Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Baidu Weighs Spinoff of AI Chip Unit for Independent Listing
Nvidia Welcomes U.S. Nod to Sell H200 AI Chips in China
Chinese Chip Heavyweight Abandons Acquisition of Server Firm
LATEST
Chinese Chip Heavyweight Abandons Acquisition of Server Firm
Nvidia Welcomes U.S. Nod to Sell H200 AI Chips in China
Baidu Weighs Spinoff of AI Chip Unit for Independent Listing
Huawei’s Ren Downplays Chip Shortage, Touts AI for Industrial Value
China’s AI Chip Leaders Ride IPO Wave Amid Drive for Tech Self-Sufficiency
Tsing Micro Raises Over 2 Billion Yuan in State-Backed Round as China Ramps Up AI Chip Push
Synthetic Biology at Scale Could Reshape Food and Materials Systems, Expert Says
ByteDance in Talks With Smartphone Makers to Embed AI Assistant
Lenovo Executive Urges AI Startups to Take On Tech Giants
Infinigence AI Raises 500 Million Yuan to Expand Heterogeneous Computing Platform
Alibaba’s Quark Unit Launches AI Glasses Powered by Qianwen Model
Pony AI Plans to Triple Robotaxi Fleet to 3,000 by 2026 as Revenue Jumps
China’s Semiconductor Software Push Gains Traction Amid U.S. Curbs
Alibaba Scales Back Retail Spending, Dismisses AI Bubble Fears
Huawei Slashes Flagship Phone Price Amid Slowing Shipments
China’s CXMT Takes Aim at Global Leaders With High-End DDR5 Memory Chips
Alibaba’s Profit Plunges 72% on Costly Foray Into Instant Retail
Xiaomi, Founder Stem Stock Rout With $115 Million Buyback
Analysis: Soaring Legacy Chip Prices Spark Windfall — and Risk — Across Supply Chain
Alibaba, Ant Race to Catch Rivals in China’s AI App Boom
Payment Firm Lakala Cheers Investors With Surge in Shenzhen Debut

By Qian Tong and Han Wei / Apr 26, 2019 03:11 AM / Finance

Photo: IC Photo

Photo: IC Photo

For most Chinese equity investors, Thursday was gloomy as stocks dropped to the lowest levels in more than three weeks. But there was at least one notable exception.

Investors in Lakala, a third-party payment provider, enjoyed cheerful results from their investments as the company debuted on Shenzhen’s Nasdaq-style ChiNext board, surging nearly 44% Thursday.

That pushed the company’s market value to 19.2 billion yuan ($2.9 billion) on the first day of trading. Lakala raised 1.3 billion yuan in its initial public offering to fund technology upgrades and business expansion, the company said.

Established in 2005, Lakala is backed by Legend Holdings Corp., the parent of Lenovo Group, and individual investors including Lei Jun, founder and chairman of smartphone maker Xiaomi Corp.

Legend Holdings is the largest single shareholder of Lakala with 28% after the offering. Lakala’s Thursday debut surge left Legend Holdings’ investment in the company up nearly 20 times based on book value.


Share this article
Open WeChat and scan the QR code