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Update: Silvercorp Metals Declares Receipt of Common Shares Related to Santa Barbara Acquisition

(Adds ticker for Tincorp Metals in first paragraph)Silvercorp Metals (SVM.TO) has acquired beneficial ownership of 15 million common shares under a share purchase agreement with Tincorp Metals (TIN.V) and Silvercorp subsidiary Adventus Mining, the company said late on Thursday.The common share issuance was made in connection with Tincorp's acquisition of the Santa Barbara gold-copper project in Ecuador.The shares were acquired as partial consideration for the Santa Barbara acquisition and for investment purposes.On May 13, Tincorp issued 43.8 million common shares and 21.9 million common share purchase warrants upon conversion of the 43.8 million subscription receipts issued by Tincorp on March 24.Prior to the conversion and the acquisition, Silvercorp owned 20.7 million common shares, representing about 28.9% of the issued and outstanding common shares.Following the conversion, Silvercorp owned about 17.9% of the issued and outstanding common shares.In connection with the closing of the Santa Barbara acquisition, Tincorp issued the consideration shares to Adventus, resulting in Silvercorp owning 35.7 million common shares, representing about 27.4% of the issued and outstanding common shares.

$SVM.TO$TIN.V

Hang SengNikkei 225Shanghai Composite

IS DongSeo Secures KRW63.5 Billion Cheongju P&T7 Construction Project from SK Ecoplant

IS DongSeo (KRX:010780) will build the plant and technology line 7 in Cheongju for SK Inc. (KRX:034730) subsidiary SK Ecoplant, according to a Friday filing with the Korea Exchange.The contract, valued at 63.5 billion won, is valid till June 30, 2028.Shares of IS DongSeo added nearly 4% while those of SK Inc. declined over 7% at market close.

KRX:010780KRX:034730

International55d ago

Tech Sell-Off Batters Asian Stock Markets

Asian stock markets retreated Friday as traders weighed geopolitical concerns, inflation, labor issues, and booked profits in regional equity indices that recently struck record highsHong Kong, Shanghai, and Tokyo finished in the red, while Seoul's KOSPI index declined 6%, including an 8.6% tumble in bellwether Samsung Electronics shares after reports of a possible work stoppage at the semiconductor giant.The Samsung Electronics labor union plans an 18-day strike, involving 50,000 employees, from May 21 to June 7, reported The Chosun Daily news organization.In Japan, the Nikkei 225 opened evenly on Wall Street cues but declined in trading, finishing off 2% after Tokyo reported that producer prices had jumped higher in April.The benchmark Nikkei 225 eased 1,244.76 to 61,409.29, as losing issues outnumbered gainers 120 to 99.Leading the upside was industrial engineering and metal melting enterprise Dowa, up 16.1%, while printing outfit Toppan declined 16.6%.In economic news, Japan's producer price index rose 4.9% year-on-year in April, rising from the 2.9% gain logged in March and triggering concerns that the Bank of Japan will soon raise interest rates.In Hong Kong, the Hang Seng Index opened lower and declined steadily, closing down 1.6% after the recent Beijing-Washington summit concluded without any major trade agreements announced. Tech issues led the decline.The broad gauge Hang Seng fell 426.31 to 25,962.73, as losing issues outnumbered losers 76 to 13. The Hang Seng TECH Index lost 2.7% on the day, while the Mainland Properties Index fell 1.2%.Leading the upside was Wuxi Biologics, gaining 3.2%, while JD Health International declined 6.6%.On the mainland, the Shanghai Composite fell 1% to 4,135.39.On the other regional exchanges, the Taiwan TWSE declined 1.4%; the Australian ASX 200 declined 0.1%; the Singapore Straits Times Index fell 0.1%, and the Thai Set declined 1.4%. In late trading in Mumbai, the Sensex was down 0.2%The MSCI All Country Asia Pacific Index fell 2.1% on the day.

Update: Gautam Adani Settles U.S. SEC Civil Case; Final Court Approval Awaited

(Updates the headline to note that Gautam Adani settled the case, not Adani Green)Adani Green Energy (NSE:ADANIGREEN, BOM:541450) said Indian billionaire Gautam Adani and Sagar Adani have reached a settlement with the U.S. Securities and Exchange Commission (SEC) in a civil case filed before the U.S. District Court for the Eastern District of New York, according to a Friday filing on Indian bourses.The parties jointly filed a request for entry of final judgment on consent before the court on May 14 New York time, the filing said. Gautam Adani and Sagar Adani agreed to settle the matter without admitting or denying the allegations made by the SEC.Under the settlement, Gautam Adani and Sagar Adani agreed to pay civil penalties of $6 million and $12 million, respectively, according to the filing.Final court approval is awaited, the filing said.Adani Green's shares fell nearly 3% at market close.

BOM:541450NSE:ADANIGREEN

Silvercorp Metals Declares Receipt of Common Shares Related to Santa Barbara Acquisition

Silvercorp Metals (SVM.TO) has acquired beneficial ownership of 15 million common shares under a share purchase agreement with Tincorp Metals and Silvercorp subsidiary Adventus Mining, the company said late on Thursday.The common share issuance was made in connection with Tincorp's acquisition of the Santa Barbara gold-copper project in Ecuador.The shares were acquired as partial consideration for the Santa Barbara acquisition and for investment purposes.On May 13, Tincorp issued 43.8 million common shares and 21.9 million common share purchase warrants upon conversion of the 43.8 million subscription receipts issued by Tincorp on March 24.Prior to the conversion and the acquisition, Silvercorp owned 20.7 million common shares, representing about 28.9% of the issued and outstanding common shares.Following the conversion, Silvercorp owned about 17.9% of the issued and outstanding common shares.In connection with the closing of the Santa Barbara acquisition, Tincorp issued the consideration shares to Adventus, resulting in Silvercorp owning 35.7 million common shares, representing about 27.4% of the issued and outstanding common shares.

$SVM.TO

Commodities55d ago

Vietnam Aims to Crimp Power Use Amid Hydropower Dip, Hormuz Disruption

Vietnam is planning ahead for potential electricity shortages during its dry season, state-owned Vietnam Electricity said this week, mindful of the additional challenges of rising demand and uncertainties in the global energy market.The company will face additional challenges from an El Nino weather phenomenon which will reduce water flows through hydroelectric dams, said Nguyen Manh Quang, deputy head of the business and power purchase department of Vietnam Electricity, or EVN.The company said it will promote electricity conservation and develop battery energy storage systems among other measures.The company has set up a steering committee for electricity supply management and has coordinated with the National System and Market Operator to develop "flexible operating scenarios" that help boost energy security.One of the company's top priorities is an increase in solar power generation and to this end it has made it easier for customers investing in the systems to register them online and to obtain preferential loans for them.The company hopes to reduce total electricity consumption in 2026 by 3%, which would be achieved with a 10% reduction during the April to July dry season. Business and industrial consumers are also being encouraged to shift their demand away from peak hours.EVN will broaden the peak-hours period when electricity is most expensive to encourage load shifting. It will now cover the period from 6.30 pm to 10.30 pm, it said.EVN has called on the Northern Power Corporation to develop 530 megawatts of battery storage capacity, for the Hanoi Power Corporation to add 275 MW of storage and the National Transmission Corporation to add 30 MW, it said. This is expected to ease peak hours grid strain further still.Despite targeting a demand reduction, the original national power system operation plan for 2026 foresaw electricity demand growth of about 8.5% and potentially 14.1% in a scenario of an extreme dry season.The Vietnamese government is currently trying to ensure hydropower is used efficiently and to keep dam water levels as high as possible ahead of the dry season's peak.The country is seeking to boost fuel supply for its gas-fired thermal power plants, which has become harder for most countries around Asia since the closure of the Strait of Hormuz by Iran.While 20% of the world's oil and gas flows through it, as a proportion of Asia's energy imports, the figure is much larger given it is the main buyer of Middle Eastern hydrocarbons.Coal will figure among Vietnam's contingency plans, with authorities having directed the relevant units to diversify suppliers, increase stocks of the fuel and increase domestic mining capacity, EVN said.The country sourced 26% of its electricity from renewables by the end of March, the company said, with a renewables mix spanning wind, solar and biomass while the country is also looking at pumped storage to reduce weather-related output fluctuations.

Wedbush Upgrades Sutro Biopharma to Outperform From Neutral, Boosts Price Target to $60 From $22

Sutro Biopharma (STRO) has an average rating of buy and mean price target of $35.73, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$STRO

Adani Green Energy Settles U.S. SEC Civil Case; Final Court Approval Awaited

Adani Green Energy (NSE:ADANIGREEN, BOM:541450) said Indian billionaire Gautam Adani and Sagar Adani have reached a settlement with the U.S. Securities and Exchange Commission (SEC) in a civil case filed before the U.S. District Court for the Eastern District of New York, according to a Friday filing on Indian bourses.The parties jointly filed a request for entry of final judgment on consent before the court on May 14 New York time, the filing said. Gautam Adani and Sagar Adani agreed to settle the matter without admitting or denying the allegations made by the SEC.Under the settlement, Gautam Adani and Sagar Adani agreed to pay civil penalties of $6 million and $12 million, respectively, according to the filing.Final court approval is awaited, the filing said.Adani Green's shares fell nearly 3% at market close.

BOM:541450NSE:ADANIGREEN

RBC Upgrades Texas Roadhouse to Outperform From Sector Perform, Raises Price Target to $210 From $180

Texas Roadhouse (TXRH) has an average rating of overweight and mean price target of $195.80, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$TXRH

Keli Sensing Technology CFO Steps Down

Keli Sensing Technology Ningbo (SHA:603662) Chief Financial Officer Chai Xiaofei resigned due to personal reasons, according to a Friday filing with the Shanghai bourse.Chair and General Manager Ke Jiandong will serve as acting CFO until a permanent successor is appointed.Shares of the weighing components manufacturer rose 6% Friday.

SHA:603662

Trilogy Metals Announcing Acceptance of Alaska's High-Grade Arctic Copper-Zinc-Lead-Gold-Silver Project into the FAST-41 Federal Permitting Program

$TMQ.TO

CGS Sells 5 Billion Yuan Commercial Paper

China Galaxy Securities (HKG:6881, SHA:601881) or CGS completed the issue of 5 billion yuan of a commercial paper, according to a Friday Hong Kong bourse filing.The commercial paper carries a final coupon rate of 1.44% and will fall due in 187 days.The securities broker will use proceeds to supplement its working capital.

HKG:6881SHA:601881

Morgan Stanley Downgrades Aardvark Therapeutics to Underweight From Equalweight, Cuts Price Target to $3 From $7

Aardvark Therapeutics (AARD) has an average rating of overweight and mean price target of $18.45, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$AARD

Guanghui Logistics Railway Unit Gets 900-Million-Yuan Boost

Guanghui Logistics (SHA:600603) said China CITIC Financial Asset Management (HKG:2799) will inject 900 million yuan into its controlled subsidiary, Xinjiang Hongnaosan Railway.China CITIC Financial Asset Management will subscribe for 810 million yuan in new registered capital, with the remainder recorded as capital reserve.The move will reduce Guanghui Logistics' stake to 74% from 87%.

HKG:2799SHA:600603

Phoenix Media Investment's Deputy CEO Retires; Successor Named

Phoenix Media Investment's (HKG:2008) Deputy CEO and Editor-in-Chief Sun Yusheng retired effective Friday, according to a same-day Hong Kong bourse filing.The media company, on the same day, named Li Ting as its new deputy CEO and editor-in-chief the same day.Li previously served in China Central Television and the China Media Group for over 40 years. He was the deputy editor-in-chief and director of the news center of the China Media Group since 2019.

HKG:2008

Japan55d ago

Nasdaq Composite Futures Plunge Premarket as Curve-Wide Surge in Treasury Yields Sinks Big Tech

Morgan Stanley Downgrades Viking Holdings to Equalweight From Overweight, Raises Price Target to $86 From $81

Viking Holdings (VIK) has an average rating of overweight and mean price target of $92, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$VIK

Oil & Energy55d ago

India Reportedly Raises Fuel Prices as Hormuz Blockade Continues Into 3rd Month

India ended its multi-year retail fuel price freeze on Friday, as state-owned oil marketing companies implemented a nationwide hike of roughly 3 Indian rupees ($0.031) per liter on petrol and diesel, multiple media outlets reported Friday.Arvind Kumar, the chief of refining operations at state-owned Indian Oil, told the national news agency ANI that the price bump is a necessary safety net to ease the immense financial pressure on the country's energy sector. He reassured that the company's ten major refineries are running around the clock at over 100% capacity to guarantee no local filling stations run dry.While OMCs adjusted baseline pricing, the government is reportedly urging remote-work options to curb national crude demand.The price correction addresses mounting financial strain on state retailers, which had held retail pricing steady for over 11 weeks despite a massive surge in crude costs due to the ongoing West Asia crisis.has reached out to Indian Oil for comment.