Photo: Unsplash
Cover Photo: Unsplash

The second last week of August was filled with highs and lows on the investment and stock market. Find out more in our weekly business news round-up

August is coming to an end and this week has been an evently one on the business front with shares plunging and soaring and investors putting their money towards good causes such as mental health.  

See also: Secretlab Co-Founder Ian Ang Acquires 2 Luxury Properties in a Week For $51 Million

Below, Tatler rounds up all the biggest business news from this week that you need to read.

See also: How Female Entrepreneurs in Singapore Adapted Their Businesses Throughout the Covid-19 Pandemic

Nanofilm shares plunge 28.8 per cent after resignation of COO

Tatler Asia
Photo: Unsplash
Above Photo: Unsplash

Last week, Nanofilm Technologies’ chief operating officer (COO), Ricky Tan, resigned. This caused investors to dump their shares of the company and a 2.3 per cent drop in net profits was reported after the market closed last Friday.

On Monday, its stock closed at $4.25 which was down $1.72, or 28.8 per cent.

This comes just a month after Nanofilm shares hit an all-time high of $6.53 after they announced that they would be partnering with Temasek to develop hydrogen energy solutions.

See also: Forbes Singapore’s 50 Richest For 2021: Billionaire Li Xiting Takes The Top Spot

Firms in Singapore have begun to restore wages after pay cuts and freezes

Last year, as a result of the pandemic, many companies were forced to put their employees on pay cuts and even salary freezes in order to stay afloat. 

As Singapore starts to cope with the pandemic, companies such as Temasek, United Overseas Bank (UOB) and Changi Airport Group have announced that they are beginning to restore wages. 

While certain roles will still see pay cuts, for the most part, it looks like more local companies are doing much better. 

China Telcom shares make the world’s biggest listing so far in 2021

China Telecom is the country’s second-largest mobile operator and on August 20, their shares surged as much as 44 per cent. 

The rise was significant enough to trigger a 30-minute trading halt. It was also the world’s biggest listing so far in 2021 and exceeds the US$6.3 billion (S$8.6 billion) initial public offering that was done by TikTok’s rival, Kuaishou Technology, in February.

Local mental health platform, Mindfi, raises $1 million from investors

Mindfi, a local corporate mental health and wellness platform, has managed to secure US$750,000 (S$1.02 million) from its investors which include iGlobe Partners, M Venture Partners and other angel investors. 

Mindfi is a system that gives users personalised recommendations based on their daily steps, sleep, mood, breathing and heart rates. It then provides guided self-care programmes and matches users with coaches and therapists to get them the support they might need. 

The company has also been selected for the Summer 2021 programme of Y Combinator (YC) which is a Silicon Valley-based start-up accelerator.

See also: Forbes 2021: Beijing Now Has the Most Billionaires in the World 

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