3 Hours AgoHong Kong-listed China EV stocks surge due to Beijing’s efforts to promote the sector’s growth Chinese electric vehicle companies listed in Hong Kong saw a rise in their stock prices during late morning trading after China’s commerce ministry announced plans for the “healthy development of new energy vehicles” in the country. Shares of BYD Company increased by 2.7%, Nio surged by 3.3%, while Xpeng and Li Auto gained 1.2% each. The statement from the ministry emphasized the role of new energy vehicle trade cooperation in promoting the transformation and improvement of the automobile industry, playing a significant supporting role in stabilizing and enhancing the structure of foreign trade. The Hang Seng index climbed by 0.3%, while the CSI 300 index added 0.4%. Earlier this year, BYD produced over 3 million new energy vehicles, surpassing Tesla’s production numbers for the second consecutive year. — Shreyashi Sanyal3 Hours AgoChina’s SMIC alerts about ongoing macroeconomic and geopolitical challenges in 2024 China’s largest chipmaker, SMIC, cautioned on Wednesday about persistent global macroeconomic and geopolitical tensions potentially impacting its business in 2024. The company indicated that it would still face challenges from macroeconomic conditions, geopolitical issues, industry competition, and inventory for all products in 2024 during its fourth-quarter 2023 earnings call. SMIC reported a 54.7% drop in fourth-quarter profit, attributed to a range of headwinds in the semiconductor industry, including inventory corrections and macroeconomic challenges. The net profit for the fourth quarter of 2023 was $174.68 million, a decline of 54.7% compared to the same period a year earlier, falling below LSEG analysts’ projections of $225.41 million. Gross margin in the fourth quarter decreased to 16.4% from 32% a year ago. — Sheila Chiang4 Hours AgoKakaobank shares surge as Q4 profit increases and customer base expands Kakaobank witnessed a 7% jump in its shares after reporting a higher fourth-quarter profit. The company’s fourth-quarter net profit soared by nearly 25% to 75.7 billion Korean won ($57.2 million) from the previous year. Kakaobank added 2.42 million new users to its platform, marking an 11.8% increase. Operating revenue for the company reached 663.7 billion Korean won ($501 million), a substantial increase of almost 37% from the same period last year. — Shreyashi Sanyal5 Hours AgoSantos experiences significant decline on ASX after discontinuing merger discussions with Woodside Energy firm Santos faced the most significant drop on the S&P/ASX 200 after terminating its merger talks with Woodside. The shares of Santos plummeted by as much as 8.5%, while Woodside recorded a gain of 2.38%. Woodside stated in an exchange filing that the two parties “ceased discussions regarding a potential merger.” Santos also confirmed the announcement, stating that “sufficient combination benefits were not identified to support a merger that would be in the best interests of Santos shareholders.” — Lim Hui Jie7 Hours AgoJoint sports streaming service planned by ESPN, Warner Bros. Discovery, and Fox for later this year Warner Bros. Discovery, Fox, and Disney’s ESPN announced plans to launch a joint sports streaming service later this year. Each company will hold a one-third stake in the new platform, which has yet to be named or priced. Consumers will have the option to subscribe via a new app or through a bundle with the companies’ other streaming products, including Max, Hulu, and Disney+. Disney’s shares were down approximately 1% in extended trading, while Fox and Warner Bros. Discovery stocks increased by 6% and 3%, respectively. — Brian Evans8 Hours AgoStock futures open with minimal change
