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Tag Archives: Alibaba
Chinese billionaire Jack Ma is ‘alive’ and ‘happy’ insists top Alibaba executive—in fact he’s now teaching university classes – Yahoo Finance
- Chinese billionaire Jack Ma is ‘alive’ and ‘happy’ insists top Alibaba executive—in fact he’s now teaching university classes Yahoo Finance
- Alibaba founder Jack Ma gave his first class at University of Tokyo Insider
- Alibaba founder Jack Ma gives first class as visiting professor at University of Tokyo as he retreats from tech empire CNN
- Alibaba founder Jack Ma gives first seminar in Tokyo as professor The Japan Times
- Jack Ma, the billionaire cofounder of Alibaba who disappeared from public life in 2020, has given his first class as a teacher in Japan msnNOW
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Alibaba founder Jack Ma gave his first class at University of Tokyo – Insider
- Alibaba founder Jack Ma gave his first class at University of Tokyo Insider
- Alibaba founder Jack Ma gives first class as visiting professor at University of Tokyo as he retreats from tech empire CNN
- Chinese billionaire Jack Ma is ‘alive’ and ‘happy’ insists top Alibaba executive—in fact he’s now teaching university classes Fortune
- Alibaba founder Jack Ma gives first seminar in Tokyo as professor The Japan Times
- Alibaba Billionaire Jack Ma Steps Back Into Spotlight—But As A Teacher, Not A Tech Mogul Forbes
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Stocks making the biggest moves midday: Walmart, Netflix, Alibaba, Nvidia & more – CNBC
- Stocks making the biggest moves midday: Walmart, Netflix, Alibaba, Nvidia & more CNBC
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- Stocks mixed amid debt debate, Walmart earnings: Stock market news today Yahoo Finance
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Stock Market Rallies On Micron, Alibaba, Lululemon, Ebbing Bank Fears: Weekly Review – Investor’s Business Daily
- Stock Market Rallies On Micron, Alibaba, Lululemon, Ebbing Bank Fears: Weekly Review Investor’s Business Daily
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- Dow Jones Futures Rise As Market Rally Picks Up Steam; 10 Stocks Flashing Buy Signals | Investor’s Business Daily Investor’s Business Daily
- Wall Street gains with rosy outlooks from Micron, Lululemon Reuters
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China acquires ‘golden shares’ in two Alibaba units
BEIJING, China, Jan 13 (Reuters) – China has acquired minority stakes with special rights in two domestic units of tech giant Alibaba Group Holding Ltd (9988.HK), business registration records showed, as Beijing extends a campaign to strengthen control over online content.
Beijing has been taking ‘golden shares’ in private online media and content companies for more than five years, and in recent years expanding such arrangements to companies with vast troves of data.
The stakes taken over the last four months in the Alibaba units are the first ones to come to light for the e-commerce firm. Alibaba has been one of the most prominent targets of China’s two-year-long regulatory crackdown on tech giants.
These golden shares, typically equal to about 1% of a firm, are bought by government-backed funds or companies which gain board representation and/or veto rights for key business decisions.
Public business registration records showed that in September last year an investment vehicle of state-owned Zhejiang Media Group took a 1% stake in Alibaba’s Youku Film and Television unit, which is based in Shanghai.
Zhejiang Media Group has also appointed Jin Jun, the general manager of one of its subsidiaries, to the board of the Alibaba unit, the records showed.
[1/3] The logo of Alibaba Group is seen at its office in Beijing, China Jan. 5, 2021. REUTERS/Thomas Peter
Separate business registration records showed that in December WangTouSuiCheng (Beijing), an entity under the China Internet Investment Fund (CIIF) set up by the Cyberspace Administration of China (CAC), acquired a 1% stake in Alibaba unit Guangzhou Lujiao, whose main focus is “research and experimentation”.
The Financial Times, which first reported the WangTouSuiCheng investment on Friday, said the goal of the investment is for Beijing to tighten control over content at the e-commerce giant’s streaming video unit Youku and web browser UCWeb.
Alibaba didn’t respond to a request to comment.
The FT also reported, citing unidentified sources, that discussions was under way for the government to take golden shares in gaming giant Tencent Holdings (0700.HK) which would involve a stake in one of the group’s main subsidiaries. Tencent declined to comment.
Other firms that have such golden share arrangements include Full Truck Alliance Co (YMM.N), as well as mainland subsidiaries of TikTok owner ByteDance, Kuaishou Technology (1024.HK) and Weibo , Reuters previously reported.
Having such golden shares can be helpful to firms when they try to secure licences to disseminate online news and to show online visual and audio programmes, sources have told Reuters.
Reporting by Yingzhi Yang, Brenda Goh and Josh Horwitz; Additional reporting by Rishabh Jaiswal and Mrinmay Dey; Editing by Uttaresh.V, Rashmi Aich and Kenneth Maxwell
Our Standards: The Thomson Reuters Trust Principles.
Alibaba Leads Rally in US-Listed China Stocks on Ant Capital Nod
(Bloomberg) — Alibaba Group Holding Ltd. led an advance in US-listed Chinese stocks on Wednesday, with Ant Group Co.’s approved fundraising plan boosting optimism that China’s regulatory clampdown on its internet sector is easing.
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Alibaba, which owns a stake in Ant, rallied as much as 7.5%, the most since November. Its e-commerce peers JD.com Inc. and Pinduoduo Inc. both traded up more than 6%. The Nasdaq Golden Dragon Index gained over 5%, rising on a second day to its highest level in about four months.
Chinese stocks have rallied at the start of the year on bets that the nation’s reopening will eventually boost the economy and corporate profits despite initial disruptions.
Regulators approved a plan by Jack Ma’s Ant to raise 10.5 billion yuan ($1.5 billion) for its consumer unit, removing a hurdle before the fintech giant restarts its initial public offering shelved in 2020. The news pointed to warmer ties between Chinese authorities and the country’s biggest tech firms, as officials placed economic growth as a top priority.
Adding to the optimism is further potential policy support to the housing sector, a key weak spot in China’s Covid-hit economy. Beijing is planning to help shore up balance sheets of some developers it deemed as “systemically important,” according to a Bloomberg report. Authorities also resumed approvals for private equity funds to raise money for residential property developments.
With Wednesday’s advance, the Hang Seng China Enterprises Index, a gauge tracking major Hong Kong-listed Chinese stocks, closed at its highest level since July. A pickup in mobility in some major cities has given hope that Covid caseload may have peaked, after the highly infectious virus pushed the country’s economic activity to the slowest pace since February 2020.
–With assistance from Yiqin Shen.
(Updates chart, prices and adds Nasdaq Golden Dragon Index movement in second paragraph)
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Dow Jones Falls As China Covid Concerns Ease; Alibaba, JD, Pinduoduo Surge
The Dow Jones Industrial Average fell Tuesday, following a tough session on Monday. China-based stocks Alibaba (BABA), JD.com (JD) and Pinduoduo (PDD) rallied sharply, as China Covid-19 concerns eased.
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Tuesday’s modest dose of economic news includes the Case-Shiller Home Price index for September and November consumer confidence numbers from the Conference Board at 10 a.m. The Case-Shiller Home Price index dropped 1.24% in September vs. the previous month.
Looking forward to the remainder of the week, the ADP National Employment Report and preliminary third-quarter GDP estimates from the Commerce Department are due out Wednesday. Weekly jobless claims and inflation data are Thursday, while the Labor Department’s November jobs report is Friday.
Lastly, Fed Chair Jerome Powell will speak at the Brookings Institution on Wednesday.
Hibbett (HIBB) reported earnings ahead of Tuesday’s open. HIBB shares tumbled more than 12% in morning trade.
Earnings reports later this week include CrowdStrike (CRWD), Dollar General (DG) and Intuit (INTU). Also included is Dow Jones stock Salesforce (CRM), along with Snowflake (SNOW), Ulta Beauty (ULTA) and Workday (WDAY).
China stocks strongly outperformed early Tuesday, as Chinese health officials moved to ease concerns over Covid-19 lockdowns and policy. Alibaba jumped 6% and JD.com rose 8%. Pinduoduo added 4.3% to Monday’s breakout move.
Darden Restaurants (DRI) and Roku (ROKU) both saw analyst downgrades early Tuesday, sending their respective shares lower. DRI stock dropped more than 1%, while Roku shares declined 4.5%. On the upside, United Parcel Service (UPS) rose 2% after Deutsche Bank upgraded the stock to a buy rating.
Electric-vehicle giant Tesla (TSLA) traded down 0.5% Tuesday morning. Dow Jones tech leaders Apple (AAPL) and Microsoft (MSFT) were modestly lower after today’s stock market open. Tesla and Apple both have strong exposure to circumstances in China.
IPO Leader Array Technologies, IBD Leaderboard stock Arista Networks (ANET), Celsius (CELH) and Chubb (CB) — as well as Dow Jones names Boeing (BA), Caterpillar (CAT) and Chevron (CVX) — are among the top stocks to buy and watch.
Arista Networks is an IBD Leaderboard stock and was a recent IBD Stock Of The Day. Boeing is an IBD SwingTrader stock and was one of the four leaders featured in this week’s Stocks Near A Buy Zone column. Celsius was Monday’s IBD 50 Stocks To Watch pick.
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Dow Jones Today: Oil Prices, Treasury Yields
After Tuesday’s opening bell, the Dow Jones Industrial Average dropped 0.2%, while the S&P 500 lost 0.1%. The tech-heavy Nasdaq composite moved down 0.15% in morning action, with China names propping the index in early action.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) fell 0.1% early Tuesday, and the SPDR S&P 500 ETF (SPY) lost 0.15%.
The 10-year Treasury yield ticked higher to 3.75% Tuesday morning, holding near recent lows. Last week, the 10-year Treasury yield closed at 3.69%, its lowest close since Oct. 4. Meanwhile, U.S. oil prices rebounded 2% after touching their lowest level since December 2021 on Monday. West Texas Intermediate futures traded just below $79 a barrel.
Stock Market Rally
On Monday, the stock market posted sharp losses, as the tech-heavy Nasdaq composite sold off 1.6%. The Dow Jones Industrial Average declined 1.45%, and the S&P 500 lost 1.5%.
Monday’s The Big Picture commented, “The S&P 500 closed back below the 4,000 level, just three sessions after winning it back. The Nasdaq remained in a sideways range, still above its 50-day moving average. The Dow Jones, for its part, sank back below the 34,000 level.”
Now is an important time to read IBD’s The Big Picture column amid the ongoing stock market volatility.
Five Dow Jones Stocks To Buy And Watch Now
Dow Jones Stocks To Buy And Watch: Boeing, Caterpillar, Chevron
Aerospace giant Boeing dropped 3.7% Monday, falling back under a cup base’s 173.95 buy point. Look for a decisive retake of that entry before considering a purchase of Boeing shares. Boeing shares rose 1% Tuesday.
Dow Jones member Caterpillar is close to retaking its cup base’s 238 buy point, according to IBD MarketSmith pattern recognition, and is about 2% below the entry. CAT stock gained 0.8% Tuesday.
CAT stock boasts an impressive 96 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup.
Energy giant Chevron fell 2.9% Monday, giving up its 182.50 buy point in a consolidation base. CVX shares rose 1.7% Tuesday morning, rebounding along with oil prices.
4 Top Growth Stocks To Watch In The Current Stock Market Rally
Top Stocks To Buy And Watch: Array, Arista, Celsius, Chubb
Solar leader and IPO stock Array Technologies gave up its 22.40 buy point in a cup with handle during Monday’s tumble, according to IBD MarketSmith pattern recognition. Shares are about 3% below the entry. Further weakness would trigger the 7%-8% loss-cutting sell rule. ARRY stock gained 0.6% Tuesday morning.
IBD Leaderboard stock Arista Networks remains in buy range above a choppy base’s 132.97 buy point despite Monday’s 1.5% loss. ANET stock traded down 0.3% Tuesday.
Energy-drink maker Celsius reversed down 1.3% Monday, as the stock continues to form a cup base with a 118.29 buy point. Monday’s weakness could be the start of potential handle that would offer a lower entry. The stock was down 0.6% Tuesday.
Chubb is trading just below a cup-with-handle’s 216.10 buy point Monday after the session’s slight losses. The 5% buy area will top out at 226.91 if shares regain the entry. The insurance giant was down 0.1% Tuesday morning.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Tesla Stock
Tesla stock inched higher Monday, as the stock continues to rebound from its recent lows. Last week, the stock hit its lowest level since Nov. 23, 2020, reaching a new 52-week low price at 166.19. Tesla shares are around 55% off their 52-week high and sharply below their 50- and 200-day moving average lines.
Shares of the EV giant traded down 0.5% Tuesday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares sold off 2.6% Monday, breaking down below their 50-day support level. Apple iPhone Pro production could fall short by 6 million units due to civil unrest and Covid restrictions in China, according to reports. The stock is more than 20% off its 52-week high.
Apple stock traded down 0.2% Tuesday.
Microsoft skidded 2.3% Monday, falling for a second straight session. Shares continue to hold above the 50-day line. The software giant remains about 30% off its 52-week high. Microsoft shares inched lower Tuesday morning.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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Exclusive: U.S. regulators to vet Alibaba, other Chinese firms’ audits -sources
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HONG KONG, Aug 31 (Reuters) – U.S. regulators have selected e-commerce giant Alibaba Group Holding Ltd (9988.HK) and other U.S.-listed Chinese companies for audit inspections starting next month, three sources familiar with the matter said.
The move follows Friday’s landmark audit deal between Beijing and Washington allowing U.S. regulators to vet accounting firms in mainland China and Hong Kong, potentially ending a long-running dispute that threatened to boot more than 200 Chinese companies from U.S. stock exchanges. read more
Alibaba has been notified that it is among the first batch of Chinese companies whose audits will be inspected by the U.S. audit watchdog – Public Company Accounting Oversight Board (PCAOB) – in Hong Kong, the sources told Reuters.
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PwC, the accounting firm of China’s biggest e-commerce company, has also been informed of the audit work inspection, said the sources, declining to be identified due to confidentiality constraints.
Alibaba did not respond to a request for comment while a PwC spokesperson said it was company policy not to comment on any client matters.
A PCAOB spokesperson said the board did not comment on inspections. The China Securities Regulatory Commission (CSRC) did not immediately respond to a request for comment.
Alibaba’s U.S.-listed shares closed down nearly 3% on Tuesday after the Reuters report, having been up about 1% in pre-market trade. Its Hong Kong shares slumped more than 3% in Wednesday morning trade while tech giants listed in the city (.HSTECH) dropped nearly 2%.
U.S. regulators have for more than a decade demanded access to audit papers of U.S.-listed Chinese companies, but Beijing has been reluctant to let U.S. regulators inspect its accounting firms, citing national security concerns.
Alibaba, which went public in New York in 2014 in what was at the time the largest listing in history, is the most valuable Chinese firm listed in the United States with a market value of $248 billion as of Tuesday.
NO SPECIAL TREATMENT
The PCAOB said on Friday that the watchdog had notified the selected companies, without naming them, and its officials are expected to land in Hong Kong, where the inspections will take place, by mid-September.
The regulator, which oversees audits of U.S.-listed companies, would select companies based on risk factors, such as size and sector, and that no companies could expect special treatment, according to the PCAOB. read more
Reuters could not immediately determine how many and which other Chinese companies were in the first batch of U.S. inspections.
Founded in 1999, Alibaba counts e-commerce as its key business and has expanded into fast-growing sectors such as cloud services and internet of things in recent years. It also owns AutoNavi Holdings Ltd, a large Chinese digital mapping and navigation firm.
In July, it was added to the U.S. Securities and Exchange Commission’s (SEC) list of Chinese companies that might be delisted for not complying with audit requirements. read more
The list now has more than 160 Chinese companies including fellow e-commerce group JD.com Inc (9618.HK) and electric vehicle maker Nio Inc .
Current U.S. rules stipulate that Chinese companies that are not in compliance with audit working papers requests will be suspended from trading in the United States in early 2024.
Days before being added to the SEC’s delisting watchlist, Alibaba said it planned to add a primary listing in Hong Kong to its New York presence, targeting investors in mainland China. read more
Already present on the Hong Kong bourse with a secondary listing since 2019, the tech behemoth said it expects the primary listing to be completed by the end of 2022.
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Reporting by Julie Zhu in Hong Kong; Additional reporting by Katanga Johnson in Washington; Editing by Sumeet Chatterjee and Christopher Cushing
Our Standards: The Thomson Reuters Trust Principles.
SoftBank’s Alibaba sale could end breakup taboo
Japan’s SoftBank Group Corp Chief Executive Masayoshi Son attends a news conference in Tokyo, Japan, November 5, 2018. REUTERS/Kim Kyung-Hoon
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LONDON, Aug 10 (Reuters Breakingviews) – Masayoshi Son is thinking the unthinkable at SoftBank Group (9984.T). His $63 billion technology and telecom empire will slash its stake in Alibaba (9988.HK) to 15% from 24%. The long-overdue shrinkage offers a blueprint for what to do next: break up the conglomerate.
This year’s tech selloff has punished the Japanese holding company, pushing it to a $23 billion net loss last quarter read more . Son’s new watchword is discipline: His Vision Funds, effectively giant venture-capital vehicles, invested just $600 million in the three-month stretch ending in June, compared with some $21 billion a year earlier.
The same focus on cash preservation seems to have informed the decision unveiled on Wednesday to cut the Alibaba holding, which has a totemic significance at SoftBank as one of the world’s most lucrative tech investments. Through derivatives deals with banks, Son could have retained the Alibaba stake by settling so-called prepaid forward contracts in cash. Instead, he handed over the shares. SoftBank is dramatically reducing its position to “eliminate concerns about future cash outflows”.
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It’s the sensible move. The Chinese e-commerce titan started by Jack Ma has lost roughly two-thirds of its value over the past two years amid Beijing’s broad tech crackdown, creating a massive distraction for SoftBank investors as Son tries to redirect attention to his stable of Vision Fund unicorns and other startups. The Alibaba holding, as of June 30, was worth $33 billion in net terms and accounted for more than one-fifth of SoftBank’s $160 billion gross asset value. Liquidating it entirely would help narrow SoftBank’s 55% discount to the theoretical sum of its parts.
The same can be said of selling down ownership of SoftBank’s eponymous Japanese mobile operator, which was worth $18 billion in June after deducting the parent company’s margin loan, and a $7 billion T-Mobile US (TMUS.O) holding. Spinning off chip designer Arm, rather than pursuing plans to list a small stake, would likewise simplify the group and lift its valuation. What’s left would be the Vision Funds, making SoftBank a way for public-market investors mainly to gain exposure to Son’s hodgepodge of private tech outfits.
It may not look so appealing under the current circumstances, but at least SoftBank would have a clear purpose. The Alibaba sale could be the first step in breaking some destructive taboos.
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(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.)
CONTEXT NEWS
SoftBank Group on Aug. 10 said it would settle derivatives contracts held against its Alibaba stake by handing a chunk of the shares to banks. The move effectively cuts its stake in the Chinese e-commerce company to 14.6% from 23.7%.
The technology conglomerate controlled by billionaire Masayoshi Son said that settling the contracts early in the form of shares would “eliminate concerns about future cash outflows, and furthermore, reduce costs associated with these prepaid forward contracts”.
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Editing by Jeffrey Goldfarb and Amanda Gomez
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Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.