restructuring

Citi is restructuring its technology teams in Shanghai and Dalian, China, leading to approximately 3,500 job cuts. The bank reportedly communicated separation details on June 5th, with compensation exceeding statutory requirements. While the packages may not match those of other multinationals like Microsoft, they are still notably more generous than typical Chinese business severance.

St. Augustine Gold and Copper (SAU.T) has restructured its KingKing Copper-Gold Project ownership in the Philippines, consolidating development rights. This involved a $9.12 million convertible note issued to its partner, Nadecor, allowing conversion into shares, acquiring all Kingking Milling Corporation shares and streamlining the project. This strategic move aims to facilitate project financing and capitalize on the high-potential project, considered a top priority by the Philippine government. The company also includes cautionary forward-looking statements about potential risks.

Honor executives, including CEO Li Jian, discussed the company’s IPO plans after launching the Honor 400 series. CFO Peng Qiuen confirmed completed shareholding restructuring and engagement of financial advisors, legal counsel, and accounting firms. The IPO timing will depend on market conditions and strategic development, aiming for stakeholder satisfaction. This follows Honor’s legal transformation into a joint-stock limited company. The company intends to pursue an IPO to fuel strategic growth.