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Top related persons:
Nomura - 1 PDD - 1 Colin Huang - 1 Pinduoduo - 1 Alibaba’s Taobao - 1 Morgan Stanley - 1 ” - 1 Lei Chen - 1
Top related locs:
Hong Kong Shanghai “ PDD’s Alibaba Hangzhou Beijing China
Top related orgs:
Hong Kong CNN — PDD Holdings - 1 Revenue - 1 Nasdaq - 1 Bloomberg - 1 Data - 1

Search resuls for: "Lei Chen"


4 mentions found


☆ Pinduoduo: Americans are flocking to Temu and making its Chinese owner very rich
  + stars: | 2024-05-23 | by ( Laura He | ) edition.cnn.com   time to read: +4 min
The Shanghai-based company reported Wednesday that net profit soared 246% to 28 billion yuan ($3.9 billion) in the first quarter of 2024, more than double the average analyst estimate of 12.62 billion yuan ($1.7 billion), according to LSEG data. Revenue jumped 131% to 86.81 billion yuan ($12 billion) in the period, also comfortably beating expectations. He is still the company’s biggest shareholder, with a stake of 25% stake, and ranks as China’s second richest man with a fortune of nearly $52 billion, according to the Bloomberg Billionaires Index. Temu, PDD’s international app, was launched in 2022, and as of last November it had acquired nearly 17% of the US online discount store market, according to Earnest Analytics. Last month, South Korean regulators investigated Temu on suspicion of false advertising and unfair ppractices, according to the Yonhap news agency.
Persons: Nomura, PDD, Colin Huang, Pinduoduo, Alibaba’s Taobao, Morgan Stanley, ”, Lei Chen, Chen Organizations: Hong Kong CNN — PDD Holdings, Revenue, Nasdaq, Bloomberg, Data Locations: Hong Kong, Shanghai, “, PDD’s, Alibaba, Hangzhou, Beijing, China, European
☆ Kenyan traders protest against Chinese competitor's cheap prices
  + stars: | 2023-02-28 | by ( Duncan Miriri | ) www.reuters.com   time to read: +2 min
NAIROBI, Feb 28 (Reuters) - More than a thousand Kenyan traders protested in the capital Nairobi on Tuesday against a new Chinese-owned retail shop they accuse of undercutting them with ultra-low prices. Traders in Kenya and other rapidly growing economies in Africa have protested periodically against their Chinese competitors. China is Africa's top trading partner and more than 1 million Chinese are estimated to reside on the continent. Kenya's relationship with China was in focus during last year's presidential election, won by William Ruto. The Kenyan traders have been angered by a newly opened China Square retail shop on the outskirts of Nairobi, whose prices for everyday goods like curtains imported from China are on average 50% cheaper than those brought in by local traders.
☆ Stocks making the biggest moves midday: Apple, DraftKings, Biogen, Williams-Sonoma and more
  + stars: | 2022-11-28 | by ( Michelle Fox | ) www.cnbc.com   time to read: +3 min
Check out the companies making the biggest moves midday:Apple — Apple shares fell 2% following a report that iPhone production could take a big hit due to unrest at a Foxconn factory in China, amid protests in China against the nation's zero-Covid policy. Wynn Resorts, Melco Resorts — Shares of casino operators Wynn Resorts and Melco Resorts gained 4.1% and 9.5% respectively, after the Chinese government granted them provisional licenses to continue operating in Macau. DraftKings — Shares dropped more than 5% after JPMorgan downgraded DraftKings to underweight from neutral, saying in a note that the company's competitors are more likely to achieve online sports betting profitability. Biogen — Biogen's stock fell nearly 4% after a Science.org report that a woman participating in an experimental Alzheimer's treatment trial, sponsored by Biogen and a Japanese pharma company, recently died from a brain hemorrhage. Williams-Sonoma — Shares tumbled 4.7% after Morgan Stanley downgraded the home furnishings stock to underweight, saying shares could fall further as demand weakens in a difficult macro environment.
☆ NASA's Hubble Space Telescope watched a distant star die, explode, and fade away in rare, colorful detail
  + stars: | 2022-11-11 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com   time to read: +3 min
NASA's Hubble Space Telescope captured a star that exploded and died 11 billion years ago. The three imprints show different colorful stages of the supernova explosion. Hubble watched the star collapse, expell its outer layers in a violent explosion, and then cool. Three different reflections of the supernova, spotted by NASA's Hubble Space Telescope. The paths had different lengths, so the light arrived at different times, reflecting images from three different stages in the star's death.
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