Asia news & headlines
Latest breaking stories, features and analysis
- Top Glove’s net profit comes in 17 times higher than last year in Q4.
- The Malaysia company considers a secondary listing in Hong Kong.
- Top Glove forecasts a 25% growth in demand in the fiscal 2021.
Latest Asia news
Blockchain developer Zilliqa (ZIL) unveiled its 2020-2021 cohort of companies for its ZILHive Accelerator program, giving blockchain for FinTech and Open Finance (OpFi)-minded developers and investors eight new prospects to watch. The six-month accelerator works with early- and late-stage startups that plan to use Zilliqa’s blockchain platform to build blockchain for FinTech, and the more specific area of OpFi. The program, which started Au...
Semiconductor Manufacturing International Corporation (HKG: 0981) slid sharply in premarket trading on Monday as the United States expressed plans of prohibiting American companies from doing business with the Chinese firm. Consequently, the company lost £3.04 billion of market value. In related news, Verizon chose Samsung Electronics over Nokia as its 5G equipment supplier on Monday. Shares of the company tanked more than 20% in the stock market...
Anonymous sources confirmed on Friday that Yum China (NYSE: YUMC) is interested in listing on the Hong Kong Stock Exchange. As per the sources, the company will price its shares at £40.33 and expects to raise a total of £1.68 billion from its secondary listing in Hong Kong. The fast-food restaurant company, sources added, plans on selling a total of 41.91 million shares in its Hong Kong listing. The per-share price they highlighted represents a 4...
In an announcement on Friday, Nio Inc. (NYSE: NIO) expressed plans of expanding its operations to Europe. China’s largest electric car manufacturer listed in the United States in 2018 and is considered a competitor of the market-dominating, Tesla Inc. Shares of the company were reported about 7% up after an hour of market open on Friday to print an intraday high of £11.11 per share. On a year to date basis, Nio is currently more than 275% up in t...
Alibaba Group Holding Ltd. (NYSE: BABA) published its quarterly financial report on Thursday that came in stronger than what the analysts had anticipated. Earlier this year, Alibaba and its peer, JD.com, had made an unprecedented £110 billion of sales in China’s annual shopping festival, 618. Alibaba reported £5.25 billion of net income in the fiscal first quarter that translates to £1.91 per share. In the same quarter last year, its net income w...
JD.com Inc. (NASDAQ: JD) published its quarterly financial results on Monday that came in stronger than what the analysts had anticipated. The company said that its active customer accounts continued to grow in the fiscal second quarter. Shares of the company were reported 4.5% up in premarket trading on Monday. The Nasdaq-listed shares of JD.com are currently trading at £47.37 per share that marks an about 65% increase on a year to date basis. J...
Geely Automobile Holdings Ltd (OTCMKTS: GELYF) said on Monday that its profit in the first half (H1) of the ongoing fiscal year came in 43% lower on an annualised basis. The company attributed the decline to the Coronavirus pandemic that weighed heavily on the world’s largest auto market in recent months. Shares of the company slid about 12% on Monday. Including the intraday decline, Geely is now exchanging hands at £2.02 per share. In comparison...
Baidu Inc. (NASDAQ: BIDU) said on Thursday that its ad revenue tanked 8% on a year over year basis to £1.95 billion in the fiscal second quarter. The company, however, topped analysts’ estimates for adjusted profit and revenue in Q2. Baidu had also performed better than Wall Street expectations in its fiscal first quarter, as per the report published in May. Nasdaq listed shares of Baidu tanked about 7% in after-hours trading on Friday. Including...
Mitsubishi Corp (TYO: 8058) said on Thursday that it faced novel challenges in its fiscal first quarter due to the Coronavirus pandemic that disrupted businesses from across the globe. As a result, its net profit in Q1 saw a massive 77% decline. For the full year, Mitsubishi now forecasts a £2.14 billion hit to its profit due to COVID-19. Shares of the company ended almost flat on Thursday. It opened at £16.62 per share and closed at £16.57 per s...
Tencent Holdings Ltd (HKG: 0700) published its quarterly financial results on Wednesday that came in stronger than what the analysts had anticipated. The company, however, is confronted with novel challenges as President Donald Trump signed an executive order last week that labels WeChat as a security threat. As per the executive order, Tencent will face a ban in the United States if it doesn’t sell WeChat by mid-September. Tencent generates less...
In its annual report in March, SoftBank Group Corp. (TYO: 9984) had reported £6.87 billion of loss that represented its worst performance in history. The loss was primarily attributed to its Vision Fund that focuses on technology investments. The £76.31 billion Fund recorded roughly £12.97 billion of investment loss last year. Shares of the company noted an intraday decline of roughly 3% on Tuesday. At £45.62 per share, SoftBank Group Corp. is ab...
Saudi Aramco (Tadawul: 2222) said on Monday that its profit in the fiscal second quarter came in 73% lower. The company attributed the decline to the Coronavirus pandemic that weighed heavily on demand and fuelled a sharp plunge in oil prices in recent months. Shares of the company remained flat on average in premarket trading on Monday. The price action wasn’t interesting on market open either. Saudi Aramco is currently trading at £6.77 per shar...
Toyota Motor Corp. (TYO: 7203) revealed its net profit in the fiscal first quarter to have tanked 74% on Thursday. The company attributed the decline to the Coronavirus pandemic that pushed its factories into temporarily shutting down in recent months and weighed on global demand. Toyota fully resumed global output for the 1st time since February at the end of July. Shares of the company jumped about 3% on Thursday. At £49 per share, Toyota Motor...
Honda Motor Co. (TYO: 7267) said on Wednesday that it concluded its fiscal first quarter with a net loss due to the Coronavirus pandemic that pushed its production facilities into temporarily shutting down in recent months and weighed on demand across the globe. Honda recalled 85,000 vehicles last month in Indonesia over faulty fuel pumps. Shares of the company jumped just under 4% on Wednesday. At £20.35 per share, Honda is currently about 5% do...
British Petroleum (LON: BP) said on Saturday that it has invested £790 million in India’s Reliance Industries. The investment, it added, will get the British oil major a minority stake in Reliance’s fuel retail business. BP recently raised £9.50 billion via its first hybrid bonds issue. Shares of BP closed at £17.83 per share on Friday that represents a 40% decline year to date in the stock market after recovering from a low of £12.76 per share i...
Honda Motor (TYO: 7267) announced plans of investing in China’s Contemporary Amperex Technology (CATL) on Friday. The Japanese automaker said it will get a 1% stake in the EV (electric vehicle) battery manufacturer, following which, the two companies will partner to ramp up production of EV batteries. Honda was pushed into halting production in the UK due to COVID-19 in March. Shares of Honda Motor closed about 2% down on Friday. At £19.92 per sh...
In an announcement late on Thursday, China’s Bohai Bank said it raised £1.35 billion via its initial public offering (IPO) as it priced its offer at 49 pence a share. Originally, the Tianjin-based lender had indicated last month that its offer will include 2.88 billion shares and that it will price its shares between 49 pence and 51 pence. Bohai’s listing marks the biggest in Hong Kong in 2020 so far. The Standard Chartered-backed bank is now sch...