Ultime notizie per Garden Stage (NASDAQ:GSIW) Azioni

Garden Stage Ltd is a Hong Kong-based financial services provider principally engaged in the provision of placing and underwriting services; securities dealing and brokerage services; and asset management services. Its business is carried out through its wholly owned Operating Subsidiaries: a) I Win Securities, which is licensed to conduct Type 1 (dealing in securities) regulated activities under the SFO in Hong Kong, and b) I Win Asset Management, which is licensed to conduct Type 4 (advising on securities) and Type 9 (asset management) regulated activities under the SFO in Hong Kong.

Garden Stage Ltd

SRx Health Solutions, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SRXH#NYSE">SRXH</a>) (the "Company"), a leading global health and wellness company, today announced its intention to create a subsidiary to borrow Solana, Bitcoin, and other cryptocurrencies to borrow against its Halo assets to provide more financial flexibility to operate its business units.

News

SRXH

SRx Health Solutions Intends To Create Subsidiary Crypto-Based Borrowing

Barclays analyst Luke Sergott maintains Natera (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTRA#NASDAQ">NTRA</a>) with a Overweight and raises the price target from $160 to $190.

Price Target

Analyst Ratings

NTRA

Barclays Maintains Overweight on Natera, Raises Price Target to $190

WIIM

AMPX

AMPX stock has given up its prior gain. Amprius Technologies shares were trading higher after the company reported better-than-expected Q1 financial results.

Keybanc analyst Justin Patterson maintains Flex (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLEX#NASDAQ">FLEX</a>) with a Overweight and raises the price target from $35 to $44.

FLEX

Keybanc Maintains Overweight on Flex, Raises Price Target to $44

Barclays analyst Betty Jiang maintains Murphy Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUR#NYSE">MUR</a>) with a Underweight and lowers the price target from $24 to $22.

Barclays Maintains Underweight on Murphy Oil, Lowers Price Target to $22

The Bank of England (BOE)<a href="https://europeancapitalinsights.substack.com/p/boe-cuts-rates-as-uk-confronts-economic?r=3nmatg"> cut interest rates</a> on Thursday as the United Kingdom struggles with economic uncertainty abroad and <a href="https://x.com/eurocapinsights/status/1920821134833996024">political disruption</a> at home.
The central bank reduced its key interest rate from <a target="_blank" rel="noreferrer noopener" href="https://www.bankofengland.co.uk/monetary-policy-report/2025/may-2025">4.5% to 4.25%</a> at its latest monetary policy meeting, citing substantial progress on disinflation. Underlying UK GDP has slowed since the middle of 2024, and the labour market "has continued to loosen," it said.
"Uncertainty surrounding global trade policies has intensified since the imposition of tariffs by the US," the central bank said. "Prospects for global growth have weakened as a result of this uncertainty and new tariff announcements, although the negative impacts on UK growth and inflation are likely to be smaller."
The BOE Monetary Policy Committee "judges that the risks around GDP growth in this forecast are somewhat to the downside." The Chancellor of the Exchequer, Rachel Reeves, said <a target="_blank" rel="noreferrer noopener" href="https://english.news.cn/europe/20250327/8feba86db3ab4d57851cccdc2a3485f1/c.html">in late March</a> that the economy would grow just 1% this year, down from the previous forecast of 2%.
<figure class="wp-block-image"><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6906242d-15ca-4ef2-998a-6327f6029001_750x350.png" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6906242d-15ca-4ef2-998a-6327f6029001_750x350.png" alt="" /></a><figcaption class="wp-element-caption">Baseline economic forecast: BOE</figcaption></figure>
US President Donald Trump's tariffs have raised uncertainty about the British economy, which suffers from lackluster growth. On Thursday, Trump unveiled the broad outlines of a trade agreement with the UK.
It will be <a target="_blank" rel="noreferrer noopener" href="https://www.cnbc.com/2025/05/08/trump-uk-trade-deal-tariffs.html">the first </a>with a country whose imports were subject to new tariffs imposed by Trump in early April. Trump did not announce further details.
<h2 class="wp-block-heading">Bank of England Rate Cut In Line with Consensus</h2>
Five of the BOE's nine policymakers voted for the cut, with two members wanting a larger 50 basis-point reduction, and two wanting to keep rates on hold. The cut was in line with the consensus, with inflation slowing to <a target="_blank" rel="noreferrer noopener" href="https://www.cnbc.com/2025/04/16/uk-inflation-in-march-2025.html">2.6% in the twelve months to March</a>, from 2.8% the previous month.
<figure class="wp-block-image"><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F250a4e6a-2dcf-4aaa-9d38-9c5c7bf525ce_681x592.png" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F250a4e6a-2dcf-4aaa-9d38-9c5c7bf525ce_681x592.png" alt="" /></a></figure>
Investors, though, had looked for signals the BOE would pivot from its "previous script" that future cuts would be "gradual and careful," ING Think <a target="_blank" rel="noreferrer noopener" href="https://think.ing.com/snaps/hawkish-bank-of-england-cuts-rates-but-pushes-back-on-faster-easing/">said</a>. Ahead of the decision, the market had priced in two further cuts at the following three meetings.
"Changing that language would have heavily implied the Bank was prepared to cut rates again in June, something we suspect it's reluctant to do – or at least, pre-commit to at this stage," ING Think said.
"We still think the path of least resistance is for the Bank to keep cutting rates once per quarter this year, which would see its next move in August."
The British pound declined 0.4% against the US Dollar on the news, before paring losses on a Friday morning. The pound is up against the dollar by around 6.2% year-to-date.
<h2 class="wp-block-heading">Bank of England Rate Cut May Ease Economic Frustration</h2>
The rate cut may help ease some of the economic frustration many British households and firms feel by making borrowing money less expensive. Consumer confidence in April fell to the lowest level in a year, according to market research firm GfK.
The GfK Consumer Confidence Index fell to -23 in April from -19 in March. A Reuters poll of economists had pointed to a reading of -22.
&#8220;Consumers have not only been grappling with multiple April cost increases in the form of utilities, council tax, stamp duty, and road tax," Neil Bellamy, consumer insights director at GfK, <a target="_blank" rel="noreferrer noopener" href="https://nielseniq.com/global/en/news-center/2025/uk-consumer-confidence-down-four-points-in-april-to-23/">said</a>. "They are also hearing dire warnings of renewed high inflation on the back of the Trump tariffs."
<figure class="wp-block-image"><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7aa039fd-bdf3-406c-b7d9-f59259febdba_795x407.png" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7aa039fd-bdf3-406c-b7d9-f59259febdba_795x407.png" alt="" /></a></figure>
Businesses hope that lower rates will boost consumer confidence and spending, <a target="_blank" rel="noreferrer noopener" href="https://www.cnbc.com/2025/05/08/bank-of-england-cuts-interest-rates-heres-what-it-means-for-your-money.html">CNBC reported.</a> The Labour government has hit the UK's 5.5 million small and medium-sized enterprises with a rise in the national minimum wage and higher National Insurance contributions.
<h2 class="wp-block-heading">Reform UK Beats Labour in Local Elections, Wins Most Seats</h2>
The lower rates may also slow the political gains being made by Reform UK, a right-leaning, anti-immigration party led by Nigel Farage. The party won the most seats of any party in the May local elections, <a target="_blank" rel="noreferrer noopener" href="https://www.independent.co.uk/news/uk/politics/local-elections-2025-results-map-reform-labour-council-mayors-runcorn-b2744261.html">677 out of some 1,650</a>.
"We've dug very deep into the Labour vote and, in other parts of England, we've dug deep into the Conservative vote," Farage <a href="https://www.theguardian.com/politics/2025/may/02/reform-uk-is-main-opposition-party-nigel-farage-claims-after-election-wins" target="_blank" rel="noreferrer noopener">said</a>. "There's no question, in most of the country we are now the main opposition party to this government."
Reform UK clinched majority control in ten councils, gaining representation across all 23 councils in the elections. <a target="_blank" rel="noreferrer noopener" href="https://members.parliament.uk/constituency/4270/election/422">Reform UK claimed the Runcorn and Helsby by-election</a>, seizing<a target="_blank" rel="noreferrer noopener" href="https://councillors.halton.gov.uk/mgElectionAreaResults.aspx?ID=368&amp;RPID=60790234"> the Labour Party's safest constituency in the 2024 general election</a> by six votes.
The Conservatives and Labour were the biggest losers, the New York Times <a target="_blank" rel="noreferrer noopener" href="https://www.nytimes.com/2025/05/02/world/europe/uk-local-elections-results-reform-labour-conservative.html">reported</a>. The two parties, which have dominated British politics for decades, lost municipal seats to the centrist Liberal Democrats and the left-wing Green Party as well.
<figure class="wp-block-image"><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd32ccec6-8848-4062-add9-6519057e8a37_1302x550.png" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd32ccec6-8848-4062-add9-6519057e8a37_1302x550.png" alt="" /></a><figcaption class="wp-element-caption">Source: The Guardian</figcaption></figure>
Reform UK has edged ahead of Labour regarding voter confidence, according to <a target="_blank" rel="noreferrer noopener" href="https://www.ipsos.com/en-uk/local-elections-voters-lack-confidence-all-main-parties-deliver-reform-uk-poised-do-well">Ipsos polling</a>. Respondents trusted Farage's party to govern the country at 35%, compared to 33% for Labour.
"The entire political system is now changing shape in profound and perhaps permanent ways," Matt Goodwin, a British academic, writer, pollster, and campaigner,<a target="_blank" rel="noreferrer noopener" href="https://www.mattgoodwin.org/p/a-political-revolution-is-underway"> wrote</a> on Thursday. "We are, in short, witnessing a full-blown political revolution against the establishment."
<h2 class="wp-block-heading">Farage Attacks UK Trade Deal With India</h2>
Farage also attacked<a target="_blank" rel="noreferrer noopener" href="https://www.youtube.com/watch?v=zvWg_PkKch4"> </a>the Labour Party's May 6 trade deal with India, saying it undermines British workers. The British government branded the post-<a target="_blank" rel="noreferrer noopener" href="https://www.express.co.uk/latest/brexit">Brexit</a> agreement "a new era for trade and the economy."
<figure class="wp-block-image"><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14e6e2e1-2e71-4bdf-b9f0-2eac9c39a3b1_733x432.png" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F14e6e2e1-2e71-4bdf-b9f0-2eac9c39a3b1_733x432.png" alt="" /></a></figure>
<a target="_blank" rel="noreferrer noopener" href="https://www.express.co.uk/news/politics/2051495/nigel-farage-india-trade-deal-tax">The deal</a> exempts Indian workers from paying national insurance for three years. This policy makes it up to 20% cheaper to employ them compared to British workers, who face a tax hike of £1,000 per employee, according to Farage.
He also accused Labour of refusing to understand why so many voted for Reform UK and predicted that Prime Minister Keir Starmer&#8217;s ratings would plummet even further.
The "new trade deal with India has sold out British workers to the highest degree," Farage said.
Disclaimer:
Any opinions expressed in this article are not to be considered investment advice and are solely those of the authors. European Capital Insights is not responsible for any financial decisions made based on the contents of this article. Readers may use this article for information and educational purposes only.&nbsp;
This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content or accuracy.

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BOE Cuts Interest Rates As UK Confronts Economic Doubt, Election 'Revolution'

Keybanc analyst Aleksey Yefremov maintains Corteva (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTVA#NYSE">CTVA</a>) with a Overweight and raises the price target from $71 to $72.

CTVA

Keybanc Maintains Overweight on Corteva, Raises Price Target to $72

Onex (TSX:<a class="ticker" href="https://www.benzinga.com/stock/ONEX#TSX">ONEX</a>) reported quarterly earnings of $2.05 per share. This is a 521.21 percent increase over earnings of $0.33 per share from the same period last year. The company reported $201.00 million in sales this quarter. This is a 113.83 percent increase over sales of $94.00 million the same period last year.

Earnings

TSX:ONEX

CORRECTION: Onex Q1 Adj. EPS $2.05 Up From $0.33 YoY, Sales $201.00M Up From $94.00M YoY

Keybanc analyst Justin Patterson maintains Pinterest (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>) with a Overweight and raises the price target from $37 to $40.

PINS

Keybanc Maintains Overweight on Pinterest, Raises Price Target to $40

MNST

MNST stock has given up its prior loss. Monster Beverage shares were trading lower after the company reported mixed Q1 financial results.

Intl Tower Hill Mines (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/THM#AMEX">THM</a>) will report on Q1 2025.

Intl Tower Hill Mines Q1 2025 GAAP EPS Nil, Revenue Nil

Keybanc analyst Justin Patterson maintains Trade Desk (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>) with a Overweight and raises the price target from $67 to $80.

Keybanc Maintains Overweight on Trade Desk, Raises Price Target to $80

Earnings Misses

UPDATE: NextNav Q1 Adj. EPS $(0.15) Misses $(0.14) Estimate, Sales $1.54M Miss $1.87M Estimate

WestPark Capital analyst Casey Ryan upgrades Ouster (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OUST#NASDAQ">OUST</a>) from Hold to Buy and announces $13.68 price target.

Upgrades

OUST

WestPark Capital Upgrades Ouster to Buy, Announces $13.68 Price Target

Earnings Beats

STRW

UPDATE: Strawberry Fields REIT Q1 FFO $1.38 Beats $0.32 Estimate

Kubota (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KUBTY#OTC">KUBTY</a>) reported quarterly earnings of $1.18 per share. This is a 43.54 percent decrease over earnings of $2.09 per share from the same period last year. The company reported $4.67 billion in sales this quarter. This is a 10.57 percent decrease over sales of $5.22 billion the same period last year.

KUBTY

Kubota Q1 GAAP EPS $1.18 Down From $2.09 YoY, Sales $4.67B Down From $5.22B YoY

WestPark Capital analyst Casey Ryan reiterates WM Tech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAPS#NASDAQ">MAPS</a>) with a Buy and maintains $2.61 price target.

Reiteration

MAPS

WestPark Capital Reiterates Buy on WM Tech, Maintains $2.61 Price Target

Barclays analyst Mario Lu maintains Match Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTCH#NASDAQ">MTCH</a>) with a Overweight and lowers the price target from $52 to $46.

MTCH

Barclays Maintains Overweight on Match Group, Lowers Price Target to $46

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="600" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/09062623/22021_203_entrecampos_roundabout_compressed-900x600-1-2.png" alt="" class="wp-image-12678" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/09062623/22021_203_entrecampos_roundabout_compressed-900x600-1-2.png 900w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/09062623/22021_203_entrecampos_roundabout_compressed-900x600-1-2-300x200.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/09062623/22021_203_entrecampos_roundabout_compressed-900x600-1-2-768x512.png 768w" sizes="(max-width: 900px) 100vw, 900px" /></figure>
On a mission to shrink its international footprint and contain debt, the conglomerate has sold off property holdings in what was a key European base

<h4 class="wp-block-heading">Key Takeaways:</h4>
<ul class="wp-block-list">
<li>The building units in a Lisbon urban renewal project were sold to the Portuguese central bank for around 190 million euros</li>
<li>Last year Fosun International spent 11.1 billion yuan on maturing bond payments</li>
</ul>

By Lee Shih Ta
More than a decade ago,&nbsp;Fosun International&nbsp;(0656.HK) used Portugal as a springboard for an overseas expansion strategy. Since then, the sprawling conglomerate has reversed course and its now chipping away at the onetime European hub of its global ambitions.
After progressively shedding non-essential assets to shore up its finances, the company has now sealed a deal to offload some of its interests in a business, retail and residential complex to be built in the heart of Lisbon.
This latest in a spate of Fosun divestments,&nbsp;<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0506/2025050600079.pdf">announced</a>&nbsp;on Tuesday, covers rights over units in two planned buildings in Lisbon's Entrecampos project. The conglomerate said the assets have been sold to Banco de Portugal, the country's central bank, for a base sum of 192,000 million euros, equivalent to around $218,000 million or 1.58 billion yuan.
The Lisbon city center site is being redeveloped as part of an ambitious urban renewal project headed up by the property arm of Portuguese insurer Fidelidade, in which Fosun International holds a controlling stake.
The assets involved in the transaction are part of a complex of six buildings accounting for around 19% of the expected construction area of the entire Entrecampos project.
<h4 class="wp-block-heading">Reducing real estate risks</h4>
In 2018, Fidelidade obtained multiple parcels of land from Lisbon's city authorities for around 274 million euros, covering a development area of around 25 hectares. The investment to develop the site was projected at between 750 million and 800 million euros, with plans to build around 900 housing units including 279 for sale and the rest earmarked as affordable rentals.
The complex, scheduled for completion in the second half of 2027, is also due to include offices, shops, restaurants and green space.
The company said the disposal would reduce risk exposure to the real estate business and help it to manage uncertainties on several fronts. Identifying prestigious occupiers of signature buildings enhanced the credibility of the project, while a reduction in lettable office space would mitigate leasing risk, Fosun International said. Proceeds of the sale would be used to replenish general operating funds.
Portugal has long been a linchpin in the company's expansion strategy. In 2014, Fosun International secured a controlling stake in insurer Fidelidade for 1 billion euros, and later came into possession of Portuguese private healthcare group Luz Saúde for 860 million euros. It also became a majority shareholder in Banco Comercial Português (BCP) for 175 million euros, pursuing a three-pronged strategy of building an insurance, healthcare and banking portfolio as a beachhead for a push into international markets.
However, the company started to scale back its reach in 2022, selling non-core assets and reversing some international investments to reduce its debt burden.
In January 2024, Fosun International sold 5.6% of Portuguese commercial bank Millennium BCP for 235 million euros, while retaining a stake of more than 20%. In May last year, a stake of around 99.74% held by a Fosun subsidiary in Hauck Aufhäuser Lampe (HAL), a German private bank, was sold to ABN Amro Bank for around 670 million euros. In July, a ski resort in northern Japan, Hoshino Tomamu, was sold off to Japanese real estate investment company YCH16 for around 40.8 billion yen ($280 million).
<h4 class="wp-block-heading">Sweeping sell-off over three years</h4>
Last year alone, divestment deals amounting to around 17.5 billion yuan were signed at the group level, and 30 billion yuan at the consolidated level, according to Fosun International's annual&nbsp;<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0330/2025033000849.pdf">results</a>&nbsp;released at the end of March. The company divested around 75 billion yuan between 2022 and 2024. Meanwhile, it paid bond holders 11.1 billion yuan last year on matured debt instruments in onshore and offshore markets.
Total liabilities at the end of 2024 edged up 1% to 214.1 billion yuan from a year earlier and the ratio of total liabilities to capital rose from 50% at the end of 2023 to 52%. But cash reserves increased by 13.88 billion yuan to 106.34 billion yuan. The company vowed to bring its interest-bearing liabilities attributable to the group down to around 50 billion yuan in one to two years' time.
Fosun International's revenue fell 3.1% last year to 192.14 billion yuan, while industrial operating profit totaled 4.9 billion yuan. The company made a loss of 4.35 billion yuan, mainly due to a book-value impairment of 5.1 billion yuan arising from Alibaba's repurchase of shares in logistics network Cainiao at a low price. Excluding that deal, it would have achieved a profit of 750 million yuan. Thus, the numbers on paper do not do justice to its operating performance.&nbsp;
The company completed a buyout of the Fosun Tourism business last year, but a similar move to take control of&nbsp;<a>its partially owned subsidiary&nbsp;</a>Shanghai Henlius Biotech（2696.HK）was thwarted by minority shareholders. In an earnings call, Chairman Guo Guangchang painted the failed plan as a shareholder vote of confidence in the future of the biopharma firm within the Fosun group.
Guo said the company had exited asset-heavy projects and moved instead into innovative industries "with great promise and broad prospects for growth".&nbsp;Fosun Pharma&nbsp;(2196.HK）acquired another 3.9% of Henlius Biotech shares in mid-April, bringing its total holdings to 63.43%.
Currently, Fosun International is trading around a 52-week low of HK $4.15 per share, having fallen around 8.8% so far this year, leaving its price-to-earnings (P/E) ratio languishing at 4.33 times. With the divestment strategy continuing apace, and the debt situation improving, there could be some upside potential. &nbsp;

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Fosun International Sheds Real Estate Assets In Portugal

HC Wainwright &amp; Co. analyst Patrick Trucchio reiterates GH Research (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GHRS#NASDAQ">GHRS</a>) with a Buy and maintains $40 price target.

GHRS

HC Wainwright & Co. Reiterates Buy on GH Research, Maintains $40 Price Target

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Cooperation Agreement with ZZC

Announcement Potential Entering of Distribution Agreement with CICC and JPMorgan

Coopearation Agreement with Indicator Global Inc

Garden Stage Limited - Announces Receipt of Nasdaq Notification Letter Regarding Minimum Bid Price Deficiency

GSIW

AMTD IDEA Group American Depositary Shares, each representing six (6) Class A Ordinary Shares

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