Xiaomi opens down in its Hong Kong IPO

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Xiaomi opens down in its Hong Kong IPO
Number 541
Broadcast Date JULY 9, 2018
Episode Length 4:07
Hosts Sarah Lane

Timehop discloses major security breach, Uber invests in scooter company Lime, Apple Music closes in on Spotify numbers in the US.

Headlines

Fitness app Polar is revealing locations of people in secretive locations, such as intelligence agencies and military bases and airfields, a joint investigation of Bellingcat and Dutch journalism platform De Correspondent reports. Back in January, the fitness app Strava revealed similar sensitive locations. Polar can feed into the Strava app, Polar updated its privacy policy last August, and new accounts do have their default settings set to the most private options available. Polar tells Bellingcat it recognizes the sensitive nature of the data, and decided to temporarily suspend its ‘explore’ function and allow more ways to delete data history.
Timehop disclosed a major security breach in July that affected 21 million users. Attackers were also able to retrieve access tokens to view users’ posts on Facebook, Instagram, Twitter, and Foursquare. Timehop's cloud servers were not protected by multi-factor authentication. Names and email addresses associated were stolen and 4.7 million of those accounts had a phone number attached.
Samsung opened the world’s largest mobile phone factory in India on the outskirts of Delhi. Samsung says its annual mobile phone output will increase to 120 million units a year from 68 million units a year after the facility is completed by 2020.ndia’s smartphone market grew 14 percent with total shipments of 124 million units in 2017, the fastest pace of growth among the top 20 markets, according to International Data Corp.
As of last week, Apple had between 21m and 21.5m US subscribers, while Spotify had 22m to 22.5m, according to sources speaking to CNBC. That's compared to 1 year ago, when Spotify had about 17m US subscribers to Apple’s 13m, Sources expect Apple to match Spotify in the US by next month Apple Music has also been growing faster than Spotify in the UK and Canada. But globally, Spotify remains the leader, with 75m paying customers at the end of last March, and reaching close to 100m by the end of the year.
Sources tell Recode Groupon is looking to sell and has ramped up efforts in recent months. In 2011 Groupon had the second-largest IPO for a tech company at the time, putting the company's valuation at $16 billion. Today, Groupon is valued at $2.4 billion as the deaily deals market has waned.
Uber is investing in scooter rental companby Lime in a $335 million financing round led by Alphabet's venture arm GV, valuing Lime at $1.1 billion. Uber will reportedly promote Lime in the Uber app and add its logo on the scooters. Uber has filed an application in San Francisco to introduce a scooter service of its own.
Xiaomi debuted its IPO in Hong Kong Monday, opening down at 16.60 Hong Kong dollars ($2.12) a share, according to Dow Jones, below the initial public offering price of HK$17 ($2.17). Shares traded at HK$16.58 apiece as of 3:35 p.m. HK/SIN before closing at $16.80, after slipping as low as HK$16 earlier. Xiaomi is the world’s fourth-largest smartphone manufacturer.
Intel is denying part of a CTech report from last week that Apple has decided not to use an Intel 5G modem called “Sunny Peak” in future iPhones. CTech u[pdated its report to clarify Sunny Peak was not a 5G modem, and did not combine 5G, Wi-Fi, and Bluetooth on one chip, only a combined Wi-Fi and Bluetooth chip.

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Preceded by:
"Samsung Slows Down"
Xiaomi opens down in its Hong Kong IPO
Followed by:
"New Cheap Surface Tablet"