MEITUAN COM
View: Can Gautam Adani win India with an app?
The mobile app will connect passengers at Adani’s network of airports with other services offered by his group, the FT said. That could be the easiest way to build up downloads. Adani runs seven Indian airports, and is currently building a new terminal and runway for Mumbai’s second facility. Overall, 20% of the nation’s aviation traffic goes through him.
Premier Li Qiang urges Chinese tech giants to support economy as crackdown ends
After listening to suggestions from firms that also included PDD Holdings' Pinduoduo and JD.com, Li told them authorities would seek to make regulation of platform firms more transparent and predictable.
Beijing's regulatory crackdown wipes $1.1 trillion off Chinese Big Tech
The central bank said on Friday most of the main problems for platform companies' financial businesses had been rectified, and regulators would shift their focus to the industry as a whole rather than specific companies.
Surging India internet stocks trounce China peers, widening gap
India's consumer technology stocks, including One 97 Communications and Zomato, have outperformed their Chinese counterparts this year, rising more than 20% as of September 2023. The strong performance was supported by the firms' focus on profitability and India's economic growth potential. Meanwhile, China's tech giants have seen a lacklustre performance as share prices remain below January levels, due to geopolitical and regulatory risks. With India's growth potential and favourable ties with the West, investors are turning to Indian companies despite their smaller market cap and revenue compared with China's tech firms.
China's e-commerce extravaganza loses shine as consumption declines
China's midyear shopping festival, 618, is seeing lower consumer spending as customers face stagnant incomes and a tepid economy due to years of COVID restrictions. The household finances of many families have been hit hard, increasing their financial pressure and making them unwilling to spend. Most online platforms are not expected to disclose their gross merchandise value, indicating weaker consumption in today's Chinese economy.
Alibaba considers yielding control of some businesses in overhaul
Group CEO Daniel Zhang said the company's breakup into separate businesses will allow its units to become more agile and eventually launch their own initial public offerings (IPO). His comments come two days after Alibaba announced the largest restructuring in the company's history, which will see it change into a holding company structure with six business units, each with their own boards and CEOs.
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Alibaba to decide on control over new business units after IPOs
Group CEO Daniel Zhang said the company's breakup into separate businesses will allow its units to become more agile and eventually list on their own.
Tencent resumes growth, posts $21.9 billion revenue in December quarter
Tencent Holdings Ltd.’s revenue inched up after two quarters of contractions, fueling hopes that Beijing will again allow the world’s largest internet arena to thrive.
China ecommerce giant JD set for $1.4 billion discount spree
The campaign has spurred concerns that larger rival Alibaba Group Holding Ltd. or upstart PDD Holdings Inc. may retaliate with cuts of their own
A $33-billion hit shows China's newest stock worry
A report this week that JD.com Inc. is launching a subsidy campaign to fight back against the advances of rival PDD Holdings Inc. sent fresh shivers through the sector, slamming shares in both firms and their larger e-commerce rival Alibaba Group Holding Ltd. Together, the three companies lost $33 billion of market value in US trading on Tuesday, according to data compiled by Bloomberg.
Five facts about missing star Chinese dealmaker and his firm
The dealmaker's disappearance is the latest in a series of cases of high-profile Chinese executives going missing with little explanation during a sweeping anti-corruption campaign spearheaded by President Xi Jinping.
China's top tech banker, Bao Fan of China Renaissance, goes missing
Bao is a well-known dealmaker in China who has carved out a career working on high-profile tech transactions. He started China Renaissance in 2005. Bao is also China Renaissance's controlling shareholder, according to the exchange filing.
China Covid pivot sparks jitters worldwide, US mulling travel restrictions
China late Monday scrapped quarantine for inbound travellers from January 8 onwards, dismantling the last remaining piece of its stringent zero-Covid policy and ending some of the world's harshest border restrictions. The move was greeted with jubilation by Chinese citizens, who rushed to book international flights, triggering a surge in ticket prices.
Tencent Q3 Results: Revenue down 2% year on year to $19 bn
Tencent said domestic video games in particular saw a 7 percent decrease in the three months ending September 30, "as transitional industry challenges resulted in lower paying user counts".
Tencent Q3 Results: Revenue down 2% year on year to $19 bn
The Hong Kong-listed company, which is the world's top video game maker and the owner of popular super-app WeChat, posted revenues of 140 billion yuan ($19 billion) in the third quarter, according to a stock exchange filing.
Tencent denies report it will sell down Didi, Meituan stakes
Tencent Chief Strategy Officer James Mitchell said last month that a Reuters report it intends to sell all or much of its stake in food delivery giant Meituan was incorrect.
Tencent plans to divest $24 billion Meituan stake: sources
Tencent, which owns 17% of Meituan, has been engaging with financial advisers in recent months to work out how to execute a potentially large sale of its Meituan stake
Chinese crackdown on tech giants show signs of easing; Alibaba, Baidu, JD.Com surge
Baidu, JD.com, and Alibaba shares gained in the premarket trading because Chinese-run news outlets stated that the government might end the crackdown on the internet companies to help the ailing economy on Friday.
Tencent to give $16.4 billion JD.com stake to shareholders as dividend
Tencent will distribute $16.37 billion worth of its JD.com stake to shareholders, slashing its holding in China's second-biggest e-commerce company to 2.3% from around 17% now and losing its spot as JD.com's biggest shareholder to Walmart.
China fines tech giants over anti-monopoly violations
Beijing has launched anti-monopoly, data security and other crackdowns on tech companies since late 2020.
Down $831 billion, China tech firm selloff may be far from over
Beijing’s crackdown on DiDi Global right after its US IPO has put further selling pressure on China’s biggest technology companies, including Tencent, Alibaba, JD.com, Baidu and Meituan.
The Hang Seng is up for an overhaul: Here's what's in store
The result of the first review will be released after the market close in Hong Kong today.
Chinese regulators warn fintech firms against anti-monopoly behavior
To help curb risks to China's financial system, Beijing has in recent months ramped up scrutiny of technology companies and tightened antitrust regulations.
Jack Ma is telling China’s startup founders it’s time to go public
Ant will be the largest of that cohort, a potentially $200 billion-plus first-timer that’s likely to dwarf all peers apart from major backer Alibaba Group Holding Ltd. and arch-foe Tencent Holdings Ltd.
How a newcomer is dishing out a tough time for Alibaba
A gruelling fight between market leaders Meituan and Alibaba is reshaping life for billions of shoppers in China’s busiest cities
Trade war and censors blow chill wind through China's giant tech scene
Now the market is feeling the pinch. Hiring numbers are down, company margins are thinner and tumbling technology stocks have wiped nearly half a trillion dollars this year.
Next-gen tech giants from China gear up to invade India
Toutiao, Meituan Dianping and Didi Chuxing are aggressively looking to expand in India through investments and partnerships.
This little-known Chinese startup just hit a valuation of $30 billion
Wang started Meituan.com in 2010 as a group-buying site similar to Groupon Inc., where people can get discounts by buying electronics or restaurant meals together.
Why biggest China internet deal between Dianping and Meituan didn’t need two sets of bankers
Boutique investment bank China Renaissance Partners advised both discount site Meituan.com and restaurant-review service Dianping.com on their merger.
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