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Horizon Robotics Inc. is set to debut in Hong Kong following a successful $696 million IPO, marking a resurgence in initial public offerings in the region. The Chinese company, specializing in autonomous driving systems, priced its shares at the top of the range amid strong demand from investors, including Baillie Gifford & Co. and Norway’s sovereign wealth fund. In pre-market trading, the stock surged by as much as 31%.
Asia markets are poised to open lower following declines on Wall Street, with South Korea narrowly avoiding a technical recession as its GDP grew 0.1% in Q3. The country has announced a financial support program of 75.9 trillion won to aid businesses affected by high interest rates. Meanwhile, U.S. crude oil prices fell over 1% due to a significant increase in stockpiles, reflecting a cautious economic outlook amid rising consumer price sensitivity.
Kai Yu, a former computer science Ph.D. student at the University of Munich, is set to join the ranks of the world's wealthiest following the successful IPO of his company, Horizon Robotics Inc., in Hong Kong. The offering raised HK$5.4 billion ($695 million), boosting his fortune to approximately $890 million, according to the Bloomberg Billionaires Index.
The healthcare sector faces an escalating threat from cyber-attacks, particularly during the pandemic, as hackers employ advanced techniques to target firms for data breaches and ransomware. The demand for cybersecurity solutions is surging, with the service segment projected to grow at a CAGR of 17.8% from 2021 to 2030. North America currently leads the market, while Asia-Pacific is expected to experience the fastest growth, driven by increasing cybersecurity needs.
Switzerland's appeal to wealthy clients is waning, with foreign assets under management dropping to $2.174 trillion in 2023 from $2.624 trillion in 2020, according to Deloitte. The fallout from Credit Suisse's collapse has eroded confidence among clients from Europe and the Middle East, while the U.S. and other rivals are gaining ground in the offshore wealth sector. Despite remaining the largest offshore wealth hub, Switzerland's market share has decreased from 23.7% to 21.4%.
The Healthcare Cybersecurity Solution market is rapidly expanding due to increasing risks of data breaches and cyberattacks in the healthcare sector. The digitalization of records and connected devices has heightened vulnerabilities, prompting healthcare organizations to invest in advanced security measures. Key players in the market include Atos, Bitdefender, and Cisco, with growth expected to accelerate as regulatory pressures and technological advancements drive demand for robust cybersecurity solutions.
Natural Health Trends Corp. (NASDAQ: NHTC) will announce its third quarter 2024 financial results on October 30, 2024, at 9:00 a.m. Eastern Time. A conference call hosted by President Chris Sharng and CFO Scott Davidson will follow at 11:30 a.m. Eastern Time to discuss the results.
Switzerland remains the leading choice for international wealth management, with $2.174 trillion in assets, accounting for 21% of global cross-border management. However, its lead over the UK and US has narrowed due to significant outflows linked to the Credit Suisse crisis, which saw $183 billion withdrawn. The study indicates that while Switzerland retains its competitive edge, the fallout from the crisis and changing regulations may threaten its position in the future.
Switzerland remains the top offshore financial center, managing $2,174 billion in cross-border assets, but faces increasing competition, particularly from the UK, with only an $8 billion lead. Factors such as the Credit Suisse crisis, a tarnished image of neutrality, and stricter regulations threaten its position, prompting calls for pragmatic reforms to maintain competitiveness. The overall offshore market is stagnating, reflecting broader challenges in the industry.
A mansion in Hong Kong's Repulse Bay has been sold for HK$160 million ($21 million), marking a continuation of distressed property sales this year. The property, known as House 3 at the Beachfront, was tied to a HK$168 million loan from Lei Shing Hong Credit Ltd., leading to legal action against the borrowers, including businessman Hui King Chun.
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