Treasury Secretary Steven Mnuchin has concerns about Facebook's proposed cryptocurrency and its potential illicit use.Marketsread more
Some White House officials expect the Cabinet secretary, who has known the president for years, to depart as soon as this summer.Politicsread more
The Guggenheim CIO says he had been approached by the White House about possibly joining the Federal Reserve.The Fedread more
Epstein is accused of sexually exploiting dozens of underage girls from 2002 through 2005 at his New York and Florida residences. He is a former friend of Presidents Donald...Politicsread more
When you think of Prime Day, you might be thinking about deals on Instant Pots and Amazon Echo devices — not half-off dresses and designer heels. But the market for apparel...Retailread more
Joe Lonsdale says his fellow Palantir co-founder Peter Thiel was "courageous" for speaking out against Alphabet's Google.Technologyread more
Wall Street analysts say it is increasingly possible the Trump administration will try using a stronger weapon in the currency wars than just presidential tweets.Market Insiderread more
Twitter has rebuilt its website from the ground up for the first time ever, here's what it looks like.Technologyread more
Amazon is expanding its empire and Morgan Stanley believes Bezos' ambitious satellite internet plan could become very lucrative.Investing in Spaceread more
Charles Schwab is in talks to buy USAA's brokerage and wealth-management operations for about $2 billion, The Wall Street Journal reported.Wall Streetread more
The talks are expected to be the most contentious in a decade amid "America first" policies from the Trump administration, a tight labor market and thousands of job cuts and...Autosread more
Hot on the heels of Chinese hotpot chain Haidilao's debut yesterday, Hong Kong Exchanges and Clearing held another highly anticipated initial public offering with the debut of investment bank China Renaissance.
The company, which counts Alibaba-affiliated payments giant Ant Financial as one of its cornerstone investors, was expected to raise approximately $346 million after pricing at 31.80 Hong Kong dollars (approximately $4.07) per share.
As of the market close at 4 p.m. HK/SIN, China Renaissance's stock was at 24.7 Hong Kong dollars per share, falling approximately 28.7 percent from the debut price.
"It's OK, you know, we play a long game," Fan Bao, founder and chairman of China Renaissance, told CNBC's Emily Tan, when asked about the stock's lackluster performance on its first day of trading.
"We're very confident of our business performance in the future," he added.
Founded by Morgan Stanley and Credit Suisse alumnus Bao, China Renaissance has played an advisory role in some of the biggest mergers in China's tech ecosystem. One of those deals was the merger of Meituan and Dianping in the formation of Meituan Dianping, a tech heavyweight that saw its own public listing earlier in September.
China Renaissance also advised on the merger of Didi Dache and Kuaidi Dache for the formation of Didi Kuaidi, better known today as the Chinese ride-hailing giant Didi Chuxing.
Despite a long run of industry successes, some market observers expressed doubt over the state of China's financial space.
"The financial market in mainland China is, well, it's not in a very good shape for the time being," Ronald Wan, non-executive chairman at Partners Financial Holdings, said Wednesday on CNBC's "The Rundown."
Challenges in liquidity and credit debt are likely to "pose a very great challenge" to companies in the space, he added.
"In that area, I think that investors should take a rather conservative approach," Wan said. "I would take Haidilao instead of the other financial stocks."
Haidilao, for its part, fell 5.05 percent on Thursday.
Asked where China Renaissance was likely to look next following its public debut, Bao said it would "most likely" be Southeast Asia, a region where its corporate clients are heading and where it sees many "interesting investment opportunities."
In an announcement of IPO allotment results posted on the China Renaissance's website on Sept. 26, 2018, the company said that approximately 40 percent of the net proceeds from the public listing were expected to be dedicated toward expanding its investment banking business.
According to the same document, other expected applications of the net proceeds include expanding its investment management business and developing its wealth management arm.