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☆ HK spot crypto ETF market has the potential to be double the size of the U.S.: CEO
▼ + stars: | 2024-05-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHK spot crypto ETF market has the potential to be double the size of the U.S.: CEOTongli Han, CEO of Harvest Global Investments says the in-kind subscription model for Hong Kong's newly launched spot bitcoin and ether ETFs will appeal to cryptocurrency "native" participants.

Persons: Tongli Han, Hong Kong's Organizations: HK, Harvest Global Investments Locations: U.S

☆ Hong Kong stocks are back from the dead. Here’s why
▼ + stars: | 2024-04-30 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Hong Kong’s benchmark Hang Seng Index surged more than 7% in April as the best-performing major index in the world. The valuation of Hong Kong stocks has also become more “compelling” relative to the rest of the Asian region after the pullback last year, said Zhikai Chen, head of Asian equities at BNP Paribas Asset Management. He added that there is a shift in investors’ sentiments as Chinese economic data turned more positive. Innes said global investors are currently “underweight” in Chinese markets, including Hong Kong, because of geopolitical tensions and concerns surrounding potential fallout from the upcoming US elections. Stock exchange data showed that southbound investors (meaning investment from mainland China into Hong Kong) have bought nearly $20 billion of Hong Kong-listed stocks in March and the first three weeks of April on a net basis.

Persons: ”, Kelly Chung, Zhikai Chen, Stephen Innes, David Chao, Nomura, Xiaomei Chen, Angelina Lai, Innes, Kong, BNP Paribus Organizations: Hong Kong CNN, Hong, Value Partners, BNP, Management, P Global, PMI, Kong's, Reuters, US, People’s Bank of, HK, “ Locations: China, Hong Kong, United States, Beijing, India, James’s, People’s Bank of China

☆ L'Occitane's billionaire owner to take firm private in $1.8 billion deal
▼ + stars: | 2024-04-29 | by ( ) www.cnbc.com time to read: +1 min

Hong Kong-listed L'Occitane International 's chairman and controlling shareholder will take the French skin-care firm private, valuing it at a maximum of HK$13.91 billion (US$1.78 billion), the company said on Monday. As part of the deal, Austrian billionaire Geiger's investment holding company L'Occitane Groupe in Luxembourg will pay HK$34 for each share not already owned, representing a 30.8% premium to the stock's last close of HK$26 on Feb. 5. L'Occitane Groupe owned 72.39% of the cosmetics company at March-end. The investment holding firm does not intend to increase the offer price for the deal, which comes a few months after Geiger shelved a buyout attempt for the company. J.P. Morgan will be the financial advisor for L'Occitane Groupe.

Persons: Reinold Geiger, Geiger, L'Occitane International's, J.P, Morgan Organizations: HK, Reuters, U.S, L'Occitane Groupe Locations: Hong Kong, Austrian, Luxembourg

☆ Standard Chartered doubles down on its prediction that bitcoin will reach $150,000 by the end of the year
▼ + stars: | 2024-04-25 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Bitcoin is set for more price gains later this year, even after a recent retreat in prices, according to Standard Chartered's top crypto analyst. Geoffrey Kendrick, head of foreign exchange research, West, and digital assets research at Standard Chartered, said in a research note this week that he sees bitcoin rising to $150,000 per coin, and ether hitting $8,000 by the end of 2024 — doubling down on a bullish prediction from the bank earlier this year. Bitcoin temporarily sank below $60,000 last week as traders reacted to news of an escalating military conflict between Iran and Israel. Also, large long liquidations over the past couple of weeks mean that market positioning is a lot cleaner," Kendrick said. "As a result, with Middle East tensions easing I think it is time to re-engage in medium-term longs."

Persons: Geoffrey Kendrick, Kendrick, Bitcoin, bitcoin, That's Organizations: Standard Chartered, BTC, ETH, Securities and Exchange Commission, Treasury, HK Locations: Israel, Iran, United States, U.S

☆ Shares of Chinese bubble tea firm Chabaidao plunge nearly 40% in Hong Kong debut
▼ + stars: | 2024-04-23 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Shares of Chinese bubble tea chain Chabaidao tumbled almost 40% on its trading debut on the Hong Kong stock exchange. The stock, officially listed as Sichuan Baicha Baidao Industrial, fell as low as 10.84 Hong Kong dollars in the late morning — about 38% below its IPO price of HK$17.50. The bubble tea firm's IPO was the largest listing in Hong Kong in 2024 so far, with the company garnering net proceeds of HK$2.59 billion from its IPO, before listing expenses, according to its prospectus filed to the Hong Kong exchange. The company said it ranked third in China's freshly made tea shop market in terms of retail sales value in 2023, with a market share of 6.8%

Organizations: Hong, HK Locations: Hong Kong, Sichuan

☆ Recruitment is a key challenge for airlines globally: HK Express CEO
▼ + stars: | 2024-04-22 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRecruitment is a key challenge for airlines globally: HK Express CEOHong Kong Express CEO Jeanette Mao says labor shortages are contributing to higher costs, as the low cost carrier plans to recruit over 500 cabin crew and pilots this year.

Persons: Jeanette Mao Organizations: HK Express CEO Hong Kong Express

☆ Here are Monday's biggest analyst calls: Nvidia, Apple, Meta, Intel, Cisco, Reddit, Netflix, IBM, MGM & more
▼ + stars: | 2024-04-15 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Citi upgrades Frontier to buy from neutral Citi said it sees EBITDA growth ahead for the telecom and internet provider. Mizuho initiates GE Vernova as buy Mizuho says it's bullish on shares of the GE spinoff energy company. Citi opens a positive catalyst watch on Nvidia Citi said investors should buy any weakness in the stock. "We are launching [coverage on] on 4 US listed stocks and 5 HK listed stocks: Las Vegas Sands ( LVS, Buy, PT $63); MGM Resorts (MGM, Buy, PT $56); Melco Resorts (MLCO, Buy, PT $10)." Bank of America upgrades Cisco to buy from neutral Bank of America said it sees several growth drivers ahead for Cisco.

Persons: Morgan Stanley, Apple, Logitech, IBM Evercore, it's, Argus, Mizuho, it's bullish, Reddit, UBS downgrades Rollins, Rollins, SharkNinja, Martin, LMT, Needham, Canaccord, Coty, Jefferies, Janus, Stifel, Guggenheim, ServiceNow, Wells, Tommy Hilfiger, Calvin Klein Organizations: Apple, Citi, Frontier, IBM, Argus, Constellation Brands, GE Vernova, Mizuho, GE, Nvidia Citi, Technology, Barclays, Cava, Meta, Astera, Data, JPMorgan, Hilton, UBS, Sands, MGM, HK, MGM Resorts, Melco Resorts, Bank of America, Cisco, of America, Bitdeer, Intel Citi, Intel, Deutsche Bank, Netflix, Deutsche, Coty, MASI, Guggenheim, & $ Locations: Churchill

☆ Shimao Group: Another big Chinese property developer faces a liquidation suit
▼ + stars: | 2024-04-08 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

CNN —Shanghai-based property giant Shimao Group said on Monday that it had received a liquidation petition from a Chinese state-owned bank in yet another instance of creditors taking legal action to reclaim money from troubled developers in the world’s second-largest economy. A “winding-up petition” was filed against the company by China Construction Bank (Asia) on April 5 in Hong Kong, according to a stock exchange filing by Shimao. The company’s shares were down over 14% in Hong Kong on Monday, having fallen nearly 40% this year. In January, Evergrande, the world’s most-indebted property developer and the poster child of China’s property crisis, was ordered to liquidate by a Hong Kong court. Country Garden, another major developer that defaulted on its debt last year, received a liquidation petition in February from a creditor after not repaying a loan.

Persons: ”, Shimao Organizations: CNN, Shimao, China Construction Bank, HK Locations: Shanghai, Asia, Hong Kong, Evergrande

☆ China's champion gymnast Li Ning considers taking company private, sources say
▼ + stars: | 2024-03-12 | by ( ) www.cnbc.com time to read: +1 min

Li Ning, chairman and co-chief executive officer of Li Ning Co., during a news conference in Hong Kong, China, on Friday, March 17, 2023. Chinese billionaire entrepreneur and Olympic champion Li Ning is considering taking his namesake sportswear company private from the Hong Kong stock exchange, four people said, adding to a string of such potential deals in a faltering market. Li, 61, founded Li Ning Co a few years after retiring from a decorated gymnastics career in 1988. The discussions to take Li Ning Co private are in the early stages and details have not been finalized, said the sources, who declined to be identified as the information was confidential. Li Ning made its Hong Kong debut in 2004.

Persons: Li Ning, Li Organizations: Hong, Li Ning Co Ltd, HK, TPG, Hillhouse Investment, Hong Kong, Reuters Locations: Hong Kong, China, Hong

☆ Hong Kong shoppers are crossing the border into Shenzhen to buy croissants and rotisserie chickens at China's newest Costco
▼ + stars: | 2024-03-05 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

The store's popularity is driven by Hong Kong residents crossing the border to shop in mainland China. Xinhua News AgencyLarge bulk stores are a rarity in Hong Kong due to the city's limited space and expensive culture. AdvertisementHong Kong's economic struggles, however, have created the perfect circumstances for Shenzhen Costco to thrive. Costco has organized several shuttle buses each day that run between the Shenzhen store and Hong Kong, according to a company spokesperson. Costco is also partnering with cross-border delivery companies that pack and ship items purchased by Hong Kong residents.

Persons: — Organizations: Costco, Service, Xinhua, Agency, Hong, Shenzhen Costco, Bloomberg, Tencent Holdings, Pay Locations: Shenzhen, China, Hong Kong, Costco, Guangdong Province, Guangdong Province of China, Taiwan

☆ Hong Kong GDP to grow 2.5%-3.5% in 2024, scraps property tightening measures
▼ + stars: | 2024-02-28 | by ( ) www.cnbc.com time to read: +1 min

People cross an intersection in the Central business district of Hong Kong on Feb. 27, 2024. Hong Kong's economy is expected to grow 2.5%-3.5% this year, Financial Secretary Paul Chan said on Wednesday as he announced measures to bolster a flagging property market and support the economy. The special administrative region, which expanded 3.2% in 2023, will cancel all buy-side property tightening measures for residential properties and waive stamp duties payable on the transfer of REIT units, Chan said. "We decided to cancel all demand-side management measures for residential properties with immediate effect. We consider that the relevant measures are no longer necessary amidst the current economic and market conditions," Chan said, adding that there was room to further adjust measures for the property market.

Persons: Paul Chan, Chan Organizations: Financial, HK Locations: Central, Hong Kong, Hong

☆ China's Xiaomi launches high-end phone in Samsung challenge and debuts EV in Europe
▼ + stars: | 2024-02-25 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

In this article 1810-HK Follow your favorite stocks CREATE FREE ACCOUNTThe Xiaomi 14 Ultra. XiaomiBARCELONA — Xiaomi launched its flagship smartphone globally on Sunday as it looks to keep up its recovery momentum, while also debuting its electric vehicle for the first time in Europe. The Chinese electronics giant launched the Xiaomi 14 for global markets at Mobile World Congress in Barcelona, after debuting it this week in China. Last year, Xiaomi launched its first electric vehicle, the SU7, opening up a new product category for the Chinese giant. The company also launched the Smart Band 8 Pro, Xiaomi Watch S3, and Xiaomi Watch 2 – a smart fitness band and two smartwatches.

Persons: Xiaomi Organizations: HK, Mobile, Apple, Samsung, IDC, Huawei, MWC, Smart Locations: BARCELONA, Europe, Barcelona, China

☆ Chinese tech firm Lenovo shows off a laptop with a see-through screen
▼ + stars: | 2024-02-25 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Arjun Kharpal | CNBCChinese tech giant Lenovo showed off a prototype laptop on Monday that has a see-through screen, underscoring how the world's largest PC maker is trying to innovate after a brutal couple of years for the market. Lenovo showed off some of its capabilities. In on demonstration, Lenovo showed how the laptop could identify an object behind the screen and display information about it. A side view of Lenovo's transparent laptop screen. Arjun Kharpal | CNBC

Persons: Arjun Kharpal Organizations: HK, CNBC, Lenovo, Gartner

☆ Alibaba bets on overseas e-commerce unit amid sluggish growth in China
▼ + stars: | 2024-02-20 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +5 min

Costfoto | Nurphoto | Getty ImagesChinese tech giant Alibaba Group is betting on its overseas businesses while domestic consumption growth remains sluggish. James Dong, CEO of Southeast Asian e-commerce giant Lazada Group, was named as Daraz's acting CEO. Dong took over as Lazada Group CEO from Chun Li in June 2022, after running the company's Thailand and Vietnam operations. Intense competitionThe e-commerce business that once propelled Alibaba to success has run into challenges with upstart competitors such as PDD, while consumption growth in China remains sluggish. Alibaba posted 9% year-on-year revenue growth in the third quarter to about $31 billion.

Persons: Eddie Wu, Yinglan Tan, AliExpress, Bjarke Mikkelsen, Jan, James Dong, Lazada, Tan, Alibaba, Zhang, Dong, Chun Li, Li, Pierre, Lucy Peng, PDD Organizations: Nurphoto, Getty, Digital Commerce, Tmall, Tmall Group, Alibaba, Ventures, Lazada, CNBC, Ventures Partners, Alibaba Group, PDD Holdings, Hong Kong, HK Locations: Huangpu District, Shanghai, Taobao, monetization, Alibaba, Pakistan, Asia, China, Thailand, Vietnam, Hong Kong

☆ Xpeng plans to hire 4,000 people, invest in AI as CEO warns intense EV rivalry may end in 'bloodbath'
▼ + stars: | 2024-02-19 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

VCG | Visual China Group | Getty ImagesXpeng plans to hire 4,000 new people and invest in artificial intelligence technology, according to the company's CEO, who warned of intense competition in the electric vehicle space which could end in a "bloodbath." Xpeng has a driver assistance system called Xpilot which allows its cars to carry out some functions semi-autonomously. The CEO also said Xpeng intends to launch around 30 new or upgraded cars over the next three years. This year, the firm will launch its first models in the price segment of over 300,000 yuan and at 150,000 yuan. Xpeng, like other electric carmakers, has been battling in a price war in China which was sparked by Tesla.

Persons: Xpeng, Tesla, Xiaopeng Organizations: HK, Shanghai International Automobile Industry, National Exhibition, Center, Visual China, Getty, Xpeng, CNBC, carmakers Locations: Shanghai, China

☆ Stefan Irvine’s photos capture the Hong Kong villages reclaimed by nature
▼ + stars: | 2024-02-13 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —Thick roots tumble across a dilapidated house, the snake-like trunks of a banyan tree framing where the front door once stood. “These villages have existed in Hong Kong for hundreds of years, way before the colonial period,” explained Irvine. In the 1950s and ‘60s, as Hong Kong grew as an industrial hub, many people migrated to the rapidly expanding urban centers for better working opportunities. Stefan Irvine / Courtesy Blue Lotus Gallery, Hong Kong“There were calendars on the wall, school certificates in drawers — it’s quite poignant,” said Irvine. Stefan Irvine / Courtesy Blue Lotus Gallery, Hong KongHeritage valueWhile most of the villages Irvine photographed are abandoned, he was surprised to discover not all were.

Persons: Stefan Irvine, ” Irvine, “ It’s, ”, “, Irvine, Wong Chuk, Lai Chi Wo, they’ll, Tung Ping Chau, Yim Tin Tsai, Luk Keng, Lai, they’ve, Hong, Wo Organizations: Hong Kong CNN, steely, Hong, HK, Irvine, Blue Lotus Locations: Hong Kong, Malaysian, India, Irvine, New Territories, Accounting, Hong Kong’s, London, Tai Peng, Lamma, Lai Chi, Queen's Hill, Fanling, Tung, Shenzhen, China, “, Mau, Lai, Hong

☆ China may be making more advanced chips despite U.S. sanctions — but it still faces big problems
▼ + stars: | 2024-02-12 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

In this article 981-HK Follow your favorite stocks CREATE FREE ACCOUNTA Chinese flag next to a printed circuit board with semiconductor chips. Florence Lo | ReutersChina's biggest chipmaker SMIC seems to have been manufacturing advanced chips in the last few months — defying U.S. sanctions designed to slow down Beijing's progress. But last week, the Financial Times reported that SMIC is setting up new production lines to make 5 nanometer chips for Huawei. So when the Huawei Mate 60 came out last year with a 7 nanometer chip, that raised a lot of eyebrows. One expert told CNBC at the time that SMIC is likely using older chipmaking tools to make more advanced chips.

Persons: Lo, SMIC, Paul Triolo, Albright Stonebridge Organizations: HK, Reuters China's, Huawei, Semiconductor Manufacturing, Co, Financial Times, China's, CNBC Locations: U.S

☆ Messi’s ‘miracle’ return stirs Chinese anger and conspiracy theories
▼ + stars: | 2024-02-08 | by ( Simone Mccarthy | Chris Lau | ) edition.cnn.com time to read: +10 min

“(He) played in five of the six preseason games and only missed the game in Hong Kong, China! Don’t come to China, China doesn’t welcome you,” another user wrote in a post liked by 20,000 others. “Why didn’t Messi play in Hong Kong or participate in the handshake with HK (the Hong Kong) chief executive? Messi's no-show sparks an outcry in Hong Kong on February 4, 2024. One social media user noted that it was not only Messi who played in Tokyo, but not Hong Kong.

Persons: Lionel Messi, Messi didn’t, Messi, “ Messi, Hong Kong, Kenneth Fok, Hu Xijin, didn’t Messi, ” Hu, ”, Louise Delmotte, “ Don’t, Hong, David Beckham, Beckham, Gerardo “ Tata ” Martino, Luis Suárez couldn’t, Philip Fong, “, nimbly, Regina Ip, ” “ Messi, Kenneth Chan, Taylor Swift, ’ Organizations: Hong Kong CNN, Sunday, Major League Soccer, Inter Miami, Vissel, Hong, CNN, Weibo, HK, Global Times, Inter, National Basketball Association, Houston Rockets, Soccer, Ardent, Messi, Argentina national, Australia, Inter Miami's, Getty, The Inter Miami, Hong Kong Baptist University Locations: China, Hong Kong, Argentine, Japan, Vissel Kobe, Tokyo, Beijing, State, China’s Sichuan, Argentina, AFP, Asia

☆ A company lost $25 million after an employee was tricked by deepfakes of his coworkers on a video call: police
▼ + stars: | 2024-02-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Scammers made off with about $25 million after they used deepfake technology to trick an employee at the Hong Kong branch of a multinational company, local media reported on Sunday, citing the city's police. The employee then had a video call with the company's CFO and other company employees — all of which turned out to be deepfakes. Based on instructions they got during that call, the employee transferred HK$200 million, or $25.6 million, to various Hong Kong bank accounts across 15 transfers, according to the SCMP. AdvertisementThe Hong Kong police did not name the company or employees involved. The employee who was scammed did not interact with the deepfakes during the video conference, according to the media outlet.

Persons: Scammers, scammers, scammed, Taylor Swift, Joseph Morelle Organizations: South China Morning Post, HK, Hong Kong, Democratic Locations: Hong Kong, South China

☆ Hong Kong government may cut support funding after Messi did not play in friendly match
▼ + stars: | 2024-02-05 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

HONG KONG, CHINA - FEBRUARY 04: Fans react after not seeing Inter Miami's Argentine forward Lionel Messi play during the friendly match between Hong Kong Team and Inter Miami CF at Hong Kong Stadium on February 4, 2024 in Hong Kong, China. The Hong Kong government said it may cut funding for a friendly match after soccer legend Lionel Messi did not take the pitch on Sunday. The Miami Herald reported that Messi had an MRI last week ahead of a friendly match in Saudi Arabia. The friendly match had been awarded "M" Mark status which is granted to major sporting events held in the city. Hong Kong said it had awarded the event a matching grant of 15 million Hong Kong dollars ($1.9 million) and a venue grant of HK$1 million.

Persons: Lionel Messi, Messi Organizations: Inter Miami's Argentine, Hong Kong Team, Inter Miami CF, Hong Kong, Hong, Major League Soccer, Inter Miami, Argentine, Miami Herald, Florida, China, HK Locations: HONG KONG, CHINA, Hong Kong, China, ., Saudi Arabia

☆ China, HK Sign Arrangement on Reciprocal Recognition of Civil, Commercial Cases
▼ + stars: | 2024-01-29 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

HONG KONG (Reuters) - China's Supreme Court and Hong Kong's Department of Justice said on Monday that they signed an arrangement on the reciprocal recognition and enforcement of judgements in civil and commercial cases effective immediately in both places. It is unclear how the reciprocal recognition and enforcement arrangement would work in practise as there has been no previous precedent with the mainland. Hong Kong is the only jurisdiction to have an arrangement with the mainland on reciprocal recognition and enforcement of judgements with such a wide coverage, it said. Justice Secretary Paul Lam said that the new civil and commercial arrangement showcased the unique advantages enjoyed by Hong Kong under the "one country, two systems" formula that the city is governed under. "This will be conducive to enhancing Hong Kong's status as an international legal and dispute resolution services centre.

Persons: Hong, Jimmy Lai, Paul Lam, Lam, Farah Master, Tom Hogue, Michael Perry Organizations: Reuters, Hong Kong's Department of Justice, Hong, European Union Locations: HONG KONG, Hong Kong, Beijing, China, U.S, Britain, Canada, Australia

☆ Lenovo bets its Motorola smartphone brand will be the third-biggest globally in 3 years
▼ + stars: | 2024-01-19 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

In this article 992-HK Follow your favorite stocks CREATE FREE ACCOUNTA Motorola Razr Flip Smartphone kept at dispay at the launch event of the new Motorola Flip Smartphones, Motorola Razr 40 and Motorola Razr 40 Ultra, in New Delhi, India. Kabir Jhangiani | Nurphoto | Getty ImagesDAVOS, Switzerland — Motorola will likely be the third-biggest smartphone player in the world in three years, according to a top executive at Chinese tech firm Lenovo , the owner of the brand. In 2020, Lenovo rebooted the iconic Motorola Razr as a foldable smartphone. Motorola and Lenovo combined had around a 4% market share in the third quarter 2023, making it the eighth-largest player globally, according to Counterpoint Research. The executive said Motorola is looking to grow "stably" in the markets it is in until it reaches 10% market share in those places which will uplift its market share globally.

Persons: Kabir Jhangiani, Matthew Zielinski, Zielinski Organizations: HK, Motorola, Nurphoto, Getty, Lenovo, Google, Samsung, Apple, CNBC, Economic, Research Locations: dispay, New Delhi, India, DAVOS, Switzerland, Davos, U.S, America

☆ Chinese market participants are in a state of 'capitulation': Amundi
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChinese market participants are in a state of 'capitulation': AmundiFlorian Neto, Amundi's Head of Investment HK and Taiwan, says consumption packages and tax breaks are needed to restore domestic confidence in the Chinese market.

Persons: Amundi Florian Neto, Amundi's Organizations: Investment HK Locations: Taiwan

☆ China's Meituan lost $82 billion in market cap amid rising competition, slowdown in food delivery business
▼ + stars: | 2024-01-10 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

A food delivery courier for Meituan in Beijing, China, on Tuesday, Aug. 22, 2023. Source: BloombergSince the beginning of 2023, Chinese food delivery leader Meituan has lost a staggering $82 billion in market capitalization, as fears over increasing competition and a warning from its management about a slowdown in its main food delivery business have spooked investors. The tech giant's market cap has tumbled nearly 60% to 441.06 billion Hong Kong dollars ($56.4 billion) from HK$1.08 trillion ($138.2 billion) at the beginning of 2023, according to LSEG data. The company still dominates China's food delivery industry, with almost 70% of the market share in the mainland, according to 2022 data from research firm ChinaIRN. But competition has been rising, especially from Alibaba -owned Ele.me, another prominent food delivery company in China.

Persons: Meituan, Shen Organizations: Bloomberg, Hong Kong, HK, CNBC Locations: Beijing, China, Ele.me

☆ Tesla now has a clear China EV competitor. What’s next for BYD?
▼ + stars: | 2024-01-07 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Bernstein didn't even initiate coverage of BYD until September, with an outperform rating and price target of 359 Hong Kong dollars. BYD trades in Hong Kong, and on the Shenzhen exchange in mainland China. "I'm a long observer and investor in Tesla," Ogan said. "What I think will tip BYD like the volumes tipped Tesla is when people start realizing BYD is an energy company," Ogan said. Nomura's China autos and auto parts analyst Joel Ying likes BYD with an even higher price target of 382 Hong Kong dollars.

Persons: BYD, Bernstein didn't, Warren Buffett's Berkshire Hathaway, Taylor Ogan, Ogan, Tesla, Xiao Feng, CLSA, Joel Ying, Ying, Xiaomi's SU7, That's, — CNBC's Michael Bloom Organizations: Hong, Snow Bull, Nasdaq, Elon Musk's, HK, Hesai Tech Locations: Hong Kong, Norway, Brazil, China, Shenzhen, Asia, Europe, North America, U.S, Inovance, Ningbo Tuopu

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