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On April 22, the Shenzhen Municipal Bureau of Statistics released economic data for the first quarter of 2026. According to the unified accounting results of Guangdong Provinces GDP, Shenzhens GDP reached 959.413 billion yuan in the first quarter of 2026, a year-on-year increase of 5.8% at constant prices. The citys economy maintained steady progress, with high-quality development moving towards new and better directions, further demonstrating its resilience and achieving a good start. By industry, the added value of the primary industry was 642 million yuan, an increase of 7.3%; the added value of the secondary industry was 322.347 billion yuan, an increase of 7.3%; and the added value of the tertiary industry was 636.425 billion yuan, an increase of 5.0%.On April 22, the General Office of the Guangdong Provincial Peoples Government issued a notice on the "Action Plan for Cultivating and Serving High-Quality Enterprises by Relying on Regional Equity Markets." The notice states that the main objectives for the 15th Five-Year Plan period are: the Guangdong Equity Exchange Center to add no fewer than 3,600 new listed companies (including 1,800 on the "Specialized, Refined, and Innovative" board, 1,500 on the Science and Technology Innovation board, and 300 on the Guangdong Rural Revitalization board); and the Shenzhen Qianhai Equity Exchange Center to add no fewer than 3,250 new listed companies on its "Specialized, Refined, and Innovative" board and other related boards. In principle, the annual completion rate of these targets should not be lower than the scheduled progress, with the combined number of new listed companies on the two equity exchanges expected to be no less than 2,000 by 2026. By the end of 2030, the goal is to have 6,000 companies listed on the Guangdong Equity Exchange Center and 4,000 companies listed on the Shenzhen Qianhai Equity Exchange Center, bringing the total to 10,000 across the province. During the 15th Five-Year Plan period, the goal is to cultivate more than 10 domestic and overseas IPO companies and more than 50 companies listed on the National Equities Exchange and Quotations (NEEQ) through the Guangdong Equity Exchange Center, and more than 20 domestic and overseas IPO companies and more than 30 companies listed on the NEEQ through the Shenzhen Qianhai Equity Exchange Center, striving for even better results.According to reports, Germany has stated that Russia will prevent Kazakhstani oil from flowing into German refineries.EU Energy Commissioner: Even with our most optimistic outlook, the energy market situation in the coming months remains quite challenging.EU Energy Commissioner: Global liquefied natural gas prices will not be stable in the coming years and may even rise.

AIG affiliate Corebridge's IPO raises $1.68 billion

Aria Thomas

Sep 15, 2022 10:34

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Corebridge Financial Inc, the life insurance and retirement division of AIG Inc, raised $1.68 billion in the largest initial public offering (IPO) of the year on Wednesday, defying market volatility and ending a seven-month hiatus in substantial listings.


AIG (NYSE:AIG) sold 80 million Corebridge shares at $21, below the $21 to $24 target.


$13.6 billion is Corebridge's IPO valuation.


AIG will receive all IPO revenues, and the new business isn't raising capital, according to an SEC filing.


Corebridge's IPO could revive the IPO market. Since February, Russia's invasion of Ukraine and high inflation have caused stock market instability, making corporate listing difficult.


Dealogic, which has collected listing data since 1995, says US IPOs are on track for their worst year in over two decades. Companies have raised over $18 billion this year, compared to $231 billion last year.


Due to market uncertainty, Reddit and ServiceTitan postponed their IPOs this year.


Corebridge's $1.7 billion sale tops TPG Inc.'s $1.1 billion IPO in January.

2022's biggest IPO

AIG said it will spin off its life and retirement unit in 2020, allowing it to focus on its P&C business.


Given their distinct shareholder return profiles, insurers tend to focus on a single product offering. AIG had opposed this trend for years, including a campaign by activist investors in the mid-2010s for a separation.


AIG filed for the Corebridge acquisition in March after selling 10% to Blackstone for $2.2 billion the year before. The listing was delayed due to market instability.


Houston-based AIG offers insurance and retirement options in the U.S.


After the listing, AIG will own approximately 78% of Corebridge's shares, which will trade under the ticker "CRBG" on the NYSE.


JPMorgan Chase & Co., Morgan Stanley, and Piper Sandler are the IPO's underwriters. Bank of America, Citigroup, and Goldman Sachs are also underwriters (NYSE:GS).

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