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Hong Kong targets next Alibaba in IPO rules revamp

Bloomberg Hong Kong’s stock exchange proposed to let “innovative” companies list in the Chinese enclave with dual-class share structures to avoid losing out on more initial public offerings by technology giants like Alibaba Group Holding Ltd. Allowing shares with extra voting power is part of a package of measures that may be the biggest change to the exchange’s listing rules ...

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Indonesia’s Go-Jek acquires 3 firms

Bloomberg Go-Jek, Indonesia’s biggest ride-hailing service, agreed to acquire three local financial-technology companies, underscoring its ambition to become the dominant player in the country’s nascent digital-payments industry. The deals bring together Kartuku, Indonesia’s largest offline payments-processing company; Midtrans, the nation’s top online-payment gateway; and Mapan, a local community-based saving and lending network, Go-Jek said. Go-Jek and the three companies now ...

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Tencent to buy 5% stake in Yonghui for $639mn

Bloomberg Tencent Holdings Ltd. agreed to buy a 5 percent stake in China’s Yonghui Superstores Co. for about $639 million, joining rival Alibaba Group Holding Ltd. in teaming up with a bricks-and-mortar retailer. Shenzhen-based Tencent is buying about 478.5 million shares from existing shareholders at 8.81 yuan apiece, Yonghui said in a filing to the Shanghai stock exchange. The price ...

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