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5 Top Stories

Apple Drops Bank; Pinduoduo Wows; Indian Fintech IPOs

Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.

 

Apple Drops Bank

The tech titan has informed Goldman Sachs [GS] that it wants to exit their consumer partnership within the next 12 to 15 months, the Wall Street Journal reported. This will mean the end of the credit card the two companies launched together in 2019, as well as the savings account they started offering this year. It is not clear whether Apple [AAPL] has found a new issuer for the credit card.

Pinduoduo Revenue Wows

China e-commerce major Pinduoduo [PDD] logged 94% revenue growth in the third quarter, overshadowing rival Alibaba’s [BABA] 9% in the same period. Pinduoduo reported on Tuesday that revenue was at $9.4bn, beating LSEG analyst forecasts; revenue from transactions jumped 315%. US shares of Pinduoduo jumped 18% on the news. The company also owns fast-growing e-commerce site Temu.

Coming Soon: Two India Fintech IPOs

The Indian unit of Prosus’ [PROSF] fintech firm PayU will seek an IPO in the second half of 2024, Prosus interim CEO Ervin Tu said on Wednesday. The Indian payments business saw revenues grow 15% to $211m in the first half of the fiscal year. Meanwhile, India-based fintech One MobiKwik Systems has selected banks for its IPO in Mumbai, which could raise up to $84m, Bloomberg reported.

Honda Accelerates Electric Bikes

Japan’s Honda [HMC] has said it is to invest ¥500bn in its electric motorcycle business between now and 2030. It has also raised its annual sales target to 4 million units by then; to help facilitate this, it will introduce 30 new models worldwide. Elsewhere in the electric vehicle space, Nio [NIO] has signed another battery-swapping partnership, this time with Geely [GELYF].

Second-hand Growth for Amazon UK

Demand for pre-owned goods is a £1bn business for Amazon [AMZN] in the UK and EU, according to John Boumphrey, the online retail giant’s UK Country Manager. Boumphrey told reporters that the firm sold more than 4 million used or refurbished products last year, while in the first nine months of 2023 it sold 15% more than the year-ago period.

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