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China minted three times as many new billionaires than the United States in the past year, with fortunes made in drugs and online entertainment after a mini-boom from the coronavirus outbreak, a ranking of the world's wealthiest people shows. The Greater China region, including Hong Kong and Taiwan, created 182 new billionaires in the year to Jan. 31, taking its total to 799, according to the 2020 Hurun Global Rich List released on Wednesday. While the outbreak of a new coronavirus in China has hammered the world's second-biggest economy, it has also driven up stock valuations of Chinese companies in online education, online games and vaccinations, the report said.
BEIJING/SHANGHAI, Feb 26 (Reuters) - Spooked by a sneeze or a cough, Chinese consumers are turning to online consultations in droves for advice about possible coronavirus symptoms - a boon for a fledgling industry that has struggled to win over customers. JD Health, an arm of JD.com Inc, has seen its daily volume of respiratory-related online consultations jump by nine times while mental-health consultations have grown five to seven times, according to Xiao Jianbo, the company's general manager of online healthcare. "Most of the requests I've had between the end of January and mid-February were about the coronavirus," said Liu Yafeng, a doctor who works fulltime for JD Health.
The major stock indexes sold off sharply early Monday, as the coronavirus continues to spread outside of China.
China is tracking big data on an array of industrial barometers such as power use and traffic flows to take the pulse of general activity and target stimulus measures aimed at mitigating the impact of the coronavirus on its struggling economy. The flu-like epidemic - which has killed over 2,200 people and infected more than 74,000 - has disrupted businesses across China, spilling over several key global supply chains. Analysts say it will knock more than 1 percentage point off China's economic growth in 2020 and cut electricity demand by 1.5%.
The new coronavirus from China is weighing on a variety of Chinese assets, including some well-known internet equities. The first documented case of the deadly respiratory illness was reported just over ...
Moody's Investors Service says in a new report that Chinese internet and logistics companies are helping combat the coronavirus outbreak by identifying affected areas, transporting and distributing medical supplies, and addressing customer demand for online medical services and daily essentials, a credit positive for these companies in the long run. "Companies like Baidu and Alibaba are leveraging their strong technology platforms, robust supply chain capabilities and large user bases to help the government combat the outbreak, which we expect will further strengthen their leading market positions, primarily through higher user stickiness," says Lina Choi, a Moody's Senior Vice President. Meanwhile, members of the public have relied on Tencent Holdings Limited's (A1 stable) various media and social networking platforms, including Tencent News and Weixin, to stay up-to-date on the latest professional medical advice and government measures.
Short selling of U.S.-listed companies from China and Hong Kong has climbed since the coronavirus outbreak was confirmed on Jan. 20, according to the latest report from S3, a provider of short interest and securities finance data. S3 said that $751 million new shares were shorted in the 494 U.S.-traded Chinese and Hong Kong stocks the company tracks, bringing total short interest in those stocks to $27.27 billion. S3 said it expects to see continued short-selling in Chinese/Hong Kong stocks and that this would happen primarily in the U.S. market as Chinese regulators limit short-selling on China's exchanges.
Baidu, Inc. (Nasdaq: BIDU) today released a report that outlines the most frequently-used emoji from Facemoji Keyboard on popular dating apps Bumble, Hinge, Match, OkCupid, Plenty of Fish and Tinder in the United States.
(Bloomberg Opinion) -- The decision to exclude shares of China's biggest e-commerce company from a cross-border trading link is a blow to Hong Kong. Is it a punishment, or simple self-interest at work? The answer matters, both for the city’s exchange and for Alibaba Group Holding Ltd.Alibaba can’t be included in the stock connect program linking Hong Kong with the Shanghai and Shenzhen exchanges at present, Bloomberg News reported Tuesday, citing people familiar with the matter. China’s securities regulator has yet to agree to rule changes proposed by Hong Kong Stock Exchanges & Clearing Ltd. that would allow the internet company to participate, one of the people was cited as saying.Granted, the Jack Ma-founded internet giant doesn’t qualify under the stock connect program’s existing arrangements, which exclude companies that have secondary listings with weighted voting rights. These were already in place before New York-listed Alibaba raised $13 billion selling shares in Hong Kong late last year.But exceptions have already been made. In October, China allowed companies with dual-class shares to join the connect, giving investors in the mainland access to Hong Kong-listed technology companies Xiaomi Corp. and Meituan Dianping. Rules can be changed when there is the desire to do so.Clearly, that was the expectation among investors here. The notice on dual-class shares was posted by the Shanghai and Shenzhen exchanges in mid-October and took effect Oct. 28. Three days later, Alibaba was reported to be planning its secondary listing in Hong Kong the following month. The shares started trading Nov. 26.Investors in Alibaba’s Hong Kong stock will have a right to feel short-changed if the shares lose steam as a result. They dropped as much as 2.5% after the Bloomberg News story published, before recovering to close little changed. Alibaba has rallied more than 20% since its debut in Hong Kong, at least partly on anticipation that the stock will draw a wall of money from mainland Chinese investors who wouldn’t otherwise be able to buy.The lack of support for Alibaba to join the stock connect is a severe blow to Hong Kong’s aspirations of marketing itself as the offshore listing venue of choice for Chinese technology companies, in an environment where the U.S. has become increasingly inhospitable and businesses are considering their options. Trip.com Group Ltd. and Netease Inc. are among U.S.-listed Chinese enterprises that are said to be looking at listing in Hong Kong. Bankers have talked of pitching other names including JD.com Inc. and Baidu Inc.The prospect of acquiring an enthusiastic mainland investor base that would help to buoy valuations is a key selling point for those who might be tempted to decamp from a U.S. exchange. If Alibaba — a marquee name with a $578 billion market capitalization — can’t get the nod, what’s the hope for any of the others?More worrying for Hong Kong is what the reluctance may say about China’s support for the city, as it contemplates the hit to its own economy from the coronavirus epidemic. HKEX, after all, is a competitor as well as a partner with the Shanghai and Shenzhen exchanges. If Hong Kong becomes too attractive a venue for China’s leading companies, that may hold back development of the mainland’s markets.In 2018, Hong Kong relaxed its listing rules to admit unprofitable technology companies, competing with the U.S. and making the exchange even more alluring to Chinese hopefuls than the Shanghai and Shenzhen markets. In turn, Shanghai introduced the tech-focused Star Board in July, a Chinese answer to the Nasdaq that accepts money-losing companies with weighted voting rights. After a lively start, the board’s performance has been underwhelming. It has drawn few big names and has thin turnover.All may not be lost. Smartphone maker Xiaomi had been public in Hong Kong for 15 months before it joined the connect, while food-delivery app Meituan had to wait 13 months. HKEX and Alibaba will have to hope this is the slow arm of bureaucracy rather than the cold shoulder. To contact the author of this story: Nisha Gopalan at firstname.lastname@example.orgTo contact the editor responsible for this story: Matthew Brooker at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.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.
(Bloomberg) -- Investors betting on Alibaba Group Holding Ltd.’s inclusion in a program allowing mainland Chinese investors to buy its shares in Hong Kong could be in for a disappointment.China’s largest e-commerce company, valued at HK$4.56 trillion ($587 billion) in Hong Kong, can’t be included in the stock connect program linking the Asian financial hub with Chinese investors at present, according to people with knowledge of the matter, who asked not to be identified as the discussions are private.The exclusion of companies with secondary listings and weighted voting rights from the program was part of an arrangement agreed to by the mainland and Hong Kong exchanges before Alibaba’s Hong Kong debut last year, the people said. The Shanghai, Shenzhen and Hong Kong exchanges haven’t agreed to make an exception or revise the agreement for Alibaba, though that could change in the future, they said.With the bourses competing to draw the listings of local firms already floated in the U.S., allowing companies in Alibaba’s position into the program would run contrary to Beijing’s ambitions of developing its mainland exchanges, particularly as unrest grips Hong Kong. Other Chinese firms -- among the country’s largest corporations, from JD.com Inc. to Baidu Inc. -- may then be encouraged to also pick Hong Kong, bypassing the Shanghai or Shenzhen bourses.The Hong Kong Stock Exchanges & Clearing Ltd. has proposed changes to the China Securities Regulatory Commission, which hasn’t yet made a decision to revise the previous arrangement, one of the people said.Companies with weighted voting rights and a secondary listing are not currently included in the stock connect and there’s been no precedent for such a move, a Hong Kong Exchange spokesman said in response to questions on the agreement. “We look forward to discussing the potential for this with relevant parties in the future,” he said. “More generally, HKEX is not in the habit of banning things that it considers positive for the market.”Alibaba is not among the current batch of companies to be included in the stock connect, said a separate person, adding that the list will be updated on Feb. 17.Representatives for Alibaba and the Shanghai Stock Exchange declined to comment. Shenzhen Stock Exchange and China’s stock market watchdog, the China Securities Regulatory Commission, didn’t immediately reply to emails seeking comment.Alibaba’s landmark $13 billion secondary listing in Hong Kong last year was in part spurred by expectations that it would attract a vast pool of capital from its home country if included in the stock connect.In the Hong Kong offering, Alibaba preserved its governance structure: Granting a partnership of top executives the right to nominate a majority of board members. That system falls broadly into the definition of having weighted voting rights in Hong Kong.Alibaba’s shares are up about 20% since the November listing, prompting other U.S.-listed technology companies including Trip.com to look at a secondary listing in Hong Kong, people familiar have said. Alibaba fell as much as 2.5% in Hong Kong Tuesday, the biggest drop in two weeks, before paring losses. In the past, China has green-lit companies with weighted voting rights that conducted primary share sales in Hong Kong to join the stock connect program. For example, food delivery giant Meituan Dianping and smartphone maker Xiaomi Corp. joined in late October. Chinese firms with dual class shares started listing in July on Shanghai’s new tech-focused Star board.(Updates with shares)\--With assistance from Kiuyan Wong and Lucille Liu.To contact Bloomberg News staff for this story: Evelyn Yu in Shanghai at firstname.lastname@example.org;Lulu Yilun Chen in Hong Kong at email@example.com;Steven Yang in Beijing at firstname.lastname@example.orgTo contact the editors responsible for this story: Candice Zachariahs at email@example.com, Jonas Bergman, David ScanlanFor 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.
We remain concerned with the growth strategy and competitive landscape despite our respect for the longtime success of the business and its founder Continue reading...
BEIJING/SHANGHAI, Feb 4 (Reuters) - Online games and short video apps have been among the few beneficiaries of China's virus outbreak, raking in millions of views and downloads as people stuck in self-quarantine at home seek entertainment and ways to beguile their time. "I only use my mobile phone for three hours a day at work, but at least eight hours every day during the Spring Festival, because it's so boring," Lu Zhang, a junior high school teacher in eastern Shandong province, said of the enforced holiday. Investors have seized on the trend, with shares of Chinese game publishers, such as Tencent, rising 2% in Hong Kong on Tuesday, outstripping a rise of 1% in the benchmark , while in New York, NetEase rose nearly 3%.