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☆ PDD just gave markets the latest warning on China's consumer. Where investors are looking instead
▼ + stars: | 2024-09-01 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

PDD 's tumble of nearly 30% last week on disappointing quarterly results is a reminder that China's consumer has largely moved on from its years of double-digit growth. "The reaction of its stock price is out of touch with its fundamentals," he said in Mandarin, translated by CNBC. "The entire Chinese consumer market is weak, yes, [but] PDD management's very peculiar comments caused the share price decline," he said. Chen Lei, chairman and co-CEO of PDD, warned multiple times on the earnings call about future declines in profit. Revenue grew by 21%, while adjusted earnings nearly doubled from a year ago.

Persons: PDD, Charlie Chen, Chen Lei, Morgan Stanley, Wang Xing, Trip.com, Liqian Ren, Ren, Joey Wat, Banks, Morgan, Richard Xu, Xu Organizations: China Renaissance Securities, CNBC, JPMorgan, Hong, Management, KFC, Yum, Savings Bank of Locations: Asia, Hong Kong, U.S, China, WisdomTree, Beijing, Yum China, Hong, Savings Bank of China

☆ China's consumers are spending on experiences. Travel stocks to watch
▼ + stars: | 2024-06-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

In a report last week about China's consumer market potential, Bank of America Securities analysts chose hotel operator H World as one of its top picks. "We believe H World is best positioned to capture long-term growth in the China hotel industry given best-in-class execution," the analysts said. BofA rates H World a buy, and expects its U.S.-listed shares can reach $47. That's 30% above where H World shares closed Thursday. In China, H World also owns master franchisee rights for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel.

Persons: Wang Xing, Meituan, Styles, Grand, Goldman Sachs, Morgan Stanley, Wang, Neil Shen, Shen, BTG's, BTG, Trip.com, — CNBC's Michael Bloom Organizations: HSBC, Hong, Bank of America Securities, Mercure, Grand Mercure, Novotel, Travelers, BTG Hotels, Shanghai, Jefferies Locations: Hong Kong, China, U.S, Asia, Macau, Taiwan, —, Mainland China

SummaryCompanies cpurl://apps.cp./cms/?pageId=house-poll poll dataNew home prices will likely rise in 2024Property sales, investment seen continuing to slide next yearBEIJING, Nov 29 (Reuters) - Prices of new homes in China are now expected to climb 3% this year after a slew of policy measures to support the country's beleaguered property market, up from earlier expectations for prices to be flat, a Reuters poll showed. But the poll of 11 economists, conducted Nov. 20-28, also showed expectations for 1% growth in new home prices in 2024 were little changed from an August poll. According to the poll, property investment is expected to slump 10% in 2023 and then 8.4% in 2024. Regulators are drafting a list of 50 property developers eligible for a range of financing support, including Country Garden (2007.HK) and state-backed China Vanke (000002.SZ), Bloomberg reported last week. (For other stories from the Reuters quarterly housing market polls)Reporting by Liangping Gao and Ryan Woo; Editing byOur Standards: The Thomson Reuters Trust Principles.

Persons: Huang Yu, Wang Xingping, Liangping Gao, Ryan Woo Organizations: China Index Academy, Fitch, Regulators, HK, Bloomberg, Thomson Locations: BEIJING, China

☆ China food delivery firm Meituan beats revenue expectations amid economic headwinds
▼ + stars: | 2023-11-28 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +3 min

The platform, whose app provides services such as bike-sharing, ticket-booking and maps, reported June-September revenue of 76.47 billion yuan ($10.69 billion), versus 62.62 billion yuan in the same period a year earlier. Meituan posted a profit of 3.59 billion yuan versus profit of 1.22 billion yuan a year earlier. Meituan CEO Wang Xing previously flagged a tougher third quarter for the food delivery business due to macroeconomic headwinds. A Meituan delivery worker rides a scooter carrying vegetables on a snowy day in Beijing, China January 19, 2021. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsQuarterly revenue from core local commerce, which includes food delivery as well as non-food delivery service Meituan Instashopping, rose 24.5% to 57.69 billion yuan.

Persons: Meituan, LSEG, Wang Xing, Tingshu Wang, Ele.me, ChinaIRN, John Choi, Wang Huiwen, ChatGPT, Casey Hall, Christopher Cushing, Edmund Klamann Organizations: HK, REUTERS, Alibaba Group, Meituan, Microsoft, Thomson Locations: SHANGHAI, Beijing, China, Hong Kong, Southeast Asia

☆ China's Meituan launches $1 bln share buyback program
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] Wang Xing, CEO of Meituan-Dianping attends at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, October 20, 2019. Meituan CEO Wang Xing had said on Tuesday that the board had authorised a share buyback of up to $1 billion but it would depend on the company's cash position due to plans to invest in new initiatives and explore overseas investments. "The Board believes that the current financial resources of the company would enable it to implement the share repurchase while maintaining a solid financial position," Meituan said in an exchange filing on Wednesday. The share repurchase will start from Dec. 1. Meituan, China's largest food delivery provider ahead of Alibaba's Ele.me, on Tuesday flagged expectations around fourth-quarter revenue growth for its core food delivery business to slow versus the preceding quarter.

Persons: Wang Xing, Dianping, Aly, Meituan, Alibaba's, Rishav Chatterjee, Maju Samuel Organizations: World Internet Conference, REUTERS, HK, Thomson Locations: Wuzhen, Zhejiang province, China, Bengaluru

☆ Cirstea beats Bencic to reach first Grand Slam quarters in 14 years
▼ + stars: | 2023-09-03 | by ( Steve Keating | ) www.reuters.com time to read: +2 min

[1/2] Sep 3, 2023; Flushing, NY, USA; Sorana Cirstea of Romania serves against Belinda Bencic of Switzerland (not pictured) on day seven of the 2023 U.S. Open tennis tournament at USTA Billie Jean King National Tennis Center. Now Cirstea becomes the oldest woman to reach the quarter-finals at Flushing Meadows for the first time. "Unfortunately in tennis, not all the work you've put in is always rewarded," said Cirstea. "So it's nice to work hard and also get the reward. "Sooner or later if you put in the hard work, it comes."

Persons: Sorana, Belinda Bencic, USTA Billie Jean King, Geoff Burke, Cirstea, you've, Elena Rybakina, Karolina Muchova, China's Wang Xinyu, We've, I'm, Steve Keating, Pritha Sarkar, Toby Davis Organizations: USTA Billie, USTA Billie Jean King National Tennis Center, USA, U.S ., Flushing, Wimbledon, Indian Wells, Miami, Muchova, Thomson Locations: Flushing , NY, USA, Romania, Switzerland, Flushing Meadows, Romanian, Czech, Dubai, Montreal, Miami, New York

☆ China new home prices growth likely flat in 2023, dragging on economy - Reuters poll
▼ + stars: | 2023-08-28 | by ( Liangping Gao | Ryan Woo | ) www.reuters.com time to read: +3 min

FILE PHOTO: A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang/File PhotoThe expected 0% year-on-year growth in home prices compared with a 1.4% gain tipped in the previous forecast in May, a Reuters poll of 12 economists conducted from Aug. 16-25 showed. “It is estimated that every one percentage point decline in property investment may drag down the GDP growth rate by 0.1 percentage points,” said analyst Ma Hong at Zhixin Investment Research Institute. China observers are sceptical that the property sector could turn a corner in the near term despite Beijing’s support measures. The government has suspended publishing data on youth unemployment, which has hit record highs in what analysts say is partly a symptom of regulatory crackdowns on big employers in real estate and other industries.

Persons: Tingshu Wang, Wang Xingping, Fitch Bohua, ”, Ma Hong, Gao Yuhong, Xing Zhaopeng Organizations: REUTERS, Fitch, Authorities, Zhixin Investment Research Institute Locations: BEIJING, Tianjin, China, “

A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. The expected 0% year-on-year growth in home prices compared with a 1.4% gain tipped in the previous forecast in May, a Reuters poll of 12 economists conducted from Aug. 16-25 showed. "It is estimated that every one percentage point decline in property investment may drag down the GDP growth rate by 0.1 percentage points," said analyst Ma Hong at Zhixin Investment Research Institute. China observers are sceptical that the property sector could turn a corner in the near term despite Beijing's support measures. The government has suspended publishing data on youth unemployment, which has hit record highs in what analysts say is partly a symptom of regulatory crackdowns on big employers in real estate and other industries.

Persons: Tingshu Wang, Wang Xingping, Fitch Bohua, Ma Hong, Gao Yuhong, Xing Zhaopeng, Liangping Gao, Ryan Woo, Shuyan Wang, Shri Navaratnam Organizations: REUTERS, Fitch, Authorities, Zhixin Investment Research Institute, Thomson Locations: Tianjin, China, BEIJING

☆ Shares of China's food delivery leader Meituan fall more than 5% on weaker Q3 outlook
▼ + stars: | 2023-08-25 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Revenue was 67.96 billion Chinese yuan ($9.33 billion), up 33.4% from 50.93 billion yuan posted in the same period a year ago. The firm also swung to profit of 4.69 billion Chinese yuan for the second quarter, compared to a loss of 1.11 billion Chinese yuan a year ago. Many merchants had to suspend their business, while consumers chose to stock packaged food instead of ordering fresh food delivery. Meituan leads China's food delivery market, holding almost 70% of the market share in the mainland, according to a 2022 report on Meituan. Besides food delivery, the tech firm also operates various services including ride-hailing, on-demand delivery, hotel and travel booking, movie ticketing, entertainment and lifestyle services.

Persons: Yan Cong, Wang Xing, Wang, Meituan, Doksuri, Xiaolin Chen, Chen, CNBC's, Pony.ai Organizations: Bloomberg, Getty, Revenue, Consumers, Hong, HK, Fitch Locations: Beijing, China, Yan, Hong Kong, Tianjin, Hebei, Shanxi, Henan, KraneShares

☆ Resurgent Kenin proud to prove critics wrong with Wimbledon run
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

"Obviously I'm super excited, just trying to prove some people wrong. Just super proud of myself with the way I really fought through to get here and keeping the momentum going," she said after booking a third round match with Elina Svitolina. Kenin said the turning point was a close match with reigning Wimbledon champion Elena Rybakina at Indian Wells earlier this year, where the American narrowly defeated 7-6(6) 7-6(5). Grass is not her favourite surface but Kenin, 24, said the qualifiers helped her come to terms with it. Looks obviously easy but it was tough and I feel like those matches definitely gave me confidence."

Persons: Sofia Kenin, China's Xinyu Wang, Hannah Mckay LONDON, Kenin, Roland Garros, Alex, Coco Gauff, Wang Xinyu, Elina Svitolina, I've, Elena Rybakina, Rohith Nair, Ken Ferris Organizations: Lawn Tennis, Croquet Club, China's Xinyu Wang REUTERS, Wimbledon, Roland, All England Club, American, Thomson Locations: London, Britain, Sofia, Indian, qualies, Bengaluru

☆ Battling Svitolina knocks Mertens out of Wimbledon
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

[1/4] Tennis - Wimbledon - All England Lawn Tennis and Croquet Club, London, Britain - July 6, 2023 Ukraine's Elina Svitolina in action during her second round match against Belgium's Elise Mertens REUTERS/Toby MelvilleLONDON, July 6 (Reuters) - Former Wimbledon semi-finalist Elina Svitolina continued her excellent run in Grand Slams following her maternity break as the Ukrainian wildcard downed 28th seed Elise Mertens 6-1 1-6 6-1 on Thursday to move into the third round. "I enjoy so much being on the court, getting this chance to play in front of an amazing crowd in such an amazing event," Svitolina said. "On grass it (momentum shifts) can happen and you have to just accept it and move on," Svitolina said. "I was playing really good in the first set and Elise came back really strong, serving good. "I'm really thankful for this opportunity in the first place with the wildcard and now I'm in the third round," Svitolina added.

Persons: Ukraine's Elina Svitolina, Belgium's Elise Mertens, Toby Melville LONDON, Elina Svitolina, Elise Mertens, Venus Williams, Svitolina, Belgian Mertens, Mertens, Elise, Sofia Kenin, China's Wang Xinyu, I'm, Shrivathsa Sridhar, Ed Osmond Organizations: Lawn Tennis, Croquet Club, Wimbledon, Belgian, Thomson Locations: London, Britain, Bengaluru

☆ Wawrinka sets up Djokovic clash as Wimbledon clears backlog
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +3 min

The 38-year-old Wawrinka, winner of three Grand Slam titles and twice a Wimbledon quarter-finalist, knocked out 29th seed Tomas Martin Etcheverry 6-3 4-6 6-4 6-2. His reward was a first meeting on grass with Djokovic who has beaten him in 20 of their 26 clashes. "I was missing that in my career to play him in the Grand Slam in Wimbledon. It was a memorable day for Andrey Rublev who overcame fellow Russian Aslan Karatsev 6-7(4) 6-3 6-4 7-5 to bag his 50th Grand Slam match victory and move into the third round. She set up an intriguing clash with American Sofia Kenin after the former major champion eased past China's Wang Xinyu 6-4 6-3.

Persons: Serbia's Novak Djokovic, Australia's Jordan Thompson, Dylan Martinez, Stan Wawrinka, Novak Djokovic, Alexander Zverev, Tomas Martin Etcheverry, It's, Novak, Wawrinka, Gijs Brouwer, Matteo Berrettini, Lorenzo Sonego, Andrey Rublev, Aslan Karatsev, Elina Svitolina, Elise Mertens, Sofia Kenin, China's Wang Xinyu, Barbora Krejcikova, Kontaveit, Marie Bouzkova, Shrivathsa Sridhar, Ed Osmond Organizations: Lawn Tennis, Croquet Club, Australia's Jordan Thompson REUTERS, Wimbledon, Dutch, England Club, Ukraine, Thomson Locations: London, Britain, Swiss, Madrid, Bengaluru

☆ Back to drawing board for Gauff after first-round exit at Wimbledon
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

"Right now I'm very frustrated and disappointed," Gauff said after losing 6-4 4-6 6-2, her first ever opening round defeat at the grasscourt major. "I have to go back to the drawing board and see where I need to improve and how to do the right drills to do that." Opponents have targeted Gauff's vulnerable forehand and she said she knows that shot needs work. "When I was higher ranked and everything, people looked at me like I should win," Kenin said. Writing by Rory Carroll in Los Angeles Editing by Toby DavisOur Standards: The Thomson Reuters Trust Principles.

Persons: Coco Gauff, Sofia Kenin, Gauff, Kenin, she'd, China's Wang Xinyu, Rory Carroll, Toby Davis Organizations: Sofia, Wimbledon, All England, Thomson Locations: Los Angeles

☆ Meituan's insider AI deal does not compute
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

Meituan describes Light Year as a leading AI innovator in China. Its backers include Meituan CEO Wang Xin and Sequoia Capital China's HongShan fund, which is controlled by a Meituan non-executive director. Meituan is paying out roughly $234 million in cash and covering some $50 million-worth of Light Year's convertible bonds. Interestingly, Meituan's total outlay is roughly equal to the target's net cash position. For investors, understanding this AI deal is no small challenge.

Persons: Wang Huiwen, Meituan, Wang Xin, Robyn Mak, ’, crouch, Eli Lilly, Antony Currie, Thomas Shum Organizations: Reuters, Meituan, Sequoia Capital, Twitter, Thomson Locations: HONG KONG, HK, China

☆ Grand Slam King Djokovic wins 23rd crown by conquering Ruud at French Open
▼ + stars: | 2023-06-11 | by ( Shrivathsa Sridhar | ) www.reuters.com time to read: +4 min

On an historic day on Court Philippe Chatrier, Djokovic won his 21st consecutive Grand Slam tournament match to become the only man to capture each of the four majors - Australian Open, French Open, Wimbledon and U.S. Open - at least three times. "Obviously a Grand Slam is a Grand Slam," Djokovic said. "It's no coincidence that I won the 23rd Grand Slam here in Paris, because this tournament was really in my entire career the toughest to win. Victory meant Djokovic has won the first two Grand Slams in a year for a third time after similar runs in 2016 and 2021. "Another day, another record and another day you rewrite tennis history," Ruud said, addressing a beaming Djokovic.

Persons: Novak Djokovic, Casper Ruud, Rafa Nadal, of Clay, Roland Garros, Philippe Chatrier, Djokovic, it's, Nadal, Carlos Alcaraz, Ruud, Alcaraz, Kylian, Zlatan Ibrahimovic, Ruud volleyed, ranted, I'm, Taiwan's Hsieh Su, China's Wang Xinyu, Taylor Townsend, Leylah Fernandez, Julien Pretot, Toby Davis Organizations: Wimbledon, Serbian, Nadal, U.S ., Djokovic, Soccer, Melbourne Park, Thomson Locations: Serbian, Paris, Kosovo

☆ Swiatek no fan of 'Iga's Bakery' memes after serving up another double bagel
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +2 min

PARIS, June 4 (Reuters) - Iga Swiatek underlined her credentials as a firm favourite for the French Open title on Saturday after serving up double bagels yet again with a 6-0 6-0 win, but the world number one refused to be swept up in the "Iga's Bakery" social media craze. But when a question about "Iga's Bakery" was put to Swiatek after her victory, her smile vanished before the top seed said she wanted to remain respectful to her opponents. loading"Look, I don't want to really talk about that. I really get why people do that because it's fun and tennis is entertainment and everything," Swiatek told reporters. Swiatek will next face Lesia Tsurenko, who lost 6-2 6-0 to her in Rome last month.

Persons: Swiatek, Wang, Anastasia Pavlyuchenkova, I'm, Lesia Tsurenko, Tsurenko, Rohith Nair Organizations: Thomson Locations: Rome, Paris, Ukrainian, Bengaluru

☆ Swiatek serves up double bagel as Gauff, Rune advance
▼ + stars: | 2023-06-03 | by ( Julien Pretot | ) www.reuters.com time to read: +2 min

PARIS, June 3 (Reuters) - Defending champion Iga Swiatek continued her imperious march towards a third French Open title in four years with a 6-0 6-0 humiliation of Wang Xinyu on Saturday to reach the fourth round. Gauff ended the run of fellow teenager Mirra Andreeva with a 6-7(5) 6-1 6-1 victory, recovering from a tough start against the 16-year-old Russian. Swiatek was in dazzling form on Saturday, dishing out a double bagel to Wang - the fourth time she has won a set 6-0 in the first three rounds. In the men's draw, Holger Rune took a step closer to becoming Denmark's first male Grand Slam singles champion when he powered past Argentine qualifier Genaro Alberto Olivieri 6-4 6-1 6-3. In the distance is a possible repeat of last year's quarter-finals as Norway's Casper Ruud overcame a slow start to down Zhang Zhizhen of China 4-6 6-4 6-1 6-4 and reach the fourth round.

Persons: Iga Swiatek, Wang Xinyu, Coco Gauff, Gauff, Mirra, Swiatek, Wang, Elena Rybakina, Sara Sorribes Tormo, I'm, Rybakina, Holger Rune, Denmark's, Genaro Alberto Olivieri, Norway's Casper Ruud, Zhang Zhizhen, Shrivathsa Sridhar, Ed Osmond Organizations: Wimbledon, Argentine, Thomson Locations: China, Paris

☆ Coco Gauff defeats Mirra Andreeva at French Open
▼ + stars: | 2023-06-03 | by ( Issy Ronald | ) edition.cnn.com time to read: +2 min

CNN —It wasn’t too long ago that Coco Gauff exploded onto the scene as a 15-year-old, defeating Venus Williams at Wimbledon in 2019. Andreeva won the first set against Gauff. Christophe Ena/APDespite her age, Gauff has already played in numerous French Open tournaments and reached the final last year. Armed with that experience, she reset, shored up her second serve, and harnessed her powerful backhand to ultimately outmaneuver Andreeva. 4 Elena Rybakina withdrew from the French Open citing an upper respiratory illness.

Persons: Coco Gauff, Venus Williams, Gauff, ” Gauff, ” Andreeva, Roland Garros, Andreeva, Christophe Ena, outmaneuver, Anna Karolina Schmiedlova, Swiatek, China’s Wang Xinyu, Elena Rybakina Organizations: CNN, Wimbledon, American, Guardian, WTA, Gauff Locations: Andreeva

☆ China's Meituan to restructure ride-hailing unit, reduce service's staff - letter
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

BEIJING/SHANGHAI, March 6 (Reuters) - Chinese tech giant Meituan (3690.HK) plans to restructure its ride-hailing service and reduce the number of staff it has working on the platform, according to an internal letter seen by Reuters on Monday and two sources. The company's main app is known in China as a 'superapp' which has services from food delivery to restaurant bookings. Meituan first launched the Meituan Dache app in 2017 but removed it from app stores two years later citing losses，local media reported at the time. But over the whole period, it has offered the ride-hailing service among the suite of services on its main app. Didi's Chinese service was allowed to resume new user registrations in January after it was dealt a $1.2 billion fine over data-security breaches.

☆ China says it's sending its junior air force pilots to keep an eye on increasing activity by US spy planes
▼ + stars: | 2023-01-17 | by ( Minnie Chan | South China Morning Post | ) www.businessinsider.com time to read: +5 min

Chinese pilots fresh out of training are being deployed to respond to flights by foreign jets. Without giving details about the foreign aircraft, it said the intensive training programme pushed junior pilots to master practical air confrontation skills and countermeasures within a short time. Chinese fighter pilots during combat exercises around Taiwan in August 2022. "I received radar warnings from foreign aircraft soon after heading to the scene, meaning my aircraft was targeted [by air-to-air missiles]." In 2021, large US reconnaissance aircraft conducted around 1,200 close-in spying flights over the South China Sea, the think tank said in a report in March.

☆ Sabalenka survives scare to reach Adelaide quarters
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

Having received a bye into the second round, second seed Sabalenka started sluggishly to find herself in trouble trailing by five games to one but the 24-year-old roared back to save six set points and claim the opening set in the tie-break. After the pair traded breaks other early in the next set, Sabalenka showed her mental toughness again in the tie-break to seal her first win of the season in two hours and 15 minutes. "She's an incredible player with a huge serve, so it was a tough match and I'm super happy with this win." Sabalenka will next face former French Open runner-up Marketa Vondrousova, who handed Kaia Kanepi a bagel en route to a 6-0 6-4 victory. Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ One of China's biggest retailers is cutting executive pay to create a fund to help lower-level employees buy homes
▼ + stars: | 2022-11-22 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

The e-commerce titan will allocate $1.4 billion to help rank-and-file employees buy homes. The move comes amid China's "common prosperity" campaign to reduce economic inequality in the country. The billionaire's philanthropy is part of China's "common prosperity" campaign to close the income gap and bolster social equality in the country. He brought up the slogan "common prosperity" multiple times in his opening speech, Insider reported. ByteDance founder Zhang Yiming donated 500 million yuan, or $77.3 million, in June of 2021 to Fangmei Education Development Fund, named after Zhang's grandmothers in his hometown of southeastern Longyan city.

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