🛢️NNPC & 📱iPhone Palava!
China's new stock exchange, NNPC, & the New iPhone
Hi 👋,
The new iPhone is here!
Apple lovers, ex-lovers, and everything in between gather here - It's that time of the year again! Every year, Apple (AAPL) takes us on a ride: sets our hopes high with this ‘new & amazing’ technology and makes us empty our bank accounts for the unveiling. I mean, it's like magic: they say and we follow suit. It works all the time.
Apple announced that it will host its annual unveiling event on September 14 where it’s expected to debut the highly anticipated iPhone 13. Apple traditionally takes the wraps off its latest iPhone during an annual fall event at its Cupertino headquarters. However, due to the ongoing pandemic, the big show will once again be held virtually. And now, perhaps you can join the event live?
The iPhone 13 (if Apple does not funkify its name), is expected to include camera improvements, faster display refresh rates, and could offer satellite communications technology. What does that even mean, Oh Apple?!
And of course, this announcement helped Apple shares gain about 2% by afternoon trading on the same day - taking its market cap to $2.6 trillion.
Instagram & Snapchat users are yet in trouble: Y’all finna be seeing more pictures that walk far from reality. Fasten your seatbelts.
Wallah!!! NNPC is going Public!
Yes, you heard me right, our very own Nigerian National Petroleum Corporation (NNPC) has announced that it is considering an initial public offer (IPO). I know it sounds kinda funny and unbelievable but it looks like something is underway. Sorta find it extremely sarcastic though that just last month, Mr President announced the NNPC had finally made a profit after 44 years of Operation. NNPC group’s managing director Mele Kyari broke this huge news during a press briefing in Abuja. He also mentioned that they are drawing their inspiration from Aramco, the Saudi Arabian oil giant, which listed its shares in 2019. [Oya na, Aspire to acquire the desire you ‘quagmire’]
What do you think, would you like to own a piece of one of Nigeria’s biggest assets?
It's also important to know that the new legislation specifies that the NNPC has to pay its fair share of royalties, fees, rents, taxes and other payments due to the government and that it should pay out the bulk of its profits as dividends after retaining 25% for reinvestment. [Somebody can't even drink water and drop the cup, fam!]
Keeping fingers crossed till 2023 or 2024 when (if) it’s finally listed but till then, a waiting game, it is. And when it does list, you already know TROVE’S GOTCHU!
Another Chinese Exchange?
Last week, the Chinese president announced plans for a new exchange market (clearly this man DOES NOT sleep because if he ain’t finding trouble, he is building competition for the US - can’t hate though) but details were later provided by the country’s security regulator. The new exchange is going to be based in Beijing and become the third exchange in Mainland China, coming after the Shanghai and Shenzhen exchange.
China is coming for the NYSE and NASDAQ’s necks, ladies and gentlemen. NYSE & NASDAQ be like:
The Beijing Stock exchange will list small-cap and medium-cap companies. The exchange will primarily be for companies that aren’t big enough to trade on the Shanghai and Shenzhen exchanges. I mean who doesn’t love a win for the little guys, right?
Authorities have not given specific information as to when the exchange will officially open for trading but analysts expect it to be shorter than the seven month preparation period it took to open the Shanghai exchange in 2019. [Two exchanges in roughly two years. Honestly, you gotta give it up for China. They stay working yo!] It is also unclear whether individuals will be allowed to invest in the new exchange although it is highly likely. LEMAO Knowing China 😫😀😹
This move to open a Shanghai exchange comes after China has put roadblocks in place for Chinese firms that want to list in the US, 😟 especially tech firms. Reports say China plans to ban data-heavy tech firms from US IPOs in line with the country’s concerns about data security, and sheer sentiments around doing business in the US [but you didn't hear it here o!].
What China thinks it is:
....and we step on the breaks for today y’all ~!!!
You’ve got 5 FREE SHARES WAITING FOR YOU if you tell a friend to tell a friend to:
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Go crush another week!