DIRS.INFO The most relevant business & tech news

☆ China allows Didi to resume signing up new users as tech crackdown eases
▼ + stars: | 2023-01-16 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Ride-hailing giant Didi received approval to resume new user registration in China, it said Monday, providing more evidence that Beijing’s regulatory crackdown on tech giants might be coming to an end. The move is the latest sign that regulators are loosening the reins on the country’s beleaguered tech companies in a bid to spur economic growth. With the approval of the Cybersecurity Review Office, Didi will be able to resume adding new users “immediately,” it added. Didi is a poster child for Beijing’s years-long crackdown on its tech companies. Regulators then targeted a number of other tech giants, including Tencent, Meituan and Didi.

☆ China to allow Didi apps back online, in latest sign of regulatory thaw, sources say
▼ + stars: | 2023-01-13 | by ( ) www.cnbc.com time to read: +3 min

A logo for Chinese ride-hailing platform Didi is illuminated outside company headquarters on Jan. 21, 2022 in Hangzhou, China. Shen Longquan | Visual China Group | Getty ImagesChinese authorities are set to allow Didi Global's ride-hailing and other apps back on domestic app stores as soon as next week, five sources told Reuters, in yet another signal that their two-year regulatory crackdown on the technology sector is ending. Didi has been awaiting authorities' approval to resume new user registrations and downloads of its 25 banned apps in China as a key step to resume normal business since its regulatory troubles started in mid-2021. The one-week-long holiday period in China would help Didi start to attract new clients for the business and work towards bringing it back to normal, added two of the sources. China's central bank will step up support for private firms as part of steps to shore up the economy, while easing a crackdown on tech companies, Guo Shuqing, Communist party chief of the People's Bank of China, told state-owned CCTV on Sunday.

☆ The fog lifts for Didi's path to normalcy
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Jan 13 (Reuters Breakingviews) - Didi Global's road ahead looks clearer. The move effectively removes a one-and-a-half year ban on new users for Didi, which has cost it dearly. Its market share has fallen more than 10 percentage points to 72% over the period, according to Bernstein analysts. That should help clear the way to an eventual re-listing in Hong Kong. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

[1/2] The app logo of Chinese ride-hailing giant Didi is seen reflected on its navigation map displayed on a mobile phone in this illustration picture taken July 1, 2021. Didi has been awaiting authorities' approval to resume new user registrations and downloads of its 25 banned apps in China as a key step to resume normal business since its regulatory troubles started in mid-2021. A lifting of the ban on Didi apps would come as Chinese policymakers seek to restore private sector confidence and count on the technology industry to help spur economic activity that has been ravaged by the COVID-19 pandemic. The delay in the return of the apps had cast a shadow over Didi's business plans. That deal is primarily subject to the apps' resumption for official announcement, said the two sources.

☆ China’s reopening has gotten Wall Street excited. Here’s how the pros are playing it
▼ + stars: | 2023-01-10 | by ( Zavier Ong | ) www.cnbc.com time to read: +5 min

Over the past week, a host of Wall Street banks have turned increasingly bullish on the world's second-largest economy and have upgraded their outlook on Chinese stocks. Morgan Stanley expects China's GDP to grow by an "above-consensus" 5.4% in 2023, on the back of a "fast-tracked" reopening and more proactive policy easing. Meanwhile, UBS says Chinese stocks look increasingly attractive. How to play the reopening Against this backdrop, analysts have named a slew of both Chinese and global stocks they think will benefit most from China's reopening. Bank of America's domestic reopening beneficiaries include consumer stocks such as alcoholic beverage makers Kweichow Moutai and Tsingtao Brew , airline stocks including China Southern Airlines , as well as online travel platform Trip.com .

☆ China's crackdown on Ant and other tech giants is 'basically' over, top official says
▼ + stars: | 2023-01-09 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s heavy-handed crackdown on tech giants is coming to an end and the country’s economic growth is expected to be back on track soon, according to a top central bank official. “Next, we’ll promote healthy development of internet platforms,” said Guo, who is also chairman of China’s Banking and Insurance Regulatory Commission. Mark Schiefelbein/APChina’s crackdown on its biggest tech companies began in 2020 with new regulations on fintech, which forced Ma’s Ant Group to suspend its $37 billion IPO days before its launch. Regulators then targeted the online financial service units of 13 other tech giants, including Tencent, Baidu, JD.com, Bytedance, Meituan, and Didi. Ant Group’s restructuringMajor tech companies in China have struggled under a sweeping regulatory crackdown for months now.

☆ From recovery to regulation: How China's tech giants could fare in 2023 after a bruising year
▼ + stars: | 2022-12-20 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +11 min

But investors are starting to feel slightly more optimistic toward Chinese tech giants in 2023. Jakub Porzycki | Nurphoto | Getty ImagesIt's been another rough year for China's tech stocks. Xin Sun King's College LondonHow the exit from zero-Covid is handled could ultimately determine the extent of the rebound for China tech. Since the start of 2021, the Hang Seng tech index in Hong Kong, which includes most of China's tech giants, has fallen more than 50%. Firstly, Chinese tech firms have been cutting costs and exiting non-core businesses in order to boost profitability.

☆ Stocks, oil struggle to pull out of four-day slide
▼ + stars: | 2022-12-08 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

Germany's 10-year bond yield , seen as the benchmark borrowing cost for the bloc, circled around 1.795% for most of the morning having hit a two-month low of 1.788% on Wednesday. The yield on 10-year Treasury notes was up fractionally at 3.453%, while yield on the 30-year Treasury bond inched up to 3.445%. Hong Kong's Hang Seng Index climbed more than 3% while China's tech giants Alibaba and Meituan (3690.HK) jumped 6% each. Among the main commodities, oil found its footing after a four-day drop that had taken it into the red for the year. Additional reporting by Harry Robertson; Editing by Arun Koyyur and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese stocks rally on reopening hopes; Morgan Stanley upgrades to overweight
▼ + stars: | 2022-12-05 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

The Hang Seng TECH Index, which represents the 30 largest technology companies listed in Hong Kong, surged 8% in Asia's trade. Electronic vehicle-maker Xpeng gained 24%, leading gains for the broader index, Li Auto jumped 12% and Nio climbed more than 15%. The Hang Seng index rose 4% while China's CSI 300 index, which tracks the largest largest mainland-listed stocks, rose almost 2%. Hong Kong-listed casino operators also saw significant gains, with MGM China rising 19%, Wynn Macau climbing 16% and Sands China adding 13%. Morgan Stanley upgrades to overweight

☆ China’s Meituan beats revenue estimates, swings to profit
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

Meituan, whose services also include restaurant reviews and bike-sharing, said total revenue rose to 62.62 billion yuan ($8.74 billion) in the three months ended September, compared with analysts' average estimate of 61.79 billion yuan, according to Refinitiv data. The company swung to a quarterly profit of 1.22 billion yuan from a loss of 9.99 billion yuan a year earlier, as it pulled the brakes on heavily funding its new initiatives. Sales from new initiatives, including its community e-commerce business Meituan Select, grew by 39.7% year-on-year to 16.29 billion yuan. Revenue from core local commerce, which includes food delivery and in-store, hotel and travel businesses, rose 24.6% to 46.33 billion yuan. ($1 = 7.1615 Chinese yuan renminbi)Reporting by Yingzhi Yang and Brenda Goh;Editing by Mark Potter and Elaine HardcastleOur 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.

☆ 'Incredibly cheap': Strategist says Chinese tech stocks, like Alibaba, are a clear buy right now
▼ + stars: | 2022-11-21 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

This year's 30% decline in the value of Chinese Big Tech stocks, such as Alibaba , has made them "incredibly cheap," according to investment bank China Renaissance. "We saw body blow after body blow when it came to that regulatory environment," Maynard told CNBC Friday, speaking from Hong Kong. According to Maynard, major global long-only investors, which dominate the Hong Kong stock exchange, now view large-cap tech stocks such as Alibaba, Meituan , Tencent and JD.com as "very deeply undervalued." Its Hong Kong traded shares ended the day up over 2% Friday, although its New York-listed shares were in the red after rising 7.8% the day before. However, Maynard cautioned that investors who ignore Chinese technology stocks would likely miss out on significant returns in the future.

☆ Morning Bid: Bear Hunt
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +5 min

Long-term sovereign bond yields have been falling sharply all week in advance of finance minister Jeremy Hunt's new budget, dragged down largely by U.S. disinflation hopes. UK 10- and 30-year gilt yields outperformed, however, dropping to their lowest since early September before backing up slightly on Thursday. U.S. housing starts numbers out later will give another glimpse at the state of the ailing property sector. Reverberations continued around the world from this month's latest implosion in the crypto universe and the failure of the FTX exchange. Major crypto player Genesis Global Capital suspended customer redemptions in its lending business on Wednesday, citing the FTX collapse.

☆ Tencent to distribute $20.3 bln in Meituan shares as Q3 sales drop
▼ + stars: | 2022-11-16 | by ( Josh Ye | ) www.reuters.com time to read: +3 min

Tencent, the world's largest video game company and the operator of the WeChat messaging platform, said it will transfer 958.12 million shares in Meituan, representing approximately 90.9% of the Class B ordinary shares it held in Meituan. On Wednesday, Tencent said revenue fell 2% to 140 billion yuan ($19.8 billion) for the three months ended Sept. 31, from 142.3 billion yuan a year earlier. Analysts on an average expected 141.6 billion yuan in revenue, according to Refinitiv. Domestic gaming revenue shrank 7% to 31.2 billion yuan, while international gaming revenue rose 3% to 11.7 billion. Online ads sales also declined by more than 5% to 21.5 billion yuan, as advertisers tightened budgets in a weak economy.

☆ Tencent Slashes Meituan Stake Worth $20 Billion, Posts Revenue Drop
▼ + stars: | 2022-11-16 | by ( Raffaele Huang | ) www.wsj.com time to read: 1 min

Tencent has been a large shareholder of Meituan since the latter’s early days. SINGAPORE— Tencent Holdings Ltd. is shedding most of its stake in food-delivery company Meituan as the Chinese social-media and videogame giant moves to cash out from its investments in China’s internet sector. Tencent on Wednesday said it would distribute more than 958 million shares of Meituan, worth roughly $20 billion, as a special dividend to Tencent shareholders. The distribution will leave Tencent with a 1.5% stake in Meituan from 17% currently.

☆ China is easing its Covid measures. Here’s how market pros are playing it
▼ + stars: | 2022-11-15 | by ( Zavier Ong | ) www.cnbc.com time to read: +4 min

China announced a shortening of its quarantine requirements last week, while simplifying travel rules and adjusting its monitoring regime. China has stood firm on its zero-Covid policy even as countries around the world adopt a "live with the virus" approach. Fund manager Brian Arcese believes the market reaction reflects the "underlying fundamentals that earnings will really start to improve." Meanwhile, Arcese, who is a portfolio manager at Foord Asset Management, said the firm has a China exposure of about 20%. It should benefit from the re-opening of China as tourism gradually recovers to pre-Covid levels," he added.

☆ Alibaba, Tencent shares plummet 11% alongside China tech stocks as Xi tightens grip on power
▼ + stars: | 2022-10-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Tech giants Alibaba and Tencent closed down more than 11% in Asia; search company Baidu was 12% lower while food delivery firm Meituan tanked more than 14%. That makes it unlikely that anyone would challenge any "policy mistakes" that Xi makes which could hamper growth of the tech sector, Xin Sun, senior lecturer in Chinese and East Asian business, at King's College London said. Under Xi's leadership, China has implemented a raft of policy that has tightened regulation on the tech sector in areas from data protection to governing the way in which algorithms can be used. "Tech stocks have never been the best friend of Xi and it's clear that the market thinks that purge will continue," Justin Tang, head of Asian research at United First Partners, told CNBC. As part of the leadership reshuffle in China, Li Qiang, party secretary of Shanghai is expected to be made premier next year.

HONG KONG, Oct 24 (Reuters Breakingviews) - One day into President Xi Jinping’s precedent-breaking new term as leader of the ruling Communist Party, China’s financial markets are already in turmoil. Investors largely ignored rosier-than-expected GDP data to wipe almost 10% off the value of internet giants like Alibaba (9988.HK) and JD.com (9618.HK), amid a broader selloff. The government on Monday released a slew of delayed economic indicators after the Party Congress concluded on Sunday. They looked upbeat at first glance: GDP expanded 3.9% in the third quarter, up from the previous quarter’s 0.4%. Instead, he filled it with his own protégés including Beijing Party Chief Cai Qi and Shanghai Party Chief Li Qiang.

☆ A recession looks increasingly likely. But Goldman Sachs says these stocks could beat the gloom
▼ + stars: | 2022-10-21 | by ( Zavier Ong | ) www.cnbc.com time to read: +5 min

Central banks are relentlessly hiking interest rates to rein in inflation — even at the expense of economic growth — prompting fears of a recession. "Concerns on sticky inflation and a tight labor market have focused investor attention on implications for rising rates and recession risk. Those stocks have high and expanding cash return on capital invested and return on equity, according to the bank. BlackRock says that's now an 'obsolete' strategy Investors keen to add growth names to their portfolio could also look to Goldman's list of high growth stocks. The bank also identified high growth names that are trading at an attractive valuation, including Watches of Switzerland and Standard Chartered .

☆ Temasek-backed Vertex set to raise nearly $500 mln for new China-focused fund
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

BEIJING/HONG KONG, Oct 18 (Reuters) - Venture capital firm Vertex Ventures, backed by Singapore state investor Temasek, is set to raise nearly $500 million for a new fund that will invest in efforts to step up China's domestic tech development, a senior executive said. The new fund's size will exceed an initial target of $400 million, compare with an earlier, similar fund that raised $275 million, said Tay Choon Chong, managing partner at Vertex Ventures China. Register now for FREE unlimited access to Reuters.com Register"China is pivoting from relying on imported technologies to its own tech know-how," Tay said. The latest Vertex fund comes amid a slowdown this year in U.S. dollar-denominated fundraising by China-focused venture capital and private equity firms. While looking for investment opportunities involving companies developing advanced technologies, Vertex will also look for firms that have potential in reducing Beijing's reliance on foreign suppliers, Tay said.

☆ Singapore's GIC says global recession scenario possible, eyes Australia opportunities
▼ + stars: | 2022-10-18 | by ( Praveen Menon | ) www.reuters.com time to read: +3 min

SYDNEY, Oct 19 (Reuters) - Singapore sovereign wealth fund GIC, one of the world's biggest investors, said it is factoring in the potential for a global recession and was prepared to stress-test its portfolio if need be. Register now for FREE unlimited access to Reuters.com RegisterFears of a global recession continue to grow amid challenges posed by Russia's invasion of Ukraine, an inflation-driven cost-of-living crisis and a sharply slowing Chinese economy. Lim also said, however, that he was confident global central banks could contain inflation and eventually bring it down. GIC is ranked as the world's fifth-biggest sovereign investor with $690 billion in assets, according to research firm Global SWF. "If there are suitable projects or assets in Australia, our infrastructure team will definitely want to look at it very closely," he added.

HONG KONG, Oct 10 (Reuters Breakingviews) - China’s lackluster Golden Week holiday this year casts a dark cloud over the economy. Domestic tourism sales during the country’s annual spend-and-travel blitz fell to $40 billion, less than half of pre-pandemic levels. Before the pandemic, domestic tourists splurged some 650 billion yuan ($91 billion) during the 2019 Golden Week – over a quarter more than during the Chinese New Year festival. Overall, domestic trips were just 422 million during Golden Week, down 18% from last year. China’s Golden Week has lost its shine.

☆ Tencent Considers More Stake Sales to Fund Share Buybacks, Future Growth
▼ + stars: | 2022-09-20 | by ( Jing Yang | Raffaele Huang | ) www.wsj.com time to read: 1 min

Tencent Holdings Ltd. is looking into shedding more of its huge investment portfolio as the Chinese social-media and videogame company tries to fund a series of share buybacks and refocus its growth strategy, people familiar with the matter said. The technology giant, which owns stakes in some of China’s largest internet companies, has recently completed a regular review of its sprawling portfolio and identified its priorities for possible stake sales based on the returns these investments have generated, the people said. Potential disposals could include online real-estate brokerage KE Holdings food-delivery company Meituan and ride-hailing giant Didi Global they added. Tencent is in no rush to execute the divestments, the people said, and it is unclear when they will happen.

☆ Tencent raids its pantry ahead of lean tech times
▼ + stars: | 2022-08-17 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Aug 16 (Reuters Breakingviews) - Tencent (0700.HK) is preparing for tough times ahead. The Chinese giant plans to offload all or a chunk of its $24 billion stake in food delivery group Meituan (3690.HK), Reuters reported read more , citing sources. The eight-year old investment has proven lucrative: annualised total returns were nearly 20% since Meituan's 2018 Hong Kong debut, versus negative 6% for the Hang Seng Index. Nevertheless, a stock overhang — Tencent owns some 17% — sent its shares down 10% on the news. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Агентство Bloomberg опубликовало список 50 людей с наибольшими достижениями в своей сфере в 2020 году
▼ + stars: | 2020-12-06 | by ( ) ru.diez.md time to read: +3 min

Агентство Bloomberg опубликовало список 50 людей с наибольшими достижениями в своей сфере в 2020 годуИздание Bloomberg представило список из 50 человек, достигших самых выдающихся успехов в своей сфере в 2020 году. Перечень состоит из пяти категорий по областям: политика, бизнес, развлечения, финансы, наука и технологии, пишет Сноб. Развлечения:# Билли Айлиш, певица;# Бон Джун Хо, режиссер;# Селеста Барбер, актриса;# Донна Лэнгли, глава Universal Filmed Entertainment Group;# Swizz Beatz и Timbaland;# Сара Купер, комик;# Колин Каперник, активист;# Гай Фьери, ресторатор, писатель и телеведущий;# Джейсон Хехир, документалист;# Рене Монтгомери, активист;# Айя Кьогоку и Хисаши Ногами, руководители Nintendo Co;# Маркус Рашфорд, нападающий «Манчестер Юнайтед». Политика:# Светлана Тихановская, лидер оппоиции в Белоруссии;# Луис Лакалье Поу, президент Уругвая;# Алисия Гарза, Патрис Каллорс и Опал Томети, основательницы движения Black Lives Matter;# Джон Робертс, главный судья Верховного суда США;# Абдалла Хамдук, премьер-министр Судана;# Летисия Джеймс, генеральный прокурор штата Нью-Йорк;# Одунайо Эвенийи и Дамилола Одуфауа, соосновательницы Феминистской коалиции;# Мухаммад ибн Заид Аль Нахайян, наследный принц Абу-Даби;# Мэдисон Коуторн, избранный член палаты представителей конгресса США;# Мариа Ресса, генеральный директор Rappler Inc.;# Цай Инвень, президент Тайваня. Бизнес:# Аврора Джеймс, основательница проекта Fifteen Percent Pledge;# Страйв Масайиа, основатель Econet Group;# Рид Хастингс, глава Netflix;# Сумит Сингх, генеральный директор Chewy Inc.;# Вонг Чинг, генеральный директор Meituan;# Джон Фоли, генеральный директор Peloton Interactive Inc.;# Бюджу Равиндран, основатель и глава Think & Learn Pvt.

Persons: Swizz Beatz Timbaland, Morgan Stanley, Citigroup —, Билли Айлиш, Бон Джун Хо, Селеста Барбер, Донна Лэнгли, Сара Купер, Колин Каперник, Гай Фьери, Джейсон Хехир, Рене Монтгомери, Айя Кьогоку, Хисаши Ноги, Маркус Рашфорд, Светлана Тихановская, Луис Лакалье Поу, Алисия Гарза, Патрис Каллорс, Опал Томети, Джон Робертс, Летисия Джеймс, Одунайо Эвенийи, Дамилола Одуфауа, Мухаммад ибн Заид Аль Нахайян, АбуДаби, Мэдисон Коуторн, Мариа Ресса, Цай Инвень, Аврора Джеймс, Страйв Масайиа, Рид Хастингс, Сумит Сингх, Вонг Чинг, Джон Фоли, Бюджу Равиндран, Вийя, Форрест Ли, Кристалина Георгиева, Джеймс Горман, Байжа Бхатт, Владимир Тенев, Джейн Фрейзер, Алан Ховард, Линда Киркпатрик, Даррен Уильямс, Чанпэн Чжао, Цзэн Юйцюнь, Гвинн Шотвелл, Тим Брэй, Энтони Фаучи, Чон ЮнКен, Келлер Ринаудо Organizations: Bloomberg, Universal, Entertainment, Nintendo, Rappler Inc, Econet, Netflix, Chewy Inc, Interactive, Sea Ltd, Citigroup, Citigroup — —, Howard Asset Management, Mastercard Inc, Southern Bancorp Inc, Binance Holdings, Technology, SpaceX, годуИздание, Сноб, Манчестер Юнайтед, Верховный суд, Феминистская коалиция, Международный валютный фонд, Корейское агентство по контролю и профилактике заболевания Locations: Белоруссия, Уругвай, США, Судан, НьюЙорк, Тайвань, Северная Америка, Белый дом

Search resuls for: "Meituan"

25 mentions found