Connect with us

Technology

Alibaba’s Finance Seek at Least $1.5 Billion

Published

on

alibaba

Alibaba Group Holding Ltd.’s finance affiliate is seeking at least 10 billion yuan ($1.5 billion) in a second round of fundraising ahead of a planned initial public offering, a person familiar with the matter said.

Zhejiang Ant Small & Micro Financial Services Group Co., controlled by Alibaba’s billionaire chairman Jack Ma, plans to issue stock to existing and new investors, according to the person, who asked not to be identified as the details are private. The firm, known as Ant Financial, is speaking to potential investors including insurers and other financial institutions, as well as private equity funds and venture capital firms, the person said.

Challenging bricks-and-mortar banks, the Internet-based Ant Financial runs China’s biggest online payment service, Alipay, and controls the company which manages Yu’E Bao, the nation’s largest money-market fund with more than 600 billion yuan of assets. It also holds a stake in MYBank, a private online lender.

Ant Financial was valued at about $45 billion after completing an initial round of fundraising in June 2015, the person said. The company may sell shares in an IPO as early as this year and hasn’t decided yet whether to conduct a third round of financing ahead of that, according to the person.

Potential Acquisitions

Ant Financial may use money from the current fundraising for acquisitions, the person said, without identifying potential targets. Ant Financial has already invested in companies including India’s One97 Communications Ltd. and Postal Savings Bank of China.

Miranda Shek, a Hangzhou-based spokeswoman for Ant Financial, confirmed a second round of funding while declining to comment on the amount sought or other details.

Prior to Alibaba’s record $25 billion IPO in September 2014, the companies struck a deal which locked in Alibaba’s share of the finance affiliate’s pretax earnings and set terms for Alibaba’s entitlements if Alipay or its parent hold an IPO.

In Ant Financial’s initial fundraising round, the company sold a 12.4 percent stake to outside investors including China’s national social security fund and China Development Bank Capital Co.

Bloomberg

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Technology

Starlink Pulls Plug on Ghana, South Africa, and Others

Published

on

starlink

Starlink, the satellite internet service operated by SpaceX, has announced the cessation of services in countries including Ghana and South Africa.

This decision comes as a significant blow to users who have come to rely on Starlink for their internet connectivity needs.

The decision, set to take effect by the end of April 2024, will disconnect all individuals and businesses in unauthorized locations across Africa, including Ghana, South Africa, Botswana, and Zimbabwe.

While subscribers in authorized countries such as Nigeria, Mozambique, Mauritius, and others can continue to use their kits without interruption, those in affected regions face imminent loss of access.

One of the reasons cited by Starlink for the discontinuation is the violation of its terms and conditions.

The company explained that its regional and global roaming plans were intended for temporary use by travelers and those in transit, not for permanent use in unauthorized areas. Users found in breach of these conditions face the termination of their service.

Furthermore, Starlink’s recent email to subscribers outlined stringent measures to enforce compliance.

Subscribers who use the roaming plan for more than two months outside authorized locations must either return home or update their account country to the current one. Failure to do so will result in limited service access.

The decision to discontinue services in certain countries raises questions about the future of internet connectivity in these regions.

Also, concerns have been raised about Starlink’s ability to enforce the new rules effectively. Reports indicate that the company has previously failed to enforce similar conditions for over a year, raising doubts about the efficacy of the current measures.

Starlink’s decision to pull the plug on Ghana, South Africa, and other nations underscores the complexities of providing satellite internet services in diverse regulatory environments.

Continue Reading

Technology

Nigeria’s Broadband Penetration Stalls at 42.53% Amid Connectivity Challenges

Published

on

broadband

Nigeria’s broadband penetration has stalled at 42.53% as of January, according to the latest report.

Subscriptions currently stand at 92.19 million, indicating a significant gap in connectivity, particularly in rural areas.

The Nigerian National Broadband Plan 2020-2025 aims to increase broadband penetration to 70% by 2025, with the ultimate goal of achieving 96% mobile broadband coverage by 2030.

However, this ambitious target requires substantial investment—approximately $461 million, according to a recent report by the Global System for Mobile Communications Association (GSMA).

While the country’s major telecommunications companies, such as MTN Nigeria and Airtel Africa, have invested heavily in expanding their network infrastructure, much of this development has been concentrated in urban areas. Rural and underserved regions face a significant coverage gap, exacerbating the digital divide.

Despite these challenges, Nigeria has made progress in improving its broadband infrastructure. Since 2012, the mobile broadband coverage gap across Africa has decreased from 56% to 13% in 2022, due to significant investments in network capacity and new technologies.

Nonetheless, millions of Nigerians, particularly those in rural regions, remain without access to essential telecom services.

To address this issue, Nigeria’s government established the Universal Service Provision Fund (USPF) in 2006, aimed at bridging the connectivity gap and expanding broadband access to unserved and underserved areas.

The fund provides resources for deploying telecommunications infrastructure in economically unviable regions.

The success of these initiatives, along with increased investments in broadband infrastructure and policies to incentivize internet expansion in remote areas, will be crucial in closing the connectivity gap and improving digital access for all Nigerians.

Continue Reading

Technology

iPhone Shipments Drop Amid Resurgence of Android Rivals

Published

on

Apple iPhone 14

Apple Inc. reported a significant drop in iPhone shipments during the March quarter, reflecting a downturn in sales across China amid the resurgence of competition from Android-powered rivals.

According to market tracker IDC, the tech giant shipped 50.1 million iPhones in the first three months of the year, a 9.6% year-on-year decline that fell short of the average analyst estimate of 51.7 million.

The steep decrease in iPhone sales marks Apple’s most significant quarterly dip since 2022, when Covid-19 lockdowns disrupted supply chains.

This time, the Cupertino-based company faces challenges from resurgent competitors such as Huawei Technologies Co. and Xiaomi Corp.

These firms have rebounded strongly in recent quarters, and their innovative product lines have begun to reclaim market share from Apple in China.

Samsung Electronics Co. regained its position as the top smartphone supplier globally, while Apple ranked second. Xiaomi closed the gap on Apple, shipping 40.8 million units, an impressive 33.8% increase year-on-year.

Transsion Holdings, another key player in the budget smartphone segment, nearly doubled its shipments, showcasing the competitive environment Apple faces.

Nabila Popal, research director at IDC, highlighted the broader shift in the smartphone market, which has recovered from the supply chain disruptions and challenges of recent years.

“While Apple has demonstrated resilience and growth in recent years, maintaining its pace and share in the market may prove challenging as Android manufacturers make strides,” Popal commented.

Apple has a strong brand and loyal customer base, yet its market position may be tested further by the aggressive pricing and innovative products offered by Chinese rivals.

The company’s efforts to sustain its premium pricing strategy may also be challenged as more customers consider switching to Android alternatives.

As the tech industry looks ahead to the rest of the year, Apple’s upcoming earnings report and strategic moves to address this competitive pressure will be closely watched by investors and industry observers alike.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending