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11/25/20: What’s Going On

Netflix, Discord and more from around the business world.
(NYC Russ)
(NYC Russ)
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“A leading Chinese vaccine developer has applied for authorization to bring its Covid-19 shot to the market, seeking to get a jump on Western rivals as the race for a working inoculation against the virus enters the final stretch. China National Biotec Group Co. has submitted an application to Chinese regulators, reported state media Xinhua Finance on Wednesday, citing parent company Sinopharm’s vice general manager Shi Shengyi. The application likely includes interim data from the company’s Phase III human testing conducted in the Middle East and South America.”

“On Wednesday, the telemedicine arm of Chinese e-commerce giant JD.com Inc. kicked off a $3 billion-plus IPO in Hong Kong. The deal by JD Health International Inc. will help lift proceeds from Hong Kong IPOs and secondary listings to a 10-year high, even after the sudden suspension of Ant Group Co.’s blockbuster listing earlier this month.”

“Netflix has taken the unusual step of removing a show based on the complaint by one of its stars. The streamer today pulled down Chappelle’s Show, the Comedy Central sketch series created by Dave Chappelle. The comedian claims he was never paid when the show’s owner ViacomCBS licensed it non-exclusively to Netflix (along with CBS All Access and HBONow).”

“Venture firm Sequoia Capital led SpaceX’s recent $1.9 billion financing, according to people familiar with the matter. The firm, known for its stakes in companies like Instagram, YouTube and Stripe, wrote a $500 million check in the privately held aerospace business founded by Elon Musk at a valuation of $46 billion this summer.”

Companies Raising Capital
NameAmountDescription
Current$131 MillionMobile Banking App With 2 Million Members
Dija$20 MillionDelivery Startup From Fromer Deliveroo Employees
HMBradley$18.25 MillionL.A.-Based Challenger Bank
WeGift$8 Million‘Incentive Marketing’ Platform
F3$3.9 MillionA Stories-Style Q&A App for Gen Z Teens

“ViacomCBS Inc. is close to a deal to sell book publisher Simon & Schuster to German media giant Bertelsmann SE for more than $2 billion, in a deal that would create a publishing behemoth accounting for about a third of all books sold in the U.S.”

“Gap Inc.’s quarterly sales rebounded from spring shutdowns but increased marketing weighed on profits. Executives cautioned that rising Covid-19 infections could slow visits to stores during the critical holiday shopping period.”

“Laptop sales, driven by people working and learning from home to curb the pandemic’s spread, helped HP Inc. and Dell Technologies Inc. soften the impact from lower office-equipment spending.”

“Discord, the communications service that’s become the 21st century’s answer to MUD rooms, is close to closing a new round of financing that would value the company at up to $7 billion.”

“TikTok has quietly upped the stakes of its legal battle with rival video-sharing app Triller, alleging that Triller has violated three of its patents and asking a judge for monetary relief.”

“India banned 43 more Chinese apps in New Delhi’s latest move to pressure China in the online industry as tensions fester following a deadly border clash between the neighboring countries.”

“Amazon and Facebook have been sent tax bills from French authorities as the transatlantic dispute between European countries and the United States over how much Big Tech firms are taxed is set to worsen.”

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