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☆ Cramer's Lightning Round: KKR is 'the foremost'
▼ + stars: | 2024-07-08 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon KKR's year-to-date stock performance. Stock Chart Icon Stock chart icon Ferguson's year-to-date stock performance. Stock Chart Icon Stock chart icon Petroleo Brasileiro's year-to-date stock performance. Stock Chart Icon Stock chart icon Alliance Resource Partners' year-to-date stock performance. Stock Chart Icon Stock chart icon Alibaba's year-to-date stock performance.

Persons: Ferguson, Petroleo, It's, I've, I'm Organizations: KKR, Petroleo, Partners, Resource Partners

☆ Jiang Ping: Rural Chinese student sparks awe and suspicion after beating math elites in global contest
▼ + stars: | 2024-07-08 | by ( Yuxuan Jiang | Joyce Jiang | ) edition.cnn.com time to read: +8 min

Launched in 2018 by Chinese e-commerce behemoth Alibaba, the free online contest is open to math enthusiasts worldwide, though Chinese math majors typically dominate the top places. She was later trained by math teacher Wang Runqiu at Lianshu Secondary Vocational School, where she studies fashion design. Social stigma for vocational studentsAmong the cacophony of commentary, some suspect the harsh public scrutiny of Jiang is rooted in social prejudice against vocational students. But structural discrimination in China’s schools, universities and workplaces means society still favors academic degrees over trades. Jiang considers math her “Plan B,” prioritizing fashion design for future study, according to The Beijing News.

Persons: Jiang Ping, Alibaba, –, Wang Runqiu, Wang, Jiang, Richard Xu, China’s, Yin Wotao, ”, Yin, there’s, “, Zhao Yong, ” China’s, Einstein, Zhao Organizations: Hong Kong CNN, Harvard, Oxford, MIT –, DAMO Academy, Xinhua, Secondary Vocational School, Weibo, Harvard Business School, CNN, University of Kansas, Beijing, Communist Party, Zhejiang University Locations: Hong Kong, China, China’s Jiangsu, Xinhua, Lianshui, Beijing, Hangzhou, Jiangsu, Germany, Finland

☆ Chinese millennials and Gen Zers have had enough of work, so they're embracing 'naked resignations'
▼ + stars: | 2024-07-06 | by ( Alexandra Bacon | Cheryl Teh | ) www.businessinsider.com time to read: +9 min

Advertisement'Naked resignation'One popular phrase on Chinese social media is "两点一线," which translates to "two points, one line." And discussion is rife on Chinese social media about 裸辞 — a term that translates, quite literally, to "naked resignation." Examples seen in BI's search of the keyword included "how much to save before naked resignation," "three things to consider before naked resignation," and "20 jobs to try after naked resignation." Advertisement"There are articles on Chinese social media criticizing gap years," she said, "arguing that it is a Western concept that does not adapt well to Chinese society." "There's a popular internet buzzword among Chinese young people, "Gai溜子," which can be roughly translated to "drifter" on the street," Lim added.

Persons: —, Jack Porteous, Tong, Porteous, aren't, Laurence Lim, Sally Maier, Yip, Qilai Shen, Lim, It's, Jack Ma, Qu Jing, Jenny Chan, Gen, Gai 溜 Organizations: Service, Business, Tong Global, Twitter, Publishing, Getty, Cherry, Consulting, Pictures, National Bureau of Statistics, Baidu, Hong Kong Polytechnic University Locations: China, Weibo, Xiaohongshu, Europe

☆ SoftBank stock hits its first record high in 24 years — Arm and AI helped it get there
▼ + stars: | 2024-07-04 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +7 min

The rise of the internet and of Yahoo pushed SoftBank's stock to a peak closing price of 10,111.1 yen on Feb. 18, 2000. After lingering near then-record highs in March 2021, SoftBank's stock fell sharply, alongside other global tech stocks. "Softbank Vision Fund had to write down various investments due to a combination of equity values declining and a tougher private financing environment. Dan Baker, senior equity analyst at Morningstar, said a lot of SoftBank's price appreciation comes down to Arm. Baker said the SOTP valuation remains just under 50% this year, meaning SoftBank's stock does not truly reflect the value of its various businesses and investments.

Persons: Kosuke Okahara, Masayoshi Son, Softbank, SoftBank, Son, Oliver Matthew, Paul Golding, Golding, Dan Baker, I'm, Baker, " Baker, . Organizations: ARM, SoftBank, Bloomberg, Getty, Yahoo, Vision, Vision Fund, Beijing, CNBC, Macquarie U.S, Morningstar, Nikkei Locations: Tokyo, British, Japan, U.S, Alibaba

HANGZHOU, China — Apple 's mixed-reality headset began deliveries in China on Friday with a retail price roughly 18% higher than in the U.S. The device starts at 29,999 yuan ($4,128) in China, compared with a $3,500 retail price in the U.S. When asked by CNBC, a customer surnamed Chen in Beijing said his suggestion to Apple CEO Tim Cook was to make Vision Pro cheaper by about 10,000 yuan ($1,376). Greater China accounted for about 18% of Apple's revenue in the three months ended March 30, according to an Apple filing. Chen pre-ordered his Vision Pro and was at a major store in Beijing to pick it up and receive some training on how to use it.

Persons: Chen, Tim Cook, salespeople Organizations: U.S, CNBC, Vision, Apple, Huawei, Beijing — Locations: HANGZHOU, China, U.S, Beijing, Weibo, Greater China

☆ U.S. probing China Telecom, China Mobile over internet and cloud risks, Reuters reports citing sources
▼ + stars: | 2024-06-25 | by ( ) www.cnbc.com time to read: +7 min

Routing through ChinaChina Telecom, China Mobile and China Unicom have long been in Washington's crosshairs. The FCC denied China Mobile's application to provide telephone service in 2019 and revoked China Telecom and China Unicom's licenses to do the same in 2021 and 2022 respectively. It cited at least nine instances where China Telecom misrouted internet traffic through China, putting it at risk of being intercepted, manipulated or blocked from reaching its intended destination. China Telecom has previously denied the government's allegations and told U.S. agencies that routing problems are common and occur on all networks. China Telecom did not respond to requests for comment about its U.S. based PoPs.

Persons: Peter Parks, Biden, China Unicom, Doug Madory, Bill Woodcock, Alibaba Organizations: HK, China Mobile, Peter, AFP, Getty, China Telecom, Authorities, Commerce Department, China, Commerce, Embassy, Reuters, Washington, Regulators, China China Telecom, FCC, U.S, Justice Department, PoPs Locations: China Mobile, China, Beijing, United States, Washington, crosshairs, U.S

☆ Where Have All the Chinese I.P.O.s Gone?
▼ + stars: | 2024-06-25 | by ( Meaghan Tobin | ) www.nytimes.com time to read: +1 min

There was a time when a Chinese internet company’s initial public offering was the hottest thing on Wall Street. Scores of other Chinese companies raised billions in the United States over the next few years. Wall Street has not seen anything close to a blockbuster Chinese I.P.O. So far this year, Chinese companies have raised about $580 million in U.S. listings, almost all of it last month from one I.P.O. As the geopolitical relationship between China and the United States has deteriorated, it has become increasingly difficult for Chinese companies to find a foreign market where a listing might not be jeopardized by political scrutiny.

Organizations: New York Stock Exchange Locations: United States, China

☆ Efficiency helped turn Silicon Valley around. China is taking it to the extreme to do the same.
▼ + stars: | 2024-06-24 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Now, China's tech bosses seem ready to do the same. AdvertisementChina is pushing tech workers even harderChinese tech companies seem willing to take Silicon Valley's efficiency mantra even further. Big names on China's tech scene, like JD.com and Jack Ma's Alibaba, have faced a threat from fast-growing newcomers like Pinduoduo, the sister company of online marketplace Temu. AdvertisementQu left Baidu after her comments were made public, but the ferocity of what China's tech workers are hearing isn't abating.

Persons: —, Mark Zuckerberg, Andy Jassy, Meta's Mark Zuckerberg, Richard Liu, Liu, Jack Ma's Alibaba, Pinduoduo, Jack Ma, Wang, Ma's Alibaba, aren't, Qu Jing, Qu, Baidu, isn't Organizations: Service, Business, Financial Times, Bloomberg, China Labor Watch, Baidu Locations: China, Beijing

☆ UBS says AI may be one of the 'largest investment opportunities in human history.' Here's the bank's 4-step approach for investing in the technology.
▼ + stars: | 2024-06-22 | by ( Christine Ji | ) www.businessinsider.com time to read: +4 min

Big Tech companies are pouring billions of dollars into building data centers to train it. The AI Value ChainAccording to UBS, investors should approach the overall AI industry as three interconnected layers: enabling, intelligence, and application. By understanding the major players in the AI space and investing in the most critical parts of the AI value chain, according to UBS. The bank predicts that the AI landscape will be marked by "vertically integrated" and "monolithic" firms with the scale to reach across the AI value chain. However, its stock hasn't seen the price appreciation that domestic tech companies have, suggesting that there's ample room for valuations to expand.

Persons: Ulrike Hoffmann, UBS's Organizations: Service, Apple, Big Tech, UBS, Business, Nvidia, Dell, Broadcom Locations: China

☆ Chinese retail giants tried to juice spending with iPhone and Lululemon discounts in an annual shopping bonanza
▼ + stars: | 2024-06-21 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

China's 618 shopping festival faced challenges, despite creative strategies to attract shoppers. Alibaba, ByteDance, and JD.com offered large discounts amid an uncertain economic environment. By one measure, 618 sales — a barometer of consumer health — fell nearly 7% year-on-year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChina's e-commerce platforms worked hard to attract shoppers during the country's annual 618 shopping festival.

Persons: JD.com, — Organizations: Service, Business

☆ Marathon, not a sprint: Apple's AI push faces big challenges in China
▼ + stars: | 2024-06-20 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

In this article AAPL Follow your favorite stocks CREATE FREE ACCOUNTThe Apple Siri AI icon is being displayed on a smartphone, with Apple Intelligence in the background. Apple Intelligence is the Cupertino giant's play that aims to bring AI across its devices. Apple's China AI challengesNavigating these rules will be tricky for Apple. "Localising the Apple Intelligence experience will be a major challenge for Apple," Wood told CNBC. CCS Insights' Wood said Apple's focus on privacy could help introduce AI features to the market.

Persons: Siri, Jonathan Raa, Apple, Bryan Ma, Nicole Peng, Ben Wood, Wood, Neil Shah Organizations: Apple Intelligence, Nurphoto, Getty, Huawei, CNBC, Apple, IDC, Baidu, Insight, Counterpoint Research Locations: China, Beijing, Cupertino

☆ China’s 618 e-commerce festival sees a decline in sales for the first time in 8 years, data firm Syntun says
▼ + stars: | 2024-06-20 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

China's annual 618 mid-year e-commerce festival saw sales drop for the first time in 8 years, according to retail data provider Syntun, signaling consumption recovery in the world's second-biggest economy was still quite slow. It was also the first time sales clocked a decline since Sytun began monitoring the event in 2016, the company told CNBC. It is China's second-biggest annual sales event after "Singles Day" in November — both are seen as a barometer for household consumption. Weak sales this year came despite some companies extending their 618 sales period, according to Sytun's analysis, which covered over 20 platforms. Tmall, for instance, started offering its 618 deals as early as May 20 this year, as opposed to its typical May 31 start date.

Organizations: CNBC, PDD Holdings, Apple

☆ Shein's CEO is so low-profile his employees don't even recognize him: report
▼ + stars: | 2024-06-18 | by ( Meghan Morris | ) www.businessinsider.com time to read: +4 min

Read previewFast-fashion giant Shein is gearing up for its widely-anticipated debut as a public company. But one key figure has stayed out of the spotlight: CEO Xu Yangtian, also known as Sky Xu. Even Xu's own employees don't recognize him in the office, the South China Morning Post reported on Monday. As a public company CEO, he'll be expected to participate in regular updates — UK companies are not required to have quarterly earnings calls, but most do — and interact with investors. Loyalty to China under scrutinySo far, Shein's public face has been executive chairman Donald Tang.

Persons: —, Xu Yangtian, Xu, Chris Xu, Shein, Frances Townsend, Townsend, he'll, Jack Ma, Donald Tang, Bear Stearns, Tang Organizations: Service, TikTok, Business, China Morning Post, Wall, Bloomberg, Shein's, Street, Shein, Milken, Pacific, Financial Locations: Guangzhou, London, China, Shanghai, Beijing

☆ Google's Android apps are coming in 3D via Xreal as competition with Apple's Vision Pro heats up
▼ + stars: | 2024-06-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Xreal, an augmented reality glasses maker, has launched a connected Beam Pro mobile device that allows users to capture spatial video and 3D images. Xreal said the Beam Pro uses Nvidia CloudXR technology for image rendering and Qualcomm 's Snapdragon spatial computing platform. A pair of Xreal AR glasses costs around $200 to $400, depending on the model and sales promotion. That means a set of Xreal AR glasses and Beam Pro costs significantly less than $1,000. The Beam Pro launched in China in late May.

Persons: Apple, Chi Xu, Xu, Xreal, Rokid, Ramon, Xreal Xu Organizations: BEIJING — Games, Google, Apple, CNBC, Apple Vision, Beam, Nvidia, Qualcomm, Amazon Web Services, IDC Research, Vision, The Locations: BEIJING, U.S, China, Hong Kong, Japan, Singapore

☆ AI could power a health-care revolution, but there are some things we need to work out first
▼ + stars: | 2024-06-11 | by ( ) www.cnbc.com time to read: +2 min

Artificial intelligence has the potential to power a health and wellness revolution, but there are some points that need to be ironed out first. "We could literally cure breast cancer with AI," Barrett said, referring to an algorithm that can predict a woman's five-year risk of breast cancer. "A radiologist looked at it and said, 'She doesn't have breast cancer. AI said, 'I think she's going to have breast cancer in the next two to three years.' That is a game changer because breast cancer is curable if you catch it in stage one."

Persons: Chris Tung, Brittany Barrett, Arjun Kharpal, Barrett, Tung Organizations: East Tech, Viva Technology, Alibaba Group, CNBC's Locations: Paris, China, Hangzhou province

☆ China's Alibaba is courting European and U.S. small businesses as it goes global
▼ + stars: | 2024-06-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Alibaba.com is a platform run by the Chinese e-commerce company of the same name that focuses on overseas business customers. BEIJING — Chinese e-commerce giant Alibaba is ramping up its global expansion with new services aimed at attracting small businesses in the U.S. and Europe. The platform is part of Alibaba's fast-growing international business, which also sells directly to consumers overseas through sites such as AliExpress. While consumers in China have long enjoyed delivery tracking and favorable return policies, small businesses buying from cross-border e-commerce platforms have not, due to the added complexity of international trade. He noted an increasing trend of fragmentation in supply chains, and said a growing number of local businesses, whether in cosmetics or the autos industry, need to buy globally in order to protect profit margins.

Persons: Alibaba.com, China —, Kuo Zhang Locations: BEIJING, U.S, Europe, China

☆ 'Going up against them is insane.' Brave startups are trying to usurp Nvidia's AI throne.
▼ + stars: | 2024-06-06 | by ( Alistair Barr | ) www.businessinsider.com time to read: +9 min

You could have invested a lot of money in AI chip startups several years ago. "Us going up against them is insane," said Thomas Sohmers, CEO of Positron AI, a chip startup that emerged from stealth a few months ago. "The model of AI chip startups needing to raise 10s to 100s of millions of dollars before they actually test product market fit is insane," he added. TigrisOpenAI's Altman may also be working on an AI chip startup of his own. So it stands to reason that Masa has been trying to raise money for an AI chip startup.

Persons: —, Graphcore, Thomas Sohmers, Nvidia Thomas Sohmers, Sohmers, Groq, Googlers, Puneet Kumar, Mark Hayter, Rivos, Andrew de los Reyes, Gavin Uberti, Chris Zhu, Nvidia's, OpenAI's Sam Altman, OpenAI's Altman, Altman, Masa, Softbank, Son Organizations: Service, Microsoft, Samsung, Business, Nvidia, MediaNews, Boston Herald, Getty, MIT, Google, Chrome, Matrix Capital, Intel, Harvard, Bloomberg News, Bloomberg Locations: Silicon Valley, Swiss, Groq, GroqWare, WeWork

☆ Elliott builds $2 billion position in SoftBank, pushes for buyback
▼ + stars: | 2024-06-05 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Investment firm Elliott Management has rebuilt its position in Japanese conglomerate SoftBank and is pushing the Masayoshi Son-led firm to begin a $15 billion share buyback, according to a person familiar with the matter. The news, first reported by the Financial Times, sent SoftBank shares up as much as 6.3%. SoftBank shares have surged in recent months largely off the back of its Arm investment. SoftBank's Japanese shares trade at their highest level in decades. SoftBank launched a $20 billion share buyback and asset disposal program in 2020 during Elliott's initial campaign.

Persons: Son, Elliott, SoftBank, Elliot, Nabeel Bhanji, unfriendliness, WeWork Organizations: SoftBank Group Corp, University of Tokyo, Investment, Elliott Management, Financial Times, Tokyo Stock Exchange, Mitsubishi Fudosan, Toshiba, Dai Nippon Printing, Vision Locations: Tokyo, Japan, SoftBank, China

☆ Nvidia could be set for a 30% correction as it faces 3 major headwinds, including waning demand and competition, says a senior investment researcher
▼ + stars: | 2024-06-04 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

"The company made a massive switch in its consumer mix," said Sandeep Rao, a senior researcher at Leverage Shares, an investment management company. As for competition, even if Nvidia's contenders appear weak, more entrants will grab market share. Beth Kindig, the CEO and lead tech analyst for the I/O Fund, estimates that AMD's market share could reach 20%. Nvidia and AMD have similar production costs since neither makes their GPUs but uses the same supplier, Taiwan Semiconductor (TSMC). "So AMD is a little bit behind in terms of performance," Rao said.

Persons: Sandeep Rao, corporates, Rao, Nvidia's, Blackwell, Rubin, AMD'sRadeon, Beth Kindig, Nvidia's Blackwell Organizations: Service, Apple, Microsoft, Business, Nvidia, Semiconductor, Nvidia Investors, AMD, Taiwan Semiconductor, Intel, Baidu Locations: China, India

☆ Chinese companies are setting up shop anywhere but China — and the US
▼ + stars: | 2024-06-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

Chinese companies like social media giant TikTok and IT giant Lenovo are already globally competitive behemoths with compelling products. Admittedly, it's not a new move for Chinese companies to invest outside of China. Related storiesThis means Chinese companies will set up facilities overseas under their own brand or subsidiaries. In 2022, the German government blocked Chinese companies from taking stakes in two German chip companies, citing national security concerns and concerns over technology transfer. But even in today's complex geopolitical environment, Chinese companies are expected to continue venturing away from home, per EY.

Persons: —, Chris Pereira, it's, It's, Pereira, Loletta Chow Organizations: Service, Lenovo, Chery, Business, Intelligence, EV, US, EY, EY China Overseas Investment Network, & $ Locations: China, New York, Asia, New York City, Swiss, Southeast Asia, Europe, Africa, America, Qatar, Spain, Norway, EY China

☆ China’s growing e-commerce market is creating a new set of winners
▼ + stars: | 2024-06-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

"Improving domestic ecommerce market share should lead to better monetization eventually," Yao said. The investment firm expects Douyin to match PDD's market share of 21% next year, and surpass it by reaching 22% in 2026. Tencent's WeChat Video Account platform is expected to retain about 2% to 3% of GMV market share through 2026, the Goldman analysis said. The video streaming platform last month reported e-commerce GMV grew by 28.2% year-on-year in the first quarter to 288.1 billion yuan ($40,55 billion). The firm forecasts Kuaishou's e-commerce GMV revenue will grow by 25% this year, although livestreaming revenue — which has accounted for about a third of total revenue — is expected to drop due to a high base.

Persons: James Yang, Bain, Joe Tsai, Emily Tan, Yang, Alibaba, Goldman Sachs, Ronald Keung, David Ma, China's, Morgan Stanley, Eddy Wang, Kenneth Fong, JD, David Beckham, Alex Yao, monetization, Yao, Tmall's GMV, Douyin, Alibaba's, Tencent's, Goldman, Sophie Huang, — CNBC's Michael Bloom Organizations: Bain and Company, PDD Holdings, Goldman, UBS, JPMorgan China, ByteDance, Hong Locations: China, Hong Kong, Asia, U.S, Alibaba, 2Q24, 2Q24E

☆ China, Xi Jinping's Plan for AI Will Wreak Havoc on the World Economy
▼ + stars: | 2024-06-02 | by ( Linette Lopez | ) www.businessinsider.com time to read: +18 min

According to the CCP's plan, by 2020, China was supposed to have "achieved iconic advances in AI models and methods, core devices, high-end equipment, and foundational software." Censorship requirements may slow China's AI development and limit the commercialization of domestic models, but they will not stop Beijing from benefiting from AI where it sees fit. We're not seeing a huge gap between the models Chinese companies have been able to roll out. The current price war is a race to the bottom, similar to what we've seen in the Chinese technology space before. A race to the bottom may simply beggar China's AI ecosystem.

Persons: Xi Jinping, China doesn't, there's, Beijing's, Reva Goujon, We're, It's, ChatGPT, Xie Huanchi, couldn't, you'll, —, Kenneth DeWoskin, it's, Matt Sheehan, they're, chatbot, Sheehan, Ernie Bot, There's, Alibaba, ByteDance's, Paul Triolo, Albright, we've, haven't, DeWoskin, Sam Altman, Elon Musk Organizations: Chinese Communist Party, CCP, Intelligence, Cyberspace Administration, Getty, Freedom, University of Michigan, Deloitte, CAC, Carnegie Endowment, International Peace, Baidu, Bloomberg, Companies, Brookings Institution, Beijing, The Commerce Department Locations: China, Beijing, China's, Hong Kong, Xinhua, , Washington, Brussels, Berlin, Taiwan, US, Xinjiang

We asked seven pro investors to identify the best trades of their careers and explain how the lessons from those decisions still apply today. The CBOE Volatility Index, also known as the VIX, shot above 40, essentially meaning traders were betting that the stock market would be exceptionally rocky over the following month. Jeff Muhlenkamp, lead portfolio manager at Muhlenkamp & CompanyJeff Muhlenkamp Muhlenkamp & CompanyJeff Muhlenkamp's namesake Muhlenkamp Fund (MUHLX) has been in the top 3% of its category in the past half-decade, thanks to trades like one he pulled off on Chinese internet firm Baidu (BIDU). "I pretty much expected, 'OK, if I get a double out of this in five years, I'll be happy' — that's pretty decent money," Muhlenkamp said. He noted that industrials within the Russell Mid Cap value index have returned 116% over the previous five years.

Persons: —, That's, Michael Burry, Warren Buffett, Berkshire, Rob Arnott, Tim Boyle, Arnott, I'd, Bob Elliott, Bob Elliott's, Elliott, Jeff Muhlenkamp, Jeff Muhlenkamp Muhlenkamp, Jeff Muhlenkamp's, Muhlenkamp, you've, Sona Menon, Cambridge Associates Sona Menon, Bryant VanCronkhite, Allspring Bryant VanCronkhite Allspring Bryant VanCronkhite, VanCronkhite, Russell, industrials, James Davolos, Davolos, George Patton, Harley Bassman, Harley Bassman's, Bassman, Merrill Lynch, I'm Organizations: Service, American Express, Business, Research, Bloomberg, Getty, Bridgewater Associates, Treasury, Securities, Muhlenkamp, Baidu, Google, North, Cambridge Associates, Allspring, Horizon Kinetics, Opportunities Fund, Credit Suisse Locations: industrials, West Africa, New York City, Guinea

☆ How Temu parent PDD dethroned Alibaba to become China's most valuable e-commerce company
▼ + stars: | 2024-05-29 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

PDD's value-for-money positioning and growth of its Temu marketplace has helped the company lead China's e-commerce arena, analysts said, making it the country's most valuable company in the segment. PDD Holdings reported stellar first-quarter results on Wednesday last week, sending its shares surging as much as 7.5%, and driving its market-cap past that of rival Alibaba Group . PDD shares have more than doubled in value — up 109% — in the past year, according to LSEG data. PDD, which also owns Chinese discount shopping app Pinduoduo has a market-cap of about $208 billion, compared with Alibaba's $196 billion, according to LSEG data. The market has "now more than priced in" the two key concerns – domestic competition and U.S.-China tensions – which were behind our earlier downgrade on PDD in March, said Keung.

Persons: Morningstar, Chelsey Tam, PDD, Goldman Sachs, Temu, Ronald Keung Organizations: PDD Holdings, Alibaba, Morningstar Locations: China

☆ Apple slashed iPhone prices in China. Sales are bouncing back
▼ + stars: | 2024-05-29 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A rebound in Apple’s iPhone sales in China is gaining momentum, after the company aggressively cut prices in its largest overseas market to lure back consumers actively hunting bargains in a weak economy. The increase is a major acceleration from the 12% growth logged in March by foreign-branded smartphones, according to previous data from CAICT. But iPhone sales started to bounce back in March after Apple and its retail partners slashed prices, according to CAICT data. The hefty reductions are “the only way” for Apple to defend its market share in China, Jefferies analysts said earlier this week. That will help Apple regain its lost market share but is also likely to put pressure on its competitors to cut prices further.

Persons: Apple, Jefferies, “ Organizations: Hong Kong CNN, CNN, China Academy of Information, Communications Technology, Ministry of Industry, Information Technology, Global Times, Apple, Counterpoint Research, Huawei, Alibaba, Xiaomi Locations: China, Hong Kong

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