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Morning Bid: Try to top that one, Asia
  + stars: | 2023-09-03 | by ( Stephen Culp | ) www.reuters.com   time to read: +2 min
Staff lower Chinese national flag in front of screens showing the index and stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsSept 4 (Reuters) - A look at the day ahead in Asian markets from Stephen Culp, financial markets journalist. Asian markets have a tough act to follow on Monday - their own. "Clearly, we've seen a significant slowdown in the Chinese economy the last couple of months," said Ryan Detrick, chief market strategist at Carson Group in Omaha. On Thursday, Japan is due to release revised second-quarter GDP data and CPI and PPI reports from China are on deck for Friday.
Persons: Tyrone Siu, Stephen Culp, Ryan Detrick, Saola, Li Qiang, Diane Craft Organizations: REUTERS, Carson Group, Association of Southeast Asian Nations, ASEAN, PMI, CPI, PPI, South Korea CPI, Australia Judo Bank, Thomson, Reuters Locations: Exchange, Hong Kong, China, Shanghai, Shenzhen, Asia, Beijing, Omaha, Guangdong, Macau, Taiwan, India, Japan
A staff member introduces the new Huawei Mate 60 smartphone to customers at the Huawei flagship store in Shenzhen, Guangdong province, China August 30, 2023. The U.S. and some European countries have called Huawei a security risk, which the company denies. IS THE MATE PRO 60 A 5G PHONE? Huawei has kept mum, only saying that the smartphone is the "most powerful Mate model ever". Several Huawei staff said the phone's launch had taken them by surprise, with its official release initially scheduled for Sept. 12.
Persons: David Kirton, Dan Hutcheson, Hutcheson, Gina Raimondo, Nicole Peng, Mo Yelin, Max Cherney, Robert Birsel Organizations: Huawei, REUTERS, Rights, Huawei Technologies, U.S, Apple, Samsung, Reuters, China's Semiconductor Manufacturing International, HK, Global Times, . Commerce, ., Thomson Locations: Shenzhen, Guangdong province, China, Rights SHENZHEN, U.S, Kirin, SMIC, Weibo, Mo, Beijing, San Francisco
BEIJING, Aug 31 (Reuters) - China issued the highest typhoon warning on Thursday as Typhoon Saola crawled closer to the southeastern coastline, threatening Hong Kong and other major manufacturing hubs in neighbouring Guangdong province. Chinese forecasters issued a typhoon red warning at 6 a.m. (2200 GMT). Saola will make landfall along the coast somewhere from Huilai County in Guangdong to Hong Kong on the afternoon to the night of Sept. 1, the center said. As Saola edges closer to Guangdong, winds over the region will strengthen gradually, the Hong Kong Observatory said, noting that it will raise its strong wind Signal to No. Saola will also bring storm surges to coastal low-lying areas, the Hong Kong Observatory noted, estimating Saola is currently about 440km (270 miles) from the metropolis.
Persons: Saola, Bernard Orr, Ethan Wang, Lincoln Organizations: National Meteorological Center, China Railway, Hong Kong Observatory, Thomson Locations: BEIJING, China, Hong Kong, Guangdong, Guangdong province, Huilai County, Shanghai, Fujian, Shishi
BEIJING/ HONG KONG Aug 31 (Reuters) - China issued its highest typhoon warning on Thursday as Super Typhoon Saola, packing winds of more than 200 kph (125 mph), headed towards the southeastern coastline, threatening Hong Kong and other major manufacturing hubs in nearby Guangdong province. Chinese forecasters issued a typhoon red warning at 6 a.m. (2200 GMT). As Saola approached, Guangdong's Shenzhen city said it would upgrade the typhoon warning level to yellow - the second lowest - at 6 p.m. on Thursday, and suspend classes at nurseries, kindergartens, primary and secondary schools. China Railway has suspended several major train lines and Shanghai halted trains heading to Guangdong, according to local media. Reporting by Bernard Orr, Ethan Wang,David Kirton and Shanghai newsroom, Farah Master and Twinnie Siu in Hong Kong; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.
Persons: Saola, Hong Kong's, Shenzhen's Baoan, Downpours, Bernard Orr, Ethan Wang , David Kirton, Farah, Twinnie Siu, Lincoln Organizations: Meteorological Centre, Supermarkets, Kong's, China Southern Power Grid, China Railway, Thomson Locations: BEIJING, HONG KONG, China, Hong Kong, Guangdong, Guangdong province, Huilai County, Wan Chai district, Shenzhen, Shenzhen's, Shanghai, Fujian
Windows are taped in anticipation of Typhoon Saola at a store in Hong Kong on August 31. In Shenzhen, a high-tech hub bordering Hong Kong, classes have been suspended at all nurseries, kindergartens, primary and secondary schools. Hong Kong residents stock up as Typhoon Saola approaches on August 31. A customer walks past nearly empty shelves at a supermarket as Typhoon Saola approaches Hong Kong on August 31. Hong Kong has canceled 366 flights while some 40 more have experienced a delay, said Yeung Tat-wing, general manager of operation at the Airport Authority Hong Kong.
Persons: Hong Kong, Saola, Tyrone Siu, HKO, Hong, Eric Chan, Mangkhut, , Yeung, Typhoon Talim Organizations: CNN — Schools, Hong, Typhoon, Hong Kong Observatory, Xinhua, Kong’s, Cathay Pacific, Cathay, Airport Authority Locations: Philippines, Hong Kong, Guangdong Province, China, Guangdong, Shenzhen, Macau, New York, JFK, Cathay Pacific, Hong, Airport Authority Hong Kong . Hong Kong
In Guangdong Province, on China’s southern coast, a woman posted a photo of a boxed-up Japanese-brand air-conditioner that she planned to return in protest. In southwest China, the owner of a Japanese pub posted a video of himself ripping down anime posters and smashing bottles, saying he planned to reopen the business as a Chinese bistro. In many social media posts like these, the phrase “nuclear-contaminated wastewater” has appeared — the same wording used by the Chinese government and state media to refer to Japan’s release into the ocean of treated radioactive water from the ruined Fukushima Daiichi nuclear power plant. Even before Japan started pumping out the first tranche of more than a million tons of wastewater last week, China had mounted a coordinated campaign to spread misinformation about the safety of the release, stirring up anger and fear among millions of Chinese.
Locations: Guangdong Province, China, Japan
On Sunday, Evergrande reported losses of 33 billion yuan ($4.53 billion) for the first half of the year, versus a 66.4 billion yuan loss in the same period a year earlier. The Chinese property sector’s worsening debt crisis poses a significant challenge for President Xi Jinping and his policy makers, with the country’s economy already reeling from weaker domestic and overseas demand. China’s State Council Information Office, which handles media queries on behalf of the government, declined to comment on the property market and Evergrande’s fate. He sold the first complex the following year for 80 million yuan, according to Evergrande’s website. The committee investigated the matter after banks seized 13.4 billion yuan ($1.84 billion)of deposits held by the property-services unit in 2021.
Persons: Aly, Hui Ka Yan, Hui, Evergrande, Suppliers haven’t, , Anne Stevenson, Yang, Evergrande’s, Xi Jinping, Reuters wasn’t, Kelly Richmond Pope, ” Hui, “ Evergrande, Stevenson, Engen Tham, Julie Zhu, Clare Jim, Cassell Bryan Organizations: China Evergrande Group, REUTERS, Rights, China Evergrande, HK, Reuters, Suppliers, J Capital Research, Information Office, Political, Conference, Guangzhou Evergrande, soccer’s, Hong, Forbes, HengTen Networks, Management, Chicago’s DePaul University, Evergrande, Financial, Communist Party, , China, Shanghai, Cassell, Low, Thomson Locations: China, Shenzhen, Guangdong province, Rights SHANGHAI, HONG KONG, United States, U.S, China’s, Henan province, Beijing, Hong Kong, Guangzhou, Evergrande, HengTen, Evergrande’s Hong Kong, Shanghai
That is two and a half times more nuclear reactors under construction than any other country. China was just getting started as the United States nuclear industry began to take a back seat. Power follows demand, so the new nuclear reactors tend to be built where fast-developing economies need power to fuel their growth. For the United States to win the export business, it must prove it can put steel in the ground in the United States. "We and our close nuclear energy allies are at what I think is just the start of a fierce competition for supremacy in global nuclear energy export markets," Kotek said.
Persons: Jacopo Buongiorno, Kenneth Luongo, Luongo, John F, Kotek, they've, Buongiorno, Westinghouse, Trump, Biden Organizations: Plant, China National Nuclear Corporation, China Huaneng, Changjiang, China News Service, Getty, International Atomic Energy Agency, United, Massachusetts Institute of Technology, CNBC, Partnership for Global Security, World Nuclear Association, Chicago Tribune, Tribune, Service, IAEA, Organization for Economic Cooperation, Development, OECD, U.S . Energy Information Administration, Nuclear Energy Institute, International Energy Agency, France, Visual China, Georgia Power, Westinghouse Locations: China, Changjiang Li Autonomous County, Hainan Province, India, Turkey, United States, Georgia, Byron , Illinois, France, Russia, HUIZHOU, CHINA, Huizhou, Guangdong Province of China, Europe, Eastern Europe, U.S
China Evergrande shares set to open down 14.3%
  + stars: | 2023-08-29 | by ( ) www.reuters.com   time to read: 1 min
China Evergrande Group's logo is seen on its headquarters in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Aug 29 (Reuters) - Shares of China Evergrande Group (3333.HK) are set to open down 14.3% on Tuesday, exending losses from the previous day when the embattled developer lost $2.2 billion, or 79% of its market value. On Monday, shares of the world's most indebted property firm resumed trading after a 17-month halt in a crucial step for the developer to restructure its offshore debt. Reporting by Anne Marie Roantree; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.
Persons: Aly, HONG KONG, Anne Marie Roantree, Jacqueline Wong Organizations: REUTERS, China Evergrande, HK, Thomson Locations: China, Shenzhen, Guangdong province, HONG
Its Hong Kong listed shares plunged 79% to HK0.35 in the afternoon session, narrowing losses from 87% at the opening. Market capitalisation shrank to HK$4.6 billion ($586.38 million from HK$21.8 billion ($2.78 billion) from when it last traded. Its units, China Evergrande New Energy Vehicle Group (0708.HK) and Evergrande Property Services Group (6666.HK), have both resumed trading in the past month after a 16 month halt. The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. ($1 = 7.8442 Hong Kong dollars)($1 = 7.2834 Chinese yuan renminbi)($1 = 7.8447 Hong Kong dollars)Reporting by Clare Jim; Additional reporting by Donny Kwok Editing by Kim Coghill and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.
Persons: Evergrande, Steven Leung, UOB Kay Hian, Aly, homebuyers, Clare Jim, Donny Kwok, Kim Coghill, Christopher Cushing Organizations: China Evergrande, HK, Hong, Hong Kong Stock Exchange, Energy Vehicle Group, Evergrande Property Services, China Evergrande Group, REUTERS, Prism Hong, Thomson Locations: HONG KONG, China, China's, Hong Kong, Shenzhen, Guangdong province, Prism Hong Kong, Shanghai
Foxconn founder Terry Gou announces run for Taiwan presidency
  + stars: | 2023-08-28 | by ( ) www.cnbc.com   time to read: +1 min
Terry Gou Tai-ming, founder and chairman of Taiwan's Foxconn Technology, speaks during the Canton Tower Science & Technology Conference Guangzhou on December 8, 2016 in Guangzhou, Guangdong Province of China. Terry Gou, the billionaire founder of major Apple Inc supplier Foxconn , said on Monday he was entering the race to be Taiwan's next president as an independent candidate in 2024 elections. Gou has spent the past few weeks touring Taiwan and holding campaign-like rallies, fueling speculation he was planning to run as an independent. "Give me four years and I promise that I will bring 50 years of peace to the Taiwan Strait and build the deepest foundation for the mutual trust across the strait," he said in a plea to Taiwan voters. "Taiwan must not become Ukraine and I will not let Taiwan become the next Ukraine."
Persons: Terry Gou Tai, Terry Gou, Gou, Hou Yu Organizations: Technology, Science & Technology Conference, Apple Inc, Foxconn, Kuomintang, KMT, ih, New, Democratic Progressive Party Locations: Canton, Science & Technology Conference Guangzhou, Guangzhou, Guangdong Province of China, China, New Taipei City, Taiwan, Ukraine
More than three thousand people were evacuated in northwestern Hunan province over the weekend as heavy rain was unleashed on Sangzhi, Shimen and Yongshun counties, and Zhangjiajie City, according to state media. It was the most extensive and widespread rain in Sangzhi since 1998, CCTV said. China has been gripped by weeks of rains and floods amid an unusually wet summer. In late July, storms from Typhoon Dokusri caused record rains to hit China in over a decade, with Beijing experiencing its heaviest rainfall in 140 years. There is also uncertainty over Typhoon Saola's path, said China Meteorological Administration, but it will bring heavy rainfall in the coastal areas including Fujian and Zhejiang provinces from Wednesday to Friday.
Persons: Sangzhi, Dokusri, Saola, Bernard Orr, Ethan Wang, Michael Perry Organizations: China Central Television, Beijing, Flood, Drought, Ministry of Emergency Management, China Meteorological Administration, Thomson Locations: BEIJING, Hunan, Yongshun, Zhangjiajie City, Sangzhi, China, Guangdong, China's, Fujian, Zhejiang
The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Next month, courts will decide on Evergrande's plan to restructure almost $32 billion worth of offshore debt obligations. Its Hong Kong-listed units, China Evergrande New Energy Vehicle Group (0708.HK) and Evergrande Property Services Group (6666.HK) have both resumed trading in the past month after a 16 month halt. The resumption of trading in all three companies is crucial for Evergrande Group because its offshore debt restructuring plan includes swapping part of the debt into equity-linked instruments backed by them. ($1 = 7.8435 Hong Kong dollars)($1 = 7.8442 Hong Kong dollars)($1 = 7.2834 Chinese yuan renminbi)Reporting by Clare Jim; Additional reporting by Donny Kwok Editing by Kim Coghill and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.
Persons: Aly, HONG KONG, Steven Leung, UOB Kay Hian, homebuyers, Evergrande, Clare Jim, Donny Kwok, Kim Coghill, Christopher Cushing Organizations: China Evergrande Group, REUTERS, China Evergrande, Hong Kong Stock Exchange, Evergrande, HK, Energy Vehicle Group, Evergrande Property Services, Evergrande Group, Prism Hong, Thomson Locations: China, Shenzhen, Guangdong province, HONG, HK, China's, Hong Kong, Prism Hong Kong, Shanghai, Cayman
China Evergrande H1 net loss narrows to $4.5 bln
  + stars: | 2023-08-27 | by ( ) www.reuters.com   time to read: +1 min
A traffic light is seen near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Aug 27 (Reuters) - Property developer China Evergrande Group (3333.HK) on Sunday reported a January-June net loss of 33 billion yuan ($4.53 billion) versus a 66.4 billion yuan loss in the same period a year ago. The world's most indebted developer posted a combined net loss of $81 billion for 2021 and 2022 in a long-overdue earnings report last month, having posted an 8.1 billion yuan profit in 2020. Over that two-year period, revenue dropped 55% to 230.1 billion yuan. Liabilities reached 2.4 trillion yuan, up 23%, while its assets were worth 1.8 trillion yuan, down 20%.
Persons: Aly, HONG KONG, Evergrande, Clare Jim, Christopher Cushing, Hugh Lawson Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Sunday, Thomson Locations: China, Shenzhen, Guangdong province, HONG, China's, Hong Kong
Cranes stand at a construction site near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song Acquire Licensing RightsAug 25 (Reuters) - Embattled property developer China Evergrande Group (3333.HK) said on Friday it has "adequately" fulfilled the resumption guidance issued by the Hong Kong Stock Exchange and made an application to resume trading in shares on Aug. 28. Trading in the company's shares was suspended on March 21 last year after it failed to get back on its feet amid the debt crisis. On the same day, the company's unit, China Evergrande New Energy Vehicle (0708.HK), posted a loss attributable from continuing operations of 5.80 billion yuan ($795.84 million), compared with a loss of 3.87 billion, from a year ago. ($1 = 7.2879 Chinese yuan renminbi)Reporting by Roushni Nair in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.
Persons: Aly, Evergrande, Roushni Nair, Pooja Desai Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong Kong Stock Exchange, Prism, Shanghai Ltd, PricewaterhouseCoopers, Energy, Thomson Locations: China, Shenzhen, Guangdong province, Prism Hong Kong, Shanghai, U.S, United States, Bengaluru
The headquarters of China's developer Country Garden Holdings in Foshan, in China's southern Guangdong province. Chinese real estate company Country Garden Holdings is set to be removed from Hong Kong's Hang Seng Index on Sept. 4. The index's operator said Country Garden will be replaced by pharmaceutical firm Sinopharm. Property management firm and affiliate Country Garden Services Holdings will also be removed from the Hang Seng China Enterprises Index. The Hang Seng China Enterprises Index serves as a benchmark that reflects the overall performance of mainland securities listed in Hong Kong.
Organizations: Garden Holdings, Garden Services Holdings, Hang Seng China Enterprises, Seng China Enterprises Locations: Foshan, China's, Guangdong, Hong Kong
Factbox: China's incumbent and upcoming LNG traders
  + stars: | 2023-08-21 | by ( Chen Aizhu | ) www.reuters.com   time to read: +5 min
A liquefied natural gas (LNG) tanker is tugged towards a thermal power station in Futtsu, east of Tokyo, Japan November 13, 2017. Below is a list of China's main gas traders and their operations globally, according to information from company sources and traders. In May, PCI became the first Chinese firm to gain long-term access to gas storage at a European gas terminal. CNOOC also plans to create a London desk in the coming year or two, following PCI and Unipec. Sumitomo Corp (8053.T), which has a desk to trade piped gas in London is considering expanding into LNG trading, said a company spokesperson.
Persons: Issei Kato, Keith Martin, Wang Bingsi, CNOOC, Norinco, ENN, Chen Aizhu, Yuka Obayashi, Florence Tan, Tom Hogue Organizations: REUTERS, Rights, PetroChina International, PCI, London, Gazprom, China National Offshore Oil Company, Gas Co, ENN, LNG, Beijing Gas, Zhejiang Energy, Zhejiang Energy Zhejiang Energy, Exxon Mobil, Mexico, China Gas Holding, China Gas, JOVO Energy, Privately, SOUTH, Mitsubishi Corp, Marubeni Corp, Tokyo Gas, Korea's SK E, Sumitomo Corp, Thomson Locations: Futtsu, Tokyo, Japan, London, Singapore, Beijing, Dubai, Houston, Sinopec, China, Jiangsu province, ENN, U.S, Hebei, Shenzhen, CNOOC, Zhejiang Energy Zhejiang, Zhejiang, Ningbo, Wenzhou, Zhejiang province, HK, Guangxi province, Yantai, Shandong province, Guangdong, Guangzhou, JAPAN, SOUTH KOREA, Asia
A man walks past a No Entry traffic sign near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which include bonds, collaterals and repurchase obligations. Evergrande announced an offshore debt restructuring plan in March, expecting it to facilitate a gradual resumption of operations and generation of cash flow. Trading in China Evergrande shares has been suspended since March 2022. Shares of Evergrande Services (6666.HK) plunged as much as 20% on Friday, while China Evergrande New Energy Vehicle Group (0708.HK) lost as much as 17%.
Persons: Aly, Evergrande, Morgan Stanley, HSI, Clare Jim, Jonathan Stempel, Dietrich Knauth, Manya, Sumeet Chatterjee, Shri Navaratnam Organizations: China Evergrande Group, REUTERS, HONG KONG, China Evergrande, HK, Longfor, Tianji Holdings, British Virgin Islands, Co ., Evergrande Services, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, Asia, HONG, U.S, United States, Beijing, Manhattan, Hong Kong, Cayman Islands, British Virgin, Land, New York, Trading, Bengaluru
A man walks past a No Entry traffic sign near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. The developer's offshore debt restructuring involves a total of $31.7 billion, which include bonds, collaterals and repurchase obligationsThe sources declined to be named due to the sensitivity of the matter. DEBT RESTRUCTURINGEvergrande announced an offshore debt restructuring plan in March, expecting it to facilitate a gradual resumption of operations and generation of cash flow. Trading in China Evergrande shares has been suspended since March 2022. Shares of Evergrande Services (6666.HK) plunged more than 12%, while China Evergrande New Energy Vehicle Group (0708.HK) dropped 8% on Friday.
Persons: Aly, Evergrande, Morgan Stanley, Hong, Clare Jim, Jonathan Stempel, Dietrich Knauth, Manya, Sumeet Chatterjee, Shri Navaratnam Organizations: China Evergrande Group, REUTERS, HONG KONG, China Evergrande, HK, British Virgin, Tianji Holdings, British Virgin Islands, Co ., Evergrande Services, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, HONG, U.S, United States, Hong Kong, British, Manhattan, Cayman Islands, British Virgin, Land, New York, Trading, Bengaluru
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 RightsAug 18 (Reuters) - Embattled property developer China Evergrande Group (3333.HK) said on Friday its application to the U.S. Court for bankruptcy protection is a normal procedure for offshore debt restructuring and does not involve a bankruptcy petition. The company clarified that its U.S. dollar-denominated notes are governed by New York law and it has applied to the U.S. Court under Chapter 15 of the United States Code for approval of the arrangement under the offshore debt restructuring. Reporting by Roushni Nair in BengaluruOur Standards: The Thomson Reuters Trust Principles.
Persons: Aly, Roushni Nair Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, U.S, Court, ., United States, Thomson Locations: China, Shenzhen, Guangdong province, New York, Bengaluru
But the way Shein uses data and determines demand has been a point of contention. Just as TikTok or Instagram tracks what you search or how long you engage with a particular video, Shein gathers similar data from its shoppers. This is a common practice in retail — many other brands track similar data on their sites. To measure demand, Shein's site then conducts statistical sampling to understand what sequence of steps led a customer to any given purchase. Kristy Sparow/GettyThe 'secret sauce' behind Shein's on-demand fashionThe technology Shein uses to determine trends isn't new — many online retailers collect similar data to track customer behaviors.
Persons: Shein, Peter Pernot, Shein's, Kristy Sparow, Hailey Bieber Organizations: Service, International Labour Locations: Wall, Silicon, Guangdong province, China, Brazil, Turkey
"The application is a normal procedure for the offshore debt restructuring and does not involve (a) bankruptcy petition," it said in the filing, adding it is pushing forward with its offshore debt restructuring. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which include bonds, collateral and repurchase obligations. A man walks past a No Entry traffic sign near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. China's economic and property woes and the absence of concrete stimulus steps have sent a chill through global markets. "The China property sector is like a black hole, so many developers have been dragged into it since two years ago after Evergrande," said Winner Zone Asset Management CEO and CIO Alan Luk.
Persons: Evergrande, Aly, Nomura, HSI, Alan Luk, Clare Jim, Jonathan Stempel, Dietrich Knauth, Manya, Sumeet Chatterjee, Shri Navaratnam, Kim Coghill Organizations: HONG KONG, China Evergrande, HK, U.S, Hong, British Virgin Islands, China Evergrande Group, REUTERS, Zhongrong International Trust Co, Longfor, Asset Management, Manya Saini, Thomson Locations: China, Asia, HONG, U.S, United States, Hong Kong, British Virgin, New York, Shenzhen, Guangdong province, Beijing, Bengaluru
Xpeng on Friday reported a wider-than-expected loss in the second quarter, sending the Chinese electric car maker's shares down more than 7% in premarket U.S. trade. The net loss was wider than the 2.7 billion yuan ($370.7 million) loss reported in the second quarter of last year. It was also the biggest quarterly loss that Xpeng has posted since going public in August 2020. Here's how Xpeng did against Refinitiv consensus estimates for the second quarter:Net loss: 2.8 billion yuan loss vs. 2.13 billion yuan loss expectedRevenue: 5.06 billion Chinese yuan ($693.7 million) vs. 5.06 billion yuan expected, representing a 31% year-on-year fall. Xpeng's is hoping its latest car — the G6 Ultra Smart Coupe SUV — which was launched at the end of the second quarter, will boost margins.
Persons: Xpeng, Li Auto, Brian Gu Organizations: Guangzhou International Automobile, China Import, Tesla Locations: Guangzhou, Guangdong Province of China, premarket U.S, China
[1/2] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. An affiliate, Tianji Holdings, also sought Chapter 15 protection on Thursday in Manhattan bankruptcy court. The company proposed scheduling a Chapter 15 recognition hearing for Sept. 20. On Monday, its electric-vehicle unit China Evergrande New Energy Vehicle Group (0708.HK) announced its own proposed restructuring. Trading in China Evergrande shares was suspended in March 2022.
Persons: Aly, Evergrande, Hong, Evergrande NEV's, Jonathan Stempel, Dietrich Knauth, Manya, Anil D'Silva, Deepa Babington, Matthew Lewis Organizations: China Evergrande Group, REUTERS, HK, Tianji Holdings, British Virgin Islands, British Virgin, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, U.S, United States, Manhattan, Hong Kong, Cayman Islands, British Virgin, British, Dubai, New York, Bengaluru
The world's largest video game company and operator of the WeChat messaging platform said revenue reached 149.20 billion yuan ($20.45 billion) for the three months ended June 30. That compared with the 151.73 billion yuan average of 21 analyst estimates compiled by Refinitiv. Domestic gaming revenue stayed mostly flat at 31.8 billion yuan, while international gaming revenue rose 12% to 12.7 billion yuan, excluding the impact of currency movements. It grew 34% to 25 billion yuan as its TikTok-like short video service Video Accounts experienced increased demand. Revenue from fintech and business services grew 15% to 48.6 billion yuan which the company said reflected expansion in both offline and online payment activities.
Persons: David Kirton, HONG KONG, Tencent, Shawn Yang, Josh Ye, Himani Sarkar, Raju Gopalakrishnan Organizations: REUTERS, Tencent Holdings, HK, Refinitiv, Blue Lotus Capital Advisors, Inc, Thomson Locations: Nanshan district, Shenzhen, Guangdong province, China, HONG, fintech
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