Ninja Van Holding Off on IPO Plans Until Profitability Improves [BNN Bloomberg (Canada)]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
Last alibaba group holding limited american depositary shares each representing eight ordinary share earnings: 2/13 06:45 am
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Source: BNN Bloomberg
The Alibaba Group Holding Ltd.-backed delivery company is focusing on improving its profitability before going ahead with an initial public offering, Chief Executive Officer Lai Chang Wen told reporters in Singapore on Monday. The company expects to reach positive earnings before interest, taxes, depreciation and amortization in 12 months, he said. “That in itself is not a strong IPO story,” Lai said. Ninja Van needs “to show that we are a viable profit machine,” he said. Read More: Singapore Startup Ninja Van Says IPO More Than a Year Away Investors have become more cautious as Southeast Asia's technology firms including Grab Holdings Ltd., Sea Ltd. and GoTo Group have seen their stock prices plummet. While e-commerce is gaining popularity in the region of more than 650 million people, stiff competition has kept profit margins slim and tech companies have resorted to job cuts as they fight to balance growth and profitability. Founded in 2014, Ninja Van operates in six market
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BABA
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