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Monday's Pre-Market: eToro's IPO, TSMC in Japan, South Korea, Alibaba, and Grab

  • Writer: Mathieu Desfosses
    Mathieu Desfosses
  • Feb 26, 2024
  • 2 min read

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‘We definitely are eyeing the public markets’: eToro CEO considers IPO after scrapped SPAC deal


  • “We definitely are eyeing the public markets,” CEO Yoni Assia told CNBC in an exclusive interview last week.

  • EToro has already put the work in toward becoming a public company, he suggested, and the question of listing is more a matter of when, not if.

  • The company reported profitability for the first time in 2023, saying it has reach $100 million in EBITDA (earnings before interest, tax, depreciation, and amortization).


Chip giant TSMC opens first Japan factory as it diversifies away from Taiwan amid U.S.-China tensions


  • TSMC opened its first chip fabrication plant in Japan on Saturday, as the semiconductor giant diversifies its supply chains away from Taiwan.

  • A second plant is also in the offing, with construction set to begin by the end of 2024.

  • Japan has been striving to strengthen its semiconductor presence amid an intense rivalry with key chip making countries such as Taiwan and South Korea.


South Korea unveils measures aimed at boosting stock markets, tackling ‘Korea discount’


  • South Korea’s Financial Services Commission furnished details of its “Corporate Value-up Program,” which aims to prioritize shareholder returns through various incentives including tax benefits.

  • The country’s stock markets are often considered undervalued by analysts, who refer to the phenomenon as the “Korea discount.”

  • Measures are aimed at supporting its stock markets and take a leaf out of Japan’s playbook that has helped take Tokyo markets to record highs.


After doubts about Alibaba’s future, co-founder Joe Tsai says: ‘We’re back’


  • Chinese e-commerce giant Alibaba is back on track to be a top market player after a period of pressure, co-founder Joe Tsai told CNBC’s Emily Tan in an exclusive interview Friday.

  • He also expects the penetration of e-commerce in China will exceed 40% in the next five years, up significantly from the current 30% level.

  • When about the success of China-affiliated e-commerce players Temu, Shein and TikTok in the U.S., Tsai said the companies are “very aggressive” and that Alibaba was watching to see what it should do.


Ride-hailing giant Grab posts first profitable quarter, announces $500 million share buyback


  • Southeast Asian ride-hailing giant Grab posted its first-ever profitable quarter on Thursday, raking in $11 million in profits.

  • This compares with a $391 million loss recorded in the same period a year ago.

  • “We exited [2023 with] mobility exceeding pre-Covid levels. We are seeing a very strong demand in the mobility space,” said Grab CFO Peter Oey in an exclusive CNBC interview.



 
 
 

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