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Ritesh Agarwal announced a profit after tax of US$72.9 million for FY2024 to FY2025, signaling potential growth for the company. Meanwhile, Hong Kong has overtaken Wall Street as the preferred IPO destination for Chinese firms, driven by geopolitical tensions and liquidity advantages. Notable upcoming listings include Shein, which is eyeing the Hong Kong Stock Exchange after failed attempts in the West, and Oyo, which plans a third attempt to go public with a valuation target of US$6-7 billion.
TikTok is enhancing its local services in Indonesia through TikTok Go, an affiliate program that allows creators to promote discounts at partner merchants. Users can redeem offers by visiting outlets and presenting a QR code, but the model raises questions about sustainability for creators and merchants alike.In the automotive sector, BYD's Denza D9 has surpassed Toyota's Alphard in sales, with over 3,000 units sold since its launch, benefiting from lower costs and government tax breaks for electric vehicles. This shift signals potential challenges for Toyota, which relies on brand loyalty in the competitive Indonesian market.
OpenAI aims to reach 1 billion users and profitability by 2025, building on its rapid growth to 250 million weekly active users. Despite projected sales of $3.7 billion in 2024, the company faces a $5 billion operating cost challenge, prompting plans for new data centers and a potential shift to a for-profit model. With a recent $6.6 billion funding round, OpenAI is poised to expand its market presence and enhance its offerings.
Sarah Friar
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Hong Kong Emerges as Top Destination for Chinese Tech IPOs
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