Home 

JD.com beats estimates with strong second-quarter sales, rebounding from loss a year ago

Chinese e-commerce giant JD.com on Tuesday reported better-than-expected second-quarter revenue, boosted by stronger sales in its online retail business, sending its shares 5 per cent higher in pre-market trading.The Beijing-based company’s revenue rose 23 per cent year on year to 150.3 billion yuan (US$21.3 billion) in the quarter ended June 30. That was ahead of analysts’ forecast revenue of 147.49 billion yuan, according to IBES data from Refinitiv.Net income reached 618.8 million yuan, up… Source link

Read More
Home 

Hong Kong protests will put off 350,000 mainland Chinese tourists this year, HSBC estimates

The massive protests that have rattled Hong Kong in recent weeks will put hundreds of thousands of mainland Chinese tourists off visiting the city this year, according to HSBC.The bank believes that the number of visitors from the mainland will continue to grow in 2019, but at a slightly slower rate than it had forecast before people took to the streets in their millions to demonstrate against the now-suspended extradition bill.It has revised down its estimated growth of mainland tourist… Source link

Read More
Ecommerce 

Tencent Music profit beats estimates as paid subscribers continue to sign up for service

China’s Tencent Music Entertainment Group beat Wall Street estimates for quarterly profit on Monday, as more users paid for its music streaming services.The company, controlled by Chinese tech giant Tencent Holdings, said paid users of its online music service jumped 27.4 per cent to 28.4 million in the first quarter ended March 31.“As our users increasingly consume music content through streaming services, we are riding on this trend to gradually transition into a pay-for-streaming model over… Source link

Read More
Home 

Hong Kong’s benchmark stock index bursts through 30,000 points again as HSBC profit beats estimates

Hong Kong stocks rose on Friday after HSBC beat estimates with its first-quarter earnings, the benchmark Hang Seng Index finishing above the key 30,000-point level.The gauge added 0.5 per cent to close at 30,081.55, bringing the week’s gains to 1.6 per cent, the largest increase in four weeks.Turnover in the market stood at HK$66.9 billion (US$8.5 billion), well below the daily average of HK$110.6 billion achieved in March. The mainland Chinese markets remained closed for the Labour Day public… Source link

Read More
China 

China’s population to peak in 2023, five years earlier than official estimates, new research shows

China’s population will peak in 2023, five years earlier than official forecasts, according to a new report.Tony Nash, CEO and founder of Complete Intelligence, one of the co-authors of the report, said the findings should be a cause for concern for Beijing’s policymakers, who waited too long to lift the controversial one-child policy for its rapidly greying society.China abandoned the policy in 2015 to allow couples to have two children. But the birth rate last year fell to its lowest since… Source link

Read More
Home 

Apple forecast beats Wall Street estimates as iPhone demand stabilises

Apple projected quarterly sales that topped analysts’ estimates, suggesting demand for iPhones has stabilised after a disappointing holiday period. Shares of the mobile technology giant rose about 5 per cent in extended trading.The company also reported Services revenue grew 16 per cent as consumers sign up for an expanding smorgasbord of digital subscriptions. That was just ahead of Wall Street expectations. A new buyback plan also helped.“IPhone clearly was in line or a little bit above… Source link

Read More
Home 

Tesla sales drop in the first quarter, miss Model 3 estimates

Tesla Inc reported a drop-off in deliveries in the first quarter after US incentives for its vehicles shrank and the company struggled to quickly get Model 3 sedans to overseas consumers.The electric-car maker delivered 63,000 vehicles in the three months that ended in March, according to a statement Wednesday, down from 90,966 in the fourth quarter. The 50,900 Model 3 sedans Tesla delivered in the first quarter missed analysts’ average estimate for 51,750 and was lower than the totals in each… Source link

Read More
Home 

Chinese sportswear giant Li-Ning’s shares surge close to eight-year high as profit beats estimates

Shares of Chinese sports brand Li-Ning sailed close to an eight-year high on Friday after the company beat full-year earnings expectations.The eponymous brand, founded by a former top Chinese Olympic gymnast in 1989, on Friday posted net profit of 715.26 million yuan (US$10.68 million) for 2018, up 39 per cent from the year before and beating the average estimate of 707.32 million by analysts polled by Bloomberg.Revenue rose 18 per cent to 10.51 billion yuan, beating predictions of 10.32… Source link

Read More
Home 

Three Hong Kong-listed Chinese developers disappoint investors as earnings miss estimates

Three Hong Kong-listed Chinese developers that released their 2018 results on Wednesday missed expectations because of lower-than-expected revenue booking.China Overseas Land & Investment (COLI), the second-largest Hong Kong-traded Chinese developer by market capitalisation, posted an 8.3 per cent increase in core profit while revenue grew just 3.25 per cent.The HK$37.1 billion (US$4.7 billion) core profit missed analysts’ average estimate of HK$39.8 billion polled by Bloomberg, and the HK$171… Source link

Read More
Home 

Tech IPO adviser China Renaissance sees share price drop as full-year profit misses estimates

Shares of China Renaissance fell after full-year net profit came in below analysts’ estimates despite a healthy jump in revenues.The investment bank, which focuses on providing financial services to new-economy companies and entrepreneurs, lost 4.5 per cent to HK$22.20 by midday on Wednesday. That marks a 30.82 per cent fall from its listing price last September.The company’s 2018 net profit was up 15.8 per cent from a year earlier to US$67.3 million, below estimates of US$68.02 million among… Source link

Read More