and other procedures will be listed directly on the Beijing Stock Exchange, making 81 companies the first to be listed on the Beijing Stock Exchange.

As of November 12, more than 200 companies have announced to list on the Beijing Stock Exchange. A total of over 2.1 million investors have made appointments to open qualified investor privileges on the Beijing Stock Exchange, and a total of over 4 million investors will be able to participate in trading on the Beijing Stock Exchange after the market opens. A total of 112 securities companies have been qualified to become official members of the Beijing Stock Exchange.


Indian payments giant Paytm files prospectus

On November 12, Indian payments company Paytm filed a prospectus. The data show that it priced its IPO shares at 2,150 rupees (about $28.9), the upper end of the previously announced price range of 2,080 to 2,150 rupees per share, which means the IPO raised 183 billion rupees (about $2.45 billion), making it the largest IPO ever in India. Paytm's parent company is One97 Communications, which is an all-in-one application payments company. The company has now received an offer worth $2.64 billion to acquire the remaining 48.4 million shares, according to data from the stock exchange published on Nov. 10.


White House vetoes Intel's plans to expand production in China

The U.S. government has vetoed Intel Corp.'s plans to expand production in China, citing national security concerns, according to a Nov. 13 Bloomberg news release from people familiar with the matter. Sources said that Intel intends to produce silicon wafers in its Chengdu plant, which was originally scheduled to be put into production by the end of 2022. Intel is also applying for federal grants from the U.S. to expand its research and production investments in the U.S. But when Intel submitted the plan to the U.S. government, it drew strong opposition from White House officials.

At present, Intel has shelved its plan to expand production in China. The information shows that Intel Products (Chengdu) Co., Ltd. is now Intel's largest packaging production base in the world, and has been built into one of Intel's three global wafer pre-processing plants. Half of the mobile device microprocessors of Intel are from Intel Chengdu.


Musk reduces Tesla stock holdings by nearly $7 billion

On Nov. 12 local time, Tesla CEO Elon Musk's trust sold another $1.2 billion worth of Tesla stock, meaning Musk reduced his holdings by a total of about $6.9 billion in Tesla stock in one week. On Nov. 6, in response to a U.S. proposal to tax the assets of billionaires, Musk launched a poll on Twitter asking whether he should sell 10% of Tesla's stock and said he would "abide by the results of the poll" no matter what the outcome. As of the night of Nov. 6, 55% of people supported the sale of their shares. As a result, Musk still needs to reduce his holdings by about 10 million more shares to meet his commitment to selling 10% of his stock. Prior to the sale, Musk owned about 23 percent of Tesla, including stock options. After the reduction, he still owns 166 million shares of the company.


Baidu launches immersive virtual social app "Xirang" with a bet on the metaverse

Baidu recently launched a social app called "Xiyang" on the Apple App Store and Android App Store to work on the metaverse. Baidu said it will create an identity, across the virtual world and the real world which is a permanent renewal of a multi-person interactive virtual world.