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☆ World's largest drone maker is unfazed — even if it's blacklisted by the U.S.
▼ + stars: | 2023-02-08 | by ( Nessa Anwar | ) www.cnbc.com time to read: +4 min

watch nowThe world's biggest drone maker DJI found itself embroiled in the Russia-Ukraine conflict last year. It includes the Mavic 3 drone, and Aeroscope, a drone-detection platform that enables users to identify the location of a drone operator. We've stated unequivocally that we have had nothing to do with treatment of Uighurs in Xinjiang," Welsh said. A drone's firmware is what the drone uses to control all the important operations, like flight, battery management and data protection. Paolo Stagno, a cyber security expert, said there is a black market of modified DJI drones' firmware.

☆ Chinese drone maker DJI is dominating the market – despite being blacklisted by the U.S.
▼ + stars: | 2023-02-06 | by ( Nessa Anwar | ) www.cnbc.com time to read: +1 min

The global drone market is expected to grow from $30.6 billion in 2022 to $55.8 billion by 2030, according to a report by Drone Industry Insights. DJI's first commercially successful product was the Phantom drone, which DJI founder Frank Wang claims made DJI the first company to bring "military-grade technology" to the public. "The unfortunate thing is that (DJI drones are) very reliable. In December 2021, the Shenzhen-based drone maker was placed on an investment blacklist by the U.S. government, banning American investors from buying or selling shares in the company. Watch the video above to understand why the Chinese drone maker is dominating the market – despite being blacklisted by the U.S.

☆ Asia-Pacific shares trade higher as investors gear up for Fed rate hike decision
▼ + stars: | 2023-02-01 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

People watch fireworks on the street during the Torch Festival on January 27, 2023 in Jieyang, China. Asia-Pacific shares traded higher as investors looked ahead to the Federal Reserve's Wednesday meeting, as well as some economic data in the region. Japan's Nikkei 225 gained 0.8% and the Topix climbed 0.7% even as Japan's factory activity logs a third consecutive month of contraction in January. South Korea's Kospi advanced 0.74% and the Kosdaq rose 0.78%, as South Korea's export numbers in January fell 16.6% on an annualized basis. Hong Kong's Hang Seng index rose 0.47% in early trade.

☆ Chinese EV giant BYD set for surge in 2022 profit as sales jump
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

[1/3] Chinese EV maker BYD's Seal is displayed at Tokyo Auto Salon 2023 at Makuhari Messe in Chiba, east of Tokyo, Japan, January 13, 2023. REUTERS/Kim Kyung-Hoon/File PhotoJan 30 (Reuters) - China's BYD Co , the world's biggest seller of battery electric vehicles (BEVs) and plug-in hybrids, expects its 2022 net profit to be more than five times the amount it booked a year earlier, it said on Monday. With sales of 1.86 million cars, it expects a net profit of 16-17 billion yuan ($2.37-$2.52 billion) versus 3 billion in 2021, an exchange filing showed. The company said it had it achieved strong sales growth and significantly improved profitability and had "effectively relieved the cost pressure brought about by the rising upstreamraw material prices". ($1 = 6.7498 Chinese yuan renminbi)Reporting by Zhang Yan, Brenda Goh and Hong Kong newsroom; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ How investors are playing the China reopening — from beer to travel stocks
▼ + stars: | 2023-01-24 | by ( Seema Mody | ) www.cnbc.com time to read: +2 min

China is reopening and investors are ready for it. After a bruising 2022, hedge funds have been adding positions in Chinese stocks. Carter points out that even with China's outperformance this year, the MSCI China ETF is trading at 12 times earnings versus a Nasdaq valuation of 22 times earnings. HBSC analysts are recommending Yum China , saying the company is set to benefit from restaurants reopening. With the Lunar New Year underway, travel analyst Jake Fuller at BTIG raised his estimates on Booking Holdings for the first quarter citing "strong trends so far in January" and "China's reopening."

☆ Asia markets to trade mixed ahead of Chinese economic data
▼ + stars: | 2023-01-17 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

People take photographs against a backdrop of the Shenzhen skyline at Lianhuashan Park in Shenzhen, China, on Friday, Nov. 20, 2020. Photographer: Yan Cong/Bloomberg via Getty ImagesAsia-Pacific markets were set for a mixed session Tuesday as investors await a slew of Chinese economic data. Economists are expecting a quarterly contraction of 0.8% in the nation's gross domestic product and 1.8% annualized growth, according to a poll by Reuters. China's industrial output is expected to expand 0.2% on an annualized basis, while retail sales are estimated to contract by 8.6%, according to economists polled by Reuters. In Australia, the S&P/ASX 200 fell 0.2% in its first hour of trade as the nation's Westpac consumer confidence rose 5% in December from 3% in November, Refinitiv data showed.

HONG KONG, Jan 9 (Reuters Breakingviews) - Jack Ma is leading China’s consumer internet out of the sin bin. After his fintech champion Ant said its founder will cede control, shares in affiliate Alibaba (9988.HK), rose 7% in Hong Kong on Monday morning. The company on Saturday announced that Ma's 50%-plus voting stake will be whittled down to roughly 6%, and a fifth independent director will join the board. Follow @mak_robyn on TwitterloadingCONTEXT NEWSChinese financial technology company Ant on Jan. 7 announced its founder Jack Ma will give up majority control of the company as part of a broader "corporate governance optimization". Ma held more than 50% of voting rights in Ant via his investment vehicle, Hangzhou Yunbo, which effectively controlled two other entities that owned a combined 53.46% stake in Ant.

☆ Alibaba shares hit 6-month high after Jack Ma cedes control of Ant Group, amid a broad rally in Asian shares
▼ + stars: | 2023-01-09 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The gains also come on the back of a broader market rally in Asian shares, thanks to China's reopening. A top Chinese central banker suggested over the weekend Beijing's tech crackdown is coming to a close. The Hang Seng Tech Index — an index that tracks the 30 largest tech companies listed in Hong Kong — closed 3.2% higher. Shares of Hong Kong-listed Chinese tech giants Tencent and NetEase closed 3.6% and 2.6% higher respectively. Hong Kong's Hang Seng Index closed 1.9% higher, the Shanghai Composite Index gained 0.6%, and the Shenzhen Composite Index rose 0.7%.

☆ European markets head for positive open as upbeat sentiment continues
▼ + stars: | 2022-12-27 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

LONDON — European stocks are expected to open higher on Tuesday as positive sentiment continues in the final trading days of 2022. Germany's DAX is seen opening 98 points higher at 14,036, France's CAC 40 up 44 points at 6,549 and Italy's FTSE MIB up 159 points at 24,033, according to IG. The U.K.'s FTSE index is closed Tuesday for a public holiday. Stateside, U.S. stock futures rose on Monday night as investors looked to see whether a Santa Claus rally will appear before year-end. Markets were closed Monday for the Christmas holiday.

☆ Tencent chief blasts managers in fiery townhall - sources
▼ + stars: | 2022-12-23 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

In a rare show of frustration, Pony Ma said at a year-end meeting with staff on Dec. 15 that internal reviews this year had exposed unspecified corruption within Asia's biggest social media and gaming company, the sources said. Tencent reported a second straight quarterly revenue drop last month as China's economic slowdown and regulatory scrutiny hit its ad and gaming businesses. Up to the previous quarter, Tencent had reported double-digit growth for almost every three-month reporting period since going public in 2004. Ma, who mostly stays out of public view, also said the company needed to focus on short video for future growth, and described the WeChat Video Account, Tencent’s short video platform, as the "hope" of the Shenzhen-based company, the sources said. He warned that the video gaming business group would have to get used to Beijing’s strict licensing regime, and the number of new games China would approve would remain limited in the long run.

☆ Developer China South City sells 70% stake in Xian projects for $717 million
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: +1 min

"The deal will be able to improve the liquidity of (China South City Xi'an)...and provide additional working capital to the group and reduce the gearing ratio of the group," China South City said in the filing on Sunday. China South City also said the buyer represents related parties of a unit that is part of its major shareholder SZCDG, which is owned by the Shenzhen municipal government. China South City Xi'an has property developments of completed gross floor area of 2.41 million square metres, and planned gross floor area of 760,000 square metres. After the deal, the business will be held 69.35% by the buyer, and 30.65% by China South City. The buyer has also been granted a Put Option which will allow it to sell all or part of the shares in the Xian business back to China South City in the future.

☆ Asia-Pacific markets rise on cooler inflation print, ahead of Fed rate decision
▼ + stars: | 2022-12-14 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

People walk through Exchange Square in Hong Kong on October 28, 2022. Major lenders Standard Chartered and HSBC expressed confidence in the rebound of Hong Kong's and China's economy, even as China ramps up its Covid measures and Hong Kong's economy posted its worst quarter in more than two years. Asia-Pacific markets traded higher on Wednesday, after stocks on Wall Street saw a second day of gains on an inflation print that came in cooler than expected. The Hang Seng index in Hong Kong rose 0.6% in its final hour of trade. In Japan, the Nikkei 225 gained 0.72% to 28,156.21 while the Topix was 0.6% higher to 1,977.42.

☆ Asia-Pacific stocks climb as Hong Kong scraps Covid restrictions for incoming travelers
▼ + stars: | 2022-12-13 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

Pedestrians cross a road in front of the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Thursday, Oct. 29, 2020. Asia-Pacific shares opened in positive territory as investors look ahead to a highly anticipated Federal Reserve meeting and U.S. CPI data reading. Hong Kong's Hang Seng index was up 0.67% after Chief Executive John Lee announced further easing of Covid restrictions. The Nikkei 225 in Japan added 0.40% to close at 27,954.85, while the Topix inched up 0.43% to 1,965.68. The MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.29%.

☆ Stocks making the biggest moves midday: Disney, Carvana, Diamondback Energy and more
▼ + stars: | 2022-11-21 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Disney — Shares jumped 5% after the company reappointed Bob Iger as chief executive officer, effective immediately and 11 months after he left Disney. Carvana — Shares of the used car company slid 13% after Argus downgraded the stock to sell from hold. Energy stocks — Energy stocks were the biggest losers in the S&P 500 midday after oil prices fell to their lowest levels since early January following a Wall Street Journal report that Saudi Arabia and other OPEC oil producers are discussing an output increase. Still, Diamondback Energy and Halliburton fell 4% and 2.9%, respectively. Intel — Shares dipped more than 2% after Cowen downgraded Intel to market perform from outperform, according to StreetAccount.

☆ Warren Buffett-Backed Electric-Car Giant BYD Halts Spinoff of Chip Unit
▼ + stars: | 2022-11-16 | by ( Dan Strumpf | ) www.wsj.com time to read: 1 min

HONG KONG—Chinese electric-car company BYD Co. said it was pausing the planned spinoff of its chip subsidiary, opting to focus on boosting the unit’s automotive-semiconductor output to meet rising demand for electric vehicles. Warren Buffett -backed BYD said in a filing Tuesday that it was shelving the spinoff of BYD Semiconductor and the company’s listing on the Shenzhen Stock Exchange until an unspecified date. It said it instead plans to accelerate investments in expanding its chip-making capacity, building on a recent investment in a chip factory in Jinan, in eastern China.

☆ Buffett-Backed Electric-Car Giant BYD Halts Spinoff of Chip Unit
▼ + stars: | 2022-11-16 | by ( Dan Strumpf | ) www.wsj.com time to read: 1 min

HONG KONG—Chinese electric-car giant BYD Co. said it is pausing the planned spinoff of its chip subsidiary, opting to focus on boosting the unit’s automotive-semiconductor output to meet rising demand for electric vehicles. Warren Buffett -backed BYD said in a filing on Tuesday that it is shelving the spinoff of BYD Semiconductor and the company’s listing on the Shenzhen Stock Exchange until an unspecified date. It said it instead plans to accelerate investments in expanding its chip-making capacity, building on a recent investment in a chip factory in Jinan, in eastern China.

☆ 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.

☆ 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.

☆ China's BYD scraps IPO plan for semiconductor unit
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 15 (Reuters) - Chinese automaker BYD Co Ltd (002594.SZ) said on Tuesday it had scrapped plans to list its semiconductor unit in China, saying a move to increase investments in wafer production would significantly affect the unit's asset structure. "BYD Semiconductor intends to seize the time window to make large-scale investment in wafer production capacity," BYD said in a filing to the Shenzhen stock exchange, adding current wafer supplies were far from enough to meet demand amid rapid growth in electric vehicle manufacturing. BYD, backed by U.S. billionaire Warren Buffett, said it would restart the unit's listing process when the investment and production capacity expansion had been completed. According to the IPO prospectus, the chip unit aimed to raise 2 billion yuan ($281 million) to fund projects and replenish capital on the Nasdaq-like ChiNext Board of the Shenzhen Stock Exchange. The IPO plan was first halted by the exchange in August 2021, as a firm advising on the IPO process faced a regulatory probe.

SHENZHEN, China/HONG KONG, Nov 15 (Reuters) - Chinese tech giant Tencent Holdings (0700.HK) has begun a new round of job cuts targeted at its video streaming, gaming and cloud businesses, four sources close to the matter said. Two of the sources said some staff in IEG were informed last week they were being laid off. Tencent already cut jobs earlier this year, alongside peers, including Alibaba Group (9988.HK) and smaller Chinese tech companies such as Xiaohongshu. In August, Tencent disclosed its employee numbers fell to 110,715 by the end of June from 116,213 in March. Refintiv data shows analysts expect Tencent to report flat revenues or a small contraction on Wednesday, when it publishes third-quarter results.

☆ Land for Evergrande Shenzhen headquarters put up for auction
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 11 (Reuters) - A land plot in Shenzhen for building China Evergrande Group (3333.HK) headquarters is put up for auction at a starting price of 7.5 billion yuan ($1.06 billion), a notice at the Shenzhen public resources exchange showed on Friday. Reeling under more than $300 billion in liabilities, Evergrande suspended many of its projects because it was unable to pay contractors and creditors. Many of its assets have also been put up for sale or taken over by creditors and local governments. Evergrande bought the plot in 2017 for 5.6 billion yuan, local media reported. Evergrande moved its headquarters from Guangzhou to rented space in Shenzhen in 2017, but moved back to Guangzhou late last year amid a debt crisis.

☆ This Chinese electric carmaker's stock could rally by more than 260%, Citi says
▼ + stars: | 2022-11-01 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Citi says BYD is one of its "top" buy ideas among Chinese stocks and expects shares in the automaker to soar by more than 260% over the next 12 months. Jeff Chung, an equity analyst at Citi, reiterated his buy rating and price target on the stock after the company announced earnings on Oct. 28. Chung's price target for BYD is significantly higher than other analysts'. The median price target from six analysts covering the stock gives the stock a potential upside of 60.8%, according to FactSet data. Citi analysts recommended investors in China adopt a "barbell strategy" — a mix of conservative stocks to protect against downside risks and "high-conviction growth stocks" — in their base case scenario.

☆ China smartphone shipments slid 11% in Q3, research firm says
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Oct 27 (Reuters) - Smartphone shipments in China fell 11% year-on-year in the third quarter as the country's slowing economy took a toll on consumer demand, research firm Canalys reported on Thursday. Brands shipped a total of 70 million smartphones to sellers in the period, down from 78.9 million in same period last year. Apple currently ranks as the fourth top-selling brand in China, with a market share of 13%. The company "is not currently isolated from weak mainland China consumer demand," wrote Canalys analyst Amber Liu, adding that the company has been launching aggressive promotions on previous-generation devices in order to fend off competition from rivals. Xiaomi Corp (1810.HK), which ranked as the fifth top-selling brand, saw shipments fall 17%.

☆ U.S.-listed Chinese stocks drop 20% after Beijing's power reshuffle makes the market 'uninvestable'
▼ + stars: | 2022-10-24 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Chinese internet giant Alibaba has said it will increase its share buyback program from $15 billion to $25 billion. The Invesco Golden Dragon China ETF, which tracks the Nasdaq Goldman Dragon China Index, plunged 20% to hit a new 52-week low. The index holds 65 companies whose common stocks are publicly traded in the U.S. and the majority of whose business is conducted within the People's Republic of China. Shares of Chinese companies listed in the U.S. dropped sharply Monday after Beijing tightened President Xi Jinping's grip on power, souring investor sentiment for non-state-driven companies. "Stocks based in the world's second largest economy are 'uninvestable' again," Bernstein sales trading desk's Mark Schilsky said in a note Monday.

☆ Chinese battery giant CATL Q3 profit jumps 188.4% Y/Y
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: 1 min

SHANGHAI, Oct 21 (Reuters) - China's CATL (300750.SZ), the world's largest electric vehicle (EV) battery maker, said on Friday its third-quarter profit nearly tripled, buoyed by rapid expansion in production to power the growth of EVs worldwide. CATL, whose clients include Tesla (TSLA.O), Volkswagen and BMW (BMWG.DE), booked a net profit of 9.4 billion yuan ($1.30 billion) from July to September, according to a company filing to the Shenzhen stock exchange. Revenue increased 232.5% in the three-month period to 97.4 billion yuan from a year before, the company said. The result is largely in line with an estimate provided by the company last week. ($1 = 7.2454 Chinese yuan renminbi)Register now for FREE unlimited access to Reuters.com RegisterReporting by Zhang Yan and Brenda Goh; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

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