|Bid||561.500 x 0|
|Ask||561.500 x 0|
|Day's Range||557.000 - 564.500|
|52 Week Range||314.600 - 574.000|
|Beta (5Y Monthly)||1.00|
|PE Ratio (TTM)||50.98|
|Earnings Date||Nov 12, 2020|
|Forward Dividend & Yield||1.20 (0.21%)|
|Ex-Dividend Date||May 15, 2020|
|1y Target Est||388.16|
(Bloomberg) -- Huawei Technologies Co. introduced the Mate 40 smartphone series on Thursday, potentially its last major release powered by its self-designed Kirin chips.China’s biggest tech company by sales has been stockpiling chips to get its signature device out in time to compete with Apple Inc.’s iPhone 12 over the holidays. Huawei will have to overhaul its smartphone lineup after Trump administration sanctions that took effect in September curtailed its ability to design and manufacture advanced in-house chips by cutting it off from the likes of Taiwan Semiconductor Manufacturing Co.The company’s consumer devices group, led by Richard Yu, was already prevented from shipping handsets with the full Google-augmented Android experience. But that didn’t stop it from surpassing Samsung Electronics Co. to become the world’s best-selling smartphone maker in the summer, largely on the strength of growing domestic sales. Without a contractor to produce its own chips or the ability to buy processors from a supplier like Qualcomm Inc., prognostications for the division’s future are less rosy.“We are suffering from the U.S. government’s third-round ban. This unfair ban,” said Yu during a live-streamed presentation, saying the trade sanctions make things extremely difficult. Though he did open the event by saying that, “at Huawei, we continue to dare to dream for a bright future together.”Read more: Huawei Outhustles Trump by Hoarding Chips Vital for China 5GHuawei’s third-quarter revenue growth slowed to 3.7% as the sanctions exacted a toll on the consumer business, of which the Mate series is the showpiece.The 6.5-inch Mate 40 and 6.76-inch Mate 40 Pro feature the 5nm Kirin 9000 processor, second to Apple’s A14 chip to offer that advanced manufacturing node in consumer devices. The system-on-chip contains 15.3 billion transistors, including eight CPU cores maxing out at a speed of 3.13GHz and 24 GPU cores that Huawei claims give it 52% faster graphics than Qualcomm’s best offering.Both devices have sloping glass sides and in-display fingerprint sensors. The new rear “Space Ring” design accommodating Huawei’s multi-camera system is reminiscent of the control wheel of iPods of yesteryear. It plays host to a 50-megapixel main camera accompanied by zoom and ultrawide lenses.Though prevented from doing business with technological partners and suppliers, Huawei still touts Leica co-branding on its imaging hardware and is once again offering a Porsche Design edition of its new flagship smartphone. The company also announced a new pair of over-ear headphones and new home speakers in collaboration with French audio brand Devialet SA.Huawei is the leader in China, where the mobile software ecosystem is fleshed out with vendor-specific apps and stores alongside a reliance on Tencent Holdings Ltd.’s WeChat super-app as a mini operating system. The Mate 40 gives Huawei a response to Apple’s new 5G-enabled iPhones and extends the period of time before it has to completely rethink its consumer devices strategy.The Mate 40 will be on sale for 899 euros ($1,064), Mate 40 Pro will cost 1,199 euros and a Mate 40 Pro Plus with further upgrades will cost 1,399 euros, though Huawei didn’t specify a release date.(Updates with quarterly results in the fifth 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.
(Bloomberg) -- Renrenche was one of China’s hottest tech unicorns backed by investors including Goldman Sachs Group Inc. and Tencent Holdings Ltd. Now the car website could sell itself for a little over $1,000.The Beijing-based startup -- which had a pre-money valuation of $1.4 billion in a financing round just two years ago -- has a preliminary plan to sell its major assets to 58.com Inc. for HK$10,000 ($1,290), according to people familiar with the matter. China’s online classified ad leader will take over Renrenche’s Hong Kong entity, while offering at least $4 million in loans to its mainland operations, said the people, asking not to be identified because the transaction is private. The parties have yet to finalize the deal and may not proceed with it, the people said.A representative for Renrenche declined to comment but said the contents of an emailed query sent to the company was inaccurate, without elaborating.The deal may help bail out the car trading platform, which ran into financing troubles amid the unraveling of China’s once-booming sharing economy. Founded in 2014, Renrenche connects users seeking to trade second-hand vehicles, taking a smaller cut than offline dealers. Its backers include ride-hailing giant Didi Chuxing, as well as venture firms like Shunwei Capital and Redpoint China. In 2018, it completed a $300 million investment round led by Goldman Sachs, according to a company statement.But competition with rivals like Uxin Ltd. and Softbank Vision Fund-backed Guazi.com -- coupled with business disruptions during the Covid-19 pandemic -- quickly dried up funding for Renrenche. One of its creditors, Argyle Street Management Ltd., is seeking a winding-up order in a court in the Cayman Islands, where Renrenche is registered, on the grounds that the company was unable to pay back roughly $15 million in debts, according to a court filing viewed by Bloomberg News.That petition may complicate the transaction with 58.com. The deal was rejected by some investors but won key support from Tencent and Didi during a shareholder meeting last week, according to the people. Investors are still looking into other options to resolve Renrenche’s liquidity crisis, said the people.Renrenche’s representative was responding to an email that included questions on the HK$10,000 offer by 58.com as well as the loans, and that the deal had won backing from Tencent and Didi. The representative didn’t specify what was inaccurate. 58.com didn’t respond to requests for comment, while spokespeople at Tencent and Didi declined to comment.If the firesale goes through, it would mark one of the more spectacular startup failures since China’s internet boom kicked off a decade ago. Renrenche’s rapid fall echoed high-profile failures when mini-bubbles popped, like Mobike or Ofo in bike-sharing, but those have been rarities given sustained growth in smartphone and internet adoption.58.com, often billed as China’s answer to Craigslist, also counts Tencent among its backers. In June, the online classified portal agreed to a buyout deal at about an $8.7 billion value, joining a slew of Chinese firms to ditch their U.S listings.(Updates with reply from Renrenche’s representative in third and seventh 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.
Moody's Investors Service has assigned a Baa3 issuer rating to Meituan. In addition, Moody's has assigned a Baa3 senior unsecured rating to the proposed notes to be issued by Meituan. The outlook on all ratings is stable.