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The month before Moore Threads had raised roughly 1 billion yuan in a so-called "series B+" round, one of the sources said. Investors priced Moore at 24 billion yuan prior to the capital raise, and around 24.8 billion yuan after the injection of new capital, said the other source, who had been briefed about the fundraising progress in September. On Tuesday, updates to Moore Threads' company registration data on third-party database Qichacha showed it added new shareholders including a fund called Houxue Qingxin and venture investment firm Chenan Zhizhi alongside an increase in its registered capital. It was widely considered one of China's most prominent efforts to develop products capable of competing with those from market-dominating Nvidia. ($1 = 7.2482 Chinese yuan renminbi)Reporting by Beijing Newsroom; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.
Persons: Florence Lo, Moore, Chenan, ByteDance, Jan Harvey Organizations: REUTERS, Rights, U.S, Taiwan Semiconductor Manufacturing, Reuters, Nvidia, AMD, China Mobile, Sequoia Capital, Beijing, Thomson Locations: China, Rights BEIJING, U.S, Sequoia Capital China
Global dividends slide in Q3 as miners drag
  + stars: | 2023-11-15 | by ( ) www.reuters.com   time to read: +2 min
MILAN, Nov 15 (Reuters) - Global dividends fell 0.9% to $421.9 billion in the third quarter due to lower special dividends and a small number of corporations making large cuts to investor remuneration, a report showed on Wednesday. Janus said total dividends were slightly better than expected in the quarter despite lower one-off special payouts and exchange rate effects. "Special dividends have decreased, reflecting less M&A activity and the disappearance of windfall profits in sectors like mining," he added. The largest cuts to payouts were made by Brazilian oil group Petrobras (PETR4.SA) and Australian miner BHP (BHP.AX). More than half of mining companies reduced their payouts while 89% of companies overall raised their dividends or held them during the period, the report said.
Persons: Janus Henderson, Janus, Ben Lofthouse, Banks, Danilo Masoni, Elaine Hardcastle Organizations: MILAN, Petrobras, PETR4, BHP, Chemicals, China Construction Bank Corp, China Mobile, HK, Thomson Locations: Brazil, Taiwan, Czech, Asia, PetroChina, Europe
China launches world’s fastest internet network
  + stars: | 2023-11-15 | by ( Samantha Kelly | ) edition.cnn.com   time to read: +3 min
CNN —China has started to roll out what it’s calling the world’s most advanced internet network, which promises to operate several times faster than current networks. But a more robust, faster internet service has broad implications for businesses, faster information transfers, stock trading advantages and other national security implications. A backbone network is network infrastructure that moves internet traffic to different geographic locations, and can support hungry-data transfers from technologies such as 5G and electric vehicles. The new network runs on 1,800 miles of optic fiber cables between Beijing and the south, according to a translated press release. Jinping previously said the development of the backbone network will establish the country as “a cyber power” and “accelerate the promotion of core Internet technologies,” the press release said.
Persons: Biden, Xi Jinping, Jinping, Wu Jianping, Brian Fung, Juliana Liu, Wayne Chang Organizations: CNN, Huawei, China Mobile, Beijing’s Tsinghua University, Cernet, Tsinghua University Locations: China, Beijing, San Francisco
People cross a street during morning rush hour in front of the skyline of the central business district (CBD) in Beijing, China December 15, 2020. This follows more than a hundred Chinese companies committing to buybacks or withdrawing share sales in August after China imposed new rules as part of measures to shore up a sinking stock market as the country's post-COVID-19 recovery lost momentum. Its blue-chip stock index <.CSI300>, however, is near one-year lows as investor sentiment remained weak in recent months despite stimulus policies to shore up confidence. Meanwhile, more than 70 other companies in filings vowed that their major shareholders would not sell shares in the coming months, or withdrew plans to offload shares. Reporting by Jason Xue in Shanghai and Tom Westbrook in Singapore Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.
Persons: Thomas Peter, Jason Xue, Tom Westbrook, Marguerita Choy Organizations: REUTERS, Rights, China Petroleum & Chemical Corp, China Railway Construction Corp, China Mobile, Wanma Technology, GoodWe Technologies, Central Huijin Investment, Thomson Locations: Beijing, China, Shanghai, Singapore
China accounts for 19% of Apple’s revenue, and less than 1% of the population works in the government. At 28 times forward earnings, Apple's current multiple, about $8 billion of value goes away. That’s 0.2% of Apple’s market capitalization. On Apple’s multiple, that’s $188 billion, or 7% of the company’s current market capitalization. The biggest problem, however, is Apple’s current valuation.
Persons: Aly, iPhones, Xi Jinping, Robert Cyran, Yawen Chen, Lauren Silva Laughlin, Sharon Lam Organizations: Apple, REUTERS, Reuters, China Mobile, HK, U.S, Congress, Huawei, China, Wall Street, Bloomberg, Thomson Locations: Shanghai, China, Republic, New York, London
WASHINGTON, July 6 (Reuters) - The U.S. Senate Commerce Committee plans to vote next week on President Joe Biden's nominee for a key fifth seat on the U.S. Federal Communications Commission (FCC). In July 2021, Biden signed an executive order encouraging the FCC to reinstate net neutrality rules adopted under Democratic then-President Barack Obama in 2015. Biden's first nominee for the open seat, former FCC official Gigi Sohn, withdrew in March after three hearings. The FCC has raised mounting concerns about Chinese telecom companies which had won permission to operate in the United States decades ago. In 2019, the FCC voted to deny state-owned Chinese telecom firm China Mobile Ltd (0941.HK) the right to provide U.S. services and later withdrew U.S. authorizations for several other Chinese telecom carriers, including China Telecom Corp (0728.HK).
Persons: Joe Biden's, Anna Gomez, Gomez, Brendan Carr, Geoffrey Starks, Donald Trump, Biden, Barack Obama, Biden's, Gigi Sohn, Sohn, David Shepardson Organizations: U.S, Senate, U.S . Federal Communications Commission, Democratic, State Department's Bureau, Cyberspace, Digital, Radio Conference, FCC, Republican, China Mobile Ltd, HK, China Telecom Corp, Thomson Locations: U.S, United States, United
Shares of MongoDB rose as much as 22% in extended trading Thursday after the database software maker issued blowout fiscal first-quarter earnings and lifted its full-year guidance. Earnings: 56 cents per share, adjusted, vs. 19 cents per share as expected by analysts, according to Refinitiv. During the quarter, MongoDB extended its partnership with Alibaba through 2027. Analysts surveyed by Refinitiv had been looking for 14 cents in adjusted earnings per share and $362 million in revenue. The guidance calls for $1.42 to $1.56 in adjusted earnings per share on $1.522 billion to $1.542 billion in revenue, which would imply 19.5% growth.
Persons: Dev Ittycheria, Ittycheria, MongoDB, Refinitiv Organizations: China Mobile, Oracle, Innovation, Alibaba, American Airlines Locations: Refinitiv, China
SHANGHAI, May 31 (Reuters) - China Telecom (0728.HK) has invested 3 billion yuan ($434 million) to establish the China Telecom Quantum Information Technology Group Co., it said in a statement on its official WeChat account Tuesday. The investment marks the latest move by a Chinese telecommunications giant to try to tap into quantum technology and reflects Beijing's ambition to pull ahead in the global race to harness the power of quantum computing. "[This] is a practical action to thoroughly study and implement the spirit of General Secretary Xi Jinping's important instructions on the development of quantum technology," China Telecom said in its statement. China Telecom's move comes after China Mobile, the world's largest telecom carrier with 900 million mobile subscribers, last December signed a deal with Chinese startup Origin Quantum looking to use quantum computing to overcome computational bottlenecks facing 5G and 6G technologies. Current real-world applications in quantum computing are still very basic and limited to a small group of clients.
Persons: Xi, China Telecom's, Casey Hall, Sonali Paul Organizations: China Telecom, HK, China Telecom Quantum Information Technology, Co, China Mobile, Global, IDC, Thomson Locations: SHANGHAI, China, Anhui
As Japan and the United States place fresh curbs on Chinese technology firms, local investors are scooping up shares of those firms and state companies, and reaping handsome rewards. New fund launches will potentially channel money into China's technology and chipmaking leaders, including ZTE Corp (000063.SZ), Unisplendour Co (000938.SZ), Montage and Cambricon Technologies (688256.SS). Cutting-edge innovation requires huge and long-term investment, which is beyond the ability of private companies, "but SOEs can do it," Yang said. For example, China's chipmaking sector is now trading at 60 times earnings, compared with 16 for the broad market. But "China needs high valuation in some sectors ... Why don't you put down your wager, while also supporting the country's development?"
The return of tourists to Southeast Asia, he says, bodes well for the group’s core mobility business in the second half. The next challenge is resetting investor expectations so that beats can shine through. Lower incentives helped it to cut its adjusted operating loss to $66 million from $287 million a year ago. It also narrowed its forecast for annual adjusted operating loss to $195 million-$235 million, from a previous forecast of $275 million-$325 million. China’s Alibaba on May 18 reported revenue of 208 billion yuan ($30.1 billion) in the three months to end-March, up 2% year-on-year.
Alibaba Group Holding Ltd (9988.HK) said last month it would slash prices for some cloud products by up to 50%. Wei Yunfeng, a researcher at data firm IDC, said the price cuts were triggered in part by high sales targets despite slowing growth for the market. Alibaba's cloud revenue accounts for about 9% of its total revenue. James Mitchell, Tencent's chief strategy officer, told analysts on a call: "The impact of price cuts on Tencent as a whole is not notable." Moreover, price cuts only apply to its infrastructure-as-a-service business, which represent only a portion of Tencent's cloud services.
HONG KONG, May 17 (Reuters) - Chinese internet giant Tencent Holdings (0700.HK) is cutting prices for cloud services by up to 40% from June amid similar moves from rivals that have plunged the sector into a price war. Alibaba Group Holding Ltd (9988.HK) said last month it will slash prices for some cloud products by up to 50%. Charlie Chai, an analyst at 86Research, said Chinese cloud service providers had in the past made efforts to avert a price war but "at the end of the day they still went down this path". Alibaba's cloud revenue accounts for about 9% of its total revenue. Tencent does not break out separate figures for cloud revenue.
Asian companies exposed to artificial intelligence have seen a 30% increase in value since November 2022 — when ChatGPT was unveiled. However, HSBC has warned that investors should consider three significant risks before investing in AI stocks: disappointing demand, increased competition, and regulations. "Nothing is more exciting for investors and entrepreneurs than discovering a potentially huge market for new products and services," said the bank's strategists led by Herald van der Linde. They added that these powerful narratives pushed stock prices up but eventually saw prices come back down due to various factors. Having laid out its framework, HSBC also named the following stocks exposed to artificial intelligence that their analysts cover.
REUTERS/Tingshu WangYULIN, China, April 28 (Reuters) - China is pushing automated technology to improve the safety and efficiency of its coal mining industry, the world's largest, which has long been plagued by safety lapses. The nearby Xiaobaodang mine, also owned by Shaanxi Coal, has cut its underground staff by 42%. Coal mines in China, which produced more than half the world's coal last year, are among the deadliest, with accidents causing almost 250 deaths in 2022, a six-year high. China's National Energy Administration is urging miners to accelerate their adoption of "smart mining" technology in a bid to improve safety and efficiency as coal output grows with Beijing's efforts to bolster energy security even as it expands its use of renewable sources. Huawei says the Hongliulin mine spent about 200 million yuan on installing intelligent mining.
China Mobile and other Chinese telecom stocks are benefiting from plans to boost the country’s digital economy. Photo: Cfoto/DDP/Zuma PressBetting on the government has been a winning trade in Chinese markets this year. State-owned enterprises, or SOEs, have been the standout performers among Chinese stocks in 2023. The Hang Seng China State-Holding Enterprises Index rose 8.3% this year, compared with a 1.5% decline for the broader Hang Seng China Enterprises Index.
Shares of state-owned enterprises (SOEs) have risen sharply since November, when top securities regulator Yi Huiman called for a new model to price them. Mainland-listed state telecom operators China Mobile and China Telecom have jumped more than 50% each this year and China Petroleum & Chemical Corp (600028.SS) has soared 44%, compared with a 5% gain in the benchmark index (.CSI300). More than 10 mutual fund companies have applied to launch nearly a score of SOE-dedicated funds since March, state media reported. E Fund Management Co this week launched a mutual fund, aiming to raise up to 8 billion yuan ($1.16 billion) to be ploughed into shares of strategically important SOEs. State companies' shares have so far outperformed the broader market, delivering what investors term a rare "SOE alpha".
China's three main carriers – China Telecommunications Corporation (China Telecom), China Mobile Limited and China United Network Communications Group Co Ltd(China Unicom) – are mapping out one of the world’s most advanced and far-reaching subsea cable networks, according to the four people, who have direct knowledge of the plan. They said HMN Tech, which is majority-owned by Shanghai-listed Hengtong Optic-Electric Co Ltd, would receive subsidies from the Chinese state to build the cable. China Mobile, China Telecom, China Unicom, HMN Tech, and Hengtong did not respond to requests for comment. The consortium on the SeaMeWe-6 cable – which originally had included China Mobile, China Telecom, China Unicom and telecom carriers from several other nations – initially picked HMN Tech to build that cable. China Telecom and China Mobile pulled out of the project after SubCom won the contract last year and, along with China Unicom, began planning the EMA cable, the four people involved said.
China's three main carriers – China Telecommunications Corporation (China Telecom), China Mobile Limited and China United Network Communications Group Co Ltd(China Unicom) – are mapping out one of the world’s most advanced and far-reaching subsea cable networks, according to the four people, who have direct knowledge of the plan. They said HMN Tech, which is majority-owned by Shanghai-listed Hengtong Optic-Electric Co Ltd, would receive subsidies from the Chinese state to build the cable. China Mobile, China Telecom, China Unicom, HMN Tech, Hengtong and China’s Foreign Ministry did not respond to requests for comment. The consortium on the SeaMeWe-6 cable – which originally had included China Mobile, China Telecom, China Unicom and telecom carriers from several other nations – initially picked HMN Tech to build that cable. China Telecom and China Mobile pulled out of the project after SubCom won the contract last year and, along with China Unicom, began planning the EMA cable, the four people involved said.
WASHINGTON, March 29 (Reuters) - The head of the Federal Communications Commission (FCC) on Wednesday proposed new rules to periodically reassess existing authorizations for foreign-owned companies to provide telecommunications services in the United States. The U.S. telecommunications regulator has raised mounting concerns about Chinese telecom companies in recent years which had won permission to operate in the United States decades ago. In 2019, the FCC voted to deny state-owned Chinese telecom firm China Mobile Ltd (0941.HK) the right to provide U.S. services and later withdrew U.S. authorizations for several other Chinese telecom carriers including China Telecom Corp (0728.HK). Rosenworcel said: "It is so important to have the agency regularly review foreign companies’ authorizations to providetelecommunications services in the United States." In December, a federal appeals court rejected China Telecom's challenge to the FCC order withdrawing the company's authority to provide services in the United States.
Three of China’s state-owned carriers – China Telecommunications Corporation (China Telecom), China Mobile Limited and China United Network Communications Group Co Ltd (China Unicom) – had committed funding as members of the consortium, which also included U.S.-based Microsoft Corp and French telecom firm Orange SA, according to six people involved in the deal. China Telecom, China Mobile, China Unicom and Orange did not respond to requests for comment. China Telecom, China Mobile and China Unicom were resolutely behind HMN Tech, which had come in with a bid of around $500 million. China Telecom and China Mobile threatened to walk off the project, taking tens of millions of dollars of investment with them. Among them is China Telecom, which had previously won authorization to provide services in the United States.
KARACHI, Pakistan, Jan 23 (Reuters) - Thousands of mobile phone towers have gone offline across Pakistan due to a nationwide power cut on Monday, an industry source told Reuters, raising the spectre of a telecommunications blackout in parts of the country of 220 million people. The disruption has begun hitting the country's approximately 40,000 telecommunication towers. Separately, the country's telecommunication regulator, the Pakistan Telecommunication Authority (PTA), warned of outages. "Due to country wide power outage, users may face service disruptions," PTA said in a statement. A spokesperson for PTA did not respond to a question on how many of Pakistan's telecommunication towers were offline.
WASHINGTON, Dec 20 (Reuters) - A federal appeals court on Tuesday rejected China Telecom Corp's (0728.HK) challenge to a Federal Communications Commission order withdrawing the company's authority to provide services in the United States. A three-judge panel of the U.S. Court of Appeals for the District of Columbia rejected the bid by the U.S. arm of China Telecom to reverse the order that took effect in January. The FCC said in 2021 that China Telecom (Americas) "is subject to exploitation, influence and control by the Chinese government." A lawyer for China Telecom (Americas) and the FCC did not immediately comment. China Telecom had argued the FCC violated its rules by refusing to hold a hearing before revoking China Telecom (Americas)’ domestic and international common-carrier authorizations.
Appeals court rejects China Telecom bid to reverse US ban
  + stars: | 2022-12-20 | by ( ) edition.cnn.com   time to read: +2 min
A federal appeals court on Tuesday rejected China Telecom Corp’s challenge to a Federal Communications Commission order withdrawing the company’s authority to provide services in the United States. A three-judge panel of the US Court of Appeals for the District of Columbia rejected the bid by the US arm of China Telecom to reverse the order that took effect in January. The FCC said in 2021 that China Telecom (Americas) “is subject to exploitation, influence and control by the Chinese government.”A lawyer for China Telecom (Americas) did not immediately comment. In 2019, the FCC voted to deny state-owned Chinese telecom firm China Mobile Ltd the right to provide US services and later withdrew US authorizations for several Chinese telecom carriers. China Telecom had argued the FCC violated its rules by refusing to hold a hearing before revoking China Telecom (Americas)’ domestic and international common-carrier authorizations.
FCC commissioner calls for TikTok ban
  + stars: | 2022-11-02 | by ( Brian Fung | ) edition.cnn.com   time to read: +3 min
Washington CNN Business —The US government should ban TikTok rather than come to a national security agreement with the social media app that might allow it to continue operating in the United States, according to Brendan Carr, a commissioner at the Federal Communications Commission. A string of news reports this year about TikTok’s handling of US user data has left Carr with “little confidence there’s a path forward,” he told CNN in a phone interview Tuesday. Those bipartisan fears were again raised in September, when under pressure from US lawmakers, TikTok declined to commit to cutting off data flows to China. Carr’s call for a TikTok ban was first reported by Axios, and the remarks expand on his earlier calls for Apple and Google to remove TikTok from their respective app stores. Still, Carr said his call for a TikTok ban reflects a “natural progression in my thinking” and is informed by his own agency’s work to limit China’s influence in US telecommunications networks.
Citi says BYD is one of its "top" buy ideas among Chinese stocks and expects shares in the automaker to soar by more than 260% over the next 12 months. Jeff Chung, an equity analyst at Citi, reiterated his buy rating and price target on the stock after the company announced earnings on Oct. 28. Chung's price target for BYD is significantly higher than other analysts'. The median price target from six analysts covering the stock gives the stock a potential upside of 60.8%, according to FactSet data. Citi analysts recommended investors in China adopt a "barbell strategy" — a mix of conservative stocks to protect against downside risks and "high-conviction growth stocks" — in their base case scenario.
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