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The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. The defaulted company has until a Hong Kong court hearing on Monday to present a "concrete" revised debt restructuring proposal for offshore creditors, a judge said last month after its original plan had lapsed. Guangzhou-based Evergrande, which defaulted on its offshore debt in late 2021, did not respond to a request for comment. Chinese authorities have announced a string of measures to revive the sector destabilised by the debt woes of giants like Evergrande and Country Garden (2007.HK). Reporting by Clare Jim and Xie Yu in Hong Kong, Scott Murdoch in Sydney; Editing by Sumeet Chatterjee and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Evergrande, Hui Ka Yan, Alvarez, Marsal, Clare Jim, Xie Yu, Scott Murdoch, Sumeet Chatterjee, William Mallard Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong Kong, Court, Reuters, Hong, Evergrande, Services, New Energy Vehicle Group, Marsal, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, China's, Guangzhou, Evergrande, Sydney

They would also investigate the company's affairs and could refer any suspected misconduct by directors to Hong Kong prosecutors. Evergrande could appeal a liquidation order, but the liquidation process would proceed pending appeal. China Oceanwide Holdings (0715.HK) suspended its shares in September after a Bermuda Court issued a liquidation order. So far over 53 billion yuan ($7.2 billion) of Evergrande's assets have been seized or frozen across China, local media have reported, citing court records. ($1 = 7.3170 Chinese yuan renminbi)Reporting by Clare Jim in Hong Kong and Scott Murdoch in Sydney; Editing by Sumeet Chatterjee, Lincoln Feast and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: David Kirton, EVERGRANDE, Evergrande, Hui Ka Yan, Clare Jim, Scott Murdoch, Sumeet Chatterjee, Lincoln, William Mallard Organizations: China Evergrande, REUTERS, HK, China Oceanwide Holdings, Bermuda Court, Evergrande, Services, New Energy Vehicle Group, Thomson Locations: Shenzhen, Guangdong province, China, HONG KONG, Hong Kong, Guangzhou, Sydney

Main auto partner Chongqing Changan Automobile (000625.SZ) and relevant parties will own up to 40% of the new firm, a Changan Auto statement showed on Sunday. Neither Changan Auto nor Huawei disclosed financial details. Changan Auto referred Reuters to its Sunday statement and declined to comment further. Huawei has partnerships with other auto companies, including Seres Group (601127.SS) and Jianghuai Automobile (600418.SS), as well as with Changan Auto involving EV brands Avatr and Deepal. The proposed deal will also smooth the way for the business' listing, as Huawei had planned, said two of the people.

Persons: Ren Zhengfei, Ren, Richard Yu, Julie Zhu, Zhuzhu Cui, David Kirton, Brenda Goh, Christopher Cushing Organizations: Huawei Technologies, Changan Auto, Bosch, Chongqing Changan Automobile, Huawei, Auto, China Ordnance Equipment Group, China South Industries, FAW Group, Dongfeng Motor, HK, Reuters, Seres, Jianghuai, Changan, EV, Thomson Locations: HONG KONG, SHANGHAI, Chongqing, China, Changan, Shanghai

The New Zealand dollar was last up 1.1% at a four-month high of $0.6207, having blown past resistance. The U.S. dollar, meanwhile, slid to fresh multi-month lows on the euro, yen, sterling, the Australian dollar, yuan and Swiss franc. Overnight Fed Governor Christopher Waller - an influential and previously hawkish voice at the U.S. central bank - told the American Enterprise Institute that rate cuts could begin in a matter of months, provided inflation keeps falling. Fed funds futures rallied on the remark to price more than hundred basis points of cuts in 2024 and 40% chance they begin as soon as March. Two-year Treasury yields fell sharply and along with the dollar fell further still in Asia.

Persons: Christopher Waller, Governor Waller's, Tapas Strickland, Jerome Powell, Waller, CONDITIONALITY Waller's, Seng, Vishnu Varathan, Simon Cameron, Moore Organizations: New Zealand, Nikkei, U.S ., Swiss, U.S, American Enterprise Institute, Governor, National Australia Bank, Fed, HK, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, Hong Kong, Sydney, China, Meituan, Zealand, Singapore

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

☆ Rakuten Group's losses, debt burden and financing efforts
▼ + stars: | 2023-11-29 | by ( Anton Bridge | ) www.reuters.com time to read: +2 min

Here are some details about its deeply troubled mobile business, the group's operating losses, debt burden and its efforts to shore up its finances. It had 351 billion yen ($2.4 billion) in annual sales last year and accounts for 18% of Rakuten's overall revenue. Rakuten Group currently has total debt of more than 1.5 trillion yen, of which 800 billion yen is due to be redeemed by the end of 2025. Nov 2022 - sells 19.99% of Rakuten Securities to Mizuho Securities for 80 billion yen. Nov 2023 - sells a further 29% of Rakuten Securities to Mizuho Securities for 87 billion yen.

Persons: Miho Uranaka, Rakuten, Hiroshi, Mickey, Mikitani, Anton Bridge, Edwina Gibbs Organizations: REUTERS, Rights, Rakuten, Reuters Graphics Reuters, Reuters Graphics, Japan Post Holdings, HK, Walmart, Rakuten Securities, Mizuho Securities, Rakuten Bank, Thomson Locations: Yokohama, Kanagawa, Japan, Japanese

☆ China's Nio teams up with Geely on auto battery swapping
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +2 min

The deal makes Geely (GEELY.UL), whose brands range from Volvo to Zeekr, the second automaker to sign a battery swapping partnership with Chinese electric vehicle maker Nio. Battery swapping allows drivers to replace depleted packs quickly with fully charged packs, rather than plugging the vehicle into a charging point. They will look to establish an efficient battery asset management mechanism, build a unified battery swap operation and develop battery swappable vehicles compatible with each other's battery swap systems, the companies added. Battery swapping could ease the strain on power grids at peak times when drivers recharge, but industry analysts and executives expect it would only become feasible if batteries become more standardised. In 2021, Geely said it aimed to set up 5,000 battery swapping stations for EVs globally by 2025.

Persons: Annegret, Nio, Geely, Brenda Goh, Jacqueline Wong, Jamie Freed Organizations: REUTERS, Rights, HK, Zhejiang Geely Holding, Volvo, Changan Automobile, Nio, Beijing, Thomson Locations: Berlin, Germany, Rights BEIJING, Zhejiang, China

☆ Prosus reports $2 bln in core earnings, sees e-commerce profitability earlier
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsAMSTERDAM, Nov 29 (Reuters) - Prosus NV (PRX.AS), a large technology investor, said on Wednesday its core headline earnings increased 118% in the first half of 2024, citing improved profitability in its stable of e-commerce investments. Core headline earnings for the half year ended on Sept. 30 were $2.0 billion, from $1.1 billion in the same period a year earlier, in line with a Nov. 20 trading statement. Core headlines earnings is a nonstandard measure the company says best reflects its group operating performance. It includes the massive stake Prosus owns in China's Tencent (0700.HK), which the company said has been sold down from 26.2% to 25% to fund a rolling share buyback program. Prosus says share buybacks benefit shareholders because the Tencent stake, now worth $98 billion, is worth about 30% more than Prosus itself.

Persons: Dado Ruvic, Prosus, Tencent, Toby Sterling, Jacqueline Wong Organizations: REUTERS, Rights, Prosus, HK, Thomson

☆ Morning Bid: Waller to Wall St, Fed's on the turn
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +6 min

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. But back in the markets, the Fed's policy pivot was all the rage as Treasury yields and dollar plunged anew. New York Fed chief John Williams said long-term inflation expectations were anchored, reassuring and "remarkably stable". Fed futures now have the first Fed rate cut of a quarter point fully priced for May and 110bps of rate cuts by year-end. Two-year Treasury yields plunged more than 15 basis points to four-month lows of 4.66% on Wednesday, with 10-year yields hitting their lowest since mid-September - a startling drop of more than 75bps in little over a month.

Persons: Brendan McDermid, Mike Dolan, Wall, Charlie Munger, Berkshire Hathaway's Munger, Warren Buffett, Christopher Waller, Jerome Powell, Waller, John Williams, Austan Goolsbee, Michelle Bowman, Powell, Stocks, smartly, Hong, Thomas Barkin, Loretta Mester, Andrew Bailey, BoE, Andrew Hauser, Blinken, Sergey Lavrov, Jane Merriman Organizations: Wall, REUTERS, Federal Reserve, Waller . New York Fed, Chicago Fed, HK, Austria's, Holdings, Richmond Fed, Cleveland Fed, Bank of England, London, Russian, Foods, Intuit, Petco, Thomson, Reuters Locations: New York, U.S, Berkshire, Waller ., China, Europe, Vienna, North Macedonia

☆ China's Powerlong Real Estate warns of debt default risk
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

Nov 29 (Reuters) - Powerlong Real Estate (1238.HK) said on Wednesday its cash on hand and bank deposits would not be enough to cover existing and future debt, making it the latest Chinese property developer that could default. In an exchange filing, Powerlong also said it has not made an interest payment of $15.9 million under 5.95% senior notes due April 2025 issued by the company. China's property sector has been squeezed by a regulatory crackdown since 2020 as authorities curbed excessive debt, which tightened liquidity and raised default risks for developers. Powerlong Real Estate's interest became due and payable on Oct. 30 and the company had a grace period of 30 days to make the payment. Separately, Powerlong said it was working towards ensuring timely delivery of its property development projects to secure cash resources for sustainable development.

Persons: Powerlong, Echha Jain, Devika Organizations: HK, Singapore Exchange, Thomson Locations: Bengaluru

☆ Asia's first ETF tracking Saudi equities debuts in Hong Kong
▼ + stars: | 2023-11-29 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

Bull statues in front of screens showing Hong Kong stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsHONG KONG, Nov 29 (Reuters) - A new exchange-traded fund (ETF) tracking Saudi equities made its trading debut in Hong Kong on Wednesday, becoming the first product of its kind in Asia amid warming bilateral relations between China and Saudi Arabia. The ETF, called CSOP Saudi Arabia ETF (2830.HK), is managed by Hong Kong-based CSOP Asset Management. "Today is a milestone in our financial cooperation with Saudi Arabia," said Hong Kong Financial Secretary Paul Chan at a launch event. Through the ETF, investors in Hong Kong will be able to trade Saudi stocks including the oil giant Saudi Aramco (2222.SE) and the Saudi National Bank (1180.SE) in Hong Kong dollars or Chinese yuan.

Persons: Tyrone Siu, CSOP, Paul Chan, Yazeed, Humied, PIF, Xie Yu, Sumeet Chatterjee, Christopher Cushing Organizations: REUTERS, Saudi, Saudi Arabia ETF, HK, Management, Public Investment Fund, Hong, Hong Kong Financial, FTSE, Saudi Aramco, Saudi National Bank, Reuters, Hong Kong Stock Exchange, bourse, ETF, People's Bank of China, Saudi Central Bank, Thomson Locations: Hong Kong, Exchange, China, HONG KONG, Asia, Saudi Arabia, Saudi, FTSE Saudi Arabia, Europe, East, Africa, Beijing, Riyadh

☆ 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

☆ Cathay favouring Airbus for widely watched freighter deal - sources
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

Nov 27 (Reuters) - Cathay Pacific Airways Ltd (0293.HK) is leaning towards placing an order for around six Airbus (AIR.PA) A350 freighters as the Hong Kong carrier renews the oldest section of its fleet of dedicated 747 cargo jets, industry sources said. Airbus and Boeing had no immediate comment. Industry sources have said the competition pointed to an initial purchase of around half a dozen aircraft, worth some $2 billion at list prices before traditional airline discounts. Cathay Pacific told analysts in August it was looking at freighters and "continuing to study various opportunities". On Friday, it told analysts cargo demand had softened but was "still much higher than pre-pandemic times".

Persons: Tim Hepher, Valerie Insinna, Lincoln Organizations: Cathay Pacific Airways Ltd, Airbus, Hong Kong, Cathay, Boeing, Qatar Airways, Emirates, FedEx, UPS, International Air Transport Association . Industry, Cathay Pacific, Thomson Locations: HK, Hong, Cathay Pacific

☆ Chinese AI firm SenseTime refutes short-seller report allegations
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: 1 min

Nov 28 (Reuters) - Chinese artificial intelligence software developer SenseTime Group (0020.HK) said on Tuesday that a short-seller report by Grizzly Research LLC is 'without merit' and will review the allegations against the company. Earlier on Tuesday, the short-seller's report alleged the AI firm was artificially inflating revenue through revenue fabrication schemes. Shares of the company fell as much as 9.7% to trade at HK$1.30 per dollar, hitting its lowest since last November. Reporting by Archishma Iyer in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Archishma Iyer, Nivedita Organizations: SenseTime, HK, Grizzly Research, Thomson Locations: Bengaluru

☆ SenseTime plunges after short seller alleges the Chinese AI firm inflated revenue
▼ + stars: | 2023-11-28 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Pavlo Gonchar | SOPA Images | LightRocket | Getty ImagesShares of SenseTime fell as much as 9.7% on Tuesday after U.S. short seller Grizzly Research alleged the Chinese artificial intelligence firm inflated its revenue. SenseTime shares pared some of those losses in Hong Kong and closed 4.86% lower in the afternoon. Grizzly Research alleged in a report on Tuesday that SenseTime engaged in a so-called "revenue round-tripping" program. The short seller said it got this information via two court cases in China that described the scheme. Grizzly Research did not contact SenseTime to verify the information, SenseTime said in its statement.

Persons: Pavlo Gonchar, SenseTime, Grizzly, Grizzly Research's Organizations: HK, Getty, Research, Grizzly Research, Hong Kong Stock Exchange Locations: Hong Kong, China, SenseTime

☆ Alibaba Cloud suffers second service outage in a month
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsBEIJING, Nov 28 (Reuters) - Alibaba's (9988.HK) cloud service said it suffered a near two-hour long disruption affecting customers in mainland China, Hong Kong and the United States on Monday, its second outage within a month. The impact was mainly felt by several of Alibaba Cloud's database management products, including PostgreSQL, Redis and MySQL editions. "From 09:16 Beijing time (0116 GMT) on November 27, 2023, Alibaba Cloud monitoring detected abnormalities in console and OpenAPI access for database products," Alibaba Cloud said in a statement posted on its websites on Tuesday. "This is hugely damaging to Alibaba Cloud's brand image as a reliable cloud service provider."

Persons: Dado, Alibaba, Feng Ruohang, Yelin Mo, Brenda Goh, Simon Cameron, Moore Organizations: REUTERS, Rights, Huawei, China Telecom, HK, IDC, Thomson Locations: Rights BEIJING, HK, China, Hong Kong, United States, Beijing, Shanghai, Virginia, U.S, East Asia, Southeast Asia, East, North America

☆ Farfetch founder bids to take company private - Telegraph
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

A banner to celebrate the IPO of online fashion house Farfetch is displayed on the facade of the of the New York Stock Exchange (NYSE) in New York, U.S., September 21, 2018. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 28 (Reuters) - Online luxury retailer Farfetch's (FTCH.N) founder José Neves is looking to take the company private after a troubled New York Stock Exchange listing, the Telegraph reported on Tuesday. Shares of the company edged 20% higher following the news. Farfetch did not immediately respond to a Reuters request for comment. Reporting by Juveria Tabassum and Annett Mary Manoj; Editing by Maju Samuel and Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, José Neves, Neves, Farfetch, Juveria Tabassum, Mary Manoj, Maju Samuel, Shilpi Majumdar Organizations: New York Stock Exchange, REUTERS, Telegraph, JPMorgan, HK, Thomson Locations: New York, U.S, Swiss

☆ Alibaba Health Information Technology to buy AJK Technology for $1.73 bln
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: 1 min

Nov 28 (Reuters) - Investment holding company Alibaba Health Information Technology Ltd (0241.HK) said on Tuesday it would buy entire stake in AJK Technology Holding Ltd from a unit of Alibaba Group Holding (9988.HK) for HK$13.51 billion ($1.73 billion). Alibaba Health would issue 2.56 billion consideration shares at an issue price of HK$4.50 and pay the U.S. dollar equivalent of HK$2 billion in cash to the Alibaba Group unit, Taobao Holding Ltd.AJK Technology is an offshore holding vehicle incorporated under the laws of the Cayman Islands. The completion of the deal is subject to approvals from independent shareholders and the stock exchange. ($1 = 7.7957 Hong Kong dollars)Reporting by John Biju in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: John Biju, Shilpi Majumdar Organizations: Investment, Health, Technology, HK, AJK Technology Holding, Alibaba, Taobao Holding, AJK Technology, Thomson Locations: Cayman Islands, Hong Kong, Bengaluru

☆ 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

☆ Slowing China still leads the race for commodities
▼ + stars: | 2023-11-28 | by ( Yawen Chen | ) www.reuters.com time to read: +7 min

"When it comes to copper, the thinking usually goes that copper equals property, property equals China," said one commodities trader. "And because China property is down, copper must be down too." That’s why China's copper demand will still rise by 4 million tonnes from the 2020 level to around 18 million tonnes per year in 2030, according to estimates by commodity trading group Trafigura. And China's copper demand has grown by 8% this year, faster than the 5% Xi is targeting for overall GDP growth. China's annual aluminium demand rose by 18 million tonnes from 2010 to 2020 and is forecast to grow by another 13 million tonnes to over 50 million tonnes a year in 2030, per Trafigura.

Persons: Xi Jinping, Communist Party’s, Wood Mackenzie, Francesco Guerrera, Katrina Hamlin, Thomas Shum Organizations: Reuters, HK, Communist, Shanghai Futures Exchange, London Metal Exchange, ING, International Monetary Fund, IMF, World Bank, Reuters Graphics Reuters, Oxford, HSBC, Democratic, Thomson Locations: SINGAPORE, China, Washington, Moscow, Taiwan, Shanghai, Republic, United States, Australia, Beijing, Chile, Indonesia, Democratic Republic of Congo

☆ China Evergrande unit commences legal proceedings against parent
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 28 (Reuters) - Evergrande Property Services Group (6666.HK) said on Tuesday one of its units had commenced legal proceedings against Hengda Real Estate Group Company and embattled developer China Evergrande (3333.HK), among others. The proceedings are related to the enforcement of Evergrande Property Services' deposit pledge of about 13.4 billion yuan. Jinbi Property has also commenced legal proceedings against Shenzhen Qihang Metals Materials Company, Guizhou Guangjuyuan Real Estate Development and Hengda Real Estate Group Guiyang Property. In February, parent Evergrande had said it was in talks with Evergrande Property Services to repay the funds.

Persons: Aly, Evergrande, Echha Jain, Devika Organizations: China Evergrande Group, REUTERS, Evergrande, Services, HK, Hengda Real Estate Group Company, China, Jinbi Property Management Company, Shenzhen Qihang Metals Materials Company, Development, Real, Guiyang, Evergrande Property, Property Services, Guangzhou, People's, Thomson Locations: China, Shenzhen, Guangdong province, Guizhou Guangjuyuan, Guangdong Province, Bengaluru

Analysts expect Temu, launched in September last year, to generate more than $16 billion in revenue this year. Chinese retail sales in September rose 5.5%, following 4.6% growth in August. PDD's revenue was 68.84 billion yuan ($9.62 billion) in the quarter ended Sept. 30, compared with analysts' average estimate of 54.59 billion yuan, according to LSEG data. The company's net income attributable to ordinary shareholders rose to 15.54 billion yuan in the third quarter, from 10.59 billion yuan a year earlier. ($1 = 7.1532 Chinese yuan renminbi)Reporting by Chavi Mehta in Bengaluru and Casey Hall in Shanghai; Editing by Shilpi Majumdar and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Temu, Xiaoyan Wang, Chavi Mehta, Shilpi Majumdar, Mark Potter Organizations: PDD Holdings, Pinduoduo, East, Alibaba, HK, Casey Hall, Thomson Locations: China, United States, Europe, East Asia, Australia, Bengaluru, Shanghai

☆ ByteDance to wind down Nuverse in full retreat from gaming -sources
▼ + stars: | 2023-11-27 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

The ByteDance logo is seen at the company's office building in Shanghai, China, July 4, 2023. The Chinese technology firm has no plan to return to the $185 billion global video games market, said the people, who declined to be identified as the information is not public. Casual gaming brand Ohayoo, whose games feature on Douyin - TikTok's sister app in China - will not be affected, neither will casual games that run on TikTok, one of the people said. ByteDance's 2019 creation of Nuverse was widely seen as a major push into global gaming and a strategic element of its competition with domestic rival Tencent Holdings (0700.HK), the world's biggest gaming company. Nuverse came into focus again in 2021 when ByteDance formalised its status as one of its six business units under a broader structural overhaul.

Persons: Aly, Will, ByteDance, Pico, Nuverse, Josh Ye, Brenda Goh, Christopher Cushing Organizations: REUTERS, Reuters, Moonton Technology, Tencent Holdings, HK, C4games, Thomson Locations: Shanghai, China, HONG KONG

☆ Australia to amend law to regulate digital payments like Apple, Google Pay
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

A smartphone with the Apple Pay logo is placed on a displayed Google Pay logo in this illustration taken on July 14, 2021. Digital wallets from the likes of Apple (AAPL.O), Google (GOOGL.O) and WeChat developer Tencent (0700.HK) have exploded in popularity but are not captured by Australian payments law. "We are modernising Australia's payments system to ensure it meets the needs of our economy now and into the future," Treasurer Jim Chalmers said in a statement. "We want to make sure the increasing use of digital payments occurs in a way that helps promote greater competition, innovation and productivity across our entire economy." Regulators are responding to the rapid growth of digital wallets, especially among the young.

Persons: Dado Ruvic, Jim Chalmers, Chalmers, Lewis Jackson, Jamie Freed Organizations: Apple, REUTERS, Rights, Google, HK, Reserve Bank of Australia, Thomson

☆ China needs to unblock, sustain financial channels for private firms
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +4 min

Private firms, which account for 60% of China's gross domestic product and 80% of urban jobs, were hurt by three years of COVID curbs and a regulatory crackdown that targeted sectors from technology to private tutoring. Banking and financial institutions should set annual service targets for private enterprises, increase the weight of related businesses serving private enterprises in performance appraisal and gradually increase the proportion of loans to private enterprises, it said. China should also expand private firms' bond financing and guide financial institutions to expand the bond financing scale of private enterprises, according to the statement. China should back the listing, mergers and acquisitions, and reorganisation of private enterprises, including supporting qualified companies in going public overseas, it said. Fixed-asset investment by private firms fell 0.6% in January-September year-on-year, highlighting weak private sector confidence.

Persons: Tingshu Wang, Ryan Woo, Ziyi Tang, Kevin Yao, Christopher Cushing Organizations: People's Bank of China, REUTERS, Rights, Banking, Garden Holdings, HK, Bloomberg, Thomson Locations: Beijing, China, Rights BEIJING

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