Tag: carmaker

Geely gets nod to raise capital on Shanghai’s Nasdaq-like Star Market as carmaker remakes itself into tech company



a close up of an engine: Welding line of a manufacturing base of Geely Auto in Ningbo, east China's Zhejiang Province on October 18, 2018. Photo; Xinhua


Welding line of a manufacturing base of Geely Auto in Ningbo, east China’s Zhejiang Province on October 18, 2018. Photo; Xinhua

Geely Automobile Holdings, China’s largest private carmaker and owner of Volvo Cars, has obtained regulatory approval for a secondary listing on Shanghai’s Nasdaq-like exchange for start-ups, as it redefines itself as a technology company with its line-up of 10 electric cars by 2025.

The Hangzhou-based carmaker aims to raise as much as 20 billion yuan (US$2.94 billion) on the Star Market to finance its development of new technologies and models, according to an announcement by the Shanghai Stock Exchange.

“The green light for Geely underscores the important role of the carmaking industry in China,” said Ding Haifeng, a consultant with Shanghai-based financial advisory firm Integrity. “Regulators hope that companies like Geely would use the funds to propel technological development in next-generation cars.”

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Tesla falls after S&P 500 adds Etsy and two others, bypassing carmaker

SpaceX founder Elon Musk looks on at a post-launch news conference after the SpaceX Falcon 9 rocket, carrying the Crew Dragon spacecraft, lifted off on an uncrewed test flight to the International Space Station from the Kennedy Space Center in Cape Canaveral, Florida, March 2, 2019.

Mike Blake | Reuters

Shares of Tesla dropped more than 7% after hours on Friday after the S&P 500 Index Committee decided to move Etsy, Teradyne and Catalent into the S&P 500, but abstained from including Elon Musk’s electric vehicle and solar energy company.

By contrast, shares of Etsy, an e-commerce marketplace for artisans, rose more than 5% on news of its inclusion. 

Some Tesla investors expected the company to be included this quarter, as the company reported its fourth consecutive quarter of profitability in July. 

According to S&P Dow Jones Indices, there’s over $11.2 trillion in assets benchmarked to the S&P 500, with

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