Shanghai stock exchange to suspend $35 billion listing for Ant Group

China has suspended the Shanghai leg of Ant Group Co.’s $35 billion offering, potentially derailing the world’s biggest initial public offering.

The Shanghai stock exchange will suspend the listing amid changes in the regulatory environment, it said in a statement Tuesday without providing further details. The debut was expected for Thursday, the same day as the Hong Kong portion.

The shock move comes after China’s regulators warned that Jack Ma’s firm faces increased scrutiny and will be subject to the same restrictions on capital and leverage as banks. Ma, Ant’s billionaire co-founder, was summoned to a rare joint meeting on Monday with the country’s central bank and three other top financial regulators.

Ant’s decision to list on the Star board, a market launched in Shanghai last year, was seen as a major win for mainland exchanges. The IPO had sparked a frenzy among individual investors, with about $2.8 trillion worth … Read the rest

IFPS Charts 2021 Projects

IFPS held its 2020 annual meeting virtually on Sept. 25. The board of directors approved a number of projects by the education, marketing, membership and certification committees for 2021: • The upgraded Mobile Hydraulic Mechanic certification is in its final stages of development. Areas of the MHM Study Manual that were added and improved include: […]

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Electric vehicle stocks come unplugged

Star car designer Henrik Fisker has driven another leg on his road to redemption. On Friday, his second-try electric car effort, Fisker Inc., merged with special purpose acquisition company Spartan Energy Acquisition Corp., raising $1 billion of much-needed funds in the process. In its first day of trading on the New York Stock Exchange under the symbol FSR, the stock climbed 13% to close at $10.14.

Fisker says that’s all the money he’ll need to bring his planned electric SUV, the Fisker Ocean, to market at a price under $40,000. Last month he struck a deal with Canadian auto manufacturing giant Magna International to supply key components of the vehicle, with mass production planned to start in about two years.

It’s quite a different strategy than what Fisker tried last time around. A decade ago, Fisker Automotive designed, manufactured, and sold the Fisker Karma hybrid electric sports car priced at … Read the rest

Test Your Skills: Electric Flow Control Devices

Flow control valves influence actuator speeds in a fluid power system. Increasing or decreasing the opening to flow at a throttling point adjusts the flow to optimize the system performance. This flow at a throttling point may be calculated dependent on the type of orifice, pressure drop, and the type of fluid. The electronic proportional […]

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