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Futu aims to raise US$1 9 billion in follow-on stock sale in New York as Tencent-backed broker taps investors penchant for punting on IPOs

Online brokerage platform Futu Holdings has launched a follow-on sale of new shares on Nasdaq to raise about US$1.9 billion, according to a person familiar with the transaction, as it seeks new funding to expand its margin financing business amid cutthroat competition. The brokerage, whose name means "path to wealth" in Chinese, offers online trading service of Hong Kong, Chinese and US stocks. It is selling 9.5 million American depositary shares, with an overallotment option to offer another to 1.43 million shares to meet strong investors demand. The final offer price will be determined on Wednesday. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Bank of America and Haitong International are joint bookrunners of the deal. They were not immediately available for comment. Futu Holdi

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As Tesla, NIO, Xpeng and BYD battle for dominance in China, which electric car maker has the slickest fundraising machine?

As Tesla, NIO, Xpeng and BYD battle for dominance in China, which electric car maker has the slickest fundraising machine?
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China EV battery race: Tesla s rivals join NIO in efforts to achieve 1,000km driving range on single charge target

China EV battery race: Tesla’s rivals join NIO in efforts to achieve 1,000km driving range on single charge target Daniel Ren in Shanghai ren.wei@scmp.com © SCMP A view of the electric car assembly at Xpeng’s factory in the Guangdong provincial city of Zhaoqing on November 19, 2020. Photo: Iris Ouyang China s electric car assemblers and battery producers are setting a new goalpost in their battle for supremacy in the world s largest vehicle market: a driving range of up to 1,000 kilometres (621 miles) on a single charge. Their new weapon is the solid-state battery, deemed a better option because the electricity from solid electrodes and a solid electrolyte is safer, more reliable and more efficient than the liquid or polymer gel electrolytes found in existing lithium-ion or lithium polymer batteries.

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Xpeng s US$1 98 billion credit line from state-owned banks suggests China is throwing weight behind leading electric vehicle firms

Xpeng’s US$1.98 billion credit line from state-owned banks suggests China is throwing weight behind leading electric vehicle firms Daniel Ren ren.wei@scmp.com © SCMP An Xpeng factory in Guangdong province. The credit line suggests China is ramping up support for leading EV players. Photo: Iris Ouyang Guangdong-based Xpeng Motors has been granted a 12.8 billion yuan (US$1.98 billion) credit line by Chinese state-owned banks. The company, one of three Chinese electric vehicle (EV) start-ups viewed as potential rivals to Tesla, said that it had secured credit from five lenders - Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), China Citic Bank and Guangzhou Rural Commercial Bank.

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China s second-half car sales defy global slump with 8 per cent gain, as buyers return to showrooms in world s largest vehicle market

China’s second-half car sales defy global slump with 8 per cent gain, as buyers return to showrooms in world’s largest vehicle market Daniel Ren in Shanghai ren.wei@scmp.com © SCMP Customers thronged a Tesla showroom on Shibo Avenue in Shanghai s Pudong district to check out the locally assembled Model Y on january 3, 2021. Photo: Daniel Ren China s car sales increased during the six months ended in December, as customers returned to showrooms amid a tentative recovery in consumer sentiment in the first major economy to emerge from the coronavirus lockdown. Sales of passenger vehicles - cars, sports-utility vehicles (SUVs) and minivans, excluding commercial trucks and buses - rose 8 per cent to 11.75 million units in the six-month period, compared with the interim a year earlier. Annual sales volume fell for the third straight year in 2020, shrinking by 6.8 per cent to 19.6 million units, according to data by the China Passenger Car Association (CPCA), as

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