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Jul 19, 2018 9:26 AM PT

Baidu to Report Second Quarter Earnings on July 31

Chinese search engine Baidu Inc. (Nasdaq: BIDU) said today that it will release its financial report for the second quarter on July 31 after the market close.

The earnings call with the management of the company will be held that same day at 9:15 p.m. Eastern Time.

In the first quarter, Baidu reported stronger-than-expected growth. Its revenue grew 24 percent to $3.3 billion in the first three months, while net income rose to $1.06 billion, or $2.96 per American depositary share, from $281 million a year earlier.

For the second three months, the company projected an increase in revenue of 20 to 25 percent compared with the first quarter, ranging between $3.93 billion and $4.13 billion.

The stock of Baidu was trading at $264.60 per American depositary share, down nearly 2 percent, early on Thursday.

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Jul 18, 2018 5:07 PM PT

IQiyi Acquires Game Maker Skymoons in Race for Content

China’s popular entertainment platform, iQiyi Inc (Nasdaq: IQ), which is often called the “Netflix of China,” has snapped up domestic game maker Skymoons in a deal that could be worth nearly 2 billion yuan ($298.59 million) as it looks to broaden its offerings following a U.S. listing.

IQiyi, controlled by China’s top internet search firm, Baidu Inc. (Nasdaq: BIDU), said in a statement late on Tuesday the deal involved a fixed payment of 1.27 billion yuan and an additional fee of 730 million yuan if Skymoons hits certain benchmarks over the next two years.

The deal would give iQiyi access to a broader range of characters and stories amid a fierce battle for content to lure in paying viewers with deep-pocketed rivals such as Tencent Holdings Ltd. and Alibaba Group Holding Ltd. (NYSE: BABA).

IQiyi’s chief executive officer, Yu Gong, said the deal would broaden the platform’s “offering of entertainment content across multiple formats” and help create more ways to monetize the firm’s intellectual property.

(Reuters contributed)

Jul 18, 2018 9:37 AM PT

China Says Will Take Further Measures to Respond to U.S. Tariffs on Steel, Aluminium

China's Ministry of Commerce said on Wednesday it would have to take further measures to compensate for losses caused by the United States' Section 232 tariffs on steel and aluminium to safeguard its rights and interests.

The ministry's statement came after Washington on July 16 lodged five challenges at the World Trade Organization against retaliatory tariffs imposed by countries, including China, in response to the Section 232 measures.

(Reuters)


Jul 17, 2018 5:44 PM PT

The9 Receives Non-Compliance Notice from Nasdaq

The9 Ltd. (Nasdaq: NCTY) announced today that it has received a notification from the Nasdaq stock market indicating that the Shanghai-based Internet company no longer meets the listing requirements of minimum market value.

The9, which has not maintained market value of $15 million for the last 30 consecutive days, has 180 days to regain compliance and avoid delisting.

In a statement today, The9 said that the company's management is "looking into various options available to regain compliance."

The stock of the company closed at $1.09 per American depositary share on Tuesday, up nearly 5 percent.

Jul 17, 2018 11:57 AM PT

Huami Marks 1 Million of Amazfit Watches Sold; Stock Rises 2%

The stock of Huami Corp. (NYSE: HMI) rose more than 2 percent on Tueday afternoon after the Chinese technology maker broke the one-million mark with the sales of Amazfit smart sport watches.

Huami’s Amazfit smart sport watches, first launched in late 2016, include Bip, Pace, and Stratos (Stratos Plus).

In a statement today, the chairman and chief executive officer of Huami, Wang Huang, said, “International interest in our Amazfit-branded products increases our confidence in broadening our markets.”

Today's news follows Huami’s June announcement that its Mi Band 3 sales reached one million units, significantly faster than earlier generations of Mi Bands.

The stock of Huami was trading at $9.33 per American depositary share, up 20 cents, in the afternoon on Tuesday.

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(Source: Thomson Reuters Eikon)

Jul 16, 2018 5:19 PM PT

JinkoSolar Ranks 278th on Fortune 500 List in China

JinkoSolar Holding Co. Ltd. (NYSE: JKS), a solar panel maker in Shanghai, announced today that it has ranked 278th on the Fortune 500 list of Chinese companies this year.

"Our ranking on the list demonstrates the rapid growth we have experienced over the past few years and our leading position in the industry,” Kangping Chen, the chief executive officer of JinkoSolar said in a statement today.

Last year, JinkoSolar made the 284th place. In 2016, it ranked 330th.


Jul 16, 2018 1:48 PM PT

Washington Responds With Five WTO Disputes to Retaliatory Tariffs

Washington launched five separate World Trade Organization (WTO) dispute actions on Monday challenging retaliatory tariffs imposed by China, the European Union, Canada, Mexico, and Turkey following U.S. duties on steel and aluminium.

The retaliatory tariffs on up to a combined $28.5 billion worth of U.S. exports are illegal under WTO rules, U.S. Trade Representative Robert Lighthizer said in a statement.

The action comes after China filed a complaint with the WTO earlier on Monday regarding U.S. President Trump's proposed tariff list on an additional $200 billion worth of Chinese imports.

Jul 16, 2018 8:55 AM PT

Beijing Files Complaint to WTO Against Additional U.S. Tariffs

China's Ministry of Commerce said on Monday it had filed a complaint to the World Trade Organization (WTO) regarding U.S. President Trump's proposed tariff list on an additional $200 billion worth of Chinese imports.

Last week, the ministry said China would immediately file a complaint to the WTO against Washington's unilateralism after Washington threatened to slap 10 percent tariffs on an extra $200 billion of Chinese products.


Jul 13, 2018 5:19 PM PT

CLPS Shares Soar 17% Friday; 29% Rise on Week

CLPS Inc. (Nasdaq: CLPS) was a big mover on Wall Street Friday, soaring nearly 17 percent to $14.29 per American depositary share.

The Shanghai-based information technology and consulting company is a new name among the U.S.-listed Chinese firms, having entered public trading on May 24 at $5.25 per share and rising 5 percent on Day One. 

Its underwriter, The Benchmark Co. LLC, exercised the over-allotment in full and purchased an additional 300,000 shares, bringing the proceeds of the offering for CLPS to $12.08 million.

In June, CLPS reported that its earnings in the first quarter increased 58 percent and revenue grew 64 percent from a year ago.

The company's shares gained 29 percent on the week.

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The stock of CLPS grew 29 percent on the week, closing at $14.29 per share Friday.

(Source: Thomson Reuters Eikon)

Jul 13, 2018 3:04 PM PT

CFO of China New Borun Leaves for Another Company; Stock Down 7% on Week

China New Borun Corp. (NYSE: BORN) announced today that its chief financial officer, Yuanqin Chen, has resigned to join another company.

Earlier this week, China New Borun, a Beijing-based producer of corn-based alcohol, said that the buyout offer from its chairman and chief executive officer, Jinmiao Wang, has been withdrawn.

In a statement today, the company said it is actively looking for a replacement for Chen's position.

Overall, the stock of the company lost 7 percent this week, ending Friday at $1.15 per American depositary share.

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(Source: Thomson Reuters Eikon)

Jul 13, 2018 11:38 AM PT

China TechFaith Stock Down 16% After Sale of Hangzhou Park

China TechFaith Wireless Communication Technology Ltd. (Nasdaq: CNTF) was the biggest loser among the Chinese ADSs monitored by CapitalWatch Friday, its shares losing more than 16 percent in the afternoon to $2.52 per American depositary share.

The drop comes after on Thursday the company announced its plans to sell Charm Faith Ltd., its unit operating the company’s biggest construction project, the Hangzhou Tech Park. TechFaith, which has been struggling with its mobile phone sales, will receive $106.6 million in the sale.

The stock of the company soared more than 68 percent on the news on Thursday, but retreated today to $2.52 per share, down 48 cents, in the afternoon.


Jul 13, 2018 11:13 AM PT

ZTE Supply Ban Lifted, but Washington Remains 'Vigilant' - Reuters

The U.S. Department of Commerce on Friday lifted a ban on U.S. companies selling goods to ZTE Corp. , allowing China's second-largest telecommunications equipment maker to resume business. The Commerce Department had said it would remove the ban after ZTE paid a $1 billion penalty and placed $400 million in a U.S. bank escrow account as part of a settlement reached last month.

"While we lifted the ban on ZTE, the department will remain vigilant as we closely monitor ZTE's actions to ensure compliance with all U.S. laws and regulations," Commerce Secretary Wilbur Ross said in an emailed statement.


Jul 12, 2018 1:03 PM PT

China Commercial Changes Ticker Symbol to 'GLG'

China Commercial Credit Inc. (Nasdaq: CCCR) announced that its ticker symbol is changing to "GLG" from "CCCR," effective July 13.

The company, whose stock rose 2.5 percent in trading today to $1.19 per American depositary share, said the change is in line with the transformation of its business strategy. Previously a microfinance lender, China Commercial is transitioning to a luxury car rental. 

Earlier this month, the company announced plans to acquire Beijing Lexiang, a provider of auto financing.

"In conjunction with our recently announced disposition of subsidiaries, and in line with our expanding corporate strategy, a fresh symbol is an important step to represent the new corporate ideologies,” Long Yi, the chief financial officer of China Commercial, said in a statement today.

"We are intensely focused on execution of our strategy and building value for our shareholders," he added.

The company said no action is needed from its shareholders. The common stock will continue to be listed on Nasdaq, with its CUSIP number unchanged as 16891K103.


Jul 12, 2018 8:36 AM PT

Raymond James Sets Price Target of GDS Holdings 20% Upside, Strong Buy

Raymond James initiated coverage of GDS Holdings Ltd. (Nasdaq: GDS) today with a “strong buy” rating and a price target of $53 per American depositary share, representing a 20 percent increase from yesterday’s close.

The stock of the Chinese IT company was down 1 percent in early trading Thursday, at $43.57 per share.

 

Jul 11, 2018 6:00 PM PT

Huya's Stock Soars More Than 13% in New York Trading

The stock of Huya Inc. (NYSE: HUYA) soared more than 13 percent on Wednesday, then gained an additional 1.5 percent in after-hours trading to $37 per American depositary share.

The Chinese gaming-focused livestreaming company, similar to Amazon's Twitch, launched on Wall Street in May and has since more than doubled its stock price. 

As the Chinese video gaming boom continues, Huya is catching these tailwinds. It has reported its total average monthly active users increased 19 percent and average mobile users up 25 percent, while its paying users climbed 35 percent from a year ago.

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The shares of Huya soared more than 13 percent on Wednesday, then jumped an additional 1.5 percent in after-hours trading to $37 per share.

(Source: Thomson Reuters Eikon)

Jul 11, 2018 5:18 PM PT

Gridsum Renews Contract with SAIC Volkswagen

Gridsum Holding Inc. (Nasdaq: GSUM), which provides cloud-based big-data analytics and artificial intelligence solutions in marketing, said today that it has renewed its contract with SAIC Volkswagen Automotive Co. Ltd.

In a statement today, Guosheng Qi, the chief executive officer of Gridsum, said, “We believe this contract renewal demonstrates the effectiveness and value our solutions bring for SAIC VW and their continued trust in Gridsum.”

The stock of the Beijing-based company closed at $6.62 per American depositary share, down 5 cents in trading Wednesday.


Jul 11, 2018 9:07 AM PT

Imperial Capital Sets AMC Rating as Outperform; Stock Jumps 2%

AMC Entertainment Holdings Inc. (NYSE: AMC) saw its shares rise 2 percent in early trading Wednesday after an investment bank, Imperial Capital Group Inc., set its price target at $23 per American depositary share.

Imperial Capital initiated its coverage of the movie chain owned by Beijing-based Wanda Group on Wednesday with an “outperform” rating, according to Thomson Reuters.

In response, the stock of AMC jumped 35 cents to $17.70 per share in early trading.

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(Source: Thomson Reuters Eikon)

Jul 10, 2018 11:46 AM PT

Tesla Ready to Build Shanghai Plant to Offset Trade War Tariffs - Reuters

Tesla Inc.’s (Nasdaq: TSLA) chief executive officer, Elon Musk, landed a deal with China on Tuesday to build a new auto plant in Shanghai, its first factory outside the United States, that would double the size of the electric car maker's global manufacturing.

The deal was announced as Tesla raised prices on U.S.-made vehicles it sells in China to offset the cost of new tariffs imposed by the Chinese government in retaliation for U.S. President Donald Trump's move to slap heavier duties on Chinese goods.

Tesla plans to launch production of cars about two years after construction begins on its Shanghai factory, eventually ramping up to as many as 500,000 vehicles a year, the company said. 


Jul 10, 2018 9:50 AM PT

China Raises Tariff Rates for Some U.S. Optical Fiber Products - Reuters

China's commerce ministry said on Tuesday it is raising "anti-dumping tariff rates" for some optical fiber products originating from the United States, effective on Wednesday, July 11.

The new duties for dispersion unshifted single-mode optical fiber range between 33.3 percent to 78.2 percent, compared with 4.7 percent to 18.6 percent as set in 2011.

U.S. companies including Corning Inc. (NYSE: GLW), OFS Fitel LLC, and Draka Communications Americas Inc. are among firms affected by the tariff change, the ministry said on its website.

Jul 09, 2018 4:44 AM PT

China Will Reimburse Tariffs for Soybeans Bought for State Reserves

China will reimburse buyers of U.S. soybean imports for the cost of the 25 percent tariff if the cargoes are for state reserves, according to a Bloomberg report on Monday.

U.S. soybeans were on the list of products taxed by Beijing starting July 6 in the country’s retaliation to the tariffs on $34 billion worth of Chinese goods imposed by the Trump administration.

State reserve buyers will pay the additional tariff before it is later reimbursed by the government, according to Bloomberg citing people familiar with the matter.


Jul 06, 2018 7:07 PM PT

China Mobile Partners With Nokia for R&D in Hangzhou

China Mobile Ltd. (NYSE: CHL) and Nokia Oyj (NYSE: NOK), two of the world's largest telecom companies, have partnered up to advance their research and development of and "enable the delivery of new Edge Cloud and 5G services" using artificial intelligence (AI) and machine learning.

In their announcement Friday, China Mobile and Nokia said they will set up a lab in Hangzhou, China, to combine their efforts for R&D in services including virtual reality gaming.

Marc Rouanne, president of Mobile Networks at Nokia, said in a statement, "The use of AI and machine learning will enable myriad new services opportunities and we are pleased to leverage the capabilities of our 5G Future X architecture to support China Mobile' AI research to optimize future networks and the delivery of many innovative new services."

Jul 06, 2018 1:48 PM PT

China Returns the Tariffs; Trade War Sets Off

As Washington imposed tariffs on Chinese imports just after midnight on Friday, a 25 percent fee on $34 billion worth of products, Beijing responded equally, targeting products including soybeans, pork, and electric vehicles.

In return, U.S. President Donald Trump threatened to add tariffs on an additional $500 billion of goods.

The next tariffs, on $16 billion worth of Chinese products, are set to kick in on July 20.

The new duties by the Trump administration targeted 818 kinds of Chinese products in areas including aerospace, IT, robotics, industrial machinery, and autos.

Among the 545 U.S. imports hit by an equal 25 percent tax were poultry, fruits and vegetables, dairy, seafood, tobacco products, and cars.

In a statement, China’s Ministry of Commerce on Friday accused the U.S. of “launching the biggest trade war in economic history,” according to Caixin news agency.

“China promised that it would not fire first, but it has been forced to take necessary measures to defend the core interests of the country and its people,” the ministry said.


Jul 05, 2018 3:49 PM PT

Huazhu's CEO Zhang Joins Board of AccorHotels as Advisory Member

Huazhu Group Ltd. (Nasdaq: HTHT), a multi-brand hotel group in China, announced today that the chief executive officer of the company, Jenny Zhang, has joined the board of AccorHotels as its advisory member.

AccorHotels, a French multinational hospitality company, has been working in a strategic partnership with Huazhu since 2016. In a statement today, Zhang said Huazhu hopes that recent investment and directorship would broaden the cooperation in additional aspects.

The chairman and chief executive officer of AccorHotels, Sebastien Bazin, said, “China is a key priority for AccorHotels globally, both in terms of network development and attracting the fast growing Chinese travelers to our hotels worldwide. Jenny and Huazhu’s wealth of expertise in this market will be of great value to AccorHotels.”


Jul 05, 2018 11:37 AM PT

U.S. Tariffs on Chinese Goods to Take Effect Friday After Midnight

Tariffs on $34 billion of Chinese goods are scheduled by the U.S. President Donald Trump to take effect Friday right after midnight.

China’s Ministry of Commerce said on Thursday that Beijing will strike back the moment that the duties kick in.

The ongoing trade dispute has roiled financial markets including stocks, currencies, and the global trade of commodities from soybeans to coal in recent weeks.

(Reuters)


Jul 05, 2018 10:36 AM PT

Morgan Stanley Cuts Ctrip Price Target $1; Stock Drops 3%

The stock of Ctrip.com (Nasdaq: CTRP) fell 3 percent to $45 per American depositary share Thursday afternoon after Morgan Stanley cut its price target of the Chinese travel booking firm to $43 per share by $1, with an “equal weight” rating.

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(Source: Thomson Reuters Eikon)

Jul 05, 2018 8:01 AM PT

China Says to Deepen Financial Reforms, Sees No Sharp Yuan Fall

China will deepen financial sector reforms and fend off major risks in the economy, the banking and insurance regulator said on Thursday.

China's economic fundamentals showed no possibility of a sharp yuan depreciation and the yuan could rise in the future, Shuqing Guo, chairman of the China Banking and Insurance Regulatory Commission (CBIRC), said in a statement published on the regulator's website.

The yuan had entered "a reasonable range of two-way fluctuations," said Guo, who is also the Communist Party chief of the central bank.

A trade war initiated by the United States could not be sustained, Guo added.


Jul 03, 2018 10:35 AM PT

58.com Announces Series of Promotions

58.com Inc. (NYSE: WUBA), China's largest online market place for classifieds, announced today a series of top management promotions. Jiandong Zhuang and Mingke He have been promoted to Co-President, while Minghui Xiang was named Chief People Officer, and Mr. Wei Ye was named Deputy Chief Financial Officer, the company said.

Both Zhuang and He would continue to manage their respective areas, the company said in a statement. Zhuang manages 58.com's Housing Business Group and Automotive Business Group, while He oversees the company's Human Resource Group, Listing Business Group, and Social Listing Group. Zhuang, He and Xiangwill report directly to Jinbo Yao, 58.com's chief executive officer. Ye will report directly to Hao Zhou, 58.com's chief financial officer.


Jul 03, 2018 10:34 AM PT

Chinese Pork to Pay High Price for U.S. Trade Spat

PARIS (Reuters) - Chinese consumers could face significantly higher pork prices in the medium term after Beijing slapped more import tariffs on U.S. agricultural products in its trade dispute with Washington, the OECD and FAO said on Tuesday.

China said last month it would impose an extra 25 percent import duty on more than 500 U.S. goods, including soybeans, on July 6. This was in response to Washington's plan to put duties on $50 billion of Chinese goods as the trade dispute between the world's top two economies escalated.

The tit-for-tat trade threats have already disrupted trade flows across the commodities industry from sorghum to coal and inflated prices of animal feed ingredients such as soymeal.

China, the world's largest pork producer and importer, relies heavily on soybean meal to feed pigs, the Organization for Economic Cooperation and Development and the United Nations' Food and Agriculture Organization said in their Agricultural Outlook for 2018-2027.

"Over the medium term, higher tariffs and hence higher costs for soybeans and feed grains would raise the costs of production for China's pigmeat industry," they said.

"This, combined with the higher tariffs and hence higher prices for imported pork, could lead to noticeable increases in domestic pork prices."

But the U.S./China dispute's long-term market effects should be modest as China can potentially source its farm products from other countries while the United States has the potential to supply other markets, the OECD and FAO said.

Beijing implemented a 25 percent duty on most U.S. pork items on April 2 in response to U.S. tariffs on Chinese steel and aluminum products and in June also included pork in the second round of tariffs to be imposed on July 6.


Jul 03, 2018 10:31 AM PT

China Urges the United States to be Fair to Chinese Companies

BEIJING (Reuters) - China on Tuesday urged the United States to provide a fair environment for Chinese companies doing business in the country, after Washington moved to block China Mobile <0941.HK> from offering services to the U.S. telecommunications market.

China's foreign ministry spokesman Lu Kang made the comments at a regular briefing in Beijing.


Jul 02, 2018 3:23 PM PT

China's First Half Exports to U.S. Up 5.4%

China's exports to the United States were up 5.4 percent in the first half of this year and rose 3.8 percent in June, China's customs agency said in a statement late Monday.

China's customs did not state the period of comparison in the brief statement on its website http://www.customs.gov.cn.

China's stocks and currency continued to slide, with Washington and Beijing set to impose tariffs on each other amid an escalating trade dispute.


Jul 02, 2018 1:10 PM PT

Innovent Biologics Files for Hong Kong IPO

Chinese biotech firm, Innovent Biologics, backed by Singapore’s Temasek Holdings, has filed for an initial public offering in Hong Kong, according to Caixin news agency.

The Suzhou-based company did not specify the size and pricing of the offering in its prospectus.

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(Source: Innovent’s Prospectus)

According to a Frost and Sullivan report commissioned by the company, biologic drugs are currently the top-selling pharmaceutical products in the world. 


Jun 29, 2018 1:52 PM PT

Ambow Education Announces Exercise of Over-allotment

Ambow Education Holding Ltd. (NYSE American: AMBO) said today that its underwriters exercised its option to purchase an additional 270,000 ADSs at the public offering price of US$4.25 per ADS. The company, a provider of educational and career enhancement services, went public earlier this month. 

The company closed today at $5.08 per share.

In all, Ambow said it raised $8.18 million from the public offering after deducting underwriting discounts and commissions, but before expenses.

The Benchmark Co. LLC acted as the sole book-running manager and representative of the underwriters of this offering.


Jun 29, 2018 11:09 AM PT

China Reports a Rare Current Account Deficit for First Quarter

China on Friday posted a final current account deficit of $34.1 billion for the first quarter of 2018, the first deficit since early 2010.

The final figure compared with a preliminary deficit of $28.2 billion, the foreign exchange regulator said in a statement.

The first quarter data comes at a time of growing worries in China about a trade war with the United States.

The quarter's current account deficit was equivalent to 1.1 percent of gross domestic product and is still within a reasonable range, the State Administration of Foreign Exchange said on its website.

Fears of a full-scale trade war with Washington have magnified concerns about the outlook for the world's second-largest economy, fuelling a sell-off in Chinese stocks and the yuan currency.

Analysts attributed the first quarter's rare current account deficit to China's narrowing trade surplus and a widening services trade deficit.


Jun 29, 2018 9:21 AM PT

China's ZTE Shakes Up Board in Bid for U.S. Ban Lift

Chinese telecoms giant ZTE Corp. announced a new board on Friday in a radical management shakeup as part of a $1.4 billion deal with the United States, moving it closer towards getting a devastating American supplier ban lifted.

Of the eight new board members, Zixue Li and Junying Gu were elected as executive directors, while non-executive directors include Buqing Li, Weimin Zhu, and Rong Fang. The rest were independent non-executive directors, including Manli Cai, Yuming Bao and Gordon Ng.

The old board and senior management, headed by Chairman Yimin Yin, have tendered their resignation on June 29, the company said.

The company, which ceased major operations after the ban, has also agreed to pay a $1 billion penalty and put $400 million in an escrow account as part of the deal to resume business with U.S. suppliers, who provide almost a third of the components used in its equipment.

But the U.S. Department of Commerce has still not worked out the details necessary for lifting the ban, with the deal facing strong opposition from some U.S. lawmakers.

(Source: Reuters)

Jun 28, 2018 4:46 PM PT

Hollysys Automation Technologies Announces the Change of Company CFO

Hollysys Automation Technologies Ltd. (Nasdaq: HOLI), a provider of automation and control technologies and applications in China, announced the departure of Ms. Herriet Qu, who resigned from the position of CFO due to personal reasons, and the appointment of Mr. Steven Wang as the new CFO, both effective June 28, 2018.

Jun 28, 2018 2:10 PM PT

Alibaba Decides to Make Investment in Turkey's Trendyol

Chinese internet giant Alibaba has decided to invest in Turkish e-commerce firm Trendyol, the Turkish company said in a statement on Thursday.

Trendyol, one of Turkey's best known online fashion retailers, has drawn backing from foreign investors and holds a leading position in Turkey's fragmented e-commerce market.

"With the agreement, Alibaba and Trendyol will work together to increase Trendyol's growth in Turkey and its surroundings," Trendyol said in the statement.

Alibaba (NYSE: BABA) and Trendyol did not give any further details on the investment's size and timing. The companies were not immediately available for comment.


Jun 27, 2018 11:19 AM PT

Leju Announces Share Purchase by CEO

Leju Holdings Ltd. (NYSE: LEJU), a online-to-offline real estate services provider in China, today announced that Geoffrey He, Leju's CEO, has agreed to purchase 6.8 million ordinary shares of the company, representing approximately 5 percent of the company's current total outstanding share capital, from E-House (China) Holdings Limited, a principal shareholder of Leju. The total consideration of the transaction is $9.3 million, equivalent to $1.37 per ordinary share, or $1.37 per ADS, which represents the average closing price of the company's ADSs for the 30 consecutive trading days prior to June 27, 2018. 

Jun 27, 2018 8:37 AM PT

Baidu Announces $1 Billion Share Repurchase Plan

Baidu Inc. (Nasdaq: BIDU) announced on Wednesday it would buy back up to $1 billion of its shares with purchases taking place over the next 12 months.

The Chinese search engine giant said the purchases would be funded from the company's existing cash balance.

Shares of Baidu have risen about 40 percent in the past year. In early trading on Wednesday, its stock traded at $247.07 per American depositary share, down nearly 2 percent.

The company said its board would review the share repurchase program periodically, and might adjust its terms and size.

In July 2015, Baidu announced a $1 billion share buyback plan after the company's stock price slid following a weak earnings report. 

Last May, Alibaba Group Holding Ltd (NYSE: BABA) said it planned to buy back shares worth up to $6 billion over two years.


Jun 25, 2018 11:39 AM PT

Sogou's COO Ru Resigns to Pursue Other Opportunities

Sogou Inc. (NYSE: SOGO), Chinese search engine, announced that its chief operating officer, Liyun Ru, is resigning by the end of the month “to pursue other opportunities.”

A vice president of Sogou, Jingfang Xu, is expected to lead the Beijing-based company’s search division after Ru’s departure.

"In more than a decade with the company, Dr. Ru has worked closely with me to build an outstanding search team, grow Sogou Search from a fledgling startup into China's second-largest search engine, and successfully complete our initial public offering in the U.S. We are extremely grateful for his contributions and wish him all the best in his future endeavors," Xiaochuan Wang, the chief executive officer of Sogou, said in a statement Monday.

Ru said he will continue to collaborate with Sogou over the next 12 months.

The stock of Sogou was trading at $11.61 per American depositary share in the afternoon, down 12 cents.


Jun 25, 2018 11:00 AM PT

Morgan Stanley Cuts Yirendai Price Target Nearly $20; Stock Drops 9%

The shares of Yirendai Ltd. (NYSE: YRD) were trading at $20.64 per American depositary share, down nearly 9 percent by afternoon Monday after Morgan Stanley cut its price target of the company to $23.60 per share from $43.

The bank also cut its rating of the Chinese peer-to-peer lender to an “equal-weight” from “overweight.”

Analyst Richard Xu said Beijing’s new regulations capping P2P loan balances combined with "volatile industry delinquency rates" could lead to further earnings uncertainty in 2019 and beyond, as reported by Reuters.