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2 hours ago
Hong Kong-listed Chinese EV stocks rise on Beijing’s plan to boost sector growth
BYD Seagull small electric vehicle was exhibited at the 20th Shanghai International Automobile Industry Exhibition held at the National Exhibition and Convention Center (Shanghai).
Video Visual China Group | Getty Images
Shares of Chinese electric vehicle companies listed in Hong Kong rose in late morning trading after China’s Ministry of Commerce unveiled plans for the “healthy development of new energy vehicles” in the country.
BYD stock rose 2.7%, Nio rose 3.3%, and Xpeng and Li Auto rose 1.2% each.
“The healthy development of new energy vehicle trade cooperation will promote the transformation and sophistication of the automobile industry, and play an important supporting role in stabilizing and optimizing the foreign trade structure,” the statement said. ing.
The Hang Seng Index rose 0.3%, and the CSI300 index rose 0.4%.
Earlier this year, BYD said it would produce more than 3 million new energy vehicles in 2023, surpassing U.S. EV leader Tesla’s production for the second year in a row.
— Shreyashi Sanyal
2 hours ago
China’s SMIC warns of continued macroeconomic and geopolitical challenges in 2024
China’s largest semiconductor maker SMIC said on Wednesday that persistent global macroeconomic headwinds and geopolitical tensions could impact its operations in 2024.
“In 2024, the company will continue to face challenges from macroeconomics, geopolitics, industry competition, and the availability of all products,” SMIC said in its 2023 fourth quarter earnings conference on Wednesday.
The company posted a 54.7% drop in fourth-quarter profit on Tuesday as the semiconductor industry faced multiple headwinds, including inventory adjustments and macroeconomic headwinds.
Profits for the fourth quarter of 2023 were $174.68 million, down 54.7% year-on-year. This was lower than the $225.41 million expected by LSEG analysts. Gross profit margin for the fourth quarter fell to 16.4% from 32% in the same period last year.
– Sheila Chan
3 hours ago
Kakao Bank stock soars as fourth-quarter profits increase and customer base expands
Kakao Bank shares rose 7% on Wednesday after the digital payments company reported an increase in fourth-quarter profits.
The company’s fourth quarter net profit increased by about 25% from the same period last year to 75.7 billion Korean won ($57.2 million).
Kakao Bank added 2.42 million new users to its platform, an increase of 11.8%.
The company’s operating revenue was 663.7 billion Korean won ($501 million), an increase of nearly 37% from the same period last year.
— Shreyashi Sanyal
3 hours ago
Australia’s Santos becomes ASX’s biggest loser after merger talks with Woodside end
Australian energy company Santos was the biggest loser on the S&P/Australian Stock Exchange 200 Index on Wednesday after merger talks with Woodside ended on Wednesday.
Santos shares fell by up to 8.5%, while Woodside rose 2.38%.
Woodside said in an exchange filing that the two sides have “discontinued discussions regarding a potential merger.”
Santos confirmed the announcement, saying, “Following the initial exchange of information, sufficient merger benefits were not identified to support a merger in the best interests of Santos shareholders.”
— Lim Huijie
6 hours ago
ESPN, Warner Bros. Discovery and Fox plan joint sports streaming service later this year
Warner Bros. Discovery, Fox and Disney’s ESPN will launch a joint sports streaming service later this year, the companies announced Tuesday.
Both companies will own a third of the shares in the new platform, which has not yet been named or priced. Consumers can also choose to subscribe via the new app or through a bundle with the company’s other streaming products, including Max, Hulu, and Disney+.
Disney shares fell about 1% in after-hours trading, while Fox and Warner Bros. Discovery rose 6% and 3%, respectively.
— Brian Evans
7 hours ago
Stock futures trading remains largely unchanged
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