The benchmark Hang Seng Index fell 4.4% for the week, reaching lows not seen since 2011. The Hang Seng China Enterprises Index fell by an even larger 4.8%, while the iShares MSCI China ETF shed 5.7%. Not good news for anyone with a big China nest egg.
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The TikTok parent will buy back up to $3 billion of its own shares at a valuation of about $300 billion, even as China’s second largest internet company also faces major geopolitical headwinds Key Takeaways: Data security concerns have stalled an overseas IPO plan by TikTok parent ByteDance, prompting it to offer to buy out shares from some early investors The company is valued higher than social media giants Alphabet, Meta and Tencent on a price-to-sales (P/S) basis By Ken Lo What’s the best way to quiet noisy shareholders clamoring…
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Moody’s downgraded the Shanghai-based financial conglomerate last month, saying it could have difficulty repaying its ‘sizable debt’ maturing over the next 12 months Key Takeaways: Fosun has sold down its stake in New China Life, its latest move to raise cash as it faces large debt maturing in the next 12 months The company is also selling down stakes in its Fosun Tourism unit, owner of the Club Med resort chain, and appears to be selling shares in its core Fosun Pharma holding By Doug Young A group of Chinese…
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The former highflying news app said it could be kicked off the Nasdaq Global Select Market after the value of its publicly held shares fell below a minimum threshold Key Takeaways: Qutoutiao faces potential delisting after being notified last week that the value of its publicly held shares is too small The cash-strapped company has adopted a cost-cutting strategy over the last two years, and has yet to report its first and second quarter results for this year By Trevor Mo Qutoutiao Inc. (QTT.US) shot to fame as the fastest…
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New filing shows Trip.com’s longtime stake in Tongcheng fell slightly after years of staying the same Key Takeaways: A new stock exchange filing shows a slight reduction in leading online travel agent Trip.com’s longtime stake in Tongcheng, the industry’s second-largest player China’s online travel industry is riddled with anticompetitive cross-holdings, including Trip.com’s stakes in Tongcheng and Qunar By Doug Young A quiet stock exchange announcement this week showing a slight reduction in leading online travel agent Trip.com’s (TCOM.US; 9961.HK) longtime stake in rival Tongcheng Travel Holdings Ltd. (0780.HK) barely attracted…
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Nearly 65% of the integrated marketing services provider’s revenue in the first half of the year was linked to its CEO and star broadcaster Key Takeaways: Integrated marketing services provider Era Jade Media, famous for its self-produced finance programs, has filed for a Hong Kong IPO for a fourth time The company is extremely reliant on its CEO, who was behind 64.6% of the company’s revenue in the first half of this year By Tina Yip His name may be unfamiliar to most westerners, but Ma Hongman is practically synonymous…
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Social media app operator, often called the ‘Tinder of China,’ saw its revenue drop 15% in the second quarter, and forecast a similar decline in the third Key Takeaways: Hello Group predicted its revenue will slide by at least 14.9% in the current quarter, extending a streak of declines dating back to early 2020 The company’s retrenchment strategy involves a turnaround at its loss-making Tantan, which aims to break even by 2023 by cutting costs and rolling out new functions By Trevor Mo More than a year after kicking off…
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A report that the tech giant is looking to sell its Meituan stake is stoking concerns of more similar divestments to come Key Takeaways: Reuters reported Tencent might sell some or all of its Meituan holdings this year, though Tencent called the report ‘inaccurate’ Some think Tencent might sell other stakes in its more than 70 U.S.- and Hong Kong-listed portfolio companies to raise funds to buy back its shares By Fai Pui China’s anti-monopoly crackdown of more than a year has taken a toll on the nation’s private sector,…
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China’s livestream gaming industry is on a cost-cutting drive as tighter regulation bites into business, with platform giant DouYu making faster headway than its rival Huya Key Takeaways: DouYu’s revenues fell by around 22% in the second quarter, but the company broke a six-season losing streak with an adjusted net profit of 23.50 million yuan Huya’s revenue tumbled 23% in the same period, and it barely eked out an adjusted net profit after slashing costs By Ken Lo China’s gaming platforms, once locked in a fierce battle for dominance in…
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Company’s latest results show a strong rebound as it moves ahead on a wide range of initiatives aimed at recapturing its former days of explosive growth Key Takeaways: Yalla generated record revenue in the second quarter despite a month-long Ramadan holiday, thanks to better user monetization and cost controls Company bolstered its position in its home market with the naming of a former UAE telecoms chief as a new independent director By Doug Young After starting as a voice-focused social networking service, Yalla Group Ltd. (YALA.US) is trying to take…
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