Colin Huang, the founder of fast-growing Chinese e-commerce giant Pinduoduo, has resigned as chairman. In a shock move, the company announced on Wednesday that Huang stepped down from the board of directors to explore future growth ideas. Pinduoduo listed on the technology-focused Nasdaq stock exchange in New York in July 2018, just three years after it was […] Read more
Bitcoin’s value surpassed $1 trillion on Tuesday as the price of the cryptocurrency jumped. The digital coin’s price rose on Tuesday and its market capitalization went above $1 trillion in mid-morning trade Singapore time, according to CoinDesk. Bitcoin extended those gains hitting a 24-hour high of $54,348.57 in early afternoon Singapore time, around 7% higher than […] Read more
A Chinese internet giant that has rallied 122% over the last 12 months is still getting bullish calls from analysts who say there’s further upside to the stock — thanks to new areas of business like autonomous vehicles. Analysts from Jefferies and Mizuho upgraded their price targets, expecting it to go up to 25% higher. Read more
China dethroned the U.S. last year to become Europe’s top trading partner for the first time, data from the European statistics office has shown. European Union exports to China grew by 2.2% last year and imports rose by 5.6%. In comparison, exports to the U.S. dropped by 8.2% and imports fell by 13.2%. The latest figures, […] Read more
GUANGZHOU, China — Jack Ma, Alibaba’s high-profile founder appears to be on the wrong side of the Chinese government, sparking a chain of events that has upped regulatory scrutiny on the e-commerce giant and cast uncertainty over its future. Even after Alibaba reported December-quarter earnings above expectations, analysts and experts have warned that Ma’s friction with Beijing could hurt […] Read more
GUANGZHOU, China — Alibaba reported profitability for its cloud computing business for the first time in a continued push to diversify its business beyond e-commerce as it faces regulatory scrutiny in China. The Chinese tech giant reported adjusted EBITA (earnings before interest, taxes, and amortization) of 24 million yuan ($3 million) for its cloud business in the […] Read more
Goldman Sachs has named the Chinese stocks to buy in order to cash in on the country’s “clean tech revolution.” The bank’s analysts described this year as an “inflection point” for clean energy in China, and estimated that the country’s ambition to become carbon neutral by 2060 was a $16 trillion investment opportunity. Off the back […] Read more
Tesla has reportedly started delivering locally-produced Model Y crossovers in China, marking another milestone for the electric carmaker in the world’s largest vehicle market. Deliveries of the China-produced crossover began Monday, according to state-run Xinhua News Agency. It’s unclear how many Model Y vehicles were delivered or whether they were delivered to employees or to retail customers. […] Read more
South Korean stocks had their best year in more than a decade in 2020. Here’s what drove them higher
Investors who stuck with South Korean stocks through 2020 were handsomely rewarded. The Kospi index, South Korea’s stock-market benchmark, rallied 30.8% for the year, its biggest annual jump in more than a decade. The iShares MSCI South Korea ETF (EWY) rose 38.4% in 2020, outperforming most developed and emerging markets. The ETF’s year-to-date gains top those […] Read more
SINGAPORE — Shares of Chinese tech giant Alibaba in Hong Kong were in the spotlight once again on Monday, after Chinese regulators ordered Alibaba-affiliate Ant Group to rectify its businesses. By the Hong Kong market close on Monday, shares of Alibaba listed in the city plunged 7.98%, adding to losses for the firm. The stock had also dived last […] Read more
