Category: COMPANY IN FOCUS

iQiyi announced IPO on Nasdaq to raise over $2 billion
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China’s leading video-streaming platform iQiyi said to lay off up to 40% staff

iQiyi, one of China’s top video-streaming platforms, is said to have started a large-scale layoff, reported several mainland news outlets including Yicai, Sina News and The 21st Century Business Herald on Wednesday. It’s the largest…

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China suspends Tencent from updating existing app, launching new apps

Chinese social media and gaming giant Tencent Holdings has been suspended from updating its existing apps or launching any new apps as part of Chinese authorities’ “temporary administrative guidance” against the company. The Ministry of…

ALIBABA
Posted in COMPANY IN FOCUS MARKET

Alibaba net income plummets 87%, with first adjusted profit decline in more than five years

Chinese e-commerce giant Alibaba Group reported an 87% year-on-year decline in net income for the September quarter, missing expectations as the company increased investment in its young business. Net income fell to 3.4 billion yuan ($524 million)…

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China’s top chipmaker SMIC announced $5.5 billion joint venture in Shanghai after losing second senior executive in two months

China’s top chipmaker Semiconductor Manufacturing International Corporation (SMIC) announced on Friday that its subsidiary SMIC Holdings, China’s National Integrated Circuit Industry Investment Fund Phase II and an investment institution under the Shanghai Lingang Area Development and Construction…

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China Evergrande averts default at last minute again, faces another $366 million interest payment before year-end

Embattled property developer China Evergrande Group narrowly averted default again with a series of last-minute coupon payments on Wednesday, but it’s facing another $366 million in coupon payments on its onshore and offshore debt by…

Tencent posts first quarterly profit drop in 13 years
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Tencent Q3 revenue growth hit lowest since 2004, net profit grew at slowest pace in two years amid regulatory crackdown

China’s social media and gaming giant Tencent Holdings reported a 3% increase in profits in the third quarter of 2021, its slowest growth in two years amid tighter government scrutiny of the industry. The firm…

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China’s largest hot pot chain Haidilao to close 300 stores by year-end

Shares in Chinese hot pot chain Haidilao International (6862.HK) surged on Monday after the company announced it would suspend or shut down 300 stores by the end of the year, slamming the brakes on a rapid expansion…

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Troubled developer Kaisa Group to sell Shenzhen property projects to ease cash crunch

Chinese property developer Kaisa Group is selling assets to ease a cash crunch after its missed payment of a wealth management product intensified market concerns about financial health of the company and the real estate…

Posted in COMPANY IN FOCUS MARKET

One more Chinese property developer missed payment on wealth management product

Chinese property developer Kaisa Group Holdings Ltd said on Thursday its finance unit had missed a payment on a wealth management product (WMP), intensifying market concerns about financial health of the struggling real estate sector. Payment…