Chinese gaming stocks are sharply lower Friday after the Chinese government announced new draft rules for online gaming industry. Tencent’s stock fell -12.35% to HK$274, NetEase dumped -24.60% to HK$122, and Bilibili (BILI) fell around 10% on the Hong Kong Stock exchange. The stocks continued to slide heading into the US opening. Netease fell to 81.69 -22.72 (-21.76%) Pre-Market. BILI 10.32 -1.25 (-10.80%) Pre-Market. The new rules are aimed curbing the amount of money and time players spend playing the … Continue reading “New China Draft Rules for Online Gaming Send Chinese Stocks Sharply Lower”
South Korean eCommerce company Coupang, known as the Korean Mazon, reported worse than expected earnings Wednesday. CPNG reported mixed results with another revenue miss but on a narrower loss than expected. In a huge milestone CPNG finally achieved positive adjusted EBITDA, a necessary step for the e-commerce firm. Total Active Customers continued to grow., up 21 percent year over year to 16 million. Earnings Coupang narrowed losses in Q2 but another sales miss in a top-line miss in Q2, Coupang. Adjusted … Continue reading “South Korea’s Coupang Narrowed Losses in Q2 Continuing Positive Traction Toward Profitability”
Chinese social-media and gaming giant Tencent Holdings said Thursday it would reduce its stake in JD.com to a little over 2% from the current 17%.and distribute $16.4 billion in JD stock as a dividend to shareholders. JD.com (JD) shares fell by more than 7% Thursday. Tencent (TCEHY) shares were up 4% on the news, though is down nearly 40% since its January high. The move follows technology stocks in China being under pressure because of uncertainty surrounding a regulatory crackdown … Continue reading “Tencent Cashes Out $16.4 Billion Stake in JD.com”
South Korean eCommerce company Coupang reported its first earnings report since it’s IPO Wednesday. CPNG reported mixed results with higher revenue but on a much wider loss than expected. Total Active Customers continued to grow., up 21 percent year over year to 16 million.
Following the recent technology stock sell off and ahead of cloud enterprise software giant SaleForce.com (CRM) earnings let us revisit the CapEx spending with the major technology companies for data centers and cloud needs from their earnings calls.
China introduced cyber courts this week as we move further to an online world. In the U.S. we have everyone from President Trump down lamenting the destruction of traditional society, the big one of course is Amazon $AMZN.