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5 Top Stories

Tesla bests BYD; Romania’s biggest-ever IPO; latest NetEase title is a hit.

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. 

Tesla has outperformed BYD, but can it last?

Both stocks have logged enviable gains, but Tesla [TSLA] would seem to be beating BYD [1211.HK] in the ongoing EV wars: the former has seen a 127% rally this year, far outpacing the latter’s 37% gain — but some analysts think that Tesla is overvalued. BYD, meanwhile, is making moves in Latin America, working on projects in Chile and Brazil. Stellantis [STLA] has unveiled two mass market-oriented EVs.

Romania’s biggest-ever IPO

Investment management fund Fondul Proprietatea [FP.RO], which is managed by Franklin Templeton, has gone public in Romania’s biggest-ever IPO — and Europe’s biggest year-to-date — raising $1.8bn. Some 17.3% of this total is comprised by shares in green energy producer Hidroelectrica, the country’s biggest electricity producer. The IPO may help the Bucharest Stock Exchange secure an MSCI upgrade to ‘emerging market’.

Success of latest title consolidates NetEase’s rally

Launched last Friday, NetEase’s [9999.HK] AI-based martial arts game Justice Mobile has become one of China’s three highest-grossing games. This success suggests that the stock’s 85% rally since it bottomed out last October is justified; it has become one of the Hang Seng Tech Index’s best performers over the period. According to data crunched by Bloomberg, analysts think shares could potentially rise another 17%.

HSBC tests new cyber defence

HSBC [HSBC.L] will be testing an advanced data-security system run by BT Group [BT-A.L], Amazon’s [AMZN] AWS cloud and Toshiba [6502.T]. The system relies on quantum key distribution, a type of cybersecurity that could help the bank protect trillions of dollars in transactions from cyber crime. “As technology develops and current methods begin to be defeated, we have to make sure we have the most up-to-date robust encryption and security standards,” HSBC Europe CEO Colin Bell told Bloomberg.

OBS to acquire Pakistan-based Bayer assets

Karachi-based OBS Group is finalising a deal to buy pharmaceutical assets in Pakistan from Bayer AG [BAYN.DE], sources told Bloomberg. The 7bn-rupee acquisition will include a factory in Lahore and 12 pharmaceutical brands, and will involve OBS Group incorporating a partially employee-owned unit. The news comes as the country battles record interest rates and soaring inflation. Shell [SHEL.L] has also put its share of its local business up for sale.

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