8.52 -0.07 (-0.81%)
After hours: 7:59PM EDT
|Bid||0.00 x 800|
|Ask||8.56 x 1000|
|Day's Range||8.50 - 9.07|
|52 Week Range||5.35 - 13.80|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
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Tencent (TCEHY) has quietly filed to take its music unit to the United States, according to Reuters. Tencent Music Entertainment (or TME) Group, as the unit is known, may raise ~$2.0 billion through its IPO, according to the report. TME had been expected to seek anywhere between $3.0 billion and $4.0 billion through its IPO.
Tencent Music Entertainment Group, China's biggest music-streaming company, is seeking to raise about $2 billion in a U.S. listing, according to three people close to the deal, down from the up to $4 billion that had been touted earlier. The subsidiary of Chinese tech giant Tencent Holdings filed confidentially with the U.S. Securities and Exchange Commission (SEC) two weeks ago, three people with knowledge of the matter said, in what will be one of the biggest listings in New York by a Chinese company this year. Tencent Music had earlier been seeking to raise between $3 billion and $4 billion, Thomson Reuters publication IFR reported, which would have made it the biggest Chinese float in the United States so far in 2018, ahead of streaming company iQiyi's $2.42 billion IPO in March.
Tencent Music Entertainment Group, China's biggest music-streaming company, has halved the amount it is seeking to raise in a U.S. listing to about $2 billion, according to three people close to the deal. The subsidiary of Chinese tech giant Tencent Holdings two weeks ago filed confidentially with the U.S. Securities and Exchange Commission (SEC), three people with knowledge of the matter said, in what will be one of the biggest listings in New York by a Chinese company this year. Tencent Music had earlier been seeking to raise up to $4 billion, people familiar with the matter said, which would have made it the biggest Chinese float in the United States so far in 2018, ahead of streaming company iQiyi's $2.42 billion IPO in March.
As we discussed in the previous article, the United States has gone ahead with a 10% tariff on Chinese products. Only a few days back, the United States proposed trade talks with China. In a tweet, Trump said, “we are under no pressure to make a deal with China, they are under pressure to make a deal with us.
When Chinese electric-vehicle maker NIO (NYSE:NIO) launched its IPO on Wednesday, NIO did not look so inspiring. The company priced its stock at $6.26, which was on the low-end of the $6.25-$8.25 range. NIO IPO raised about $1 billion, but NIO wanted to raise $2 billion-$3 billion. The first-day performance of NIO was also muted. Note that the shares rose only about 5.4%. The underwriters on the deal included Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS) and JP Morgan (NYSE:JPM).
NIO, known as China's Tesla, was dragged lower after reports that more White House tariffs on Chinese goods are likely.
Shares of Chinese tech and internet names are getting crunched in Monday's session, after reports indicated that President Donald Trump could proceed with $200 billion in additional tariffs on Chinese goods and that China might pull out of trade talks if he goes through with that action. E-commerce names are getting hit hard, including Alibaba Group Holding Ltd. , down 3%, and JD.com Inc. , down more than 5%. Shares of internet companies iQiyi Inc. and Bilibili Inc. are also down in the session, as are shares of carmaker Nio Inc. , off 11%. Nio went public last week and has been called the Tesla Inc. of China. The KraneShares CSI China Internet ETF is down 1.7% in Monday trading, while the S&P 500 is off 0.2%.
Nio Inc. is an electric-car company that’s been called the Tesla of China. Let’s explore the strange case of Nio’s (NIO) stock-price movements on the New York Stock Exchange and why it shows that risk in the U.S. equity market is underappreciated. Please click here for an annotated chart of Nio’s stock.
The Trump Administration has lowered US corporate tax rates. Lower corporate tax rates and tariffs on imported goods are meant to shore up US manufacturing (IVV). While lower tax rates have helped buoy US equity markets, will it help bring back manufacturing jobs lost to countries like China (MCHI)?
Electric vehicle (or EV) sales are expected to grow at a fast pace over the next decade. Higher EV adoption is also shaking metal markets. Congo has revised its mining code, which has triggered a backlash from companies operating in the region.
Is Tesla Stock 'No Longer Investable'? While Tesla continues to focus on ramping up its vehicle production, its completion is rising rapidly. Apart from mainstream US automakers (XLY), such as General Motors (GM) and Ford Motor Company (F), overseas startups are also trying to challenge Tesla’s supremacy in the EV (electric vehicle) segment.
Dow Jones futures: Chip stocks, China internets, marijuana IPO Tilray and Apple were notable winners Thursday. But Facebook stock continues to weaken.
Stocks opened to narrow gains Friday with AMD, Shite and Nio posting strong early moves, while Tilray led a sell off among marijuana issues.