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☆ Didi co-founder Liu steps down after decade at the helm of Chinese ride-hailing company
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: +2 min

Didi Global, the Chinese ride-hailing company, must face a lawsuit in a U.S. court claiming it defrauded investors by concealing and disobeying a Chinese government order to postpone its 2021 initial public offering until it resolved cybersecurity and privacy concerns. Didi Global 's co-founder Jean Liu has stepped down from her roles as president and board director of China's biggest ride-hailing firm to take on a new role, according to an internal company memo. Didi, which is seen as China's answer to Uber but has faced prolonged regulatory scrutiny, will no longer have a position of president, it said in the memo seen by Reuters. The company was penalized with a $1.2 billion fine in July 2022 over data security violations. Didi began to recover from its regulatory challenges in early 2023 when it received permission to relaunch its apps.

Persons: Didi Global, Jean Liu, Didi, Liu, Goldman Sachs, Will Cheng, Liu Chuanzhi Organizations: Reuters, Lenovo, Alibaba, Uber, Apple, U.S Locations: U.S, China

☆ Lenovo posts another revenue decline as PC demand remains slow
▼ + stars: | 2023-11-16 | by ( Josh Ye | ) www.reuters.com time to read: +3 min

In May, Lenovo reported 14% revenue decline for the year through March, its first annual fall since 2019, following a pandemic-induced boom for electronics manufacturers. Worldwide PC shipments fell 7% in the second quarter of 2023, showed data from researcher Canalys. To help lift PC sales, Lenovo aims to release its first "AI PC" - or PC that can make use of artificial intelligence (AI) without the internet - in the second half of next year, said Chairman Yang Yuanqing. An employee gestures next to a Lenovo logo at Lenovo Tech World in Beijing, China November 15, 2019. Overall net income attributable to shareholders in the second fiscal quarter fell 60% to $249 million versus analysts' $235 million estimate.

Persons: Canalys, Yang Yuanqing, Yang, Jason Lee, it's, Josh Ye, Christopher Cushing Organizations: Lenovo Group, HK, LSEG, Lenovo, PC, Reuters, Lenovo Tech, REUTERS, Nvidia, Thomson Locations: HONG KONG, Beijing, China, U.S, Hong Kong

☆ USITC opens section 337 investigation of certain electronic devices
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Nov 14 (Reuters) - The U.S. International Trade Commission voted to begin a Section 337 investigation of electronic devices including mobile phones, tablets, laptops and components, according to a statement. USITC identified Motorola Mobility LLC, Lenovo Inc., Lenovo Group Limited, Lenovo Beijing Co as among the respondents. It said the investigation was based on a complaint filed by Ericsson AB and Telefonaktiebolaget LM Ericsson of Stockholm. Reporting by Doina ChiacuOur Standards: The Thomson Reuters Trust Principles.

Persons: Telefonaktiebolaget LM, Doina Organizations: U.S . International Trade Commission, Motorola Mobility, Lenovo Inc, Lenovo Group Limited, Lenovo Beijing, Ericsson AB, Telefonaktiebolaget, Telefonaktiebolaget LM Ericsson of Stockholm, Thomson

☆ Forget the megacaps. Bernstein likes these global stocks from an 'unloved' corner of tech
▼ + stars: | 2023-10-31 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

"Going forward, we still find valuation/earnings support for value tech stocks over growth or expensive tech names," the analysts wrote. "We would recommend avoiding expensive tech names as well as tech stocks that are unprofitable and expected to remain unprofitable." These are some names in its screen of value Asia tech stocks: MediaTek , JD.com , Lenovo Group , Foxconn Technology and Samsung SDS. And these are some of those that showed up on its screen of high-growth Asia tech stocks: Naver , SK Hynix , AAC Technologies , Luxshare and Kakao Games. On the whole, Bernstein is relatively positive on the Asia tech sector.

Persons: they're, Bernstein, we've, — CNBC's Michael Bloom Organizations: Stock, Lenovo Group, Foxconn Technology, Samsung SDS, SK Hynix, AAC Technologies, Kakao Locations: Asia, China, U.S

☆ Enovix buys Korean battery maker RouteJade in cash and stock deal
▼ + stars: | 2023-09-20 | by ( Stephen Nellis | ) www.reuters.com time to read: +1 min

Sept 20 (Reuters) - Enovix (ENVX.O), a Silicon Valley firm developing new battery technology for consumer electronics such as mobile phones, said on Wednesday it has acquired Korean battery maker RouteJade in a cash-and-stock deal. Enovix said it paid $16.5 million in cash and 6.2 million shares of common stock for RouteJade, which had previously been a supplier to Enovix. Enovix Chief Executive Raj Talluri told Reuters that the deal will help Fremont, California-based Enovix vertically integrate its battery manufacturing operations as it scales up a factory in Malaysia next year. With the deal, "we are able to really take advantage of all the new materials coming out and quickly run them through R&D and manufacturing, so we can change our battery composition quickly," Talluri said. Enovix is developing a technology that can replace part of a battery called an anode, traditionally made out of graphite, with silicon instead.

Persons: Enovix, Raj Talluri, Talluri, That's, Stephen Nellis, Matthew Lewis Organizations: Enovix, Reuters, HK, Lenovo Group, San, Thomson Locations: Silicon, Korean, Fremont , California, Malaysia, Malaysian, San Francisco

☆ Lenovo Q1 revenue misses forecasts, hit by poor PC demand
▼ + stars: | 2023-08-17 | by ( Josh Ye | ) www.reuters.com time to read: +3 min

The world's largest PC maker has now suffered four consecutive quarters of sales declines. Revenue in the April-June quarter fell to $12.9 billion, below a $13.84 billion average of seven analyst estimates compiled by Refinitiv. Lenovo shares in Hong Kong fell as much as 6% after the result but recouped some losses to trade down 2.9%, while the benchmark index (.HSI) gained 0.9%. However, revenue started contracting last year as demand began to fall, weighed down by rising interest rates and soaring inflation. "The group’s PC business is stabilizing and well-positioned for a year-on-year recovery in the later part of 2023," Lenovo said in a statement.

Persons: Thomas White, HSI, Yang Yuanqing, he's, Yang, Josh Ye, Miyoung Kim, Lincoln, Sonali Paul Organizations: Lenovo, REUTERS, HK, Revenue, Refinitiv, Global, Thomson Locations: HONG KONG, Hong Kong, China

☆ Dell's first-quarter results fall less than feared on cost cuts
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

The stock was halted after the company announced results during regular trading hours, earlier than its schedule for an after-market release. "We maintained pricing discipline, reduced operating expenses, and our supply chain continued to perform well after normalizing ahead of competitors," said Chuck Whitten, co-chief operating officer of Dell. Total operating expenses reduced 6% to $3.57 billion during the quarter. First-quarter revenue fell 20% to $20.92 billion, compared with analysts' expectations of $20.27 billion, according to Refinitiv data. Dell's client solutions unit - home to its consumer and enterprise PC business - posted a 23% fall in sales, while the infrastructure solutions unit, which includes servers, storage devices and networking hardware, saw an 18% decline.

Persons: Chuck Whitten, Dell, Tiyashi Datta, Mariam Sunny, Pratyush Thakur, Devika Organizations: Dell Technologies Inc, HP Inc, Lenovo Group, HK, Dell, Thomson Locations: Bengaluru

"We maintained pricing discipline, reduced operating expenses, and our supply chain continued to perform well after normalizing ahead of competitors," said Chuck Whitten, co-chief operating officer of Dell. Total operating expenses fell 6% to $3.57 billion during the first quarter. The company's revenue dropped 20% to $20.92 billion, but came in above analysts' expectations of $20.27 billion, according to Refinitiv data. Dell's client solutions unit - home to its consumer and enterprise PC business - posted a 23% fall in sales, while the infrastructure solutions unit, which includes servers, storage devices and networking hardware, saw an 18% decline. The Texas-based company expects second-quarter revenue to be between $20.2 billion and $21.2 billion, below expectations of $21.2 billion at midpoint.

Persons: Chuck Whitten, Dell, Tiyashi Datta, Mariam Sunny, Pratyush Thakur, Devika Organizations: Dell Technologies Inc, HP Inc, Lenovo Group, HK, Dell, Thomson Locations: Texas, Bengaluru

☆ Global PC shipments slide in first quarter, Apple takes biggest hit, IDC says
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

In separate reports published on Monday, market research firms IDC and Canalys blamed weak demand, excess inventory and a bleak economic outlook for the shipment declines of 29% and 33%, respectively. Of the top five PC makers analysed in the reports, Apple saw the largest drop with a fall of more than 40%. Both the research firms also predicted the market could start to recover later this year and gather momentum in 2024 if the economic outlook improves. "We expect significant market upside as consumers look to refresh, schools seek to replace worn-down Chromebooks, and businesses move to Windows 11," IDC said. Reporting by Bharat Govind Gautam and Tiyashi Datta in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

☆ Global PC shipments slide in Q1, Apple takes biggest hit - IDC
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

In the report published Sunday, the International Data Corporation (IDC) said global PC shipments numbered 56.9 million in the first quarter of this year, down from 80.2 million in the same period last year. Of the top five PC companies analysed in the report, Apple's Q1 shipments saw the largest drop of 40.5% from the same period in 2022, with Dell Technologies Inc (DELL.N) coming in second with a drop of 31%. Lenovo Group Ltd (0992.HK), Asustek Computer Inc (2357.TW) and HP Inc (HPQ.N) also faced declines in shipments, the IDC said. In February, Apple reported that sales of its Mac computers, which had boomed during the wave of working from home during the pandemic, declined 29% YoY to $7.7 billion in their most recent quarter. Shipment volume in Q1 2023 was noticeably lower than the 59.2 million units shipped in Q1 2019 and 60.6 million in Q1 2018," IDC said.

☆ Lenovo must pay $138.7 mln for InterDigital patents - London court
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 16 (Reuters) - China's Lenovo Group Ltd (0992.HK) must pay U.S. technology firm InterDigital Inc $138.7 million for a licence for its portfolio of telecommunications patents, London's High Court ruled on Thursday in the latest round of a long-running dispute. InterDigital (IDCC.O) brought the lawsuit against Lenovo in 2019 over the terms on which Lenovo should take a licence of its patents which are essential to 3G, 4G and 5G standards. The litigation, which has so far featured five separate trials, centres on the fair, reasonable and non-discriminatory (FRAND) terms of a licence for InterDigital's patents. He said Lenovo should pay a $138.7 million "lump sum" to cover past and future sales of mobile devices from 2007 until the end of 2023. Marfe added that "all eyes will be on the Unified Patent Court", a common patent court for European Union member states which opens in June, to see whether it takes a similar approach.

☆ China Favors Chips, AI Executives Over Internet Tycoons at Top Political Meetings
▼ + stars: | 2023-03-05 | by ( Shen Lu | ) www.wsj.com time to read: 1 min

The Chinese People’s Political Consultative Conference opened at the Great Hall of the People in Beijing on Saturday. A number of prominent Chinese internet executives have been left out of the country’s top political meetings in Beijing this week, giving way to experts in artificial intelligence and semiconductors as Chinese leader Xi Jinping ’s priorities shift amid rising technology competition with the U.S.Pony Ma , Robin Li and William Ding , the chief executives of Chinese internet companies Tencent Holdings Ltd., Baidu Inc. and NetEase Inc. respectively, are conspicuous in their absence from this year’s list of delegates to the National People’s Congress, China’s legislative body, and the Chinese People’s Political Consultative Conference, a political advisory body. Also missing was Lenovo Group Ltd. CEO Yang Yuanqing .

☆ China's Lenovo Q3 revenue tumbles 24% as PC demand slumps
▼ + stars: | 2023-02-17 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

HONG KONG, Feb 17 (Reuters) - China's Lenovo Group Ltd (0992.HK) reported a 24% revenue decline for the third quarter, its second consecutive decline as global demand for computers and smartphones continued to slump. The world's largest maker of personal computers (PCs) said on Friday that total revenue during the October-December quarter was $15.3 billion, down 24% from the same quarter a year earlier. However, demand has begun to fall and Lenovo's revenue started contracting in the July-September quarter last year. Net income attributable to shareholders for the October-December quarter also plunged 32% to $437 million. PC shipments are likely to slide 6.8% this year after falling 16% in 2022, Gartner said.

The conventional wisdom holds that a resurgent China will be inflationary for the global economy as demand for energy, commodities and resources increases. The MSCI Asia ex-Japan index is on course for its third weekly fall, a cold reality check on the heels of a five-week winning streak. Chinese stocks are also on track for a third weekly fall, snapping a winning run of four. There are already indications that the outlook for Sands China is brightening - gambling revenue in Macau surged more than 80% in January and shares of Macau gaming companies like Sands China have more than doubled in the past three months. chartThe People's Bank of China (PBOC) has been ramping up liquidity injections this year to assist the post-COVID recovery, and loan growth is expected to continue also.

☆ China’s Lenovo posts first revenue drop in 10 quarters as COVID lockdowns weigh
▼ + stars: | 2022-11-03 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

HONG KONG, Nov 3 (Reuters) - China's Lenovo Group (0992.HK) reported its first revenue decline in 10 quarters as a pandemic-fuelled sales boom comes to an end, with sales especially falling in China as COVID lockdowns took a toll. Lenovo had already seen growth for its first-quarter revenue grind to a halt, at only 0.2%. Global PC shipments declined 15% year-over-year in the third quarter, according to a report published by data firm IDC last month. The report also showed that Lenovo, HP, and Dell saw year-over-year shipments fall by 16%, 28% and 21%, respectively. Chipmaker Qualcomm expects a slump in sales as its forecast for holiday-quarter revenue fell about $2 billion short of Wall Street estimates.

☆ Tighter IT Budgets Hit Global Laptop, PC Shipments
▼ + stars: | 2022-10-10 | by ( Angus Loten | ) www.wsj.com time to read: +4 min

Global shipments of desktop and laptop computers fell in the third quarter by a record 18% on a year-over-year basis to a total of 69.4 million units, according to market research firm Canalys. International Data Corp., a technology industry research firm, reported similar declines in third-quarter consumer PC sales. The firm is expected to report commercial PC sales next week, said IDC research manager Jitesh Ubrani. On Monday, Gartner said laptop demand among large enterprises fell sharply in the third quarter, while overall global PC sales saw their steepest decline in over two decades, Gartner said. In the third quarter, worldwide shipments of personal computers dropped 19.5% from a year ago, Gartner reported.

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