Hong Kong CNN Business — Chinese stocks have hit multi-year lows in New York and Hong Kong amid growing concern over China’s rising Covid cases and economic outlook. The jump comes as members of China’s ruling Communist Party gather for the 20th Party Congress, a major leadership reshuffle that sets the tone for politics for … Read more
China’s powerful cyberspace regulator has taken the first step in a groundbreaking — and uncertain — government effort to rein in the automated systems that shape the Internet. Earlier this month, the Cyberspace Administration of China published summaries of 30 core algorithms belonging to two dozen of the country’s most influential internet companies, including TikTok … Read more
China’s powerful cyberspace regulator has taken the first step in a groundbreaking — and uncertain — government effort to rein in the automated systems that shape the Internet. Earlier this month, the Cyberspace Administration of China published summaries of 30 core algorithms belonging to two dozen of the country’s most influential internet companies, including TikTok … Read more
GigaCloud, an online platform that connects manufacturers of bulky consumer goods with buyers worldwide, raised $36 million in gross proceeds after selling 2.94 million Class A shares. The deal valued the company at $486 million. The amount raised could rise to $41 million if the underwriter sells more shares to exercise so-called over-allotment options, typically … Read more
GigaCloud, an online platform that connects manufacturers of bulky consumer goods with buyers worldwide, raised $36 million in gross proceeds after selling 2.94 million Class A shares. The deal valued the company at $486 million. The amount raised could rise to $41 million if the underwriter sells more shares to exercise so-called over-allotment options, typically … Read more
Softbank CEO Masayoshi Son on new $24 billion losses: “I’m quite embarrassed and remorseful.” Str/Jiji Press/AFP/Getty Images Text size The stock market can be a humbling place – just ask Masayoshi Son. The founder and CEO of SoftBank Group (ticker: SFTBY), “Masa” made one of the best single venture investments of all time, giving a … Read more
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After sales of more than $1 trillion, many investors believe China’s three biggest tech stocks have bottomed out. But skeptics say the biggest problems facing the sector still haven’t been solved. Alibaba Group Holding Tencent Holdings and Meituan have collectively lost more than $1.2 trillion in value since last February, when the combined market value … Read more
Updated August 4, 2022 at 08.18 ET Listen to the article (1 minute) China’s leading e-commerce company Ali Baba Group Holding Ltd. reported its first quarterly drop in revenue since its 2014 IPO, in a sign that its era of explosive growth may be coming to an end. The drop was small, at 0.09%, from … Read more
Ali Baba life remains hard. It has survived the brunt of Beijing’s regulatory fury – but must now learn to live with a weaker Chinese economy, which is likely to continue. And while new regulatory fusillades from Beijing may be slower to emerge, a less permissive political environment in China looks permanent. The Chinese e-commerce … Read more