Bulletin
Investor Alert

New York Markets Open in:

Topics

Markets

Video

Why China Has a New Stock Exchange in Beijing

  • Why China Has a New Stock Exchange in Beijing Why China Has a New Stock Exchange in Beijing 1:22
    China's Tough Stance on Crypto Mining Is a Boon for Miners Elsewhere China's Tough Stance on Crypto Mining Is a Boon for Miners Elsewhere 5:09
    Didi's Rough Ride: Why Beijing Is Looking to Rein In Its Tech Giants Didi's Rough Ride: Why Beijing Is Looking to Rein In Its Tech Giants 4:42
    China's New Digital Currency Is Easy to Use but You'll Be Watched China's New Digital Currency Is Easy to Use but You'll Be Watched 6:35
3:42 a.m. Dec. 1, 2021 - By Ciara Linnane
China's Spark Education withdraws its planned IPOSpark Education Ltd. said Wednesday it is withdrawing its initial public offering registration with the Securities and Exchange Commission citing current market conditions. "In light of the current capital markets condition, the Company is considering other alternatives and has determined not to proceed at this time with the offering and sale of the securities proposed to be covered by the Registration Statement," the company said in a filing. The Chinese company, which offers K-12 after-school tutoring, had applied for an IPO in July with plans to list on Nasdaq. Shortly after, the Chinese government cracked down on after-school tutoring companies.
1:14 a.m. Nov. 29, 2021 - By Tomi Kilgore
Li Auto stock surges toward a 5-month high after big revenue beat, deliveries nearly tripledShares of Li Auto Inc. shot up 7.8% toward a five-month high in premarket trading Monday, after the China-based electric vehicle maker reported third-quarter revenue that rose well above expectations as deliveries nearly tripled, as "strong order intake and users' rising acceptance of smart electric vehicles" helped offset headwinds from chip supply shortages. The net loss narrowed to RMB21.5 million ($3.3 million), or RMB0.02 per American depositary share, from a loss of RMB320.7 million, or RMB0.52 per ADS in the year-ago period. Excluding nonrecurring items, net income rose to RMB335.7 million from RMB16.0 million. Total revenue hiked up 209.7% to RMB7.78 billion ($1.21 billion), above the FactSet consensus of RMB7.26 billion, as cost of sales grew 196.1% to RMB5.96 billion. Deliveries jumped 190.0% to 25,116 vehicles, while vehicle sales increased 199.7% to RMB7.39 billion ($1.15 billion) and vehicle margin rose to 21.1% from 19.8%. For the fourth quarter, the company expects deliveries of between 30,000 and 32,000 vehicles and revenue of between RMB8.82 billion and RMB9.41 billion, compared with the FactSet consensus of RMB8.78 billion. The stock has rallied 10.4% over the past three months through Friday, while the S&P 500 has gained 1.9%.
10:19 p.m. Nov. 25, 2021 - By Barbara Kollmeyer
Chinese regulators ask Didi Global to delist from NYSE: reportChina's regulators are asking technology watchdog has asked Didi Global Inc. to delist from the New York Stock Exchange, on Friday. over concerns the mobile transportation company could leak sensitive information. Citing sources, the report said the Cyperspace Administration of China, which looks after data security, has made the request. Plans would include either privatization at the $14 per share IPO price when it listed in June, or a Hong Kong share float that would be at a discount, those sources added. Neither Didi nor the China tech agency responded to requests by Bloomberg for comment. Didi shares closed Wednesday at $8.11. Shares of stakeholder Softbank slumped 5% on Friday, with global markets also weighed by news of a new COVID variant discovered in South Africa.
1:15 a.m. Nov. 23, 2021 - By Tomi Kilgore
XPeng's stock jumps after big revenue beat, upbeat outlookShares of XPeng Inc. rallied 4.2% in premarket trading Tuesday, after the China-based electric vehicle maker reported a wider-than-expected third-quarter loss but revenue that rose well above forecasts and provided an upbeat fourth-quarter outlook. The net loss widened to RMB1.59 bln ($249.7 million), or RMB1.89 per American depositary share (ADS), from a loss of RMB1.15 billion a year ago. Excluding nonrecurring items, the adjusted loss per ADS came to RMB1.77, compared with the FactSet consensus of RMB1.30. Revenue jumps 187.4% to RMB5.72 billion ($895.5 million) to beat the FactSet consensus of RMB5.03 billion, as deliveries rose 199.2% to a record 25,666 vehicles, including 217.7% growth in P7 model deliveries. Gross margin improved to 14.4% from 4.6%. Looking ahead, the company expects fourth-quarter deliveries of between 34,500 and 36,500 vehicles, representing growth of 166.1% to 181.5%, and revenue between RMB7.1 billion and RMB7.5 billion, compared with the FactSet consensus of RMB6.09 billion. The stock has surged 19.4% over the past three months through Monday, while the iShares MSCI China ETF has edged up 0.6% and the S&P 500 tacked on 4.5%.
2:43 a.m. Nov. 18, 2021 - By Tomi Kilgore
Boeing's stock gets a boost after J.P. Morgan gets bullish againShares of Boeing Co. got a 1.6% boost in premarket trading Thursday, after the aerospace and defense contractor was upgraded at J.P. Morgan, with analyst Seth Seifman saying, "a deep breath and diving in." Seifman raised his rating to overweight, after downgrading it to neutral in March 2020. He raised his stock price target to $275 from $260. "With the market near a record, we like that BA has company-specific catalysts that should help, provided we avoid a recession or eternal COVID-19 waves," Seifman wrote in a note to clients. "[B]oeing's position at the center of global air travel offers confidence that it will recover financially over time and we believe risk-reward now skews favorably." He said China's certification of Boeing's 737 MAX planes is "critical," and recent reports suggest it is approaching. Another overhang is the 787 delivery halt, which Seifman said seems likely to persist in to the first quarter of 2022. Boeing's implied stock price gain would add about 24 points to the Dow Jones Industrial Average's price, while Dow futures gained 35 points, or 0.1%.
1:17 a.m. Nov. 8, 2021 - By Steve Goldstein
U.S.-listed Chinese education companies jump on report of tutoring licensingU.S.-listed Chinese education companies jumped after a report from The Wall Street Journal . The report said Gaotu Techedu and Yuanfudao, a unit of Tencent , have held talks about resuming tutoring to students in the ninth grade and below, the report said. The license rules would allow them to operate after-school tutoring on a nonprofit basis and allow profit making on tutoring adults, the report added. Gaotu Techedu jumped 36% and New Oriental Education & Technology jumped 27%.
7:18 a.m. Nov. 1, 2021 - By Tomi Kilgore
LianBio stock opens below the IPO price, reversing early indications of a rallyLianBio got off to a rocky start as a public company, as the first trade of the shares of biotechnology company with operations in the U.S. and China was 3.1% below the initial public offering price, reversing early indications of an upbeat open. The company said Sunday evening that , or in the middle of , as the company sold 20.31 shares to raise $325.0 million. The earliest indications of the stock's open was as high as around $18.50, which would have been 15.6% above the IPO price, but indications took a quick and steady turn south and fell to a low of about $13.50 before bouncing a bit. The stock's first trade was at $15.50 at 12:13 p.m. Eastern for 618,154 shares. At that price, the company would be valued at $1.63 billion, down from expectations of up to $1.79 billion before the pricing. The stock fell further since the open, to trade recently down 10.4% at $14.34. The stock's downbeat open comes on a day of relatively good investor interest in IPO shares, as the Renaissance IPO ETF rose 0.2% in midday trading while the S&P 500 inched up less than 0.1%.
2:38 a.m. Nov. 1, 2021 - By Tomi Kilgore
LianBio to go public as IPO prices in middle of expected range, as the biotech was valued at about $1.7 billionLianBio is set to go public Monday, after the biotechnology company with operations in the U.S. and China said its initial public offering priced at $16 a share, in the middle of . The company offered 20.31 million American depositary shares in the IPO to raise $325.0 million. The IPO pricing values the company at about $1.68 billion. The stock is expected to begin trading on the Nasdaq some time after the open under the ticker symbol "LIAN." The company has recorded a net loss of $161.9 million on no revenue during the six months ended 2021, after a loss of $6.7 million on no revenue in the same period a year ago. The company is going public at a time that the Renaissance IPO ETF has climbed 9.3% over the past three months while the S&P 500 has gained 4.8%.
1:20 a.m. Nov. 1, 2021 - By Tomi Kilgore
XPeng's stock rallies after October deliveries update, Li Auto's slipShares of XPeng Inc. rallied 2.7% in premarket trading Monday, after the China-based electric vehicle maker reported a more than tripling in October deliveries as it surpassed the 10,000 mark despite the challenges faced by the semiconductor shortage. The company delivered 10,138 EVs, up 233% from a year ago, including 6,044 P7 sports sedans, 3,657 G3 and G31 SUVs and 437 P5 family sedans. Year to date, the company said it has delivered 66,542 EVs, up 289% form a year ago. Separately, Li Auto Inc. said October deliveries rose 107.2% to 7,649, bringing the year-to-date deliveries to 62,919. Li's stock slipped 2.6% ahead of the open. The deliveries increases for XPeng and Li was in contrast with fellow China-based EV maker Nio Inc. , which saw %. XPeng's stock has rallied 15.1% over the past three months through Friday and Li Auto shares have declined 2.3%, while the S&P 500 has gained 4.8%.
1:07 a.m. Nov. 1, 2021 - By Tomi Kilgore
Nio stock sinks after October deliveries fallShares of Nio Inc. sank 4.1% in premarket trading Monday, after the China-based electric vehicle company reported October deliveries that fell 27.5% from a year ago, as restructuring, upgrading of manufacturing lines and preparation of new products acted as drag. The company delivered 3,667 vehicles in October, consisting of 218 ES8 six- or seven-seater SUVs and 2,528 ES6 five-seater SUVs. Nio said given the restructuring and upgrade scheduled, ES8 production resumed toward the end of the month. The company said despite the production and supply chain challenges, the company said new orders reached a record during the month. The stock has tumbled 11.8% over the past three months through Friday, while the iShares MSCI China ETF has lost 2.9% and the S&P 500 has gained 4.8%.
4:16 a.m. Oct. 25, 2021 - By Tomi Kilgore
Remark's stock rockets again, is set to open with an 8-fold gain in 2 daysShares of Remark Holdings Inc. skyrocketed 240.1% on massive volume in premarket trading Monday, putting them on track to open with an 8-fold gain in two days. Trading volume spiked to 69.3 million shares ahead of the open, making the artificial intelligence products developer's stock the most actively traded ahead of the open, and well above the full-day average volume of about 8 million shares. On Friday, the stock soared 138.4% on volume of 198.5 million shares, after closing Thursday at 91 cents. The company told MarketWatch it did not comment on daily trading fluctuations of its stock. The company confirmed that it's last news release was an late Thursday, in which the company said it was offering up to $50 million worth of securities for sale. In the filing, the company, which said it was incorporated in Delaware and was "not a Chinese operating company," but said it conducts a "significant part" of its operations through subsidiaries and through contractual agreements with variable interest entities (VIEs) based in China. The latest exchange data showed that . The stock has gained 14.2% year to date through Friday, while the S&P 500 has gained 21.0%.
4:29 a.m. Oct. 15, 2021 - By Tomi Kilgore
Ford stock gains after China sales report, with Q3 down but year-to-date sales upShares of Ford Motor Co. edged up 0.4% in premarket trading Friday, after the automaker reported overnight third-quarter China vehicle sales that fell from a year ago, amid continued challenges resulting from the semiconductor shortage, but outperformed its U.S. vehicle sales performance by a wide margin. The company said it sold 150,100 vehicles in Greater China during the quarter, down 8.7% from a year ago, while Lincoln brand passenger vehicle sales increased 24%. The year-to-date total has reached 457,000 vehicles, up 11% from the year-ago period. That compares with a 25.8% decline in third-quarter U.S. vehicles sales, with Lincoln-brands sales down 35.8%, according to a MarketWatch analysis of monthly data, and a 7.0% drop in year-to-date sales through September. Ford's stock has soared 75.8% year to date through Thursday, while shares of rival General Motors Co. have rallied 38.5% and the S&P 500 has advanced 16.8%.
1:51 a.m. Oct. 11, 2021 - By Tomi Kilgore
Alibaba stock surges toward 5th straight gain as part of broad rally in China-based tech stocksShares of Alibaba Group Holdings Ltd. surged 5.2% in premarket trading Monday, putting them on track for a fifth-straight gain, as part of a broad rally shares of China-based technology companies. Alibaba's stock had , after closing on Oct. 4 at the lowest price since January 2019. The broad rally comes after reports that Chinese regulators fined food delivery giant Meituan the equivalent of more than $500 million, as that was and it for the company and other tech stocks. Meituan's Hong Kong-listed shares ran up 8.4% toward a three-month high. Among U.S.-listed shares of other China-based tech giants, JD.com Inc. climbed 1.8%, iQIYI Inc. rose 3.2%, Baidu Inc. rallied 2.6% and Bilibili Inc. advanced 3.1%. Meanwhile, the iShares MSCI China ETF gained 1.4% in Monday's premarket, while futures for the S&P 500 slipped 0.4%.
2:29 a.m. Sept. 24, 2021 - By Barbara Kollmeyer
Bitcoin drops after PBOC said cryptocurrencies are not legal tenderCryptocurrencies came under pressure on Friday after the People's Bank of China said digital currencies were not legal tender in the country and spoke of a deeper crackdown. "Virtual currency-related business activities are illegal financial activities," according to a tranalsation of the statement on the People's Bank of China (PBOC) . The government will "resolutely clamp down on virtual currency speculation, and related financial activities and misbehavior in order to safeguard people's properties and maintain economic, financial and social order," it said. Bitcoin dropped over 5% and Ether dropped 9%.
3:39 a.m. Sept. 21, 2021 - By MarketWatch
China's Evergrande missed payments to 2 banks on Monday: reportChina's Evergrande Group on Monday missed interest payments to at least two of its bank creditors, Bloomberg reported Tuesday, citing people familiar with the matter. Banks had expected the payments to be missed after China's housing ministry warned that the company would be unable to pay on time, the report said, noting it was unclear whether the banks would declare Evergrande in default. Concerns about Evergrande were blamed Monday for a sharp selloff in global equities and other assets perceived as risky. U.S. stock-index futures pointed to a rebound on Tuesday.
9:55 a.m. Sept. 20, 2021 - By Tomi Kilgore
Energy sector suffers broad selloff, as Evergrande fears even weigh on crude oil pricesThe energy sector was suffering a broad selloff Monday, and was the hardest hit of the S&P 500's 11 sectors, as worries that China-baed property developer China Evergrande Group could default sent shivers through financial markets, . The SPDR Energy Select Sector ETF dropped 5.4% in afternoon trading with all 22 equity components losing ground, putting the ETF on track for the biggest one-day selloff in 10 months. Among the ETF's most-active components, shares of Exxon Mobil Corp. slid 3.7%, Occidental Petroleum Corp. shed 6.7%, Marathon Oil Corp. slumped 5.9%, Chevron Corp. was down 3.3% and Kinder Morgan Inc. gave up 2.8%. Meanwhile, crude oil futures fell 2.2% and the S&P 500 sank 2.6%.
3:26 a.m. Sept. 20, 2021 - By Tomi Kilgore
Tesla, Nio stocks fall as Li Auto deliveries warning, Evergrande fears weighShares of China-based electric vehicle makers, and of Tesla Inc. , took a hit ahead of Monday's open, amid a one-two punch of Li Auto Inc.'s and worries that could default this week. Shares of Nio Inc. sank 4.0% toward a four-month low, Xpeng Inc. slid 4.4% and Li Auto shed 5.7%. Tesla's stock slumped 2.8%, putting them on track to snap a four-day win streak. Tesla recorded $5.90 billion in revenue from China in the first six months of 2021, or 26.4% of total revenue, after recording $2.30 billion in China revenue, or 19.1% of the total, in the same period in 2020. Earlier, Li Auto cut its third-quarter deliveries guidance to 24,500 from 25,000 to 26,000, as the slower-than-expected recovery in semiconductor supplies hampered results. And worries over a potential Evergrande default sent global equity markets reeling, as the iShares MSCI China ETF dropped 3.3% and futures for the Dow Jones Industrial Average sank 646 points, or 1.9%.
2:36 a.m. Sept. 20, 2021 - By Ciara Linnane
S&P Global says default by China Evergrande could test government's capacity to backstop 'potentially substantial failures'S&P Global Ratings said Monday a default by Chinese property developer China Evergrande Group will neither lead to a tidal wave of defaults nor mere ripples from a pebble in a pond but something between the two. A default is likely with Evergrande's project companies, which are subsidiaries, facing interest payments on bank loans that are due before Sept. 23, said S&P in FAQ-style commentary. "Events could broadly rattle investors' confidence in China's property sector and for speculative-grade markets broadly, possibly diminishing funding access for unrelated names," said S&P Global Ratings credit analyst Matthew Chow. Evergrande's difficulties come at the same time as China Huarong Asset Management Co. Ltd. is in the middle of a recapitalization. That means two of China's biggest bond issuers of offshore debt are testing the capacity of the government to backstop "potentially substantial failures," he said. The company's problems will have ramifications for other developers, suppliers and contractors, and the banks than lend to them, said S&P credit analyst Christopher Yip. Fears of a default sent Dow Jones Industrial Average futures down more than 500 points Monday, and caused the Hang Seng to fall more than 3%.
1:19 a.m. Sept. 20, 2021 - By Tomi Kilgore
All 30 Dow stocks fall as Evergrande default fears spark selloff Shares of all 30 components of the Dow Jones Industrial Average are trading lower in Monday's premarket, led by financials, as part of sparked by concerns over the collateral damage from the potential default by . Among the biggest early decliners, shares of American Express Co. sank 2.9%, Goldman Sachs Group Inc. gave up 2.5% and J.P. Morgan Chase & Co. shed 2.5%. The most active Dow stock was Apple Inc.'s , which slid 1.2%. The best performer was Traveler Companies Inc.'s stock , which slipped just 0.1%. Meanwhile, Dow futures tumbled 540 points, or 1.6%.
1:11 a.m. Sept. 20, 2021 - By Steve Goldstein
Guangzhou R&F to receive $1 billion in funding from top executivesGuangzhou R&F Properties , a Hong Kong-listed Chinese property developer, said Monday it will receive HK$8 billion ($1 billion) in financing from two shareholders, Li Sze Lim and Zhang Li, who are its chairman and chief executive, respectively. The company said it will use the proceeds to consider repurchase of longer tenor notes, as it actively seeks alternative funding sources and asset disposal opportunities. Chinese property developers slumped on Monday as China Evergrande is set to miss payments on two bonds.
1:03 a.m. Sept. 20, 2021 - By Tomi Kilgore
Li Auto's stock drops after cutting deliveries outlook, citing chip supply issuesShares of Li Auto Inc. dropped 3.8% in premarket trading Monday, after the China-based electric vehicle maker cut its outlook for third-quarter deliveries, citing the slower-than-expected recovery in the supply of semiconductors. The company now expects third-quarter deliveries of about 24,500 vehicles, down from previous guidance of 25,000 to 26,000 vehicles. "Due to the COVID-19 pandemic in Malaysia, the production of chips dedicated for the Company's millimeter-wave radar supplier has been severely hampered," the company said in a statement. "The Company will continue to monitor the ongoing market conditions and closely work with its supply chain partners to minimize the impact of the chip shortage on its production." The stock has lost 3.4% over the past three months through Friday, while the iShares MSCI China ETF has slumped 14.2% and the S&P 500 has gained 6.4%.
7:15 a.m. Sept. 15, 2021 - By Tomi Kilgore
Wynn Resorts stock tumbles to lead S&P 500 losers on concerns over tighter Macau regulationsShares of Wynn Resorts Ltd. tumbled 7.6% in midday trading, enough to pace all S&P 500 decliners, amid on casino companies operating in Macau, China. The stock, which is on track for the lowest close since November 2020, has dropped 17.6% in two days, since the Macau government , such as only allowing gaming-license holders to distribute profits to shareholders after receiving government approval, and for the government to directly supervise gaming companies. For the second quarter, Wynn recorded $454.4 million in revenue from its Macau operations, representing 45.9% of total revenue. The S&P 500's biggest decliners included shares of other casino companies with Macau operations, with Las Vegas Sands Corp. down 4.1% and MGM Resorts International losing 3.9%, while the S&P 500 gained 0.3%.
12:41 a.m. Sept. 15, 2021 - By Steve Goldstein
Las Vegas Sands, Wynn Resorts slump for second day on Macau fearsLas Vegas Sands and Wynn Resorts fell over 7% each in premarket trade Wednesday on worries over potential regulation in Macau. MGM Resorts also fell sharply. The Macau government that included recommendations such as only allowing gaming-license holders to distribute profit to shareholders after gaining government approval.
4:12 a.m. Sept. 3, 2021 - By Tomi Kilgore
Uber to benefit from a government takeover of Didi given its more than $5 billion stake, analyst saysShares of Uber Technologies Inc. rose 0.5% in premarket trading Friday, as the ride-sharing company was set to benefit from a potential investment in China-based rival Didi Global Inc. by China's government, according to Gordon Haskett analyst Robert Mollins. Didi's stock jumped 4.8% ahead of Friday's open after . Uber has disclosed that it owned about $6.3 billion worth of Didi's stock at the end of 2020, and said it sold $207 million worth of its investment in January and had agreed to sell another $293 million worth of Didi shares in the first half of 2021. "If the Bloomberg article proves to be true, we see this as a positive for Uber," Gordon Haskett's Mollins wrote in a note to clients. "Uber has been very upfront about wanting to monetize its stake in Didi and we see a transaction with Beijing as a way to sell a ~$5B stake in the company without driving Didi's share price down as a result of selling on the open market." Uber's stock has dropped 15.0% over the past three months through Thursday while the S&P 500 has gained 8.2%.
12:14 a.m. Sept. 3, 2021 - By Barbara Kollmeyer
JD.com near $1.9 billion takeover deal for China Logistics Property: reportChina ecommerce group JD.com could announce a deal as soon as Friday for a controlling stake in China Logistics Property , Bloomberg News reported, citing sources. The agreement would see JD.com buy stakes held by major shareholders in the logistics company, Chairman Li Shifa and RRJ Capital, paying around HK$4.35 per share and valuing the company at HK$15 billion ($1.9 billion). Neither company responded to requests by Bloomberg for comment. China Logistics shares closed at HK$4.05 on Wednesday, but did not appear to trade either Thursday or Friday.
5:20 a.m. Sept. 2, 2021 - By Tomi Kilgore
Alibaba stock extends corrective bounce after pledge to spend $15.5 billion for 'common prosperity' amid regulatory scrutinyShares of Alibaba Group Holding Ltd. rose 0.8% in morning trading Thursday, to put them on track for a fourth straight gain, even as the China-based e-commerce giant continued to face regulatory scrutiny. The stock has rallied 9.6% over the past four sessions, and has corrected 10.6% since closing at a 2-year low of $157.96 on Aug. 20. Many on Wall Street view a rise, or fall, of at least 10% to up to 20% from a significant low or high as a correction, while moves of 20% or more are considered new bull or bear markets. Chinese regulators , for using false promotions and making use of unqualified drivers and cars, according to a notice posted on the Ministry of Transportation's social media account, according to a Dow Jones Newswires report. Separately on Thursday, Alibaba vowed to spend RMB100 billion, or about $15.5 billion, by 2025 for the government's "common prosperity" drive, , at a time that regulators were clamping down on technology giants for contributing to social divides. Alibaba's stock has dropped 20.4% over the past three months, while the iShares MSCI China ETF has lost 13.5% and the S&P 500 has gained 7.8%.
1:42 a.m. Sept. 1, 2021 - By Tomi Kilgore
Li Auto's stock extends gains after August EV deliveries more than triples to a recordShares of Li Auto Inc. gained 0.8% in premarket trading Wednesday, bucking the weakness in the China-based electric vehicle peers, after the company reported record August deliveries. The company said it delivered 9,433 Li ONE EVs in August, up 248.0% from a year ago and up 9.8% from July. the company has now delivered 48,176 Li ONEs year to date. The deliveries data comes a day after Li's stock surged 6.3% after the company reported and provided an upbeat outlook. Meanwhile, shares of fellow China-based EV makers . dropped 4.2% in premarket trading and of . shed 2.1% after the companies reported August deliveries, but also reported some delivery issues. The declines come as futures for the S&P 500 tack on 0.3%.
1:18 a.m. Sept. 1, 2021 - By Tomi Kilgore
XPeng stock falls after August deliveries nearly triple, but manufacturing shift affects some G3 deliveriesShares of XPeng Inc. fell 2.2% in premarket trading Wednesday, after the China-based electric vehicle maker reported a near tripling in August deliveries, but said some planned deliveries were affected by a shift in its manufacturing base. The company said August deliveries rose 172% from a year ago to 7,214 EVs, consisting of 209% growth in P7 sports sedan deliveries to a record 6,165, and 1,049 G3 compact SUVs. The company plans to officially launch the P5 family sedan model on Sept. 15, with deliveries expected to begin in October. The company said it began to transition production for the G3 SUV to G3i to its wholly owned Zhaoqing Smart EV Manufacturing base, which affected some planned deliveries of G3s in August. The company expects to start deliveries of the G3i in September. The stock has surged 22.8% over the past three months, while China-based rival Nio Inc.'s stock has lost 7.2% and the S&P 500 has gained 7.6%.
1:06 a.m. Sept. 1, 2021 - By Tomi Kilgore
Nio stock drops after deliveries outlook cut, citing 'uncertainty' of chip suppliesShares of Nio Inc. slumped 4.1% in premarket trading Wednesday, after the China-based electric vehicle maker cut its third-quarter deliveries outlook, citing the "uncertainty and volatility" of semiconductor supplies. The company now expects to deliver 22,500 to 23,500 vehicles in the third quarter, down from previous guidance of 23,000 to 25,000 vehicles. For the month of August, the company deliveries increased 48.3% from a year ago to 5,880 vehicles. "While the company's new order reached an all-time high in August driven by the increasing demand, the vehicle production, especially the manufacturing of the ES6 and EC6, was materially disrupted by supply chain constraints from from the COVID-19 pandemic in certain areas of China and Malaysia," the company said in a statement. The stock has lost 7.2% over the past three months through Tuesday, while shares of U.S.-based EV rival Tesla Inc. have run up 17.9% over the same time and the S&P 500 has gained 7.6%.
1:24 a.m. Aug. 30, 2021 - By Tomi Kilgore
Li Auto's stock rallies after surprise loss but revenue beat expectations, and outlook was upbeatShares of Li Auto Inc. rallied 2.9% in premarket trading Monday, after the China-based electric vehicle maker reported a surprise second-quarter loss but revenue that beat expectations as deliveries nearly tripled and provided an upbeat outlook. Net losses narrowed to RMB235.5 million ($36.5 million), or RMB0.26 per American depositary receipt, from RMB345.2 million, or RMB2.71 per ADS, in the year-ago period. Excluding nonrecurring items, the adjusted per-ADS loss was RMB0.07, compared with the FactSet consensus for breakeven. Total revenue jumped 158.8% to RMB5.04 billion ($780.4 million), beating expectations of RMB4.68 billion, according to FactSet. Deliveries for the second quarter grew 166.1% to 17,575, and for July, the company said Li ONE deliveries increased 251.3% to 8,589. For the third quarter, the company expects total revenue of RMB6.98 billon ($1.08 billion), compared with the FactSet consensus of RMB5.52 billion, and projects deliveries to rise 188.7% to 200.2% to 25,000 to 26,000 vehicles. The stock has rallied 25.9% over the past three months through Friday, while the iShares MSCI China ETF has dropped 15.7% and the S&P 500 has gained 7.3%.
1:18 a.m. Aug. 26, 2021 - By Tomi Kilgore
XPeng's stock falls after wider-than-expected loss, while revenue jumped 6-fold to top forecastsShares of XPeng Inc. fell 1.2% in premarket trading Thursday, after the China-based electric vehicle maker reported a wider-than-expected second-quarter loss but revenue that rose more than six-fold to top forecasts. The net loss was RMB1.62 billion ($250.7 million), or RMB1.50 per American depositary share, after RMB1.14 billion, or RMB6.29 a share, in the year-ago period, as the weighted average number of ADS increased to 796.2 million from 181.4 million. Excluding nonrecurring items, adjusted loss per ADS narrowed to RMB1.38 from RMB4.24 but was wider than the FactSet loss consensus of RMB0.91. Total revenue rose 536.7% to RMB3.76 billion ($582.55 million), to top the FactSet consensus of RMB3.72 billion. Deliveries grew 439% from a year ago, and 30.4% from the first quarter, to a quarterly record of 17,398 in the second quarter, as first-half 2021 deliveries exceeded the total deliveries for all of 2020. For the third-quarter, XPeng expects deliveries to rise to 21,500 and 22,500 and revenue of RMB4.8 billion to RMB5.0 billion. XPeng's stock has run up 29.5% over the past three months through Wednesday, while the iShares MSCI China ETF has dropped 14.5% and the S&P 500 has gained 7.2%.
2:42 a.m. Aug. 24, 2021 - By Tomi Kilgore
Pinduoduo stock jumps after surprise profit, although revenue comes up shortShares of Pinduoduo Inc. jumped 7.1% in premarket trading Tuesday, after the China-based mobile marketplace connecting agricultural producers and consumers reported a surprise second-quarter profit although revenue nearly doubled but missed forecasts. The company swung to net income of RMB2.41 billion ($373.97 million), or RMB1.69 per American depositary share, from a loss of RMB899.35 million, or RMB0.75 per ADS, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to RMB2.85, beating the FactSet consensus for a per-share loss of RMB1.88. Revenue grew 89.0% to RMB23.05 billion ($3.57 billion), but missed the FactSet consensus of RMB26.63 billion. Average monthly active users rose 30% to 738.5 million, and active buyers in the 12-month period ended June 30 increased 24% to 849.9 million. The stock has tumbled 37.8% over the past three months through Monday, while the iShares MSCI China ETF has dropped 15.1% and the S&P 500 has gained 6.7%.
4:07 a.m. Aug. 23, 2021 - By Tomi Kilgore
JD.com beats profit and revenue expectations as new users reach a record, stock swings higherJD.com Inc. reported Monday second-quarter profit that fell but beat expectations, while revenue rose above forecasts, as the China-based supply chain-based technology and service provider added more than 32 million new users, a quarterly record. The stock rallied 2.0% in premarket trading, reversing earlier slight declines. Net income fell to RMB794.3 million ($123.02 million), or RMB0.50 per American depositary receipt, from RMB16.45 billion, or RMB10.47 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per ADS slipped to RMB2.90 from RMB3.51, but was above the FactSet consensus of RMB2.60. Total revenue rose 26.2% to RMB253.80 billion ($39.31 billion), to beat the FactSet consensus of RMB248.28 billion, as net product revenue grew 23.3% and net service revenue rose 49.2%. Annual active customer accounts increased 27.4% to 531.9 million in the 12 months through June 30. The stock, which has dropped 12.6% over the past three months through Friday, closed at a one-year low of $62.19 on Thursday. In comparison, the iShares MSCI China ETF has dropped 16.7% the past three months while the S&P 500 has gained 6.9%.
1:44 a.m. Aug. 13, 2021 - By Tomi Kilgore
IQIYI stock falls further into record-low territory after KeyBanc analyst slashes price targetShares of iQIYI Inc. fell 1.8% in premarket trading Friday, to extend recent losses to record lows in the wake of second-quarter results, after KeyBanc analyst Hans Chung reiterated his bullish view but slashed his price target by 27%, citing a lower third-quarter outlook amid . The China-based internet video streaming services company reported early Thursday a second-quarter net loss of RMB1.4 billion ($216.4 million), or RMB1.75 a share, after a loss of RMB1.96 a year ago, and revenue that rose 3% to RMB7.6 billion ($1.2 billion). That beat consensus expectations for per-share losses of RMB2.03 and revenue of RMB7.45 billion, according to FactSet. The company expects third-quarter revenue of RMB7.62 billion to RMB8.05 billion, with the RMB7.84 midpoint of guidance below the RMB8.02 estimate of KeyBanc's Chung. He kept his rating at overweight but cut his price target to $19 from $26. "While a more restricted regulatory environment could impact the timing of content release and headwinds in subs revenue NT, IQ's capabilities of high quality, original content production remain unchanged, and we continue to view improving quality and quantity of original content could consistently drive improvement in sub churn rates over time," Chung wrote in a note to clients. The stock, which dropped 7.3% Thursday to close at a record low $9.47, has tumbled 23.1% over the past three months, while the iShares MSCI China ETF has shed 6.7% and the S&P 500 has gained 8.5%.
5:46 a.m. Aug. 12, 2021 - By Tomi Kilgore
Powerbridge Tech's stock rockets on heavy volume after plans for new bitcoin, Ethereum mining operationsShares of Powerbridge Technologies Co. Ltd. rocketed 52.0% on massive volume in morning trading Thursday, enough to make them the biggest gainers and most actively traded on major U.S. exchanges, after the China-based software company announced plans to engage in cryptocurrency mining. Trading volume swelled to already-a-record 111.8 million shares, compared with the full-day average of about 3.4 million shares. The company said earlier that it plans to invest and engage in the mining for bitcoin and Ethereum , with a plan for global operations. The company said it has assembled a team in cryptocurrency and technology to support its digital asset business. "We are optimistic about the positive outlook of the cryptocurrency market," said Chief Financial Officer Stewart Lor. "We believe our crypto mining business will generate valuable digital assets that help accelerate the company's growth." The stock has still slumped 17.9% year to date, while the iShares MSCI China ETF has lost 11.8% and the S&P 500 has gained 18.3%.
1:19 a.m. Aug. 12, 2021 - By Tomi Kilgore
Baidu stock slips after profit and revenue beats, but outlook is on the downbeat sideShares of Baidu Inc. slipped 0.8% in premarket trading Thursday, after the China-based internet search engine reported second-quarter profit and revenue that beat expectations, driven by strength in the artificial intelligence business, but provided revenue growth outlooks in which the midpoint of guidance was below forecasts. The company swung to a net loss of RMB583 million ($90 million), or RMB1.70 a share, from net income of RMB3.58 billion, or RMB10.31 a share, in the year-ago period. Excluding nonrecurring items, such as a RMB3.1 billion fair value losses from long-term investments, adjusted earnings per share came to RMB15.41, above the FactSet consensus of RMB13.09. Total revenue rose 20% to RMB31.35 billion ($4.86 billion), topping the FactSet consensus of RMB30.99 billion, as AI cloud revenue grew 71%. Online marketing revenue rose 18%, non-online marketing revenue increased 80% and revenue from iQIYI grew 3%. The company expects third-quarter revenue of RMB30.6 billion to RMB33.5 billion and full-year growth of 9% to 20%, while the FactSet consensus for third-quarter revenue is RMB33.11 billion and for the full year is RMB127.55 billion, which represents 19% growth. Separately, the company said Herman Yu was named Chief Strategy Officer, and will continue as chief financial officer until a new CFO is named. The stock has dropped 23.7% year to date through Wednesday, while the iShares MSCI China ETF has shed 10.2% and the S&P 500 has gained 18.4%.
12:21 a.m. Aug. 9, 2021 - By Barbara Kollmeyer
Crude prices extend losses, tumble 4% as virus worries weighCrude prices fell sharply on Monday, extending losses from late last week partly due to concerns about the spread of the delta variant of coronavirus. Crude for September delivery fell $2.84, or 4.2%, to $65.43 a barrel. Brent oil fell $2.76, or 3.9%, to $67.93 a barrel. U.S. oil futures booked the sharpest weekly slump in 9 months on Friday as the dollar rallied on the back of strong jobs data. Spreading cases of the delta variant have also sparked concerns of a growth slowdown, which would impact oil demand. Goldman Sachs forecast, which lowered its annual view, due to more cases of COVID-19.
9:06 a.m. Aug. 6, 2021 - By Tomi Kilgore
Kaixin Auto stock soars after disclosing merger talks, ambition to be like Nio, XPeng and Li AutoShares of Kaixin Auto Holdings took flight on massive volume Friday, after the China-based used and new car dealership announced plans to establish a new energy vehicle (EV) business unit. The company said it has been in merger and acquisition talks with "a number of EV manufacturers." The stock shot up 57.7% in afternoon trading on volume of 196.0 million shares, compared with the full-day average of about 366,500 shares. That was enough to make the stock the biggest gainer and most actively traded on major U.S. exchanges. Among some China-based EV makers, shares of Nio Inc. dropped 4.3%, XPeng Inc. shed 3.8% and Li Auto Inc. lost 3.4%. "The corporate strategic move has been made in the context of the Chinese government's steady support for accelerated development of EVs and the rapid growth of EV market in China," Kaixin said in a statement. "As a NASDAQ listed company, Kaixin is committed to become another player in the EV business following Li Auto, Nio, and Xpeng." Kaixin shares have tumbled 29.4% year to date, while the iShares MSCI China ETF has shed 12.7% and the S&P 500 has rallied 18.2%.
1:30 a.m. Aug. 2, 2021 - By Tomi Kilgore
XPeng's stock rallies after record July delivery data, Nio's stock slipsShare of Xpeng Inc. rallied 4.8% in premarket trading Monday, after the China-based electric vehicle maker reported July deliveries that more than tripled from a year ago and rose 22% from the previous month, to mark a second-straight monthly record. Fellow China-based EV maker Nio Inc.'s stock slipped 0.2% ahead of the open, after July deliveries more than doubled from a year ago but slipped 1.9% from June. XPeng said late Sunday that it delivered 8,040 EVs in July, up 228% from a year ago and up from 6,565 in June, while Nio said early Monday that July deliveries rose 124.5% from a year ago to 7,931 vehicles, after delivering 8,083 EVs in June. XPeng's deliveries in July included 6,054 P7 smart sedans and 1,986 G3 smart compact SUVs, while Nio's July deliveries included 3,669 ES6 5-seater SUVs, 2,560 EC6 five-seater coupes and 1,702 ES8 six- or seven-seater SUVs. Year to date, XPeng's stock has slipped 5.4% and Nio shares have given up 8.3% through Friday, while shares of U.S.-based EV leader Tesla Inc. have eased 2.6% and the S&P 500 has rallied 17.0%.
1:31 a.m. July 30, 2021 - By Ciara Linnane
SEC stops processing registrations for IPOs or other securities from Chinese companies amid Beijing crackdown: ReutersThe Securities and Exchange Commission has stopped processing registrations for U.S. initial public offerings or the sale of other securities by Chinese companies to give it time to craft new guidelines for investors to help them understand the risk of a regulatory crackdown by Beijing, citing people familiar with the matter. Chinese companies have raised a record of $12.8 billion in the year to date, Reuters reported, citing data from Refinitiv. But the flow of deals has slowed this month after Chinese regulators banned from signing up new users days after its U.S. IPO. Since then, the regulator has also make moves to rein in tech and private education companies. SEC commissioner Allison Lee said on Tuesday that Chinese companies listed on U.S. stock exchanges must disclose to investors the risks of the Chinese government interfering in their businesses as part of their regular reporting obligations.
Browse topics:

Filter results by

Industry

Financial Services (1359)

Energy (765)

Gas/utilities (765)

Oil And Gas (747)

Manufacturing (651)

Software (595)

Location

Us (4937)

Europe (454)

Asia Pacific (445)

Eu (303)

China (203)

Japan (101)

Issue

Markets/exchanges (1346)

General (1290)

Commodities (1180)

Earnings (1078)

Earnings/earnings Advisories (1078)

M&a (354)

Link to MarketWatch's Slice.