China Regulator Approves New Game by Tencent
BEIJING (Reuters) - China regulator on Tuesday green lit a new game published by Tencent Holdings Ltd. in its fifth batch of approvals since December, when the watchdog resumed giving out licences after a freeze for most of last year.
Tencent's "Romantic Rose Garden" is among 95 games that have been approved, the regulator, China's State Administration of Press, Publication, Radio, Film and Television, said on Tuesday.
UPDATE: U.S. Expected to Announce Criminal Charges Related to China's Huawei
WASHINGTON (Reuters) - The U.S. Justice Department is expected to announce criminal charges related to Chinese telecommunications firm Huawei Technologies Co. Ltd. on Monday, four sources told Reuters.
The U.S. government has been expected to announce charges against Meng Wanzhou, Huawei's chief financial officer, as part of an effort to extradite her from Canada.
Sky Solar Replaces CFO Immediately; Shares Plunge
Sky Solar Holdings Ltd. (Nasdaq: SKYS), which develops and operates solar parks internationally, said today it removed Sanjay Shrestha from his position as the chief financial officer of the company, effective immediately. The company said it appointed Julie Zhu as the acting CFO. No reason was given for the move. Sky Solar has developed projects in Asia, South America, Europe, and North America. Shares in the company plunged more than 7 percent in New York by mid-afternoon to 54 cents, off more than 4 cents per share.
Foxconn Cuts 50,000 Contract Jobs in China
(Reuters) - Apple Inc.'s (Nasdaq: AAPL) biggest iPhone assembler Foxconn Technology Group has let go around 50,000 contract workers in China since October, months earlier than normal, Nikkei reported on Friday.
The scale of the cuts is not necessarily deeper than previous years, it is simply significantly earlier, the report said, citing an industry source familiar with the situation.
"It's quite different this year to ask assembly line workers to leave before the year-end," the source told Nikkei.
Foxconn, formally known as Hon Hai Precision Industry Co Ltd, was not immediately available for a comment.
Earlier this month, Nikkei reported that Apple cut current quarter production plan for new iPhones by 10 percent in the face of slowing demand in China, the world's largest smartphone market.
China Confirms Vice Premier Liu to Visit U.S. for Trade Talks Jan. 30-31
BEIJING (Reuters) - Chinese Vice Premier Liu He will visit the United States on Jan. 30 and 31 for the next round of trade negotiations with Washington, China's commerce ministry said on Thursday, confirming earlier reports of the planned talks.
Liu's scheduled visit follows lower-level negotiations held in Beijing last week aimed at resolving a bitter trade dispute between the world's two largest economies ahead of a scheduled March 2 escalation of U.S. tariffs on $200 billion worth of Chinese goods.
Commerce ministry spokesman Gao Feng confirmed Liu's visit during a weekly press briefing.
A source familiar with White House planning for the negotiations said this week that Liu had accepted an invitation to go to Washington for talks with U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin on the last two days of January.
Renmin Tianli Changes Ticker Symbol to Reflect New Strategy
Renmin Tianli Group Inc. (Nasdaq: ABAC), which produces breeder hogs, market hogs and black hogs, as well as specialty processed black hog pork products, announced today it was changing its ticker symbol to "BIQI" effective Jan. 17. The company, based in Wuhan City, said the change was intended to reflect its strategy of expanding beyond hog farming and including investments and acquisitions in selected industries, including real estate. Renmin Tianli recently announced it purchased a 40 percent stake in Dalian Lianhui Hotel Co. Ltd. and a portfolio of industrial and residential properties from the Hubei Science and Technology Industrial Park.
China Advanced Construction Materials Regains Nasdaq Compliance
China Advanced Construction Materials Group Inc. (Nasdaq: CADC), a producer of construction materials for large scale infrastructure, commercial and residential developments, announced today it had regained compliance with Nasdaq's filing and annual meeting requirements. The Beijing-based company said it was notified Jan. 11 by Nasdaq officials that was approved for continued listing on the Nasdaq Capital Market after filing its Form 10-K on Dec. 10 for its fiscal year ended June 30, 2018, and its filing of Form 10-Q on Jan. 4. The company's annual meeting requirement was also reached as it filed Form 8-K on Dec. 27 disclosing its annual meeting of shareholders after they met earlier in the day.
Sohu.com Adopts Poison Pill Provision to Block Takeovers
Sohu.com (Nasdaq: SOHU) has instituted a poison pill provision to block any unwanted purchase of the company. The provision said it was to "deter coercive and unfair takeover tactics, including through the accumulation of shares in the open market or through private transactions," Sohu explained in a filing. Under terms of the provision, if a shareholder accumulates more than 15 percent of the company, without board approval, a potential suitor would have the right to buy one-thousandth of a preferred share for $200, making the takeover prohibitively expensive.
Sohu's American depositary shares closed at $18.19 today in New York, down more than 2 percent.
Dalian Wanda Group Posts Revenue Drop for Third Straight Year
SHANGHAI, (Reuters) - Chinese conglomerate Dalian Wanda Group’s revenue fell by 5.7 percent in 2018 as the company sought to relieve debt pressure by offloading domestic and overseas holdings amid a government crackdown on leverage and overseas acquisitions.
Total group revenues were 214.28 billion yuan ($31.70 billion), the company said on Saturday in a statement on its official WeChat account. It was the third consecutive year of falling revenues for the group.
The company did not disclose information about its profits for the year but said total assets fell 11.5 percent to 625.73 billion yuan.
Owned by tycoon Wang Jianlin, one of China’s richest men, Wanda has been squeezed by government pressure to cut down on what Beijing sees as irrational overseas deals.
Last year it offloaded stakes in cinema operator AMC Entertainment and Spanish soccer club Atletico Madrid, as well as some property developments.
The company recently filed for a U.S. initial public offering of its sports unit.
Huawei Canada Executive Leaves Post as Scrutiny of Company Grows
NEW YORK/OTTAWA (Reuters) - One of Huawei Canada's top executives on Friday disclosed he was leaving his post after more than seven years with the Chinese telecommunications equipment maker, which is facing heightened scrutiny over security issues from Canada and its allies.
Scott Bradley disclosed his departure as the company's senior vice president for corporate affairs in a post on LinkedIn that did not give a reason for the move. He could not immediately be reached for comment.
Huawei Technologies Co is under intense scrutiny in the West over its relationship with the Chinese government and U.S.-led allegations that its equipment could be used by Beijing for spying.
On Friday, sources told Reuters that Poland arrested a Huawei employee and former Polish security official on spying allegations, a move that could fuel Western concerns about the security of the company's technology.
Bradley was a key public spokesman for Huawei Canada, which has been under the spotlight since Canadian authorities in December arrested the chief financial officer of its parent company at the request of the United States.
Alibaba to Report Financials for Year End on Jan. 30
Alibaba Group Holding Ltd. (NYSE: BABA) said today that it plans to release its financial results for the fourth quarter before the markets open on Jan. 30.
Previously, for the three months through September, the Chinese e-commerce giant reported lower-than-expected sales growth. Its revenue increased 54 percent year-over-year to $12.4 billion, it said, amid macroeconomic uncertainty and trade war fears. That was its weakest growth rate in eleven quarters.
Alibaba has also lowered its guidance for the year by 4 to 6 percent to the range of between 375 billion yuan and 383 billion yuan ($54.4 billion to $55.6 billion) in a November statement. The guidance was below analysts' consensus of 395.75 billion yuan.
In early trading Friday, shares in Alibaba were down 97 cents, at $150.72 per American depositary share.
Huawei Releases Industry's First Data Center Switch Built for the AI Era
Today Huawei unveiled the industry's first data center switch built for the Artificial Intelligence (AI) era -- CloudEngine 16800, at its network product launch event for Spring 2019 themed "A CloudEngine Built for the AI Era".
Huawei defines three characteristics of data center switches in the AI era: embedded AI chip, 48-port 400GE line card per slot, and the capability to evolve to the autonomous driving network, and innovatively incorporates AI technologies into data center switches. The pervasive use of AI will help customers accelerate intelligent transformation.
Jupai Announces Changes to the Senior Management Team and the Board of Directors
Jupai Holdings Ltd (NYSE: JP), a third-party wealth management service provider in China, today announced changes to the senior management team and board of directors of the company.
Liang Li has resigned as the chief operating officer of the company, effective immediately, due to personal reasons. Linda Wong has been appointed as the COO and has resigned as the company's independent director and a member of the audit committee and nominating and corporate governance committee.
Guoping Yang, who is currently an independent director of the company, has been appointed as a member of the audit committee of the Board to replace Ms. Wong. Hongchao Zhu, who is currently an independent director of the Company, has been appointed as a member of the nominating and corporate governance committee of the Board to replace Mr. Wong.
NetEase Cloud Music Signs Partnership Deal in South Korea
NetEase Cloud Music, one of China's leading music streaming platforms owned by NetEase Inc. (NASDAQ: NTES), said it has entered into a partnership with CUBE Entertainment, one of the largest entertainment companies in South Korea. Under the partnership agreement, NetEase Cloud Music has been granted access to CUBE Entertainment's complete music catalog, including recordings from performers including BTOB, CLC, PENTAGON, Yoo Seon-Ho and (G)I-DLE. The strategic alliance with CUBE Entertainment expanded NetEase Cloud Music's Korean music library as the company looks to promote Korean music in China. Launched in April 2013, NetEase Cloud Music, with more than 600 million registered users, is among the most popular music platforms in China, targetting younger demographics.
Pingtan Marine Announces 12 New Vessels Deployed to Sea
Shares in Pingtan Marine Enterprise Ltd. (Nasdaq: PME) dropped more than 6 percent in early trading Thursday to $2.43 apiece despite the fishing company’s announcement that an additional dozen of its vessels have left the port of Fuzhou for operation in the international waters of the Indian Ocean.
The large-scale squid jigging vessels have been modified and rebuilt according to Pingtan’s renovation project this year, the company said. Of the 27 vessels undergoing remodeling, 8 have yet to be deployed to sea.
Ant Financial in Talks to Buy UK Payments Firm WorldFirst - Sky News
(Reuters) - Ant Financial Services Group, Chinese e-commerce giant Alibaba Group Holding Ltd.’s (NYSE: BABA) fintech affiliate, is in advanced talks to buy British currency exchange startup WorldFirst in a deal that could be worth more than 500 million pounds ($632.5 million), Sky News reported, citing sources.
Ant Financial, China's biggest online payments platform, has been in talks with WorldFirst for several months, according to the report.
"We don't comment on market rumors," an Ant Financial spokesperson said, when asked about the report.
WorldFirst did not immediately respond to a request for comment.
The Sky News report also said that it was unclear whether existing investors would retain a stake in WorldFirst, which was founded in 2004 in the basement of a house in South London.
China Fourth Quarter Business Confidence Index Lowest Since Second Quarter of 2017
BEIJING (Reuters) - Business confidence among entrepreneurs in China worsened in the fourth quarter compared with the previous one, and was at the lowest since the second quarter of 2017, according to a survey by the People's Bank of China published on Monday.
The entrepreneurs' confidence index dropped to 67.8 percent in the fourth quarter, 3.4 percentage points lower than in the third quarter, the central bank survey showed.
A separate PBOC survey of urban households showed a decline in the number of respondents believing housing prices will continue to rise in the next quarter. It found that 27.4 percent expect a price increase, down from 33.7 percent in the survey done three months ago.
White House Adviser Says Deal with China Difficult Without Deep Policy Changes
WASHINGTON (Reuters) - The United States and China might not reach a trade deal at the close of a 90-day negotiating window unless Beijing can agree to a profound overhaul of its economic policies, White House trade adviser Peter Navarro said.
In an interview with Japanese business daily Nikkei published on Friday, Navarro said it would be "difficult" to strike a deal without China being ready for a full overhaul of its policies for trade and industry.
Link Motion Announces a Change to its Board of Directors
Link Motion Inc., (NYSE: LKM), a smart car and smart ride company, today announced that Larry Chi, co-chairman of the company, has resigned from the company's board of directors due to personal reasons, effective as of December 19, 2018. Chi informed the company that his resignation did not result from any disagreement with the company on any matter relating to the company.
U.S., Allies to Condemn China for Economic Espionage - Washington Post
WASHINGTON (Reuters) - The United States and more than a dozen allies are expected on Thursday to condemn China for efforts to steal other countries' trade secrets and technologies and to compromise government computers, the Washington Post reported.
The U.S. Justice Department is expected later in the day to unveil criminal charges against hackers affiliated with China's main intelligence service for an alleged cyber-spying campaign targeting U.S. and other countries' networks.
The suspected hackers are expected to be charged with spying on some of the world's largest companies by hacking into technology firms to which they outsource email, storage and other computing tasks.
The governments are expected to accuse Beijing of supporting the massive hacking operation, known as Cloudhopper, saying that it violated the terms of agreements reached in late 2015 to curb cyber espionage for commercial purposes.
China Keeps Short-term Borrowing Rates Steady After Fed Hike
SHANGHAI (Reuters) - China's central bank left its short-term borrowing rates unchanged on Thursday, choosing not to follow its U.S. counterpart, which raised its benchmark rate just hours earlier.
The decision follows the bank's announcement Wednesday of a new lending tool, the Targeted Medium-Term Lending Facility (TMLF), aimed at spurring lending to smaller firms.
The People's Bank of China (PBOC) kept the interest rate on seven-day reverse bond repurchase agreements at 2.55 percent, and kept the 14-day reverse repurchase rate at 2.7 percent, it said in a statement Thursday.
On Wednesday, the U.S. Federal Reserve raised its benchmark fund rates, the fourth such increase this year, but the PBOC has only followed suit once, increasing its short- and medium-term interest rates by 5 basis points in March.
The world's two largest economies have adopted diverging policy paths this year, with China leaning towards an easing monetary and credit stance to reduce financial costs for private business and support the broad economy.
The PBOC has made four targeted reductions to the amount of money that banks are forced to hold in reserve, known as reserve requirement ratios (RRR), so far this year.
The 7-day reverse repo is a type of short-term loan the central bank uses to increase liquidity and influence other rates in the banking system.
AirMedia Announces Management Changes
AirMedia Group Inc. (Nasdaq: AMCN), an operator of out-of-home advertising platforms in China, today announced that Richard Wu, the chief financial officer of the company, had tendered his resignation as the CFO, effective from December 31, 2018. In his letter of resignation, Mr. Wu stated that he wish to retire from his professional capacity in order to spend more time with his family. The board accepted Wu's resignation and appointed Herman Guo, chairman and chief executive officer of the company, as the Interim CFO until a suitable candidate for CFO is identified.
Huazhu Group Limited Announces Cash Dividend
Huazhu Group Limited (Nasdaq: HTHT), a multi-brand hotel group in China, today announced that its board of directors has declared a cash dividend of 34 cents per ordinary share, or 34 cents per American depositary dhare. Holders of the company's ordinary shares or ADS at the close of trading on January 2, 2019 will be entitled to receive the cash dividend. Citibank, N.A., depositary bank for the company's ADS program, expects to pay out dividends to ADS holders on or around January 15, 2019. The total amount of cash to be distributed for the dividend is expected to be approximately $100.1 million.
As of September 30, 2018, the company had approximately $662.1 million in cash, cash equivalents and restricted cash.
LightInTheBox Completes Acquisition of Ezbuy, Names New Directors
LightInTheBox Holding Co. Ltd. (Nasdaq: LITB), an online retailer, today announced the closing of its strategic acquisition of Ezbuy Holding Co. Ltd., a Singapore-based leading cross-border e-commerce platform. The signing of the transaction was previously announced on Nov. 8. As a result of the transaction, the board appointed Jian He as chief executive officer and a director, Meng Lian as a director, and Zhiping Qi as vice chairman on Nov. 16.
Last month, LightInTheBox agreed to acquire Ezbuy for $85.55 million in exchange for non-interest bearing, one-year convertible promissory notes. The resignation of Zhiping Qi, the company's new CEO, was one of the closing conditions for the acquisition of Ezbuy and was not due to any disagreement with the company, LightInTheBox has previously said.
Trump: 'China talks are going very well'
WASHINGTON (Reuters) - U.S. President Donald Trump on Friday sounded an optimistic note about negotiations with China on trade issues, but did not offer any details in an early morning tweet, as major companies worried about how the arrest of a top Huawei executive would affect relations between Washington and Beijing.
"China talks are going very well," Trump wrote.
Baidu Prices Offering of $250 Million of Notes
Baidu Inc. (Nasdaq: BIDU), China's top internet search provider, announced today it priced its offering of $250 million of notes by a reopening of the company's existing 4.375 percent notes due 2024. The notes are expected to be listed on the Singapore Exchange Securities Trading Limited. Baidu said it expected to receive net proceeds from the offering of approximately $249 million, after deducting underwriting discounts and commissions and estimated offering expenses. The company intends to use the net proceeds from the offering to repay existing indebtedness and for general corporate purposes. The joint bookrunners of the offering are Goldman Sachs (Asia) L.L.C. and J.P. Morgan Securities LLC.
IQiyi Closes $750 Million Offering of Notes
IQiyi Inc. (Nasdaq: IQ) said today it closed the previously announced offering $750 million of convertible senior notes due 2023. The amount included the exercise of an option by investors to purchase an additional $100 million of notes beyond the original offering. The Beijing-based company, a top online entertainment service provider, said it received net proceeds of approximately $735.6 million after deducting discounts and commissions and estimated offering expenses.
China Ceramics Completes Offering of Stock, Warrants
China Ceramics Co. Ltd. (Nasdaq: CCCL), a leading maker of ceramic tiles in China, announced it completed a previously announced public offering of 1 million units to purchase up to 1 million shares of common stock and 500,000 warrants. The unit was priced at $1.27 and the 5-year warrants exercisable at $1.27 per share. The company said it expected to receive net proceeds of approximately $1.06 million. China Ceramics plans to use the proceeds from the offering to fund inventory, distribution expenses, vendor obligations outside of the PRC, as well as for general corporate and working capital purposes. Dawson James Securities Inc. acted as the Exclusive Placement Agent for the offering.
IQiyi Announces Exercise of $100 Million Option in Sale of Convertible Notes
IQiyi Inc. (Nasdaq: IQ) announced today the sale of an additional $100 million in aggregate principal amount of its 3.75 percent convertible senior notes due 2023. The additional notes were sold under the same terms of the previous sale of $650 million of notes on Nov. 30 and were expected to settle on Dec. 4. The aggregate proceeds from the offering, net of fees and estimated offering expenses payable by iQIYI, are about $735.6 million, the company said. IQiyi plans to use the proceeds to expand and enhance its content offerings, to strengthen its technologies and for working capital and other general corporate purposes.
Autohome Joins Chinese Gainers After Macquarie Coverage
Shares in Autohome Inc. (NYSE: ATHM) jumped more than 7 percent Monday afternoon after Macquarie Group Ltd. initiated coverage of the Chinese auto sales platform with an “outperform” rating.
Among the bursting Chinese ADSs Monday after the U.S.-China trade ceasefire, Autohome was one of the top gainers after analyst Wendy Huang at the Australian financial group issued a positive guidance on the company.
Intraday, it was trading up $5.94, at $88.28 per American depositary share.
(Source: Thomson Reuters Eikon)
Ant Financial Appoints Alibaba Executive Hu Xiaoming As Its President
According to Wall Street Journal, Ant Financial today appointed Alibaba Group Holding Ltd. senior executive Hu Xiaoming as its new president.
Mr. Hu, 48 years old, was most recently the president of Alibaba Group’s cloud-computing business. He joined the e-commerce giant in 2005 and was involved in the early development of Alipay, the popular mobile-payment network Alibaba later spun out to create Ant.
Hollysys Automation Details $48.6 Million in Recent Contracts
Hollysys Automation Technologies Ltd. (Nasdaq: HOLI), a provider of automation and control technologies and applications, announced it has recently won contracts with a total value of $48.6 million.
The largest contract, which has a value of $38.2 million, called on the company to provide 98 sets of Automatic Train Protection for high-speed trains. A second contract, worth $10.4 million, was for Hollysys to provide to the Henan section of the Zhengzhou-Wanzhou High Speed Railway a comprehensive set of highway signaling products.
"We feel excited about the significant high-speed rail contract win, which demonstrates our solid technology capability and our key market position," he company said in a statement. "In the future, Hollysys will continue to work closely with both national and provincial railway authorities. Leveraging our strong R&D capability, effective management and high-quality products and services, we will continue to make more contribution to China's railway construction and explore the vast rail and subway opportunities both in China and abroad, and to create value for our shareholders."
Hollysys shares were trading up slightly more than 1 percent to $19.18 per share in New York today.
Huami and Timex Group Announce Collaboration Agreement
Huami Corporation (NYSE: HMI), a smart wearable technology, today announced that it has entered into an agreement with Timex Group, a global leader in watchmaking for more than 160 years. Together, the companies will explore opportunities to develop new products and increase global presence in the smart wearables marketplace, pairing Timex's longstanding expertise as watchmakers with Huami's artificial intelligence technology, App design and manufacturing capabilities, to develop a new generation of smart watches.
In addition, the companies expect to explore and develop value-added services including e-payment, weight management, sports, fitness, and health care related services for users by leveraging Huami's cloud service platform and AI Technology, and Timex's unrivaled vertical integration capabilities in watchmaking.
Aurora Says Revenue Doubled, Loss Narrowed; Initiates $10 Million Share Repurchase
Aurora Mobile Ltd. (Nasdaq: JG) reported today that its revenue jumped 116 percent to $28.7 million during the third quarter, while its net loss dropped 63 percent to $1.3 million from a year ago.
Despite the improved financial performance, the stock of the Shenzhen company, which provides big data solutions to mobile app developers in China, ended Tuesday 16 cents lower on Wall Street, at $6.06 per American depositary share.
Aurora Mobile has initiated today a share buyback program to purchase up to $10 million of its ADSs over the next six months.
Fanhua Announces 25-Cent Dividend for Third Quarter
Fanhua Inc. (Nasdaq: FANH) set its regular quarterly dividend at 25 cents per American depositary share, to be paid on Dec. 20 to shareholders of record as of Dec. 5.
The Guangzhou-based financial services provider plans to release its third-quarter results on Nov. 20 after the market closes.
Shares in the company were trading down 2 percent Monday afternoon at $23 per ADS.
China Commercial Credit Announces New CEO, President
China Commercial Credit Inc. (Nasdaq: GLG), a luxury car rental service provider in Beijing, has appointed Jiaxi Gao as its new chief executive officer, president and a director effective Nov. 20. Gao replaces Chengguang Kang.
Mr. Gao served as the founder and CEO of Beijing Lexiang Technology (Beijing) Co. Ltd, a provider of auto finance services in China, from March 2016 to May 2018. Prior to that, Gao served as product architect for Baidu from January 2015 to February 2016. From August 2012 to August 2014, Gao was the founder and CEO of Beijing Kuwangke Technology Co., Ltd., which operated the video media app LEBO. Gao holds a bachelor’s degree in composition from Shenyang Conservatory of Music.
“I am honored that the board of directors has entrusted me with this leadership position," Gao said in a statement. "I look forward to collaborating with our stakeholders as we work to expand the luxurious car rental business to create shareholder value.”
The company also announced that the Compensation Committee approved issuance of 800,000 restricted shares as inducement for Gao to join the company with the shares scheduled to vest in four quarterly installments starting from January 2019.
ZTO Express Sees Big Jump in Revenue and Profits; Announces Share Repurchase
ZTO Express (Cayman) Inc. (NYSE: ZTO) reported today that its revenue for the third quarter jumped 34.7 percent to $616.6 million compared with a year earlier. Net income was $154.2 million, or 20 cents per fully diluted American depositary share, representing a year-over-year increase of 48 percent from $104.4 million, or 15 cents per share.
The Shanghai-based company, with nearly 17 percent of market share with 2.1 billion parcels deliver, said its volume increased nearly 37 percent from a year ago.
"ZTO achieved strong volume growth and generated sound financial performances during this quarter," said Meisong Lai, the company's founder, chairman and chief executive officer. \"According to a survey conducted by the China Postal Bureau, ZTO ranked first among China's leading express delivery companies for having the least customer complaints in the June through September period. Our strategy of achieving profitable volume growth and consistent market expansion is working effectively."
In a separate announcement today, the company also said its board of directors approved the repurchase of up to $500 million worth of its ADSs over the next 18 months.
"This share repurchase program reflects our confidence in the overall market opportunities as well as ZTO's solid operating fundamentals and financial strength for sustained profitable growth and value creation for our shareholders," Lai said.
ZTO, which climbed nearly 2 percent during the day to close at $16.08 per share, jumped an additional 42 cents per share in after-hours trading after the earnings were announced.
Farmmi Inc. Announces the Closing of a Private Placement for $7.5 Million
Farmmi, Inc. (Nasdaq: FAMI), an agriculture products supplier in China, today announced that it closed on November 8, 2018 a previously announced securities purchase agreement with an institutional investor, raising approximately $7.5 million in the private placement. After deducting offering expenses, the net proceeds will be used for general working capital purposes.
The securities sold by the company in the private placement consisted of (a) senior convertible note with an aggregate principal amount of $7.5 million which is initially convertible into an aggregate of 1,198,084 of the company's ordinary shares at $6.26 per share and (b) warrants to purchase an aggregate of 800,000 ordinary shares at an exercise price of $6.53 per share.
Baidu Prices $1 Billion Notes Offering
Baidu Inc., the top internet search provider in China, announced the pricing of its public offering of $1 billion in corporate notes. The offering consists of $600 million of 4.375 percent notes due 2024 and $400 million of 4.875 percent notes due 2028. The company said it expects to receive net proceeds from the offering of about $990 million and intends to use the proceeds to repay existing indebtedness and for general corporate purposes. The joint bookrunners of the offering are Goldman Sachs (Asia) L.L.C. and J.P. Morgan Securities LLC.
Ctrip Stock Tanks 18% Morning After Earnings Show Net Loss; Citi Downsizes Target
Shares in Ctrip.Com International Ltd. (Nasdaq: CTRP) tanked more than 18 percent in early trading Thursday after the company, Asia's largest booking platform, reported soaring net loss for the third quarter.
In a statement posted after-hours on Wednesday, Ctrip reported net loss of $165 million, or 30 cents per share, in contrast to income of $212 million a year ago.
In response, the stock of the booking giant shed $6.30 Thursday morning to $28.14 per American depositary share.
Meanwhile, Citibank analyst downgraded the company to "neutral" from "buy," and lowered its target price to $35 per share from $41.
(Source: Thomson Reuters Eikon)