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☆ Stocks making the biggest moves after hours: Chipotle, Enphase Energy, Fortinet and more
▼ + stars: | 2023-02-07 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

The burrito chain reported earnings of $8.29 per share on revenue of $2.18 billion. Enphase Energy — The solar stock jumped more than 8% after Enphase Energy reported quarterly results that topped analysts' expectations for earnings per share and revenue, according to FactSet. Fortinet — Shares surged more than 14% in extended trading after Fortinet surpassed earnings per share expectations, according to StreetAccount. The cybersecurity company posted 44 cents per share, greater than the expected 39 cents per share. Yum China reported earnings of 13 cents per share, lower than expectations for 15 cents per share.

☆ They Poured Their Savings Into Homes That Were Never Built
▼ + stars: | 2023-01-24 | by ( Isabelle Qian | Agnes Chang | ) www.nytimes.com time to read: +13 min

We talked to four people who emptied their life savings and took out huge loans for homes that have not been completed. “It was a simple dream — to have a home, a family,” Mr. Tang said. Mr. Tang, who works in a restaurant, sold a small place he had out in the countryside. “When I think about the unfinished apartment, it’s as if I’m falling from heaven to hell, ” Mr. Tang said. Homeowners atop one of the unfinished apartment towers call for construction to fully resume.

HONG KONG/WASHINGTON, Nov 16 (Reuters) - U.S. regulators gained "good access" in their review of auditing work done on New York-listed Chinese firms during a seven-week inspection, four sources with knowledge of the matter said - a key step forward in resolving a long-standing bilateral dispute. Inspectors with the Public Company Accounting Oversight Board (PCAOB) conducting the inspection in Hong Kong gained all the information they requested, one of the sources said. They were also allowed to print out some documents to more easily review information despite some initial hesitancy from Chinese officials, the source said. Authorities in China have long been reluctant to let overseas regulators inspect local accounting firms, citing national security concerns. Reporting by Xie Yu and Julie Zhu in Hong Kong, Chris Prentice in Washington; Editing by Sumeet Chatterjee and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ Casino hub Macau heads toward business as usual after COVID tests find no new infections
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

[1/2] Gaming machines are seen at the casino of MGM Cotai in Macau, China February 13, 2018. REUTERS/Bobby YipHONG KONG, Nov 7 (Reuters) - Authorities in Macau said the world's biggest casino hub, blighted by a COVID-19 outbreak, is on track to return to relative normality after two rounds of mass COVID-19 tests last week found no new infections. The Chinese territory had been observing COVID-19 safety measures without any strict lockdowns until it found an imported coronavirus case on Oct. 26. "The current round of the epidemic has been effectively controlled... Community safety of Macao has been safeguarded," the government said. People crossing the border still require testing for the virus, and all international arrivals are subject to seven days' hotel quarantine.

HONG KONG, Nov 5 (Reuters) - U.S. audit watchdog's onsite inspection of the audit work of New York-listed Chinese companies, which started in Hong Kong in September, has ended, three people with knowledge of the matter said, raising hopes of a resolution of a long-pending dispute. The inspection started in Hong Kong after the two countries signed a pact in August to resolve a dispute that threatened to exclude more than 200 Chinese companies, including tech giant Alibaba Group Holding Ltd (9988.HK), from U.S. exchanges. Reuters reported in August that U.S. regulators had picked a number of U.S.-listed Chinese companies, including e-commerce groups Alibaba and Yum China Holdings Inc for onsite audit inspection. U.S. regulators have for more than a decade demanded access to audit papers of U.S.-listed Chinese companies, but Beijing has been reluctant to let U.S. regulators inspect its accounting firms, citing national security concerns. Reporting by Xie Yu and Julie Zhu in Hong Kong; additional reporting by Chris Prentice in Washington; Editing by Sumeet Chatterjee, Louise Heavens and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Chinese property developers on tenterhooks ahead of Communist Party Congress
▼ + stars: | 2022-10-14 | by ( Clare Jim | ) www.reuters.com time to read: +7 min

HONG KONG, Oct 14 (Reuters) - Chinese real estate developers are delaying their debt restructuring moves until after the upcoming Communist Party Congress, hoping the crucial gathering offers clues on how Beijing plans to stabilise the embattled sector. Smaller peers, which have done bond exchanges to extend the maturities of their debt, are also considering restructuring, the developers told Reuters. China's gigantic real estate debt China's gigantic real estate debtChina's twice-a-decade party congress kicks off on Oct. 16, during which President Xi Jinping is poised to secure a precedent-breaking third leadership term as general secretary. Echoing that apprehension ahead of the party congress, some fund managers and brokers have been told to avoid big share sales, two sources told Reuters. For some stakeholders, the stalling of the debt restructuring ahead of the party congress is frustrating.

☆ Developer Sunac China seeks to extend payment for 4 bln yuan bond for the 3rd time-sources
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterAn advertisement of property developer Sunac China Holdings is seen at a residential complex in Shanghai, China March 25, 2018. REUTERS/Stringer ASHANGHAI, Sept 27 (Reuters) - Struggling Chinese property developer Sunac China (1918.HK) is seeking to extend the repayment for a 4 billion yuan ($558.35 million) bond for the third time by pushing out the deadline by another 6 months, two sources with knowledge said on Tuesday. Register now for FREE unlimited access to Reuters.com RegisterThe Beijing-based developer is struggling to repay its creditors and it is undergoing an offshore debt restructuring after defaulting some dollar bonds this year. The payment extension for the onshore bond in question will require bondholders approval, the sources said. In April, Sunac extended the principal payment by 18 months, and then in June reduced amortization payments due in June and September.

☆ Investors Shun Macau Casinos’ Bonds as Tourism From China Plummets
▼ + stars: | 2022-09-22 | by ( Elaine Yu | ) www.wsj.com time to read: 1 min

Tourists waited to board a vehicle outside a Macau casino resort three years ago. Visitors from mainland China to Macau in the first half of this year fell 78% from the same period in 2019. Prices of dollar bonds from Wynn Macau have tumbled to as low as 68 cents on the dollar, levels more commonly associated with distressed debt. A bond from MGM China Holdings that matures in 2027 was at about 76.6 cents on the dollar Wednesday, according to FactSet. Casino bonds that mature in 2024 are yielding more than 15%.

☆ Audits of Chinese Companies Start to Face U.S. Inspections
▼ + stars: | 2022-09-22 | by ( Michelle Chan | ) www.wsj.com time to read: 1 min

U.S. regulators have started inspecting China-based audits, kicking off a monthslong process that will determine whether companies from Alibaba Group Holding Ltd. to Yum China Holdings Inc. can remain listed on American stock exchanges. The inspection, which is set to last eight to 10 weeks in Hong Kong, would allow the U.S. audit watchdog to decide by the end of this year whether China is honoring a landmark agreement to give U.S. accounting inspectors full access to audit working papers of New York-listed Chinese companies.

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