Chinese tech giants sink on report China is considering a state-backed company to oversee tech data (BABA, JD, IQ, TCHEY, VIPS, PDD, TME, MPNGF) 2021/03/24 18:09:34 Business Insider
Summary List Placement Chinese tech giants fell on Wednesday after a report out of Bloomberg said the Chinese government is considering a state-backed company to oversee tech company's data collection. Shares of Alibaba , JD.com , VIPShop , Tencent , Pinduoduo , and Meituan all fell on the day. Streaming and music stocks from China like Tencent Music Entertainment and IQIYI were especially hurt, falling roughly 18% and 20%, respectively. According to unnamed sources that spoke to Bloomberg , China's government and the People's Bank of China have proposed establishing a joint venture with local technology giants to oversee the lucrative data they collect from citizens. The plan is an escalation of regulators' recent attempts to control data collection in the country's tech sector. The details of the proposed joint venture have yet to be released to the public. The joint venture announcement from Chinese regulators comes amid a crackdown on large tech companies in the nation. In January, the Communist Party Central Committee and the State Council laid out a 51-point plan to regulate consumer data use, enforce anti-trust policies, and curb the influence of tech companies.
What's Happening With Nio, Li Auto, Xpeng, Alibaba And Pinduoduo Stock Today? 2021/03/24 15:22:53 Benzinga
Shares of several China-based companies, including Nio (NYSE: NIO ) Li Auto Inc. (NASDAQ: LI ) Xpeng Inc - ADR (NYSE: XPEV ) Alibaba Group Holding Ltd - ADR (NYSE: BABA ) and Pinduoduo Inc - ADR (NASDAQ: PDD ), are trading lower Wednesday amid tensions between China and major western countries over human rights concerns. Companies in the broader auto and auto components space were also trading lower Tuesday amid overall market weakness as stocks fell for the session. Investors may be taking profits in EV-related stocks that surged in 2020. Nio operates … Full story available on Benzinga.com
1 Stock To Buy, 1 Stock To Dump When Markets Open: FedEx, Pinduoduo - Global Rubber Markets 2021/03/21 17:12:28 Global Rubber Markets
Stocks on Wall Street closed mixed on Friday, as investors continued to weigh the impact of the recent surge in bond yields. For the week, the blue-chip Dow Jones Industrial Average and the S&P 500 lost 0.5% and 0.8%, respectively, ending their two-week win streak. The NASDAQ Composite underperformed, with the tech-heavy index falling 0.8% …
How Pinduoduo leads China's adoption of social e-commerce by putting social media first, and gamifying the shopping experience so people win deals and discounts (Trefor Moss/Wall Street Journal) 2021/03/21 12:00:38 Techmeme
Trefor Moss / Wall Street Journal : How Pinduoduo leads China's adoption of social e-commerce by putting social media first, and gamifying the shopping experience so people win deals and discounts — Five-year-old company is first challenger to loosen Alibaba and JD.com's stranglehold over online consumption in the country
Chinese Billionaire Colin Huang's Fortune Dipped By $2.7B On Wednesday. Here's Why. 2021/03/19 08:20:00 Forbes Middle East
Chinese billionaire lost $2.7 billion as shares of Pinduoduo Inc. fell 7.1% in the US, after he stepped down from the five-year-old firm at a time when Beijing authorities are cracking down on online technology companies for anticompetitive practices.
Community group buying: Chinese regulators fine businesses tied to Big Tech for price dumping 2021/03/03 07:30:21 South China Morning Post
China’s market regulator has fined some of the country’s largest tech players involved in a fast-growing e-commerce model for slashing prices to edge out competitors, in Beijing’s latest move to rein in China’s Big Tech.Alibaba Group Holding-backed start-up Nice Tuan and the community group buying units under e-commerce platform Pinduoduo, ride-hailing firm Didi Chuxing and online delivery company Meituan were each fined 1.5 million yuan (US$232,000) for breaching the country’s price law, while…
China fines group-buying platforms owned by Meituan, Pinduoduo over improper pricing 2021/03/03 06:50:08 Investing.com
Jack Ma loses China’s richest man title after scrutiny into Alibaba, Ant 2021/03/03 04:11:28 Tech in Asia
Ma now holds fourth place, following Nongfu Spring’s Zhong Shanshan, Tencent’s Pony Ma, and Collin Huang from social commerce firm Pinduoduo.
China billionaire’s club swells with 260 new members 2021/03/02 17:13:03 The Sun Daily
BEIJING: More than 200 billionaires were created in China last year as booming stock markets and a flood of new listings offset the ravages of the virus pandemic, according to a global tally released on Tuesday. The size of China's exclusive billionaire's club has almost doubled in the past five years as the world's number two economy continued to outpace most others, and its ability to mostly avoid the worst of the coronavirus meant it was one of the few to expand in 2020. And the Hurun Global Rich List showed 259 people breaking into the billion-dollar bracket – more than the rest of the world combined – taking China total to 1,058, the first country to break the 1,000 mark. In comparison, second best performer the United States saw 70 new billionaires created, taking its total to 696. Leading the Chinese pack was Zhong Shanshan of bottled water giant Nongfu, who entered the list for the first time with an US$85 billion (RM344.7 billion) fortune, putting him number one in Asia and into Hurun's global top 10.
Jack Ma Loses Title Of China's Richest Man, Now Ranks Fourth After Ant Group Fallout 2021/03/02 16:18:04 Benzinga
A crackdown on fintech in China has hurt the valuation of one of the country's larger companies, and led to changes in the ranking of China's wealthiest people. What Happened: Jack Ma, the co-founder of Alibaba Group Holding (NYSE: BABA ), is no longer the richest person in China, according to Reuters . A report from Hurun Global Rich List lists Jack Ma as the country’s fourth-richest person. Nong Fu Spring Water leader Zhong Shanshan topped the list as China’s richest person. Shanshan also controls vaccine maker Wantai Biological Pharmacy Enterprise. Pony Ma from Tencent Holdings (Pink: TCEHY ) and Collin Huang of Pinduoduo Inc (NASDAQ: Full story available on Benzinga.com
'Halftime Report' Picks For February 3: Pinduoduo, Vistra And More 2021/02/03 21:38:32 Benzinga
On CNBC's "Fast Money Halftime Report," Shannon Saccocia recommended a long position in Electronic Arts Inc. (NASDAQ: EA ). The stock traded sharply lower on … Full story available on Benzinga.com
Pinduoduo Employee Deaths Ignites China Debate Over Work 2021/02/01 10:00:17 New York Times
The deaths of two young employees of Pinduoduo, an e-commerce platform, have reignited longstanding concerns about working conditions at internet giants.
MYEG invests in Chinese virtual live streaming company DeepScience 2021/01/29 10:12:02 The Sun Daily
PETALING JAYA: MY EG Services Bhd (MYEG) announced today the participation of its wholly-owned subsidiary MY EG Capital Sdn Bhd in a recent Series A financing by Beijing DeepScience Technology Ltd, a leading virtual live streaming, real-time animation and digital human company. GSR Ventures and Peakview Capital were the other investors that participated in the financing round of tens of millions of Chinese renminbi. Previously, DeepScience had received an angel investment from InnoAngel Fund. Founded in April 2016 in Beijing, DeepScience deeply focuses on full-stack real-time animation and virtual live streaming technologies, and has achieved virtual and real image synthesis and digital human-computer interaction functions in a number of commercial fields. Its products include “DreamMaker Lite” and “DreamMaker Plus” for professional animation content production, “DreamMaker Easy” for fast animation content production and virtual live streaming, as well as the recently-launched “DreamMaker Easy Plug-in” and “VHost” for ‘7*24 hours’ AI virtual live streaming on e-commerce platform.
Tencent’s Pony Ma is now China’s second-richest man 2021/01/26 09:12:33 South China Morning Post
Pony Ma overtakes Pinduoduo’s Colin Huang and Alibaba’s Jack Ma in net worth as Tencent edges closer to US$1 trillion club
Tesla, Apple, Amazon and Pinduoduo: 2020′s worst short bets 2021/01/22 23:00:59 The Australian Financial Review
The higher they fly, the more sceptics they attract, or something akin to that.