Ant Group Debuts Fintech Conference
Ant Group's INCLUSION Fintech Conference debuted Friday in Shanghai on online and offline sites, local news media reported.
The three-day conference features more than 40 forums with topics covering the world digital economy, digital finance, innovative technology and sustainability.
An offline 13,000-square-meter area display presents Ant Group's most recent financial technology innovations. Other technology and finance companies including U.S.-based Mastercard and Swiss-Thai fintech company Ascend Money are participants.
International Monetary Fund Managing Director Kristalina Georgieva delivered the keynote speech Friday highlighting the pivotal role financial inclusion can play in building a better and more resilient world. Nobel economics laureates Michael Spence and Bengt Holmström shared their views about world finance and the integration of technology and financial services.
Guangzhou-Based Discount Retailer Files For U.S. IPO
China cheap household goods retailer Miniso Group Holdings is seeking to raise up to $100 million in an initial public offering on the New York Stock Exchange. The company filed with the Securities and Exchange Commission this week.
Goldman Sachs and Bank of America are the joint book runners. No pricing has been disclosed, according to Nasdaq.com.
Founded in 2013, the company operates 3,500 stores in 79 countries selling products with a Japanese influence. Its chairperson and chief executive officer Yu Guofu said the coronavirus had brought unexpected opportunities. Prime real estate locations have been seeing low rents.
The company plans to expand overseas and aims to double its retail shops to 1,200 locations. It reported $1.3 billion in annual sales as of June.
Tencent Holdings and venture capital company Hillhouse Capital hold 5.4% stakes.
WeWork Sells China Unit For $200 million
After four years of operating more than 100 locations in 12 cities in China, WeWork decided to withdraw after a $200 million bid from Shanghai-based equity company Trustbridge Partners.
Trustbridge invested in WeWork China in its Series B round in 2018. Operating partner of Trustbridge, Michael Jiang, will become WeWork China's acting chief executive. He was a senior vice president of leading e-commerce platform Meituan-Dianping.
Meanwhile, WeWork parent We Co. will not maintain operation control on the brand's business in China. This means WeWork China will become a China-owned company.
