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
China’s market regulator has fined Alibaba and a Tencent-backed company for not making the proper declarations to authorities about past acquisitions, in another sign Beijing is taking a tougher stance on the country’s tech giants. Alibaba, Tencent-backed China Literature, and Shenzhen Hive Box Technology were each fined 500,000 yuan ($76,463) by the State Administration for Market Regulation (SAMR). […] Read more
With the recent spate of bond defaults in China, investors should be looking to put their money into Chinese central government bonds which are “unlikely to default,” according to an economist from research firm TS Lombard. Last month, a series of high-profile defaults involving state-owned companies in China — normally a safe bet for investors — jolted […] Read more
