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On May 11th, Goldman Sachs issued a research report stating that Lao Pu Gold (06181.HK) has seen its share price correct 18% since March, and considers its risk-reward ratio attractive. The report points out that despite recent gold price volatility, brand momentum and continued customer acquisition should support growth. The bank noted that performance during the May Day holiday met management expectations, with gross margin currently above 45%, which is expected to contribute to an upward trend in second-quarter net profit margin. Management plans to upgrade 8 to 12 stores in mainland China this year and open 5 to 6 new stores outside mainland China. Goldman Sachs expects consumer sentiment to gradually recover if gold prices stabilize. The bank maintains its "Buy" rating on Lao Pu Gold with a 12-month target price of HK$1108.On May 11th, BOC International issued a research report, initiating coverage of Biren Technology (06082.HK). The report points out that as a leading domestic GPGPU manufacturer, the company will fully benefit from the exponential growth in Chinas AI computing power demand. In addition to its technological leadership from chip to system level, the bank believes that Biren Technologys deep integration with the domestic supply chain provides it with a key competitive advantage over its peers. The bank forecasts that Biren Technology will achieve a CAGR of 137% in revenue between 2025 and 2028, and expects it to achieve break-even in 2027, mainly due to the commercialization of its next-generation products in the second half of 2026. BOC International initiated coverage with a "Buy" rating and a target price of HK$74.43, based on a 20x 2027 expected price-to-sales ratio.ECB Governing Council member Koch said: "The ECBs objective is clear: to keep inflation at 2% over the medium term. The Governing Council will take all necessary measures to achieve this goal."ECB Governing Council member Koch said that medium- and long-term inflation expectations are more important for interest rate decisions; although there have been no major changes in these expectations so far, there are some initial signs that they have changed.ECB Governing Council member Koch said (when asked if the ECB might raise interest rates at its next meeting): "Unless the situation improves significantly, a rate hike in the near future is inevitable."

New FTX chief says bankrupt crypto exchange could restart

Skylar Shaw

Jan 20, 2023 11:43

According to Chief Executive Officer John Ray, the bankrupt cryptocurrency exchange FTX is considering ways to resurrect its operations. He made the announcement to the Wall Street Journal on Thursday.


According to Ray, who took over the company's leadership in November, a task group has been established to look at reviving FTX.com, the organization's primary international exchange.


The CEO also said in an interview with the Journal that he would research if resurrecting FTX's international exchange would generate more value for the company's clients than his team could get by simply selling the platform or liquidating its assets.


Following the news, FTT, the native token of FTX, increased by around 30%.


I'm relieved Mr. Ray is now only pledging to restart the exchange after months of blocking such attempts! Sam Bankman-Fried, the founder and former CEO of FTX, said in a tweet.


Bankman-Fried said, "I'm still waiting for him to eventually acknowledge FTX US is solvent and return clients' money.


An inquiry for comment from Reuters was not immediately answered by an attorney representing FTX.


Bankman-Fried is accused of robbing the exchange's users of billions of dollars to settle debts accrued by his cryptocurrency-focused hedge fund, Alameda Research. He's denied the allegations of fraud.


Customer money' future, however, is still unknown. In a note to creditors earlier this week, FTX said that since declaring bankruptcy in November, hackers had stolen nearly $415 million in cryptocurrency from its worldwide and American exchanges.


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