Around the world

Chicago exchange deal

The US Securities and Exchange Commission ( SEC) has delayed approval of a Chinese- led acquisition of the Chicago Stock Exchange, the latest setback for an acquisition that has attracted a lot of frustration from US lawmakers, Financial Times reported on Thursday.

Chinese investors including Casin Enterprise, Chongqing Jintian Industrial and Chongqing Long-shang Decoration would own 49.5 per cent of the exchange through NA Casin Holdings if the purchase went ahead, said the report.

SEC staff had earlier recommended approval of the deal, the first proposed Chinese takeover of a US bourse, but it was later delayed due to a letter SEC Secretary Brent Fields wrote to the bourse noting that a review of a rule change was pending, according to the report.

Tencent invests in Essential

Essential Products Inc, a smart- phone maker founded by Andy Rubin, the creator of Google’s Android system, on Wednesday unveiled its investor list including China’s Internet giant Tencent Holdings, the Wall Street Journal reported on Wednesday.

The start- up has secured a new $ 300 million fundraising from Tencent, Amazon Inc’s Alexa Fund and other investors, as it prepares to compete with Apple Inc and Samsung Electronics Inc with a new phone at roughly the same time as the two smartphone giants are expected to launch their new products in September, the report said.

Essential was set earlier this year to raise $ 100 million from SoftBank Group Corp, but the Japanese investor scrapped the deal partly because of its close relationship with Apple, the Wall Street Journal previously reported.

Tencent could not be reached for comment as of press time.