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Tag Archives: 58.com
China 58.com latest Business & Financial news from Doug Young, the Expert on Chinese High Tech startups, (former Journalist and Chief editor at Reuters)
When is a 92 percent profit increase reason for pessimism? The answer to that question would normally be “never”, but we’re seeing a rare case where a near-doubling in profit for leading online travel agent Ctrip (Nasdaq: CTRP) has sparked a sell-off in the company’s shares. Ctrip isn’t alone in the bearish trend, with rival Qunar (Nasdaq: QUNR) also moving steadily downward in the last 2 days after a spectacular IPO last week. If I were an investor, I wouldn’t worry too much about this sell-off, which looks largely technical. But both stocks could be set for a few months of slow or no growth, following their recent spectacular run-ups. Read Full Post…
A couple of items from China’s booming auto market are shining a spotlight on the sector’s big potential and also the looming risk of a government-led slowdown in a bid to control the nation’s worsening air quality. In the former category, online information provider Autohome has just made its first public filing for a New York IPO, becoming the latest in a sudden burst of tech firms to raise money outside China. The second news bit looks a bit more ominous, with media reporting the city of Beijing is sharply cutting its quota for new car sales in a bid to improve local air quality. That could be the first sign of a looming slowdown for national auto sales if other cities follow suit, which could easily happen. Read Full Post…
Two highly successful IPOs late last week by Chinese tech firms may officially mark the arrival of spring for such offerings after a long winter. But now that spring has finally come on so strong, the new question becomes: Is an overheated summer on the way? My answer to that question is “quite possibly”, following the very strong debut last Friday for Qunar (Nasdaq: QUNR) the fast-rising online travel site that hopes to someday take on industry leader Ctrip (Nasdaq: CTRP). Qunar’s meteoric debut follows the strong opening a day earlier for online classified advertising site 58.com (NYSE: WUBA), which rose 41 percent on its first trading day. Read Full Post…
How quickly things can change! China tech stocks are suddenly back in vogue on Wall Street after more than 2 years of frigid sentiment, as evidenced by an unexpected surge in demand for 2 new offerings from classified ads site 58.com (NYSE: WUBA) and online travel agent Qunar. My initial reaction to the strong demand is relief, since it previously looked like shares of Chinese tech firms might remain in an endless winter after a series of accounting scandals in 2011 that rocked investor confidence. But now I’m just a bit concerned that this sudden explosion in interest may lead to unrealistic expectations for these companies, causing turbulence for their shares.
Anyone who was worried that the recent short-seller attack on security software provider NQ Mobile (NYSE: NQ) might hurt broader sentiment towards Chinese firms on Wall Street can relax, following word that 1 of 2 upcoming IPOs is drawing strong investor interest. That’s my quick assessment, based on a report that online travel agent Qunar has sharply boosted the price range for its upcoming IPO that will probably launch in the next few days. That could mean another IPO from online classified jobs site 58.com should also price well later on Thursday before its New York trading debut. Meantime, NQ continues to struggle as it comes under yet another attack and a string of rumors about clients who are cutting business ties with the company. Read Full Post…
The long-awaited spring for New York IPOs by Chinese tech firms is quickly gaining momentum, with online lottery site 500.com and app developer Sungy Mobile making their first public filings for new listings. At the same time, online classified advertising site 58.com has provided new data on its first-ever profits as it prepares to list next week. While this sudden flood of offerings looks good for Chinese tech firms that have been waiting up to 2 years to list, the mini-rush also carries the risk of diluting investor attention and dampening demand for some of the smaller players. Read Full Post…
The following press releases and media reports about Chinese companies were carried on October 23. To view a full article or story, click on the link next to the headline.
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China’s return to work following the weeklong National Day holiday has seen a sudden acceleration in the IPO plans by leading online classified advertising site 58.com, which has just made its first public filing for a New York listing. Interestingly but certainly not surprisingly, the company has suddenly turned profitable just in time for the listing. At least some Chinese media are questioning the sudden move into the profit column, and indeed such swings are often the result of creative accounting done to boost investor demand. Still, the offering looks like a potentially interesting one, following the successful debut of online game developer Forgame (HKEx: 484) in Hong Kong last week. Read Full Post…
The following press releases and media reports about Chinese companies were carried on October 9. To view a full article or story, click on the link next to the headline.
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Yum (NYSE: YUM) Warns China Sales Unlikely To Rise In Q4 (English article)
58.com Turns Profitable Before IPO As Advertising Expenses Fall (Chinese article)
Qihoo 360 (NYSE: QIHU), Sogou Search Traffic Share Up in September (English article)
Ford (NYSE: F) Comes From Behind In China To Stun Japanese Rivals (English article)
AgBank (HKEx: 1288) Gets Approval For Frankfurt Branch (HKEx announcement)
As China gets back to work after the weeklong National Day holiday, Chinese tech firms are also embarking on their own year-end drive to make IPOs in both New York and Hong Kong, hoping to end a sluggish 2 year period for such new listings. The signs certainly look positive for upcoming offerings, at least based on the strong trading debut for web game developer Forgame (HKEx: 484) last week. That could be good news for online classified ad site 58.com, whose prospectus for a New York IPO could soon be publicly released as it aims to become only the second major New York IPO by a Chinese firm this year. Read Full Post…
The following press releases and media reports about Chinese companies were carried on September 27 to October 1. To view a full article or story, click on the link next to the headline.
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China Mobile (HKEx: 941) Guangdong Unit Announces 4G Package (Chinese article)
Xiaomi MIUI Store to Remove Qihoo 360 (NYSE: QIHU) Apps (English article)
58.com to Submit IPO Prospectus to SEC By End September – Source (English article)
China To Offer Tax Breaks To Solar Power Manufacturers (English article)
Lenovo (HKEx: 992) Aims At Apple, Samsung With New VIBE Brand Smartphones (Chinese article)
