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Growing middle-class income could mean increased spending on consumer products and services in emerging markets.
Alibaba Group Holding Limited
The Coca-Cola Company
New Oriental Education & Technology Group Inc.
Vipshop Holdings Limited
Huazhu Group Limited
Tata Motors Limited
Grupo Televisa, S.A.B.
Companhia Brasileira de Distribuicao
LG Display Co., Ltd.
Gol Linhas Aereas Inteligentes S.A.
Yiren Digital Ltd.
Jumei International Holding Limited
Tupperware Brands Corporation
Fang Holdings Limited
NetEase (NASDAQ: NTES), the Chinese gaming company, has confirmed it's pursuing a secondary listing on the Hong Kong Stock Exchange. In a Securities and Exchange Commission filing, NetEase announced that it has filed a listing application with the Hong Kong Stock exchange. The Nasdaq exchange will remain the company's primary listing venue.
(Bloomberg) -- When Justin Sun met Warren Buffett for dinner in January, he wasn’t seeking advice on stocks. The crypto mogul had spent a record $4.6 million at a charity auction for the opportunity to lecture the world’s most famous investor on the benefits of Bitcoin.It was exactly the sort of behavior that Sun’s known for -- abrasive, ostentatious and, ultimately, impossible to ignore. Like the $200 billion crypto industry itself, he is young and hungry for the respect of traditional financiers like Buffett, who deems Bitcoin basically worthless.Still shy of his 30th birthday, Sun founded one of the largest blockchain platforms, Tron, in 2017 and turned it into a virtual Las Vegas with gambling apps. He’s rubbed shoulders with Apple Inc. and Alibaba Group Holding Ltd. founders, hired celebrity endorsers like the late Kobe Bryant and drawn accusations of plagiarism, which he has denied, more than once. What he says and does can move crypto prices, and his aggressive acquisitions have earned him both admiration and notoriety in the blockchain community on his way to consolidating power.“I’m a true believer of blockchain. It’s once in a lifetime,” he said in a rare in-depth interview from a luxury office suite overlooking Hong Kong’s Victoria Harbour. “It’s only people who don’t understand it who question me.”Making his personal fortune by embracing Bitcoin as early as 2012, and now by his own account worth somewhere in the hundreds of millions of dollars, Sun is part of a second wave of crypto entrepreneurs who envision putting more than just digital money and payments on a decentralized platform. Last week, Sun and his team touted an upcoming major update to Tron, which will include more privacy features and enterprise applications.Newer blockchains like Tron let developers build so-called decentralized apps, or dapps, on their platforms. Ethereum is the foremost among them, with its co-founder Vitalik Buterin offering a simple analogy: if Bitcoin is a pocket calculator, platforms with dapps are akin to smartphones. But unlike Android or iPhone apps, dapps are decentralized in the sense that they aren’t run on one server or by any single entity.Sun’s Tron has 342 active dapps and more than 230,000 users, both roughly half Ethereum’s totals, according to data tracker Dapp Review. It’s been accused by researchers like Digital Asset Research of copying Ethereum’s code without attribution, and by Buterin himself of stealing words from other projects’ whitepapers. Tron and Sun have denied both accusations.The bulk of business done on Tron today revolves around the largely unregulated field of crypto gambling, with a January Dapp Review report describing it as “Las Vegas on the blockchain.” In the first quarter, casino dapps comprised 92% of Tron’s $411 million total transaction volume, according to the Binance-owned researcher. Sun said the Dapp Review estimate was inaccurate and over-stated the gambling activity on the Tron blockchain. In fact, such transactions are only a fraction of the total, he said.Sun “identified niche customer bases, namely gamers and gamblers, that have great reasons to use blockchain, drive a lot of transactions, and are crypto savvy,” said Matthew Graham, chief executive officer of Sino Global Capital, a Beijing-based blockchain consultancy.Since its inception, Tron has been augmented with the acquisitions of live-streaming service DLive, briefly the exclusive online home of YouTube star PewDiePie, and file-sharing service BitTorrent Inc. Through a partnership with Samsung Electronics Co., Tron dapps can be downloaded via one of the world’s most widely distributed mobile app stores.Sun has proven himself an able marketer, raising $800,000 in under five minutes through a public token sale for his lending platform, called Just. He also commands an audience of two million Twitter followers.But he’s also been challenged on basic information. While Sun said he often covers the $5 million quarterly operational costs for Tron, Ryan Dennis, a spokesman for the nonprofit Tron Foundation that coordinates the blockchain platform’s operations, denied that figure -- saying they won’t be able to get accurate cost numbers “due to the coronavirus pandemic changing everything on a day-to-day basis.”As a sociology student in the U.S., Sun founded an online magazine about current affairs -- though it closed after he was accused of plagiarism by another author. Sun has denied the accusation, saying he merely imitated the author’s style.He then made the switch to tech.After an unsuccessful attempt to set up China operations for American crypto company Ripple in 2014, Sun went back to the drawing board with $5 million of venture-capital money from backers like IDG Capital and ChinaEquity Group. He tried almost every hot idea in China’s internet space, finally finding success in Peiwo, which let users connect with random strangers via voice messages. That app would later be slammed by China’s top state news agency for spreading vulgar and pornographic content.On social media, he billed himself as Alibaba co-founder Jack Ma’s first millennial protégé, since he was picked up in 2015 by the billionaire’s MBA program. When fellow tech entrepreneurs ran into cash crunches, he was often quick to say he would lend them money. He said he had a 100 million-yuan ($14 million) charity budget for 2019, part of which was distributed in cash giveaway campaigns via his Weibo account.Sun’s dinner with Buffett is still the banner image on his Twitter profile. The meeting had been scheduled for last July, but three days before the planned date Sun rescheduled, citing a bout of kidney stones. Later that week, he took a selfie and then live-streamed himself with San Francisco’s Bay Bridge in the background to rebut a news report that he was under Chinese border control. He then apologized on Weibo to the Chinese regulators and public for his “excessive self-promotion.” He was banned from the microblogging site at the end of 2019. (Sun now has a team, including a photographer, to manage his Twitter and Instagram accounts.)Read more: Buffett Lunch Mystery Deepens as His Date Apologizes to SocietyWhen Sun finally sat down with Buffett, his entreaties crashed against a wall of skepticism.“It’s not just Buffett, the Chinese government also has the same attitude,” Sun said.Sun shut down his Beijing offices last year, after China launched a renewed crackdown on a crypto industry it views with suspicion. He said he hasn’t returned to mainland China since the end of 2018, though he’s not prohibited from doing so.During the Covid-19 pandemic, the jet-setting entrepreneur has been stuck in Hong Kong. But he has continued to stumble into controversy. In February, Sun bought the social network Steemit, billed as “owned and operated by its users,” along with 30% voting control over its platform. Fearing that gave Sun too much power, part of the Steemit community temporarily froze his stake and then split the blockchain into a whole new branch.“His playbook might be the optimal strategy during the early barbaric growth period of the crypto industry,” said Wayne Zhao, analyst and managing partner of researcher TokenInsight. “You are nothing without people’s attention, no matter if it’s good or bad.”(Updates with Sun’s comment in the eighth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- JD.com Inc. and NetEase Inc. have won approvals to forge ahead with their Hong Kong share sales that could raise billions of dollars, as political turmoil leaves the city’s status as an international finance center clouded in uncertainty.Hong Kong Exchanges & Clearing Ltd. approved the secondary listing applications by the U.S.-listed Chinese tech companies, according to people familiar with the matter, asking not to be identified discussing private matters. Online gaming firm NetEase filed a preliminary prospectus with the exchange later on Friday, a confirmation that it has received the official green light.NetEase plans to list in Hong Kong on June 11, while China’s No. 2 online retailer JD aims to debut on June 18, Bloomberg News has reported. JD’s stock sale could raise at least $2 billion to help the e-commerce firm shore up its position in an increasingly competitive home market.Representatives for Hong Kong’s stock exchange, JD and NetEase declined to comment.Escalating tensions between Washington and Beijing are increasing risks for Chinese companies like JD and NetEase who seek to broaden their investor base. U.S. capital markets are becoming frosty toward Chinese firms, and fears over the impact of national security legislation set to be imposed on Hong Kong, including the resumption of protests in the city, have sent the local market into convulsions.What Hong Kong Losing Its ‘Special Status’ Would Mean: QuickTakeThe twin debuts would follow Alibaba Group Holding Ltd.’s $13 billion Hong Kong stock sale last year, hailed as a homecoming for Chinese companies and a win for Hong Kong stock exchange, which lost many of the largest tech corporations to U.S. bourses because it didn’t allow dual-class share voting at the time -- a requirement that’s since been relaxed.Shares in U.S.-listed Chinese companies have see-sawed since senators overwhelmingly approved legislation on May 20 that could bar the country’s firms from American exchanges. The decision cast a pall of uncertainty over hundreds of billions of dollars of shares in some of the world’s best-known companies.(Adds NetEase filing in second paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
In this article we will take a look at whether hedge funds think New Oriental Education & Technology Group Inc. (NYSE:EDU) is a good investment right now. We check hedge fund and billionaire investor sentiment before delving into hours of research. Hedge funds spend millions of dollars on Ivy League graduates, unconventional data sources, expert […]
Fang Holdings Limited (NYSE: SFUN) ("Fang" or the "Company"), a leading real estate Internet portal in China, today announced that it had filed its annual report on Form 20-F for the year ended December 31, 2019 (the "annual report") with the U.S. Securities and Exchange Commission (the "SEC") on May 27, 2020.
Colgate-Palmolive (NYSE: CL) has built a business over the centuries that is essential to practically every consumer's everyday life. The company continues to expand its global footprint, and it actually derives three-quarters of its revenue from emerging markets, which could be considered one of the few risks associated with an investment in its stock, though it also presents a world of opportunity to cash in on rising disposable income levels. Coupled with an enviable record of sharing its success by returning value to shareholders, it's easy to see why Colgate's stock fits into a dream retirement portfolio.
President Donald Trump said the U.S. will revoke its special treatment for Hong Kong and sanction Chinese government officials, among other measures, on Friday.
Altaba is seeking permission from the Delaware courts to make an initial distribution of cash to its shareholders as part of a liquidation plan it unveiled last year.
When investors worry about a possible recession, they will often rotate out of economically sensitive stocks into sectors that are less affected by weakness. CME Group (NASDAQ: CME) is one of the biggest options and futures exchanges in the world. The company runs the Chicago Mercantile Exchange, the Chicago Board of Trade, and the New York Mercantile Exchange.
Warren Buffett considers one basic principle, elementary probability, the core of his investing philosophy, helping him to identify tremendous stock opportunities.
The idea of crippling Chinese capitalism by denying it New York Stock Exchange or Nasdaq ticker symbols is outdated, analysts say.
(Bloomberg Opinion) -- The IPO market just got a shot of caffeine from JDE Peet’s BV. Don’t expect other consumer listings to get such a rush.The owner of Peet’s Coffee, Douwe Egberts, Kenco and Tassimo on Friday priced shares in its initial public offering at 31.50 euros, in the upper half of the offering range, valuing the company at 15.6 billion euros ($17.3 billion), and rose to about 35.50 in mid-morning trading.The biggest European IPO this year, pulled off in a swift 10 days, is a remarkable feat for a consumer business in the midst of a pandemic and a looming global recession. But JDE Peet’s has been uncannily well-placed to capitalize on changing consumer habits during lockdown, the prospects for reopening and a resurgence in equity markets. The Dutch company was floated by JAB Holding Co., the investment fund backed by Germany’s billionaire Reimann family. Cornerstone investors, including funds run by George Soros’s firm, had agreed to take up a third of the offering, setting the tone.In a world crowded with coffee chains, JDE Peet’s gets 80% of its sales from coffee that is drunk at home. That meant it benefited as corner cafes shuttered and people working from home were forced to become their own baristas. Now that they can start going out again, it’s ready to serve them their favorite hot beverage too at the Peet’s Coffee chain. And just as Nestle SA benefited from people looking to stock up on the Starbucks-branded coffee it sells in supermarkets, so JDE Peet’s may gain new customers at its cafes if they discovered its products in the grocery store during lockdown. As consumers navigate post-lockdown life, JDE Peet’s looks well insulated. That may explain why the valuation, as of mid-morning trading, is approaching that of Starbucks Corp. on a calendar 2019 enterprise-value-to-Ebitda basis. With consumers likely pulling in their purse strings, homemade coffee may be more popular than pricey takeaway lattes. Yet the valuation may also reflect optimism about reopening, and expectations that people will be eager to get out and about. Early indications from U.S. retailers, such as discount-chain owner TJX Cos Inc. and even department store Macy’s Inc., are that sales have been stronger than expected since Americans were able to shop in person once again.And let’s not forget about the IPO timing with stock markets gaining from their lows in March. That may be one reason why Peet’s was so keen on an accelerated book build: to avoid any sudden market turbulence.The fortunate confluence of factors may not come together for other consumer-facing groups looking to float or spin off a division. L Brands Inc.’s desire to eventually separate its Victoria’s Secret lingerie chain comes to mind. It was grappling with a tired image and too many stores even before the Covid-19 outbreak.As for Peet’s, the successful float leaves it with firepower for further acquisitions. It plans to use the proceeds to cut debt — it aims to reduce the leverage ratio from 3.6 times to below 3 times by the end of the first half of 2021 — but it gets an acquisition currency in the form of equity.Competition for coffee assets has been intense. There was a flurry of deals two years ago with JAB’s $2 billion purchase of Pret A Manger, which sells coffee as well as food to go; Coca-Cola Co.’s $5.1 billion swoop on Costa Coffee; and Nestle’s $7 billion deal for the rights to sell Starbucks coffee in supermarkets.But JDE Peet’s could get lucky here, too, particularly in the market for drinking coffee outside the home. With the lockdown-induced distress in malls and on main streets, it may be able to grab something to go for a better price.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
A U.S. judge on Thursday said institutional investors, including BlackRock Inc and Allianz SE's Pacific Investment Management Co, can pursue much of their lawsuit accusing 15 major banks of rigging prices in the $6.6 trillion-a-day foreign exchange market. U.S. District Judge Lorna Schofield in Manhattan said the nearly 1,300 plaintiffs, including many mutual funds and exchange-traded funds, plausibly alleged that the banks conspired to rig currency benchmarks from 2003 to 2013 and profit at their expense. "This is an injury of the type the antitrust laws were intended to prevent," Schofield wrote in a 40-page decision.
Moody's Investors Service, ("Moody's") today downgraded Tupperware Brands Corporation's ("Tupperware") Corporate Family Rating (CFR) to Caa3 from B3, its Probability of Default Rating to Caa3-PD from B3-PD and its senior unsecured notes rating to Ca from Caa2. Bond investors that tender after June 8 and by June 22 would receive $420 for $1,000 of principal.
Yahoo Finance's Jared Blikre joins Seana Smith to break down the day's price action in stocks as well as a long in Alibaba (BABA), a Yahoo Finance Premium Investment Idea.
LATAM Airlines Group's U.S. bankruptcy filing this week will delay its potential bailout in Brazil to at least July and also push back aid to its rivals at least through the end of June, two sources said on Thursday. The delays will add further strain to Brazil's airlines, which were already in weak shape before the pandemic. "The bailout will happen; what could happen is that it may be staggered due to LATAM's situation," said one source.
Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for men, women, and children, today announced that it will present at the Baird 2020 Consumer, Technology & Services Conference on Wednesday, June 3, 2020 at 12:50 pm ET.
Dollar store sales are rocking during the COVID-19 pandemic.
Yandex (YNDX) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
When it comes to footwear, the Nike and Adidas tend to draw the most attention from investors, but Crocs has made several moves to change their story.
In this episode of MarketFoolery, Chris Hill and Motley Fool analyst Jason Moser go through the latest headlines from Wall Street. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. To get started investing, check out our quick-start guide to investing in stocks.