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September 5th - In accordance with the "National Natural Disaster Relief Emergency Plan," and in response to the severe impact of recent typhoons and extreme heavy rainfall on Putian and Ningde in Fujian Province, the National Disaster Prevention, Reduction and Relief Commission and the Ministry of Emergency Management raised the national natural disaster relief emergency response level for Fujian to Level III on September 5th. An additional disaster relief working group was dispatched to the disaster area to assess the situation and guide and assist local authorities in ensuring the basic living needs of affected people and in post-disaster emergency recovery efforts.September 5th - According to the Ministry of Water Resources, as of 11:00 AM today (September 5th), 17 rivers in Guangdong, Fujian, Zhejiang, Jiangxi, Hunan, and Heilongjiang provinces remain above warning levels, ranging from 0.01 meters to 2.45 meters above the warning level. Among them, the Yishui River, a tributary of the Xiangjiang River in Hunan, slightly exceeds the guaranteed level, while the Hanjiang River has receded below the warning level along its entire length. The upper reaches of the Ganjiang River at Huluge and the middle reaches at Taihe have both peaked and receded, and the floodwaters of the Ganjiang River are currently passing through the downstream Jian section.September 5th - According to statistics from the Shenzhen Real Estate Intermediary Association, a total of 5,535 second-hand homes were sold in August 2026, a decrease of 3.3% month-on-month and an increase of 5.1% year-on-year; 5,108 second-hand residential properties were sold, a decrease of 2.3% month-on-month and an increase of 7.6% year-on-year. Although the number of transactions recorded in August continued to decline slightly compared to July, the year-on-year increase further expanded compared to the previous month, indicating that although the recent market activity has cooled down somewhat, the overall transaction volume is still significantly higher than the same period last year, and the market remains stable.September 5th - According to a report by RIA Novosti on the 5th, Russian Consul General in Bonn, Germany, Krasnitsky, stated that Germany has demanded that approximately 70 staff members of the consulate leave the country by September 18th. He said Germanys decision to close the Russian consulate is baseless and regrettable. Krasnitsky added that the recent stagnation in Russian-German relations is entirely Germanys responsibility. He concluded that Germanys decision to close the consulate demonstrates its attempt to further escalate tensions between the two countries.September 5th - Three sources revealed that the White House has begun reviewing potential candidates to succeed the Deputy Secretary of Defense, suggesting that the Pentagon, already facing unusually high personnel turnover, may see further leadership changes in the future. According to two of the sources, this process began in June, during which consultations were held with senior senators to determine whether the nominee had sufficient support for confirmation. One source also indicated that the review was still ongoing as of the end of August. All three sources stated that no decision has yet been made to dismiss the Deputy Secretary of Defense. They did not explain why the White House is reviewing potential successors, nor did they specify which candidates are being considered.

AIG affiliate Corebridge's IPO raises $1.68 billion

Aria Thomas

Sep 15, 2022 10:34

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Corebridge Financial Inc, the life insurance and retirement division of AIG Inc, raised $1.68 billion in the largest initial public offering (IPO) of the year on Wednesday, defying market volatility and ending a seven-month hiatus in substantial listings.


AIG (NYSE:AIG) sold 80 million Corebridge shares at $21, below the $21 to $24 target.


$13.6 billion is Corebridge's IPO valuation.


AIG will receive all IPO revenues, and the new business isn't raising capital, according to an SEC filing.


Corebridge's IPO could revive the IPO market. Since February, Russia's invasion of Ukraine and high inflation have caused stock market instability, making corporate listing difficult.


Dealogic, which has collected listing data since 1995, says US IPOs are on track for their worst year in over two decades. Companies have raised over $18 billion this year, compared to $231 billion last year.


Due to market uncertainty, Reddit and ServiceTitan postponed their IPOs this year.


Corebridge's $1.7 billion sale tops TPG Inc.'s $1.1 billion IPO in January.

2022's biggest IPO

AIG said it will spin off its life and retirement unit in 2020, allowing it to focus on its P&C business.


Given their distinct shareholder return profiles, insurers tend to focus on a single product offering. AIG had opposed this trend for years, including a campaign by activist investors in the mid-2010s for a separation.


AIG filed for the Corebridge acquisition in March after selling 10% to Blackstone for $2.2 billion the year before. The listing was delayed due to market instability.


Houston-based AIG offers insurance and retirement options in the U.S.


After the listing, AIG will own approximately 78% of Corebridge's shares, which will trade under the ticker "CRBG" on the NYSE.


JPMorgan Chase & Co., Morgan Stanley, and Piper Sandler are the IPO's underwriters. Bank of America, Citigroup, and Goldman Sachs are also underwriters (NYSE:GS).