in many cases they don't turn out into a success story and also when we talk about slack also this i.p.o. is considered as kind of a risky they decided for direct placement which means that no investment banks are directly involved in the public listing but all of this is considered as kind of risky so yeah it's going to be very interesting to see if slack turns out into a success story or at the end in a nightmare for investors thank you very much had daniel cope there in frankfurt for us taiwan's that richest man terry says he will cede control of his tech conglomerate foxconn to a committee while he runs for president that leaves the apple supplier in uncharted waters. foxconn is the world's largest contract electronics maker and assembles gadgets for major international brands including apple and huawei at the company's annual general meeting in taipei go who has been at the helm of foxconn for more than 4 decades announced he would be stepping down. i have already decided to fade myself out from foxconn i already decided to hand over the operations of the company to the 9 person sta

it was founded, i believe in lathe 1993, early 1994 and they have an i.p.o. in the fall of 1995 they call the big bang of the internet era in just 18 months of being a company with nothing in the way of profits -- profits and very little in the way of review knee, they have an i.p.o. that values knelt escape at $almost $2 billion and today companies going public all the time and having $100 billion valuations. there was a way they gave the signal to wall street, silicon valley and main street that that was a technology revolution in the offing, a new gold rush on. net escape went public in 1995. they were very successful for several years, then they started to get the attention of microsoft. microsoft, if you'll recall, exeement very aggressively with net escape. there was eventually the u.s. government's sued microsoft on anti-trust laws because of the aggressive way it competed with net skate. microsoft lost that case. net scale sort of won but it didn't save them because microsoft -- predations has -- had so killed their business model that they were surpa

but all's exiting on the i.p.o. in the public market is participating in this new company and then it has a a life post i.p.o. and will it be the next microsoft or the next apple it takes 102030 years for this all the play out whereas on the i.c.l. you had the formation the creation the the organization the exit and the monetization all happening with one event it's just here's the idea let's exit. on average they returned $12.00 x. in the initial investment in dollar terms $7.00 x. in 8th and $4.00 point terms so they were massive successes and 2017 everybody involved all of those who were donating to the projects all those who were hosting these projects doing the i.c.'s everybody 10 down shows gave birth to this concept of the tax return you know to put this into perspective during the dot com mania it was considered to be unbelievable a windfall event if you got 607080 percent pop on day one of your i.p.o. here you're talking about 10 x. that's 10 times the initial or 20 x. or 30 x. the idea of this x. that you

dan niles joins us and later is chewy's coming i.p.o.cuss what we should be looking for. we're back after a break ♪ feel that? that's the beat of global markets, the rhythm of the world. but to us, it's the pace of tomorrow. with ingenuity, technologies, and markets expertise we create the possible. and when you do that, you don't chase the pace of tomorrow. you set it. nasdaq. rewrite tomorrow. >>> welcome back, stocks are trying to rebound after getting slammed in yesterday's session led by the likes of lam research and applied materials. the sector is coming off a 2% drop, its worst performance in a month. our next guest saw it coming, tweeting this week, most names will cut forecast when reporting due to bad in demand and elevated inventories dan niles joins us on the phone. good morning, dan. >> good morning. >> how much of this short call has to do with china >> very little, actually you read part of that tweet. on the back end of that tweet was we think they're going to cut numbers even excludeing huawei for us we look at huawei a

has been following this i.p.o. at the frankfurt stock exchange for us why is he doing this putting off its truck business. certainly a brave decision considering the uncertainties around in the economy and also in the car business specially so it's a brave decision but i think the idea behind this is that folks are going is looking at slimming down. after decades of expansion this the 1st time it is looking at slimming down and that needs to have more efficient workflow so that's one of the reasons the other is to actually insulate the profit making truck division from the problems that the car manufacturer is facing as far as cars are concerned these are good slow sales and the truck business so far hasn't even felt the full impact of the entire u.s. china trade dispute the truck sales have been stable they've been growing over the past 4 years so clearly it wants to insulate the truck business from the other problems that the car maker is facing and the other like you mentioned it so much needed 1500000000 euros

it seems like the i.p.o. market also dried up as well we had a slew of i.p.o.' on that could like earlier this year but now with the trade war and the bad macro climate it seems like the entire i.p.o. market has kind of dried up a little bit. the director of options at some by train thank you so much for your time. thank you. and finally jewelry loving option go as with a taste for historical kitsch may want to send the better to the philippines president rodrigo do charity who has bragged about his role in extrajudicial killings has also approved an auction of one 3rd of the notorious jewelry collection owned by imelda marcos wife of philippine dictator ferdinand marcos over the objections of the marcos family whom busters who were alive in the eighty's may remember ms marcos and her fabled shoe collection among other artifacts of her husband's massive corruption the marcos' have s. were estimated to have improperly enrich themselves by about $10000000000.00 but now filipinos it means can bid on the jewelry collection seized from the marcos's estimated at $1900

in general, i.p.o. aside but taking it into account, did you talk about different fees and comparabilities in the compensation structure that was determining that so you could get compensated was changed? >> so the app itself tells you the split, so the amount you take home and the amount uber or lyft gets. and drivers were aware for the most part of their decreasing share of the fare. and like you were saying with the pool driver -- or pool section of the app, there's weird incentives in the app itself for drivers to take pool, but if they don't necessarily pick up people on that trip, they're not making that money, so pool will result in less of an income or less share. it was something that came up with most drivers. >> another thing we found -- another thing we found in our research is new york city's actually doing -- just started a report or an active investigation if lyft or uber or t.n.c.s in general are skimming off tips to pay driver's salaries which actually was a reason why they came up with

. >> don't all it an i.p.o.re we've seen major tech companies hit the public market, workplace collaboration company slack is taking a different route, opting for a direct listing. allowing its investors and even employees to sell their existing shares immediately. much the same way spotify did last year. slack's going public at a time when u.s. stocks got an upbeat start to the year but faced extreme volatility in the midst of a trade war with china and antitrust scrutiny looming over big tech. tens of billions have been raised in public offerings though while some i.p.o.'s have soared, others have floundered. c.e.o. stewart butter feel and his team have transformed the way companies manage endless emails and messages but the key will be to convince potential investors that the company is worth its targeted valuation of around $16 billion to $17 billion. despite slack's revenue growing to $600 million this year, its revenue growth is slowing. and its losses are expecting to near $190 million. another unprofitab

the stock of me just up by a good 39 percent and the stock has more than 5 fold of just since its i.p.o. the company is now worth about $7000000000.00 and that's was a yearly revenue of about $200.00 millions of quite a premium that investors are willing to pay at this point and by the way beyond me does not necessarily targeting vegetarians because they only stand for about 5 percent of us of the u.s. population this especially aiming at meat eaters because that's the far a bigger share of the overall food market yes carter with a view from wall street for us thank you very much. facebook has said it will block installations of its apps on while we devices to comply with u.s. sanctions against the chinese tech supplier washington had barred wall way from u.s. tech exports over security concerns but facebook's announcement comes after reports of google's bed for extension from the bad it's warned that while we eventually developing its own operating system could open up full ins to attacks from around the world. hallway was linked to the game but quickly became one of the world's top ce

it's europe's 2nd largest i.p.o. this year fox is selling a stake in its trunk division share sale values try to own at around 13 and a half 1000000000 euros a little lower than expected brings together world brands m a n n a as well as v.w. brand truck sold to south america and africa is a correspondent ashutosh pandey. folks who i've been struck unit trade in has driven into the public markets and with me is the chief executive and. many thanks for speaking to and i want to begin by asking that some would argue that these are really uncertain times for the market and you've taken quite a risk by going public at this point of time why now. you know we are very happy that we made it that shows to fall and you're right the market environment is not as stable as it was a couple of years ago but still we made it and i think this shows that the potential of our company triton is also seen by the investors we could make it also in such a little bit shaky environment and what next could it be more acquisitions or increase

still heavily restricted we've seen since 2012 the chinese companies have raised 156000000000 from i.p.o.'s in hong kong where they've raised 143000000000 in their own mainland exchanges so it's really very important to them and all of this of course takes on a different character as well with the u.s. china trade conflict at the moment china is being squeezed and it needs what hong kong has to offer in terms of international exposure more than ever and. that that squeeze on home calm at the moment that we are kind of feeling of other financial centers in asia benefiting from this singapore for example where you are. well you know i mentioned get you know the issue 7 with the extradition law poses a threat to china's democracy but it also symptomatic threats all of that is you is singapore as a top financial center rival it stands to gain a lot from these runaway 1000000000 is in fact singapore already has overtaken hong kong with the number of investments being me particularly in cross border investment in commercial property the numbers i'm reading here they have spent singapore has sp

and i would just point out that 2014 was shortly after the i.p.o. of twitter, which it is a matter of record because of their community benefit agreement, did participate in the tax break, and it's likely that a significant amount of that foregone tax is associated with twitter's i.p.o. event. throughout the impact, what i discussed in my presentation, i'm going to look at economic indicators before and after the exclusion was enacted and then look at the pattern citywide. we have different ways with which we can look at the area. i'm going to talk first about our business tax filings, and we have a great deal of granularity, including some of the large properties that were not included in the legislation, not included in the tax break area but were also part of the area between vanness and 6th street on market street. and that is where we collected the business tax information that i'm going to share with you now. we saw as we reported in our 2014 report a much faster rate of growth in business tax revenue from the area before, from 2010 to 2013 th

needed hong kong for is a finance center that brings capital in and out so a lot of i.p.o.'s have not just been happening in shanghai but also in hong kong because it is established common law and so forth but what are you been seeing for many many years now is a change in the division of labor among the asian financial centers so for instance a lot of the currency stuff is now in singapore a lot of the the direct investment in china is increasingly in shanghai so from china's point of view that is part of the long time arrives and they're hoping to arrange things so they need hong kong less and less and that shanghai plays a larger and larger role with support singapore and hong kong and taipei and seoul and tokyo so. china will will manage that and not care to mention as far as the west unfortunately i'm very pessimistic either the dollar who cares donald trump cares a hoot about this he cares about the china in terms of a trade war and he's his advisors are telling which is true there's a pop potential for a hot military war at some point and he cares about north korea wh

guys are this is the kaiser report i'm preparing my initial point offering of the i.p.o. for the new crypto sensation merchants fisher matic and so many bankers are jumping off buildings and jumping off beers about of the world is being crushed by a group so americans fisher magic you can fish with these dead bankers i used to dead big i say you know if it will probably raise $150.00 or 250000000 dollars for the station i'm giving you pretty i.c.a.o. coins at it 89 percent discount when you think why 89 percent own at the share some of brock and this is the deal he negotiated with so let's compare.

guys are this is the kaiser report i'm preparing my initial point offering of the i.p.o. for the new crypto sensation merchants fischer matic and so many bankers are jumping off buildings and jumping off beers about of the world is being crushed by crypto so americans fisher magic you can fish with these dead birds.

so they promoted that with an i.p.o. to. alec and you got so you can imagine he could it's not. just him to address his. wrists. good as it is given how much they have you know that should be local pool in which the dentist pull it on its. piece for the day with a good business. put my something up or something about the guy says i was there to. lead. could be the thumb or was he just the best force. playing. 11. suckle today you know not a story he did get it was most people it was a much one made me as. good money at it you know to go but you know it took up a little plumbing 11 . here's a bit from wichita and i'd pick a toaster in the summer to which i was purcell would take the point of and as to that he could he's. a man. and his son the mistress and subject. museums are. wasn't comes the man's gone that did. create a nasty jesse now that crazy vale. boss is set up by had a bad guy you have a. scene a e d c c b that's the other all mass 3 next year natalie maina. are pro slots on. new some months from now this time in the east. the sum is from time to be. devoted to the avo

also watching a whole bunch of ipos next week no adrugs for i.p.o. i can't get excited about it but so many of these stocks have been working that i want you to keep slack on your radar screen. next week, watch for twitter i think the sacramentock market. buy merck, sell merck, buy bristol-myers, that's my plan for the week i'm starting with jack in ohio jack. >> caller: thanks for taking my call >> good to talk to you what's up. >> caller: i'm thinking of adding a new secretator. >> a ton of it right down here judgest trying to break the stock up get that over with and we're going to be up until then, i think it's going to mark time kenny in my home city of new jersey kenny! >> caller: i love your show. love your adrenaline >> thank you >> i bought foot loerk at $41 a share. the nike's most profitable sneakers >> you bought that one on your own, sir, because i got to tell you, that was a miserable conference call and not great last quarter i found myself confused. i do prefer nike to foot locker. i don't like anything, nothing more i don't like foss

i will also point out that the company uber has not posted a profit in 10 years and their i.p.o. came out and it was very under we wil weunder -- i thinky great data. i will say at the risk of being pegged for being angry, because our climate all the time, that you know, my over arching comments about the language on the presentation are similar in that i think that you guys are doing such great work and that often other agencies make political decisions that are not in line with what we know to be factual and what the data points out to and it behooves us to be stronger in our positions of what will happen and when we know that it's going to happen. i think that we know very definitively that having single-trip vehicles through uber and lyft will effect our carbon emissions as a city in a much stronger way than if we invested tax money and to making a better public with how we are doing macro level, you know, thinking about how our city develops and how jobs housing linkage and that we could be stronger about these things. so i will also just give a little anecdote that you know

credit suisse, they were involved in their new york i.p.o., that helped them raise a record $25 billionink that's what alibaba really cares about. like you said, there are no u.s. of now. that doesn't mean that they're u.s. investment brokerages in the future. we could see more names being brought to the table. >> the bigger issue here is, you mentioned of course, should u.s. markets worry. thing, you have a tech board in shanghai that's up and running. as an alternative, i guess, to u.s., but the u.s. still has the deeper, sophisticated investors. >> and enough tech analysts that can cover things. bigger.t way, way if you look at even -- i didn't remembert time but i the market cap of alibaba itself was something like, i don't know, 15% of the hong kong market. and it tells you -- i don't know what the latest numbers are. theust tells you how deep and -- are in the u.s. >> you and tim are writing a piece of what a brilliant idea this all is for alibaba. come to hong kong. >> yes. >> yeah. i think it's a hedge, right? it's a hedge from being overexposed to the u.s. market. they have hon

hey make rigs and the i.p.o. could bring a valuation of about $18 billion. v.w. sell 25% of the units, could be ken down to 15% or 10% depending on market demand. our exclusive interview coming p with andy penn will talk trade disruption as well as the telco's cost cutting plan next. this bloomberg. ♪ ♪ shery: this is "daybreak: asia." i'm shery ahn in new york. paul: and i'm paul allen in sydney. a quick check on how markets in asia are trading right now. the nikkei is weaker. today. x a little lower new zealand is lower too but the kospi is counterintuitive what's happening in south korea. such a trade-exposed market but the kospi putting in another day of gangs. that would be four in a row if it manages to hang on to the close. here in australia we're higher as well and it is a big day in australia, of course, in just about three and a half hours' time we'll have a decision from the reserve bank of australia. 36 of 38 economists surveyed by bloomberg expect the cash rate to be cut from 1.5 to a record low of 1.25%. we'll have that decision at 2:30 local time.

it's not the best performing i.p.o. because beyond meat us up. >> well, it is. and it's funny.deos had to share the spotlight from day one because if you think back to mid april when the stocks started trading, came out the same day on the social media site pinterest. there's been that sort of connection there. nonetheless, i mean, in the introduction mentioned it was a company like this, it's about revenue. and that's where things are interesting. we saw their fiscal first quarter results, revenue doubled from a year ago. here, this is shown on a quarter-to-quarter basis. in other words, last quarter's revenue was 15% higher than the quarter before that. so every quarter, revenue has been going up. and analysts are expecting that to continue all the way through 2022. and by then, we're talking about a $1 billion company, at least by the analyst projects that we've compiled. scarlet: whenever we're talking out zoom video, it's xm, not zoom. it's up 9%. and the volume has picked up as well. clearly there, are people who are hearing this news and buying zoom technologies instead