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Union Semiconductor Submits Hong Kong Share Listing Application; Shanghai Shares Slide 4%

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Union Semiconductor (Hefei) (SHA:688403) submitted its application for a secondary listing on the Hong Kong Exchange, according to a Monday bourse filing by the integrated circuit packaging company in Shanghai.

The company looks to use the proceeds to expand its automotive-grade IC packaging and testing capacity, research and development, investments and acquisitions, and working capital, according to documents submitted Friday to the Hong Kong bourse.

Shares fell 4% during Monday morning trading in Shanghai.

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Australian Federal Court Partially Dismisses Proceeding Brought by Former Coles Group Unit Employee Over Dismissal

The Federal Court of Australia partially dismissed proceeding brought by Sahil Verma, a former employee of Coles Group's (ASX:COL) Coles Supermarkets Australia, alleging racial and disability discrimination as well as breaches of the Fair Work Act, noting that they have no reasonable prospects of success, according to a court document on Monday.Verma was employed by Coles Australia as a casual trolley collector from Nov. 22, 2021, until Feb. 9, 2024, when his employment was terminated. He alleged that an employee of Coles made racial comments toward him. The Fair Work Commission (FWC) dismissed Verma's application, finding that it had been made outside the 21 days after the date on which the dismissal took effect, contrary to legal requirements.Coles had submitted that Verma's claim was incompetent because the FWC had not issued a certificate in relation to the dispute before he applied to the court. Verma did not dispute that he had no such certificate.The court said that since Verma could not satisfy the legal requirements, the court did not have jurisdiction to entertain his claims.Verma had also lodged a complaint to the Australian Human Rights Commission (AHRC) on Nov. 10, 2024, alleging that he had been discriminated against because of his disability, a mental illness, and his race.Coles Group's shares fell nearly 1% in recent trading on Monday.

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China Next-Gen Commerce Slides to Losses in Fiscal H1; Shares Drop 7%

China Next-Gen Commerce and Supply Chain (HKG:3928) recorded SG$5.6 million in attributable loss for the fiscal first half ended March 31, sliding from a profit of SG$413,129 a year earlier, according to a Friday filing with the Hong Kong bourse.Loss per share was SG$0.0115, compared with SG$0.0009 in the prior-year period.Revenue fell to SG$16.3 million from SG$32 million a year earlier.Shares of the construction company fell over 7% in morning trade Monday.

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Market Chatter: US Disallows Sale of Top AI Chips to Chinese Companies Outside China

The U.S. Commerce Department released a guideline disallowing the export of the world's most sophisticated chips to subsidiaries of Chinese firms outside China, Reuters reported Sunday.The guidance closes a potential gap that allowed Chinese companies access to the U.S.'s most advanced AI chips, such as Nvidia's Blackwell processors, the newswire said.The guidelines came out after a paper regarding the loophole circulated that said "the floodgates have quietly opened," Reuters said."BIS will continue to enforce export controls rigorously to safeguard critical American technology," the newswire quoted a bureau spokesperson as saying.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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