China Semiconductor Stock Soars Over 450% In Blockbuster IPO, S&P Acquire Majority Stake In Nigeria's Agusto & Co; You Can Now Klarna Your New iPhone; And Nigerian Diasporas Can Now Get A Mortgage In
- Dipo Owolabi
- Jul 29
- 5 min read
Updated: Jul 31
China's AI-driven semiconductor push has produced another stock market sensation as CXMT surged 466% in its market debut to become the country's most valuable listed chipmaker, while S&P Global is expanding its African footprint through the acquisition of a majority stake in Nigeria's Agusto & Co. Elsewhere, Apple Partners With Klarna to launch iPhone leasing from $17.99 Per Month, while Nigeria's Federal Mortgage Bank is opening its National Housing Fund mortgage scheme to Nigerians in the diaspora, tapping into one of the country's largest sources of foreign exchange. All this and more in today's Read It And Eat! |
Markets as of 28th of July 2026.. Cells in RED mean that the value is down, cells in Green mean the value is up.
MAJOR HEADLINES
Chinese Chip Manufacturer Debuts A Blockbuster IPO, Instantly Becoming the Country's Most Valuable Company
Chinese memory chip manufacturer ChangXin Memory Technologies (CXMT) surged 466% on its stock market debut, becoming the most valuable company listed on China's domestic exchanges, according to CNBC. The blockbuster listing reflects strong investor confidence in China's efforts to build a self-sufficient semiconductor industry amid ongoing U.S. export restrictions on advanced chip technology. The company raised billions through its initial public offering as demand for domestic AI and memory chip producers continues to accelerate.
CXMT has emerged as one of China's leading producers of DRAM memory chips and is expected to play a central role in Beijing's drive to reduce reliance on foreign semiconductor suppliers. The company's rapid valuation increase also highlights growing investor optimism that Chinese chipmakers will benefit from sustained government support, rising domestic demand, and increasing investment in artificial intelligence infrastructure despite geopolitical headwinds.
The market debut underscores how semiconductor companies remain among the biggest beneficiaries of the global AI investment boom. As China continues investing heavily in domestic chip production, companies such as CXMT are increasingly viewed as strategic national assets capable of strengthening the country's technological independence while competing with established global memory manufacturers including Samsung Electronics, SK Hynix, and Micron Technology. CNBC
S&P Global Acquires Majority Stake In Agusto & Co. To Expand Across Africa
S&P Global has agreed to acquire a majority stake in Nigerian credit ratings and research firm Agusto & Co., according to Nairametrics. The transaction marks a significant expansion of S&P Global's presence in Africa and is expected to strengthen the company's ability to provide credit ratings, market intelligence, and financial data services across the continent. Agusto & Co. will continue operating under its established brand while leveraging S&P Global's international expertise and resources.
Founded in Nigeria in 1992, Agusto & Co. has built a strong reputation for providing credit ratings, economic research, industry analysis, and ESG assessments across multiple African markets. The partnership is expected to enhance analytical capabilities, broaden product offerings, and improve access to international investors seeking deeper insights into African businesses and capital markets.
The acquisition reflects growing global interest in Africa's financial markets as demand for reliable credit information and independent risk assessments continues to increase. By combining Agusto & Co.'s regional expertise with S&P Global's global network and analytical capabilities, the partnership could help improve transparency, strengthen investor confidence, and support the continued development of Africa's capital markets. Nairametrics
Apple has launched a new device leasing programme in partnership with Klarna, allowing U.S. customers to lease iPhones from $17.99 per month under a new service called Apple Upgrade, according to CNBC. The programme replaces Apple's long-running iPhone Upgrade Program and expands leasing beyond smartphones to include Apple Watches, Macs, and iPads. Customers can choose lease terms ranging from one to three years before deciding whether to upgrade, return, or purchase their device at the end of the contract.
The move represents a significant shift in Apple's hardware strategy as the company looks to lower the upfront cost of its devices while encouraging more frequent upgrades. Klarna will handle financing through a soft credit check, with customers also able to reduce monthly payments by trading in eligible devices. Unlike the previous iPhone Upgrade Program, AppleCare+ is no longer bundled into the monthly subscription, giving customers greater flexibility over pricing.
The launch reflects a broader industry trend toward subscription-style ownership models that generate recurring revenue while improving customer retention. As smartphone replacement cycles continue to lengthen and device prices remain elevated, leasing offers Apple another way to keep users within its ecosystem while creating a steadier stream of hardware upgrades. For Klarna, the partnership significantly strengthens its position in consumer electronics financing by adding one of the world's most valuable consumer brands to its platform. CNBC |
Nigeria's Mortgage Bank New Scheme Let's It's Diaspora Get Mortgages For A Home In Nigeria
The Federal Mortgage Bank of Nigeria (FMBN) will officially launch its Diaspora National Housing Fund (NHF) Mortgage Loan on August 7, providing Nigerians living abroad with access to mortgage financing for residential property in Nigeria, according to Nairametrics. The initiative forms part of the Bank's efforts to expand home ownership opportunities while encouraging greater participation from the Nigerian diaspora in the country's housing sector.
Under the scheme, eligible Nigerians in the diaspora will be able to contribute to the National Housing Fund and apply for mortgage loans to purchase or build homes in Nigeria. The programme is expected to leverage remittance inflows to stimulate housing development while providing a structured financing framework for Nigerians seeking to invest in residential property back home. Critics, however, argue that the initiative could further price out local homebuyers, who already face affordability challenges, by increasing demand in a housing market constrained by limited supply. Nigeria's housing deficit is estimated at more than 20 million units, raising concerns that additional diaspora-backed demand could place further upward pressure on property prices.
The launch represents another step toward deepening Nigeria's housing finance market by tapping into one of the country's largest sources of foreign exchange. Industry data consistently show that a significant share of diaspora remittances is already directed toward purchasing land, constructing homes, and supporting residential real estate projects in Nigeria. The new mortgage scheme effectively formalizes that investment channel by bringing it under a government-backed financing framework, providing Nigerians abroad with a structured and regulated pathway to own property back home. Nairametrics
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