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September 5th - According to the latest online sales data provided by the Hainan Provincial Government, from January to August, the total sales area of commercial housing (including affordable housing) in the province was 5.1675 million square meters, a year-on-year decrease of 22%; the sales amount was 88.048 billion yuan, a year-on-year decrease of 21%. In August alone, the total sales area of commercial housing in the province was 357,200 square meters, a year-on-year decrease of 28%; the sales amount was 4.991 billion yuan, a year-on-year decrease of 43%.Conflict Situation: 1. Trump: The US has essentially taken over Iran and may soon attack Jagdah; the conflict with Iran is "not a big deal for the US," and there is no current state of war. 2. According to Axios: The US is planning a post-war Middle East strategy to contain Iran and promote the normalization of Israeli-Saudi relations. 3. According to Tasnim News Agency: Sources say a loud explosion was heard in Jordan, and US targets in northern Jordan were attacked by missiles. 4. According to Israels Channel 12: Senior US officials say that at this stage, they have not been informed of any attacks on US bases in Jordan. 5. Israel claims to have killed a company commander of Hamas elite forces. 6. The Iranian military says that operations against Israel are now "much easier than before." 7. Israeli Defense Minister: Israel will not withdraw its troops from the "safe zone" in Lebanon. 8. Israel Defense Forces: In operations in Judea and Samaria, more than 30 weapons manufacturing workshops were destroyed, and long-barreled weapons, pistols, M-16 rifles, and various weapons and ammunition were seized and confiscated. 9. According to Al Jazeera: Yemeni government forces shot down a Houthi drone on the Makabana front in Taiz province. 10. The Pakistani military says it has killed 48 terrorists in the past three days. 11. Israeli airstrikes in southern Lebanon have killed at least five people. Strait of Hormuz 1. Data shows that four cargo ships passed through the Strait of Hormuz on Thursday, down from the average of about 15 ships over the past 10 days. 2. The South Korean presidential office says that deploying troops to the Strait of Hormuz is in the "study and deliberation" stage. Other Matters 1. The US military shut down device advertising trackers in response to targeted attacks in the Middle East. 2. The US sanctioned a small Turkish investment bank due to Turkeys relationship with Iran.On September 5th, local time, Ding Xuexiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, attended the opening ceremony of the 8th China-Russia Energy Business Forum in Vladivostok, Russia, on September 4th, 2026. He read President Xi Jinpings congratulatory letter and delivered a speech. Ding Xuexiang stated that energy cooperation is an important cornerstone of pragmatic cooperation between China and Russia. Since the beginning of this year, energy trade between the two countries has continued to grow steadily, major projects have been steadily advanced according to plan, cooperation areas have been actively expanded, and a series of new pragmatic cooperation results have been achieved. Looking back on the extraordinary journey of China-Russia energy cooperation, especially the tremendous achievements since the new era, there are many valuable experiences worth summarizing and carrying forward. He put forward three insights and views: First, the leadership of the heads of state is the greatest advantage for the development of the comprehensive energy partnership between China and Russia; second, mutual benefit and win-win results are the fundamental driving force of China-Russia energy cooperation; and third, jointly addressing challenges is a distinctive feature of China-Russia energy cooperation.On September 5th, multiple informed U.S. officials revealed that following the media disclosure of highly sensitive classified information regarding the U.S. advanced weapons inventory, the U.S. military launched a large-scale investigation into the leaks. Dozens of people, including some of the highest-ranking military officials, underwent polygraph tests this summer, including some officials from U.S. Central Command and commanders of other combatant commands. Reports indicate that Trump was furious about the leaks. Because the pool of personnel with access to this classified information about the weapons inventory was very limited, investigators were initially concerned that some might be informants for foreign intelligence agencies. Sources stated that no one failed the polygraph tests used to determine whether information had been leaked to the media.September 5th - The China Federation of Logistics and Purchasing (CFLP) released its August China Logistics Industry Prosperity Index today. Logistics demand remained strong, and the prosperity index continued to rise within the expansion range. In August, the China Logistics Industry Prosperity Index was 50.9%, up 0.5 percentage points from the previous month. Of the 12 sub-indices, 8 showed a month-on-month increase. Among them, the indices for total business volume, new orders, and employment have remained in the expansion range for several consecutive months. By industry, key sectors continued their positive development trend. The total business volume indices for railway transportation, road transportation, air transportation, postal and express delivery, and multimodal transport were 54.8%, 54.5%, 51%, 68.8%, and 54.2% respectively, continuing to be in the expansion range.

Volkswagen wants 75 billion euro valuation in blockbuster Porsche IPO

Charlie Brooks

Sep 19, 2022 10:42

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Volkswagen revealed on Sunday that it aims to value premium sports car maker Porsche at up to 75 billion euros ($75,1 billion) in what will be Germany's second-largest initial public offering (IPO) in history.


Volkswagen (ETR:VOWG p) will price preferred shares in the float of Porsche AG between 76.50 and 82.20 euros per share, the manufacturer revealed, which corresponds to a valuation between 70 billion and 75 billion euros.


At the upper end of the range previously reported by Reuters, according to Refinitiv figures, it would be the third largest IPO in Europe's history. Volkswagen said that trading on the Frankfurt Stock Exchange will resume on September 29.


In conjunction with the IPO, 911,000,000 Porsche AG shares will be divided into 455.5,000,000 preferred shares and 455.5,000,000 common shares. During the IPO, investors will get up to 113,875,000 shares of preferred stock without voting rights.


Volkswagen stated that sovereign wealth funds from Qatar, Abu Dhabi, and Norway, along with mutual fund company T. Rowe Price, will purchase up to 3.68 billion euros in preferred shares as cornerstone investors.


Volkswagen's Chief Financial Officer and Chief Operating Officer, Arno Antlitz, commented, "We are in the final stages of planning Porsche's initial public offering, and we appreciate the commitment of our cornerstone investors."


Porsche SE will obtain 25% plus one ordinary share in the sports car brand, which do carry voting rights, for the price of the preferred shares plus a 7.5% premium.


According to a second release, Porsche SE, the holding firm controlled by the Porsche and Piech families, would finance the acquisition of the ordinary shares with up to 7.9 billion euros in borrowed cash.


Between 18,1 and 19,5 billion euros will be realized from the transaction. Volkswagen will propose distributing 49% of total profits as a special dividend to shareholders in early 2023 if the IPO is successful, and will host an extraordinary shareholder meeting in December.


On Monday, following the release of a stock market prospectus, institutional and individual investors will be able to subscribe for Porsche shares.