Axington's planned RTO of Chinese tech company was dead on arrival
BY most accounts, now may not be the best time to dabble in China's tech sector. Beijing's regulatory crackdown on Internet companies has left the nation's homegrown giants reeling. The outlook is not much better for those companies turning to China tech plays for a new lease of life.
The proposal of scandal-hit Axington to pay S$405 million for a stake in Hong Kong's Veivo Web Technology was, therefore, dead on arrival.
On Saturday, Axington disclosed that the deal, which would have resulted in a reverse takeover (RTO), was a no go. Talks with the vendor were not fruitful and the non-binding memorandum of understanding inked last month has lapsed.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Huawei’s pivotal role in the US-China tech war, from 5G to chips
CDL Hospitality Trusts reports 6.8% higher Q1 net property income of S$34.9 million
Starhill Global Reit posts 0.9% lower Q3 net property income of S$37.7 million
Binance and CZ’s fortunes are set to grow, jail or no jail
Stocks to watch: Wilmar, MLT, FEHT, CDLHT, Starhill Global Reit, IReit Global
Samsung says Q1 operating profits soar nearly tenfold on-year