|Bid||168.85 x 900|
|Ask||168.92 x 800|
|Day's Range||168.64 - 170.00|
|52 Week Range||129.77 - 195.72|
|Beta (3Y Monthly)||1.84|
|PE Ratio (TTM)||48.43|
|Earnings Date||Oct 31, 2019 - Nov 4, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||222.10|
(Bloomberg) -- Chinese artificial intelligence startup Megvii is filing documents soon for a Hong Kong initial public offering that could raise as much as $1 billion, people familiar with the matter said, proceeding despite a market downturn spurred by pro-democracy protests across the financial hub.The owner of facial-recognition platform Face++ plans to submit an IPO filing to the Hong Kong Stock Exchange as soon as Friday, one of the people said, asking not to be named because the matter is private. Megvii declined to comment.Megvii is moving forward even as other companies pump the brakes on their Hong Kong listing ambitions, wary of months of protests that have gripped the city. Alibaba Group Holding Ltd., a backer of Megvii’s, is among those that are gunning for a Hong Kong listing but have held back to gauge investors’ reception.Megvii’s offering may face particular challenges. It would be the first in a coterie of Chinese AI companies to go public, raising money that would help further China’s effort to lead the sector by 2030. Donald Trump’s administration has raised the alarm about China’s ambitions in technology, which may erode the interest of U.S. money managers in the country’s AI startups."It’s a bit political," said Mark Tanner, founder of Shanghai-based research and marketing company China Skinny. “Trump’s big concern is that China has the aspiration to be the leader in AI.”Megvii’s filing will kick off the formal process for an IPO, though it could be months before its actual debut. Megvii competes with SenseTime Group Ltd. -- also backed by Alibaba -- in facial and object recognition technology and Internet of Things software.The seven-year-old outfit now provides face-scanning systems to companies from iPhone-maker Foxconn Technology Group to Lenovo Group Ltd. and Ant Financial, the payments giant that supports Alibaba’s e-commerce business. Its facial recognition technology has provided verification services to more than 400 million people, Megvii said in a statement in January.Beyond commerce, the company is also building software for sensors and robots. And the Chinese government is a client: Megvii’s AI technology has been used by authorities in more than 260 cities and helped police arrest more than 10,000 people, it said in January. The company last raised $750 million in a Series D financing round in May from investors including China Group Investment, ICBC Asset Management (Global), Macquarie Group and a unit of the Abu Dhabi Investment Authority. Its other backers include Boyu Capital, Ant, SK Group, Foxconn, Qiming Venture Partners and Sinovation Ventures.Megvii could have a first mover’s advantage."IPOs have been pretty disappointing in the past few months, but since AI is a hot category at the moment it could gain more traction," said Tanner.(Adds analyst comment in the fifth paragraph.)To contact the reporter on this story: Lulu Yilun Chen in Hong Kong at email@example.comTo contact the editors responsible for this story: Peter Elstrom at firstname.lastname@example.org, Edwin Chan, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- For years, Pinduoduo Inc. had little clue about the whereabouts of millions of parcels delivered every day to its shoppers’ doorsteps. Now it’s finally getting ready to take back control of that valuable data -- from Alibaba.China’s No. 3 e-commerce platform has since its inception relied on much larger Alibaba Group Holding Ltd. and its Cainiao unit to track and handle some $70 billion of annual shipments, meaning its rival enjoyed an unparalleled overview of PDD’s nationwide activity and customers’ shopping habits. That’s finally changing thanks to PDD’s new in-house shipping information technology, said David Liu, Pinduoduo’s vice president of strategy.Beyond freeing itself from a dependence on its rival, PDD’s approach presents a threat to Alibaba’s dominance of Chinese e-commerce shipping data, mined by companies in industries from retail to healthcare for insights into consumer behavior. It’s a lead built starting back in 2014, when Cainiao pioneered a so-called e-waybill system that tracks goods via shipping labels, and that shares real-time locations. That innovation became the de facto standard, adopted by couriers from SF Express to ZTO and helping Alibaba’s own shopping sites operate more efficiently.“It’s key for us to grasp this data,” PDD’s Liu said in an interview after the company unveiled stronger-than-expected quarterly results. “All the third-party logistics companies have welcomed us as another platform that brings some checks and balances in the industry.”Read more: Ex-Google Engineer Builds $1.5 Billion Startup in 21 MonthsPinduoduo has grown to such a scale it wants to wrest back its own logistics data. The shopping app -- known for cheap deals and gamified experiences -- is luring new users from China’s rising middle-class. In June, customers from Tier 1 and 2 cities contributed almost half of Pinduoduo’s gross merchandise volume, or value of goods sold, up from 37% in January. On Wednesday, it reported a 169% leap in revenue for the June quarter, triggering a 15% share surge.PDD’s in-house system now hooks up and shares information, such as unique identifiers for individual products, between merchants, couriers and shoppers. In March, the Shanghai-based online retailer launched its own variant of Cainiao’s system and as of now, almost all orders generated on PDD’s platform -- an average of 40 million per day -- have migrated to the new system, Liu said.“For any e-commerce platform, logistics is a very important part of creating a good shopping experience,” said Shawn Yang, a Shenzhen-based analyst with Blue Lotus Capital. “Pinduoduo wants to provide cheap delivery and better service, otherwise Alibaba will have a huge edge over it.”Pinduoduo isn’t charging fees for its e-waybills for now. In the long run, Liu said, the company could monetize by helping merchants use Pinduoduo’s data to lower delivery costs. While Pinduoduo won’t build its own warehouses or fleet, it will invest in technologies like AI-powered routing to create an “asset-light” logistics network, PDD founder and chief executive Colin Huang told analysts on a conference call after announcing earnings.To contact the reporter on this story: Zheping Huang in Hong Kong at email@example.comTo contact the editors responsible for this story: Edwin Chan at firstname.lastname@example.org, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Salesforce.com Inc. gave a revenue forecast that topped Wall Street’s estimates, signaling the maker of cloud-based applications will continue to see rapid growth due to an expanding product lineup and its latest acquisitions.Revenue will be as much as $4.45 billion in the period ending in October, the San Francisco-based company said Thursday in a statement. Analysts projected $4.18 billion, according to data compiled by Bloomberg.Chief Executive Officers Marc Benioff and Keith Block have charted a new path for the market leader in software for managing customer relationships. This month, the company closed its biggest deal ever, buying Tableau Software Inc. for $15.3 billion and announced an agreement to acquire ClickSoftware Technologies Inc. for $1.35 billion. The Tableau purchase will take Salesforce into the analytics market and help it maintain a torrid pace of growth, even as the company turns 20 years old.Adjusted profit will be 65 cents a share to 66 cents a share in the current period, in line with analysts’ estimates. Salesforce also increased its annual revenue forecast to a range of $16.75 billion to $16.9 billion from $16.45 billion to $16.65 billion.“Their guidance for the year, which includes Tableau, came in above the Street’s expectations,” said Pat Walravens, an analyst at JMP Securities. “It’s looking pretty good.”Shares rose about 7% in extended trading after closing Thursday at $148.24 in New York. The stock has climbed 8.2% this year.Tableau will continue to be operated as a separate brand within Salesforce. When the company announced the acquisition, Benioff said that Seattle, where Tableau is based, will become the site of Salesforce’s second headquarters.In addition to deal-making, the software maker has expanded internationally in an effort to grow sales by more than 20% each quarter. Salesforce announced in July that it would partner with Alibaba Group Holding Ltd. to offer its cloud-based applications in China, even amid a trade war between that country and the U.S. Revenue from the Asia Pacific region increased 26% in the fiscal second quarter, the company said.Sales in the fiscal second quarter increased 22% to $4 billion. Analysts, on average, estimated $3.95 billion. Profit, excluding some items, was 66 cents a share, compared with analysts’ average projection of 47 cents.Daniel Elman, an analyst at Nucleus Research, said investors lowered their expectations leading into the quarter amid a general slowdown in the technology sector and concern that Tableau wouldn’t fold into the company smoothly.“One of the things they harp on about at their conferences is that they are able to keep growing at this pace,” Elman said. “They showed they are still able to perform and meet the benchmarks they set.”Revenue from Sales Cloud, the company’s flagship product, grew 13% to $1.1 billion in the quarter. The company leads the market for sales-tracking software.Service Cloud sales increased 22% to $1.1 billion. The software maker has relied more on this product for growth, taking advantage of businesses’ need for new tools to communicate with the customers.Net income was $91 million, or 11 cents a share, compared with $299 million, or 39 cents a share, a year earlier.(Updates with comments from analyst in the ninth paragraph)\--With assistance from Cecilia Esquivel.To contact the reporters on this story: Nico Grant in San Francisco at email@example.com;Olivia Carville in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jillian Ward at email@example.com, Andrew Pollack, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Fed and manufacturing news, retail updates, including Target's (TGT) impressive report, why Alibaba (BABA) is a Zacks Rank 1 (Strong Buy) stock, and more on this episode of Free Lunch here at Zacks.
Alibaba Group’s Tmall, China’s premier B2C platform for brands and retailers, today announced its lineup of designers that will hit the runway at New York Fashion Week this September. The “Tmall China Cool” showcase will take place Wednesday, September 4th – the first day of NYFW: The Shows – and will feature a slate of Chinese designers including Peacebird, THREEGUN, RiZhuo as well as emerging designers SONGTA and i-am-chen. Tmall’s partnership with NYFW: The Shows aims to cultivate and showcase fashion talent and creative culture in China.
Alibaba, Dillard's, Coca-Cola, McDonald's and Comcast highlighted as Zacks Bull and Bear of the Day
Alibaba (BABA) pushed back its planned secondary stock listing in Hong Kong. Alibaba aimed to raise as much as $20 billion through the listing.
Alibaba (BABA) has been upgraded to a Zacks Rank 1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
Mohamed El-Erian Says Europe Headed Down Mohamed el Erian, chief economic adviser of Allianz, doesn’t have a greatly optimistic view of the European economy. He says there is a 70% chance of the continent plunging into a recession. The United Kingdom, Italy, and Germany are all paralyzed by domestic issues including Brexit, a broken government, […]The post Market Morning: Europe Falters, Alibaba Postpones On Hong Kong, appeared first on Market Exclusive.
HONG KONG/NEW YORK (Reuters) - China's biggest e-commerce company Alibaba Group Holding Ltd has delayed its up to $15 billion listing in Hong Kong amid growing political unrest in the Asian financial hub, two people with knowledge of the matter told Reuters. Alibaba's Hong Kong-listing plans are being closely watched by the financial community for indications on the business environment in the Chinese-controlled territory and provides a window into Beijing's reading of the situation. While no new timetable has been formally set, Alibaba could potentially launch the deal as early as October, still seeking to raise $10 billion-$15 billion, depending on whether political tensions had eased and market conditions became more favorable, one of the people said.
HONG KONG/NEW YORK (Reuters) - China's biggest e-commerce company Alibaba Group Holding Ltd has delayed its up to $15 billion listing in Hong Kong amid growing political unrest in the Asian financial hub, two people with knowledge of the matter told Reuters. Alibaba's Hong Kong-listing plans are being closely watched by the financial community for indications on the business environment in the Chinese-controlled territory and provides a window into Beijing's reading of the situation. While no new timetable has been formally set, Alibaba could potentially launch the deal as early as October, still seeking to raise $10 billion-$15 billion, depending on whether political tensions had eased and market conditions became more favourable, one of the people said.
Investing.com - Chinese e-commerce giant Alibaba Group Holdings Ltd (NYSE:BABA) is postponing its plans to issue secondary offering in Hong Kong amid the ongoing political unrest in the city, Reuters reported on Wednesday citing two unnamed people with knowledge of the matter.
(Bloomberg) -- Alibaba Group Holding Ltd. may launch its mega share sale in Hong Kong as soon as October, Reuters reported, kicking off what could be the city’s biggest listing in a decade.The e-commerce giant had intended to float its stock in August before protests spread across the city and clouded sentiment, Reuters cited unidentified people as saying. Alibaba declined to comment.Alibaba filed confidentially for a Hong Kong listing earlier this year, setting in motion potentially the city’s biggest share sale since 2010. It’s said to have picked China International Capital Corp. and Credit Suisse Group AG as lead banks for an offering in the second half of 2019, though Alibaba hadn’t finalized timeframe nor fundraising targets. But that plan ran into pro-democracy protests that turned violent, spooking investors.Alibaba has ridden a surge in Chinese online commerce alongside an increasingly affluent middle class. But it faces new challenges in sustaining growth as the world’s No. 2 economy slows, and China clashes with the U.S. over trade.Read more: Alibaba Is Said to Have Filed for a Hong Kong Mega-Listing (1)To contact the reporter on this story: Lulu Yilun Chen in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Peter Elstrom at email@example.com, Edwin ChanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The experienced executive will help the ad-buying platform tap into one of the world's most important markets for digital advertising.