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5 Top Stories

TPG to buy cybersecurity unit; TSMC’s revenue beat; Alibaba gains 3%

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. 

TPG to buy Forcepoint cybersecurity unit

Asset management company TPG [TPG] is to spend $2.45bn on Texas-based software provider Forcepoint’s government cybersecurity business, Forcepoint Global Governments and Critical Infrastructure. The unit is currently owned by Francisco Partners, who will retain a minority stake, the Wall Street Journal reported. TPG has previously backed a number of cybersecurity firms, including Zscaler [ZS], Intel’s [INTC] McAfee unit, and identity-management firms Thycotic and Centrify, which it merged to create Delinea.

Zeekr expands into Israel

Zeekr, the EV unit of Chinese automaker Geely [0175.HK], is continuing its global expansion with a foray into Israel, having already made inroads in the Netherlands and Sweden. The EV brand has partnered with local distributor Union Group, and its 001 sedan and X sport utility vehicle will be available in the country beginning in the fourth quarter (Q4) of this year.

TSMC beats estimates on Q2 revenue

With artificial intelligence booming, sector-leading chipmaker Taiwan Semiconductor Manufacturing Company [TSM] has beaten Q2 estimates with a total revenue of approximately $15.3bn. This was still 10% less than the previous year, but was a smaller drop-off than had been feared. Meanwhile, the Financial Times has reported that the chipmaker, like Samsung [005930.KS], has been struggling to reduce its carbon footprint.

Axiata signals spin offs in profitability plan

Axiata Group Berhad [6888.KL] is preparing to sell stakes in some of its businesses. The wireless carrier is the largest in Malaysia by revenue, but is looking to ease the pressure off its balance sheet, which is being weighed down by 36.7bn ringgit (approximately $7.9bn) as of the end of March. Potential stake sales on the list include telecommunications provider Edotco Group Berhad and internet service provider Link Net. Axiata plans to list its fintech arm Boost by 2027.

Alibaba gains 3% on Ant Group buybacks

Following the completion of a nearly three-year investigation into its financials last weekend, Ant Group announced it would be buying back some 7.6% of its shares in order to provide relief for investors. Alibaba [9988.HK] said in a Hong Kong stock exchange filing that it could be selling shares to Ant Group at a valuation of RMB567.1bn — less than 70% of the fintech’s market capitalisation for a would-be IPO back in 2020. Alibaba’s Hong Kong shares gained 3% on Monday.

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