Luxshare Precision Industry shares closed 1.55% lower at HK$62.3 in their Hong Kong trading debut after raising $3.09 billion in the year's largest IPO there. The Apple supplier, already listed in Shenzhen, derives about 70% of revenue from the iPhone maker and continues expanding through acquisitions.
The firm has grown from assembling AirPods into a broader provider of components for consumer electronics, automotive systems and communications gear.
https://x.com/CNBC/status/2075095586504601801
The offering stands as the largest Hong Kong IPO so far this year.
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Visa announced it will acquire Israeli fraud-detection startup BioCatch for $2.4 billion in cash from Permira and other investors. The purchase centers on behavioral biometrics technology and expands the payments company’s fast-growing value-added services business as global fraud losses surpass $1 trillion a year.
Visa plans to cut about 2,600 jobs, representing roughly 7% of its workforce, with AI cited as a significant but not sole factor. The company will redirect savings into growth areas such as affluent customers, cross-border activity and geographic expansion as it reports quarterly earnings the same day.
CXMT shares jumped nearly 466% in their Shanghai debut, closing at 49 yuan to reach a 3.3 trillion yuan market cap that exceeds every other China-listed firm. The $8.6 billion IPO haul will support memory wafer manufacturing while the firm commands 7.67% of the worldwide DRAM sector and stands to benefit from Beijing's semiconductor self-reliance campaign.
