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The Nintendo Switch is the company’s best-selling game console ever, with over 60 million units sold worldwide since its release. It’s currently the top-selling console in the US for the past year, and continues to be popular with a steady stream of titles that appeal to gamers of all ages. Aside from Nintendo Switch bundles that include top games such as Mario Kart 8 Deluxe and Animal Crossing: New Horizons, the newer Nintendo Switch Lite is also available for those who want a strictly handheld version.
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(Bloomberg Opinion) — Nov. 3 was a sad, sad day for China. Not because America’s election changes anything about its hawkish stance toward Beijing — that’s bipartisan — but because China lost a golden investment opportunity by shooting itself in the foot. Looking purely at the numbers, China is in a sweet spot right now. Its bonds are attractive, as the yield differential with U.S. Treasuries hovers near a five-year high. Beijing’s virus-containment strategy is working, and the economy has bounced back. Meanwhile, President Xi Jinping’s latest five-year economic blueprint, which favors innovation and domestic consumption, is a win for tech companies — exactly the kind of growth stocks investors love. Foreigners have been buying the China story this year, even as President Donald Trump threatened to sanction and delist mainland companies. They are crowding into Beijing’s sovereign issues at a record pace, promising to overtake domestic city commercial banks as the second largest purchasing bloc. Global investors need to have “a significant portion” of their portfolios in Chinese assets, both for diversification and short-term tactical gains, said Bridgewater Associates LP founder Ray Dalio. (Dalio says as he understands it, events were progressing faster than regulators were comfortable with, which led to their actions. “So I assure you that Chinese regulators’ move to curtail Ma’s IPO was not my worst nightmare, and I certainly do not believe that it will have any notable effect on the evolution of China and its markets.” To read his full statement, click here.)The Shanghai Stock Exchange’s surprise suspension of Ant Group’s record-breaking initial public offering Tuesday night changed the landscape entirely. Two weeks earlier, the company’s billionaire founder Jack Ma made a sensational speech, saying China’s financial system and regulatory framework are broken. On Monday, Beijing’s top financial watchdogs summoned Ma and dressed him down. Then they issued new draft rules to rein in Ant’s lucrative consumer loan business. It’s episodes like this that remind us how capricious and thin-skinned Beijing’s policy makers can be. Regulators have been debating whether to allow online microlenders to act as simple matchmakers (rather than traditional lenders, which require capital buffers), for a good two years. Why the sudden change of heart two days before Ant’s much-anticipated trading debut? The fintech giant had already raised at least $34.5 billion from its dual listing in Hong Kong and Shanghai. Now, it has to return billions of dollars to its IPO subscribers. Somehow, Beijing has proved Ma’s point: China’s bureaucrats don’t know what they’re doing. To govern well, you can’t pick and choose when and how hard to regulate; the secret sauce is consistency. Beijing is looking as childish and moody as Trump on the day of the U.S. election. While Jack Ma’s botched IPO is the big story, there are plenty of obscure examples that also matter to long-term investors. Consider instead the so-called keepwell clause. This “gentlemen’s agreement” is a common feature of China’s $790 billion dollar bond market, and in theory protects investors in the event of default. In September, a Beijing court rejected the recognition of the keepwell deed for a conglomerate’s dollar bond. Two months later, a court in Shanghai ruled to accept this provision for an energy trader. China’s stance on keepwell is anyone’s guess. This is the problem with investing in China. First, assumed rules can be broken at whim, especially when policy makers fear they are losing face. Second, after Ma’s troubles, what billionaire executive will want to speak up? It’s much better to be supplicant, keep quiet and busy yourself making money. Sure, China has many attractive traits, but you’d better be prepared to stay in perpetual crisis mode. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. She previously wrote on markets for Barron’s, following a career as an investment banker, and is a CFA charterholder.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.
Wall Street legend Whitney Tilson says there’s a huge new tech trend coming – and he’s revealing his #1 pick for free.
A better strategy is to look at long-term consistency and dividend growth — even if that means today’s payout isn’t huge. Growing dividends signal investors will be paid more over time, and these increases are an important indicator that a company is doing well and committed to sharing its success with stockholders. A “dividend aristocrat” is an elite class of dividend stock that has increased its payout at least once a year for the last 25 years or more.
(Bloomberg) — A strange thing happened on the way to the biggest post-election surge in modern stock-market history. On Wednesday, while the S&P 500 was tacking on $600 billion of fresh value, most of its members fell.How the index still managed to gain so much altitude is the story of the week and of the year: a reigning oligarchy of market behemoths, soaring past everything else.Yesterday, as the big American equity benchmark rallied 2.2%, some 270 of its constituents were nursing losses. Some lost a lot. Three big financial firms slid more than 10%, while utilities tumbled to one of the worst days in three months. While a measure of equilibrium was restored Thursday, at the top, the leader board looked the same.It’s a trend that will surprise no one who has been paying attention to markets in 2020: gains concentrating in companies that have circled like buzzards over virtually every rally of the pandemic age: the Faang bloc. Somehow, some way, even before the votes are counted, megacap technology is coming out on top. Again.“It looks like we’re back with the winners of Covid are going to win,” said Kim Forrest, chief investment officer of Bokeh Capital Partners.The S&P 500 surged 1.95% Thursday, bringing its two-day surge to 4.2%. The tech-heavy Nasdaq 100 again outperformed, adding 2.6% for a gain of 7.1% over the pair of days.Investors are reverting to what works, a yearlong trend in which the very heft of companies like Apple Inc. and Microsoft Corp. schleps the whole market past a damaging pandemic and deep economic downturn. Cherished for their balance sheets, beloved by consumers for their online and automated products, the Fangs have been insulated from the coronavirus fallout. Total third-quarter profits for the group rose 2.6%, compared with an expected 11% drop for the rest of the S&P 500, data compiled by Bloomberg Intelligence show.It’s true that they briefly fell out of favor in the weeks leading up to the election as investors calculated that Democratic control of Washington could spur spending and a jolt to flagging economic growth. Now those views are being frantically retooled. With stimulus less of a certainty, bets are being placed on havens against sputtering growth.Other forces have coalesced in the Faangs’ favor. Overhanging concerns about higher tax rates and increased regulation from a Joe Biden administration have dwindled. With a potentially split Congress, many strategists are seeing this week’s rotation as a reflection of the removal of potentially higher capital gains taxes. Some may have sold out of tech, the thinking goes, to avoid paying those higher levies next year.“Some investors may have been sidelined before the election to avoid a tax-sale stock drop, or perhaps to buy the dip,” wrote Chris Low, chief economist at FHN Financial. “Either way, the strategy is irrelevant now and they piled back in.”With inflation-fueling stimulus in doubt, bond yields have also moved lower since the Nov. 3 vote. That’s a boon to tech stocks, too, as investors gravitate to high-growth assets with long duration cash flows. The Federal Reserve signaled Thursday that it will hold rates near zero for a long time still.“In a very low interest environment, you want to own companies that are growing. Those companies have put up the best growth, the best free cash flow on the market and, in my opinion, they’re going to keep growing,” said Gary Bradshaw, a portfolio manager at Hodges Capital Management in Dallas. “If you don’t have a government that’s going to be riding them and breaking them up and taxing them into oblivion or taxing shareholders that own them, megacap tech’s going to keep rolling.”It was just last week that solid quarterly earnings reports from a majority of the Fang stocks failed to inspire share-price gains. An index that includes Facebook Inc., Amazon.com Inc., Netflix Inc., Microsoft, Alphabet Inc., Apple dropped 4% last week. The group is now up close to 10% in three days, the most in five years.Victoria Fernandez, chief market strategist for Crossmark Global Investments, says their adverse post-earnings reactions were due to election uncertainty. Removal of that ambivalence paves the way for tech shares to resume their upward trend again.“As we hopefully get past that over the next couple of days, we can see tech settle in and continue to have that climb higher,” she said in a phone interview. “It’s difficult to not have any tech in your portfolio.”This week, the winner-take-all mentality in markets is back. On Wednesday, when the Nasdaq 100 surged more than 4%, both the small-cap Russell 2000 gauge and an equal-weight version of the S&P 500 barely budged. Using Russell 1000 indexes, value suffered its worst day versus growth since 2001. Relative to the S&P 500, it was the worst day for regional banks on record, including the financial crisis.And in another showing of how lopsided Wednesday’s rally was, it was the first time in at least six decades that the S&P 500 jumped more than 2% as more volume flowed into declining securities than advancing ones on the New York Stock Exchange, according to SentimenTrader.Meantime, exchange-traded fund investors rushed into Invesco’s QQQ — which tracks the tech-concentrated gauge — adding close to $2.7 billion in the biggest one-day inflow in nearly a month. The fund is on pace for its best year of inflows in two decades.Still, not everyone is convinced the massive tech rally is substantiated. Max Gokhman, Pacific Life Fund Advisors’ head of asset allocation, still sees antitrust concerns over big technology firms persisting, no matter the final election outcome.“The Nasdaq rally is I think a little over-enthusiastic,” he said by phone. “The Nasdaq rally is something I would be fading at this point.”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.
American depositary receipts of China’s electric-vehicle maker Nio Inc. extended their rally on Thursday, also lifting ADRs of competitors Li Auto Inc. and XPeng Inc. a day after analysts at Citi raised their price target on Nio and started coverage of Li and XPeng. The Citi analysts lifted their target on Nio’s ADR price to $46.40, from $33.20, “to factor in our increasingly positive sector outlook, and the higher upside prospects from the (Nio’s) autonomous driving subscription business model,” they said in a note this week. The target implies an upside around 17% from Nio’s Thursday prices. The analysts rated Li Auto at the equivalent of hold, saying that the company will break even in 2022 thanks to sales volume growth and margins improvement. Citi rated XPeng at buy, expecting the company to post 57% sales volume growth in the next five years and break even in 2024. Nio’s ADRs have gained 900% this year, compared with gains around 9% for the S&P 500 index. XPeng’s BEV market share to double to 6% by 22E We expect XPeng’s market share to surge to 6% of China’s BEV sales in 22E, from 3% in 20E, given its 1) competitive products with highest NEDC range in the market (P7: 706m/charge), 2) rapid autonomous driving technology development (Current: L2, 1Q21: L3) with more frequent upgrades providing higher visibility, 3) its position as one of the few suppliers with FOTA upgrade capability (delivering best-in
U.S. voters are choosing the leader for the next four years. But investors have one big question: How will the choice affect my stocks and the S&P 500?
In a decision on Wednesday, U.S. District Judge Yvonne Gonzalez Rogers said shareholders led by a UK pension fund can sue over Cook’s comment on a Nov. 1, 2018, analyst call that while Apple was facing sales pressure in some emerging markets, “I would not put China in that category.” Apple told suppliers to curb production a few days after Cook spoke, and on Jan. 2, 2019, unexpectedly cut its quarterly revenue forecast by up to $9 billion, which Cook blamed in part on pressure on China’s economy from U.S.-China trade tensions.
The clock just started on the biggest financial event in 20 years. Fortunes will be made and lost. Here’s how to prepare – before 2020 comes to an end
Let’s take a short break from the election drama, and look at 5G. The new wave in networking technology, 5G has sparked an ongoing revolution in the way wireless connections are made. The new network systems offer far higher speeds, much lower latency, and greater data capacity than existing 4G networks, and the implications for high-tech are enormous. Internet of Things, autonomous cars, teledoctor facilities, streaming on demand – all of these segments look to gain from 5G, alongside ordinary cellular and mobile technology.With so many changes in the offing, it’s a cinch that some companies in 5G-related sectors are going to come out on the winning end – and they are likely to be those with direct exposure to 5G, and the ability to capitalize on one or more networking segments: from semiconductor chips, to mobile service, to connection hardware, there are plenty of opportunities in 5G for companies with the requisite skills and products.Turning to the TipRanks database, we’ve pulled up the latest on three stocks that some of Wall Street’s top analysts – stock experts with 4- and 5-star ratings – have tapped for gains in the growing 5G environment. These are companies that meet the profile above, and offer investors the prospect of strong returns.Skyworks Solutions (SWKS)We’ll start in the semiconductor chip industry, where Skyworks is a player with a successful niche. The company is closely tied to Apple (AAPL), drawing as much as 51% of its annual revenues by supplying chips to the device-making giant – and with Apple’s recent release of the 5G-capable iPhone 12, Skyworks sees the potential for steady, and profitable, sales over the next several years as up to 300 million installed iPhone users replace or upgrade their devices.Apple isn’t Skyworks’ only connection to 5G. The chip company is also an important component provider for 5G small cell units, an integral part of the wireless networking infrastructure. 5G operates at shorter range than current network technology, and the move to the new tech will involve heavy build outs of broadcast towers and other hardware.Skyworks’ potential as a provider of semiconductor chips is clear from the share performance. SWKS is up 20% year-to-date, outperforming the S&P’s 9% gain. The share gains come even as revenues slipped in 1H20 – but for investors, earnings were more important. Despite falling sequentially in both Q1 and Q2, Skyworks’ EPS beat expectations in Q2 and followed that with another beat in Q3 and 54% sequential growth to $1.59 per share.Needham analyst Rajvindra Gill writes of Skyworks, “Both broad markets and mobile grew significantly, with broad markets hitting a quarterly record. Clearly the strong Apple 5G builds helped the mobile business but SWKS also saw growth at the major Chinese handset OEMs along with Samsung. We are in the first inning of a multi-year 5G smartphone cycle, in which 5G penetration will double consecutively over the next two years to 1 billion units by 2022. Moreover, SWKS’s strong positioning in IoT, small cell and auto help diversify the revenue streams.”Gill’s comments support his Buy rating on the stock, as does his price target, raised 17% to $200 and implying a 37% one-year upside for the stock. (To watch Gill’s track record, click here)Overall, SWKS shares have a Strong Buy rating from the analyst consensus, based on 15 Buys and 5 Holds. The shares are selling for $145.84, and the $164.39 average price target suggests room for nearly 13% growth. (See SWKS stock analysis on TipRanks)Verizon Communications (VZ)The second stock on our list is Verizon, a name you’ll almost certainly be familiar with. This company is one of the market’s giants, with a market cap near $240 billion, over $130 billion in annual revenues, and a solid position as the US’ second largest wireless service provider. Verizon’s connection to 5G should be obvious – as a mobile provider, the company simply must make use of the new technology, introduce a 5G connection network, or else fold up shop.The company is not folding. Since April last year, Verizon has been building out 5G networks in major urban markets across the US. Verizon has focused its 5G build on the millimeter-wave spectrum, and section of the 5G waveband that maximizes connection speed, but at the cost of range limits and limited indoor usability.Of the stocks on this list, Verizon shows the lowest upside potential, but offers instead a high and reliable dividend payment. In its last declaration, in September for the October payment, the company announced a regular stock quarterly dividend of 62.75 cents per share. This was up 1.25 cents from the previous quarter, and marked the 14th consecutive annual dividend increase for Verizon. The yield on the dividend is 4.3%, well above the average found among Verizon’s S&P 500 peers.Covering this stock for Raymond James is 4-star analyst Frank Louthan, who rates Verizon as Outperform (i.e. Buy). His $64 price target indicates a possible 10% upside for the year ahead. (To watch Louthan’s track record, click here)Supporting his outlook, Louthan writes, “…trends improved over the course of 3Q and are more favorable across the board. We believe the biggest overhang remains on roaming revenue from foregone customer travel during the pandemic… We continue to expect incremental revenue from 5G beginning in 2021 with 5G Home and mobility followed by the mobile edge compute opportunity in 2022…”Overall, Verizon’s Moderate Buy analyst consensus rating is based on 9 reviews, including 3 Buys and 6 Holds. VZ stock has an average price target of $62.63, which suggests an 8% upside from the trading price of $58.07. (See Verizon stock analysis on TipRanks)DZS (DZSI)Last but not least is DZS, a major supplier of networking hardware, especially the cables and fiber optics necessary for the physical connection in high-speed networks. DZS provides broadband solutions and access for more than 1,000 customers – enterprises, operators, and service providers – across 100 countries around the world. In addition to networking cables and devices, DZS also offers manufacturing and engineering service and support.DZS operates worldwide, and is heavily invested in East Asia’s 5G build. The company partnered with Japanese mobile provider Rakuten last year as a technology provider, and is still reaping benefits. Japan’s 5G networks are relatively new, but tap into a market over 100 million strong – and in a country known for tech-savvy.DZS, like most of the market, suffered in 1H20 from the pandemic crisis. But, bouncing back from the pandemic’s recessionary pressures in Q3, DZS saw its best quarterly earnings in over a year. The 20 cents EPS reported beat the forecast by 15 cents, grew 122% sequentially, and was far ahead of the year-ago quarter’s net loss. This stock is another that has outperformed the broader market; DZSI has a net year-to-date gain of 38%.Covering the stock for B. Riley, 5-star analyst Dave Kang wrote, “We believe the company will receive a follow-on order from Rakuten in 4Q, which will be a major catalyst in 1H21. We believe 5G is still in the early stages of a multiyear cycle, and we believe the company is strategically positioned to capitalize on this secular trend.”Kang sets a $15 price target on DZSI, suggesting a 27% upside potential, and rates the stock a Buy. (To watch Kang’s track record, click here)All in all, the 2 recent Buy reviews on DZS give this stock a Moderate Buy rating from the analyst consensus. The shares are selling for $12.22, and their $15 average price target matches Kang’s. (See DZS’s stock analysis at TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
Tell that to Jack Ma. Corporate China’s shiniest star was just days away from seeing his Ant Group list on the stock market in a record $37 billion deal, when he chose to launch a blistering public attack on the country’s financial watchdogs and banks. The regulatory system was stifling innovation and must be reformed to fuel growth, billionaire Ma told a summit in Shanghai on Oct. 24 attended by the great and the good of China’s financial, regulatory and political establishment.
BYD joined fellow China electric car stocks Nio, Xpeng Motors and Li Auto in reporting robust October sales.
The entire economy has shifted to the home, and it’s not stopping anytime soon. Don’t get left behind as stocks catch up.
On CNBC’s “Mad Money Lightning Round,” Jim Cramer said Bloom Energy Corp (NYSE: BE) is way too speculative for him. In the power management, he prefers Generac Holdings Inc. (NYSE: GNRC) on the power side and Eaton Corporation PLC (NYSE: ETN) on the management side.Magnite Inc (NASDAQ: MGNI) is a pure spec, said Cramer. He would rather buy a fraction of the share in Alphabet Inc (NASDAQ: GOOGL).Oracle Corporation (NYSE: ORCL) is fine, thinks Cramer. He prefers salesforce.com, inc. (NYSE: CRM) because it has a faster growth and it is doing better.Cramer is concerned about AT&T Inc. (NYSE: T) balance sheet, but the company is doing things to alleviate the pressure so he would give it one more quarter and then he will consider buying.See more from Benzinga * Click here for options trades from Benzinga * ‘Fast Money Halftime Report’ Picks For November 4 * Mike Khouw Sees Unusual Options Activity In SPY(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Apple, Microsoft are flashing buy signals as the stock market rally fuels a breakout wave. Square leads earnings movers late.
The growth in technology stocks continues as companies across many sectors use more data and store it in the cloud, generating higher profit margins and returns for investors. The tech sector is the most sensitive sector to gross domestic product growth, gaining 7.1% on average for every 1% GDP growth in the past 10 years, says Jodie Gunzberg, managing director, chief institutional investment strategist at Morgan Stanley Wealth Management. Another distinguishing characteristic of the tech industry is that it generates a relatively high percentage of revenues from overseas at nearly 60%, she says.
Investors who can handle volatility and who have long-term time horizons might find some interesting opportunities right now—especially in stocks that have recently been hammered lower.
(Bloomberg) — Square Inc.’s quarterly sales more than doubled, underscoring a surge in demand for Bitcoin trades, stock purchases and other financial transactions by customers cooped up during the global pandemic. The stock rose 5% in after-hours trading.Revenue leaped 140% to $3.03 billion, far surpassing the $2.05 billion average analyst estimate, according to data compiled by Bloomberg.The San Francisco-based payments company pointed to growth for its peer-to-peer payments app, Cash App, as one of the strong points of its business. The app, which lets users send money to friends, buy stocks and store money like a bank account, generated $2.07 billion in the quarter. Most of that revenue was from Bitcoin transactions, the company said.Square plans to invest more aggressively in Cash App given its growth with consumers, said Chief Financial Officer Amrita Ahuja. “We did some new things in the third quarter related to paid marketing for Cash App that we want to lean into,” she said Thursday. The company is “scaling our [customer] support and other operations” around the app as more and more people use Cash App to make trades and do more than just send money to friends, Ahuja said.Bitcoin transactions have also been a major boon for the company, generating $1.63 billion in revenue and $32 million in gross profit for the third quarter. That’s 11 times the revenue Square made with Bitcoin transactions in the period a year earlier, the company said in its shareholder letter.Chief Executive Officer Jack Dorsey is a big believer in cryptocurrency, and Square bought $50 million worth of Bitcoin in October, calling the currency “an instrument of economic empowerment.”Gross payment volume, a metric that tracks how much Square processes in total transactions, climbed 12% year-over-year after being down 15% in the second quarter.(Updates with comments from CFO in the fourth 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.
Alibaba Group Holding Ltd (NYSE: BABA)-owned Ant Group’s initial public offering may have been scuttled by Beijing due to its “disinclination to allow entrepreneurs out of their lane,” Duncan Clark, author of “Alibaba: The House that Jack Ma Built” told the Financial Times.China’s Fintech Ambitions: Financial stability, a keynote policy of China’s President Xi Jinping, is taking center stage amid the emerging rivalry with the United States. The intent to shore up this stability was likely a key factor in the Chinese Communist Party’s decision to halt the IPO, FT reported Wednesday.”The Communist party is pushing back,” Clark told FT. Ma putting the internet to good use in the commerce sector might have gone with the Chinese government, but “applying this chemistry to the financial sector is on another level it seems.”Ant might have started as a payments company alone but has come to challenge the dominance of government-run institutions like ICBC and the China Construction Bank, FT noted.Ma’s Bravado Not Well-Received: The group founder Jack Ma’s stand against the country’s bankers and regulators is also said to be another important factor.”The speech by Jack Ma in Shanghai suggests he wanted to openly challenge the regulator which is unacceptable,” a senior executive at a Chinese bank told FT. Chen Zhiwu, a professor of finance at Hong Kong University, suggested the regulatory crackdown has to be a result of Ma’s comments.The professor also noted that China’s Xinhua News agency publicly attacked Ma, post the speech.Don’t Be So ‘Casual:’ The night Ma and other Ant executives were summoned by China’s regulators, Xinhua published a cryptic article, first noted on Momentum Works’ blog, titled “Don’t talk casually, don’t do things casually, and people should not be casual.”The Chinese language article featured a painting by the Japanese artist Kaii Higashiyama, which shows a horse in the clouds. Ma’s Chinese name Ma Yun literally means Horse and Clouds.The line immediately above the painting in the article reads, “Everything has its costs, if you do not have the capital, please do not do whatever you want.”The suspension of the IPO has led to an erosion of billion in Ma’s own wealth but he is still valued at $56.1 billion.A Chinese foreign ministry spokesperson said Wednesday that the IPO suspension was a required measure and it was needed to “better maintain the stability of the capital markets and to protect investors’ interests,” according to FT.Price Action: Alibaba shares traded 4% higher at $307.72 in the pre-market session Thursday.Photo courtesy: World Economic Forum via WikimediaSee more from Benzinga * Click here for options trades from Benzinga * Jack Ma Loses B In A Day After Alibaba’s Stock Crash * Jack Ma Gets Summoned By Chinese Regulators Ahead Of Ant Group’s IPO(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Alibaba stock is an IBD Long-Term Leader with outstanding fundamentals, but does that make the China bellwether a buy right now?
Alibaba Group Holding Limited (NYSE: BABA)-backed Ant Group’s initial public offering and dual listing in Hong Kong and Shanghai could be delayed by at least six months, the Financial Times reported Thursday.What Happened: On Tuesday, the listing, which would have raised $37 billion, was suspended by the Shanghai Stock Exchange after Chinese regulators announced draft regulations that could force Ant Group to rework its business model. A person familiar with the matter described “these new regulation changes” to FT as a key factor for Ant.Lawyers associated with the listing reportedly said that the Jack Ma-co-founded fintech firm would have to submit a new IPO prospectus in Hong Kong and respond to the demands of Chinese regulators, which could take at least six months.Why It Matters: The changes required of Ant could change its risk profile, whose current activities involve being a bridge between borrowers and banks, noted FT.A Shanghai-based fund manager told FT that the value of Ant “depends” on the extent to which the new rules are implemented. “If they get strictly carried out, Ant would be worth less than half of what it is now,” the fund manager said.China reportedly scuttled Ant’s IPO hopes due to its concerns regarding financial stability and as a response to controversial statements Ma made in Shanghai last month.Price Action: Alibaba shares closed nearly 2.7% lower at $287.75 on Thursday.Photo by nosillacast on FlickrSee more from Benzinga * Click here for options trades from Benzinga * Why China Slashed Jack Ma’s Ant IPO Hopes, Experts Explain * Jack Ma Loses B In A Day After Alibaba’s Stock Crash(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Peloton Interactive Inc.’s pandemic surge continued through the summer, and the company expects that the holidays will bring its first ever billion-dollar quarter.
Nintendo Switch, Discounts and allowances, 1979 Revolution: Black Friday
World news – CA – Nintendo Switch Black Friday Deals (2020): Top Early Nintendo Switch (Lite) Bundle Deals Published by Consumer Articles