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WeChat’s value surpasses Ferrari as Covid-19 pandemic upends businesses and buoys technology brands from Apple to Tesla
The global coronavirus pandemic boosted the brand value of China’s largest technology companies last year, even as it decimated livelihoods and economies the world over, according to a report by the British consultant Brand Finance.The brand value of Alibaba.com, the trading platform of Alibaba Group Holding that focuses on serving business and enterprises, jumped by 108 per cent to US$39.2 billion as the second fastest-growing brand, second only to Tesla’s 158 per cent increase, according to…
Alibaba Group Holding Ltd (NYSE: BABA ) subsidiary Ant Group is planning to sell a key biometric security company it owns in the United States, the Financial Times reported Tuesday. What Happened: The Chinese fintech is looking to sell the Kansas City, Missouri-based EyeVerify in the first half of this year, according to a person familiar with the matter. Discussions were held with a number of potential acquirers, FT’s sources revealed. EyeVerify’s technology — which allows users to scan their face as a password — is used by major banks such … Full story available on Benzinga.com
(Bloomberg) -- When China’s two big mobile powers clashed publicly on New Year’s Eve, the stock of a little-known gaming company surged the most ever, minting a new billionaire in 38-year-old maverick entrepreneur Huang Yimeng.Shares in his indie game distributor XD Inc. rose 24% on the first trading day of 2021 after Huawei Technologies Co. temporarily removed all Tencent Holdings Ltd. games from its app store in a dispute over their revenue split. Investors flocked to the ByteDance Ltd.-backed creator of TapTap -- a Steam-like download service for games that bypasses the dominant app stores -- on the sign of schism between China’s big two.The rare incident brought to the fore simmering resentment against the 50% cut that app stores like Huawei’s charge developers and highlighted the k...
(Bloomberg) -- Didi Chuxing Technology Co. is close to finalizing a $1.5 billion round of funding for its on-demand trucking unit from investors including Temasek Holdings Pte, surpassing its fundraising target as investors count on a Chinese economic recovery to fuel shipping.Jack Ma’s Yunfeng Capital and IDG Capital will join the financing for Didi Freight, an Uber-like trucking service, a person with knowledge of the matter said. Other investors in the unit’s debut round include the investment arm of real estate giant Country Garden Holdings Co., a unit of CITIC and Hidden Hill Capital, the person said, asking not to be identified discussing a private deal. The total amount exceeded its target of about $400 million by several-fold.China’s economy roared back to pre-pandemic growth ra...
(Bloomberg) -- Tencent Holdings Ltd. slumped after a world-beating surge in the stock pushed its market value to the cusp of $1 trillion for the first time.The Chinese Internet behemoth lost 6.3% in Hong Kong on Tuesday, putting its market capitalization below $890 billion. Traders took profit after Monday’s 11% rally, which was Tencent’s biggest in almost a decade. Adding to the caution were comments by an adviser to China’s central bank at a conference, reported by local media, indicating that excessive liquidity was creating asset bubbles.Read more: China Asset-Bubble Warning Threatens Stock Frenzy in Hong KongThousands of bullish Tencent options lost almost all their value, after some surged as much as 118,300% on Monday. The frenzy in derivatives trading pushed the cost of one-mont...
(Bloomberg) -- Pony Ma got $6.9 billion richer on Monday after one of the companies his Tencent Holdings Ltd. backs revealed its IPO plans, while Jack Ma’s public reappearance Wednesday added $1.6 billion to his net worth.Even though the Hong Kong market has proved particularly volatile lately -- the benchmark Hang Seng Index gave up all of of its Monday gain on Tuesday -- it’s been one of the world’s highlights this month.Tencent and Alibaba Group Holding Ltd., along with food-delivery giant Meituan and carmaker Geely Automobile Holdings Ltd., were among the stocks helping propel the rally. Their top executives have made a combined $32 billion this month through Monday, and they’re not the only ones benefiting, according to the Bloomberg Billionaires Index.The Top 10 richest moguls wit...
While Hong Kong’s economy got badly hit from the coronavirus crisis and a political crackdown, money has kept flowing to the city.Tencent and Alibaba Group Holding Ltd., along with food-delivery giant Meituan and carmaker Geely Automobile Holdings Ltd., were among the stocks helping propel the rally
BENGALURU -- India's ministry of electronics and information technology has issued fresh notices to make permanent a ban imposed on video app TikTok and 58 other Chinese apps in June, Indian media reported late on Monday. When it first imposed the ban, the Indian government gave the 59 apps a chance to explain their position on compliance with privacy and security requirements, the Times of India reported on Monday. The companies, which include ByteDance's popular video-sharing app TikTok, Tencent Holdings' WeChat, and Alibaba's UC Browser, were also asked to respond to a list of questions, the newspaper said. "The government is not satisfied with the response/explan… Keep on reading: India to impose permanent ban on 59 Chinese apps, including TikTok — Indian media
One of the most common questions traders have about stocks is “Why Is It Moving?”. That’s why … Full story available on Benzinga.com
There are concerns that the giants of American and Chinese tech could come under further regulatory scrutiny this year.