Weekly News Wrap: China calls on e-commerce sites to curb spam; Luckin Coffee reaches $175m class action settlement
And Philippines-based AllDay Marts poised to jump in trading debut.
From Reuters:
China's Ministry of Industry and Information Technology (MIIT), a major industry regulator, has called on e-commerce sites to curb text-message marketing ahead of the country's annual 11 November Singles' Day shopping festival.
In a social media post, MIIT said it held a meeting with representatives from e-commerce companies Alibaba Group, JD.com, Meituan, and Pinduoduo.
It said it told the companies that vendors on their platforms often use loopholes to send text-message promotions to registered users without consent, in violation of consumer rights. Unsolicited online content is commonly known as spam.
The regulator said it then called on the companies to "check and correct" text-message marketing activities and themselves refrain from sending text-message promotions without obtaining user consent.
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From Reuters:
Luckin Coffee reached a $175m settlement of shareholder class-action claims that the Chinese rival to Starbucks fraudulently inflated its share price by falsifying revenue.
Lawyers for the shareholders called the all-cash settlement an "excellent result," citing Luckin's liquidation proceeding in the Cayman Islands and its related filing for protection under the US Bankruptcy Code.
The accord also covers Luckin officials, and underwriters of the Xiamen, China-based company's $645m initial public offering in 2019 and a later offering of American depositary shares.
US District Judge John Cronan in Manhattan approved the preliminary settlement and scheduled a 31 January 2022 hearing to consider final approval. The settlement also requires approval by a Cayman Islands court.
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From Bloomberg:
AllDay Marts, a supermarket chain founded by the richest person in the Philippines, is poised to jump in its trading debut thanks to heavy retail investor interest.
AllDay’s offer was about four times oversubscribed, with the company and billionaire Manuel Villar raising a combined $89m (PHP4.52b) by selling 7.52 billion shares at P0.60 each. Trading is scheduled to begin on 3 November in Manila.
“The interest from retail investors is quite strong,” said Andrei Soriano, an analyst at AP Securities. “We got a lot of inquiries and many of our clients subscribed to the IPO”
Read more here.
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