TNB Tech Minute: Apple Supplier Luxshare’s Shares Fall in Hong Kong Debut

[00:00:00] [SPEAKER_02] This episode is sponsored by Anthropic, the makers of Claude. We're in the middle of a generational shift in how companies are built, says entrepreneur Anton Ossica. That's the vision of his startup Lovable, to make app development more accessible to all. Hear from him at the break.

[00:00:16] [SPEAKER_00] Here's your morning TNB Tech Minute for Thursday, July 9th. I'm Imani Moise for The Wall Street Journal. Apple Supplier Luxshare Precision Industry had a tepid market debut in Hong Kong, despite raising over $3 billion in the city's largest listing so far this year. Shares ended about 1.6% below its offer price. A deluge of seven Hong Kong debuts on the same day likely diluted investor attention.

[00:00:43] [SPEAKER_00] However, hefty commitments from cornerstone investors like Singapore's Temasek, GIC, and Middle Eastern Sovereign Wealth Fund Abu Dhabi Investment Authority suggest strong institutional conviction in Luxshare's fundamentals. Chinese AI company Jipu AI announced a $4 billion fundraising plan to support its growth, sending its stocks surging this morning. The company is offering nearly 20 million shares at a roughly 13% discount to the stock's Wednesday closing price.

[00:01:13] [SPEAKER_00] Jipu says the money will fund research and development as Chinese firms spend heavily to compete with global rivals like OpenAI, Anthropic, and Google, as well as domestic rivals like DeepSeq. The company plans to fully deploy the proceeds by the end of next year. And we exclusively report that Airbnb is buying its first New York City office building for $81.5 million.

[00:01:38] [SPEAKER_00] The purchase comes as the company continues to lobby for loosening of the city's restrictions on short-term rentals. The company has said restrictions on its business worsen the city's housing crisis by denying hosts the opportunity to supplement their incomes. The law's supporters say it was necessary to protect the city's tight housing supply and stop tourists from turning residential buildings into de facto hotels. And that's your TNB Tech Minute. We'll be back this afternoon with more.

[00:02:06] [SPEAKER_02] Anthropic's collaboration felt like a true partnership, according to Lovable's Anton Ossica. That helped fuel the startup's greater mission.

[00:02:13] [SPEAKER_01] I'm super excited about this world where more things are possible. There is fundamentally more human agency that's unlocked when frictions for starting a company and building your product, they start disappearing. I think we're entering an era where there are more societal problems that are getting solved. We're seeing that live with millions of people building on top of our platform.

[00:02:37] [SPEAKER_02] And how does he think other startups can tap into that energy?

[00:02:40] [SPEAKER_01] My advice to founders working with Anthropic would be to dig into a partnership and ask for help and spend time with a team because these are humans that actually really care. It starts feeling more like we're building something together than just a customer-vendor relationship.

[00:02:57] [SPEAKER_02] How can Claude bring your vision to life? Get started at claude.com slash problem solvers.