To The Moon

TMTPost -- Canada could follow suit after its neighbour and allay U.S. raised tariffs on Chinese electric vehicles (EVs), a new risk of intensifying tension between China and the West.   Credit：Xinhua News Agency Canada is exploring whether it needs to hike tariffs on Chinese-made EVs after the White House announced major new levies on them,  a Bloomberg report Friday cited Mary Ng, the Minister of Export Promotion, International Trade and Economic Development. "We are looking at this very carefully and we have an open dialogue with our American partners,"  Ng said in a phone interview from Peru, where she is attending meetings of the Asia-Pacific Economic Cooperation forum that day.  The White House announced Tuesday President Biden direc

TMTPost -- U.S.-listed shares of Fangdd Network Group Ltd, a Chinese provider engaged in real estate transaction digitalization services, skyrocketed 321.3% and shares of another real estate service provider FLJ Group Ltd jumped 223.6% on Friday, outperforming the stock market as the benchmark S&P 500 edged up merely 0.1%. Fandd and FLJ’s rally came right after China unveiled a host of forceful measures to shore up its property sector. AI Generated Image The People's Bank of China (PBOC), the central bank, and the National Financial Regulatory Administration (NFRA), the new financial regulator, set up a year ago, announced that the minimum down payment ratios for individuals' commercial housing mortgages will be lowered to 15% for first-home purchases and 25% for s

 TMTPost --  Baidu, Inc. posts mixed quarterly results as the Chinese internet giant continues to leverage artificial intelligence (AI) technology to upgrade offerings amid lackluster economic recovery. Credit：Baidu Baidu’s revenue for the quarter ended March 31, 2024 edged up just 1% year-over-year (YoY) to RMB 31.5 billion (US$4.37 billion), slightly higher than Wall Street expected RMB31.43 billion. That is the slowest pace of revenue growth in more than a year for the Beijing-based company, compared with a 6% YoY increase in the previous quarter. Baidu Core, which accounts for more than 75% of overall revenue in the first quarter, generated RMB23.8 billion with a 4% YoY growth. Revenue from iQIYI, an online entertainment video services provider, fell 5% YoY to RMB7.9 bi

TMTPOST--China's economy maintained stable growth in April, with key indexes on industry, exports, employment and price improving moderately from March, data released by the National Bureau of Statistics (NBS) showed on Friday, showing that the world's second-largest economy has been sustaining the solid recovery momentum since the beginning of the year despite facing multiple global and domestic headwinds. China's industrial production jumped 6.7% year-on-year in April, compared with a 4.5-percent growth in March, NBS data showed. In April, retail sales gained 2.3% year-on-year, down from the March reading of 3.1%. Fixed-asset investment rose 4.2% year-on-year in the first four months, slowing down from the 4.5% growth in the first three months. "China's economy remained stable in April.

AsianFin--China announced Friday that the minimum down payment ratios for individuals' commercial housing mortgages will be lowered to no less than 15% for first-home purchases, and 25% for second-home purchases, according to People's Bank of China and National Financial Regulatory Administration. China also abolishes the lower limit of the interest rate for commercial individual housing loans at the national level, according to the authorities. Meanwhile, China will cut the loan rates of individual housing provident fund by 0.25 percentage points, the central bank announced Friday. Starting May 18, the interest rate of first-home loans that mature within or at five years will be set at 2.35%, while the over-five-year rate will be slashed to 2.85%, the People's Bank of China said on its we

TMTPost --  JD.com, China’s second largest Business-to-consumer (B2C) e-commerce marketplace, accelerates growth both top and bottom line, highlighting its commitment to further price competitiveness is paying off. Credit：JD JD posted net revenue of RMB260.0 billion (US$36.0 billion) in the quarter ended March 31, 2024, beating Wall Street estimated RMB258.35 billion. The revenue rose 7% year-over-year (YoY), almost doubling a 3.6% growth in the previous quarter. On non-GAAP basis, the net income attributable to ordinary shareholders surged a stronger-than-expected 13.9% YoY to RMB7.1 billion, and EBITDA,or earnings before interest, taxes, depreciation, and amortization, gained 14% to RMB10.79 billion, topping analysts’ projection of RMB9.5 billion. In comparison, the adjus

TMTPost --  The American depositary receipts (ADRs) of Alibaba Group jumped more than 7%  to US$86.70 on Thursday, outperforming the stock benchmark S&P 500 that closed 0.21% lower. The stock rally came after Citron Research, one of the most well-known short sellers targeting U.S.-listed Chinese shares, cheered huge upside potential for the Chinese e-commerce giant. Credit：Alibaba Alibaba shares are gaining momentum and should cruise past US$100.00, Citron posted on social media platform X, formerly known as Twitter. Based on Citron's expectation, Alibaba shares would surge at least nearly 24% from theire close on Wednesday.  Citron showed bullish on Alibaba for its artificial intelligence (AI) technology-powered cloud business and large language model (LLM) and an

AsianFin--Volcano Engine, the cloud computing services arm of ByteDance, the parent company of TikTok, has introduced nine models under its large language model Doubao. The main enterprise model is priced at over 99% cheaper than the industry average. At a recent launch event, Tan Dai, president of Volcano Engine, revealed that Doubao's enterprise model costs 0.0008 Chinese cents (0.00011 US cents) per 1,000 tokens, representing a significant reduction of 99.3 percent compared to the industry average. Tan pointed out that similar models from other enterprises with the same specifications are typically priced at an average of 12 Chinese cents (2 US cents) per 1,000 tokens. Since its debut as Skylark last August and being among the first large language models to pass China's algorithm regist

 TMTPost --  Tencent Holdings Limited vows to double down repurchase as China’s leading social media and video game company accelerates growth both top and bottom line. Credit：Tencent Tencent has bought back HK$14.8 billion in the quarter ended March 2024, hitting the quarterly repurchase record. The company has said in March that it intended to at at least double the size of its share repurchases to more than HK$100 billion in the year 2024, from around HK$49 billion in 2023. It reiterated the buyback target following financial results of the March quarter. "Executing on our commitment to return excess capital to shareholders, we stepped up our buyback plan, and are on track to repurchase over HK$100 billion of our shares in 2024, as well as paying an increased dividend, while

TMTPost -- U.S. Treasury Secretary Janet Yellen tries to play down potential consequences of China’s response to new U.S. tariffs on Chinese exports. Credit：Xinhua News Agency  “I hope that the Chinese react in a rational way to what is a very targeted set of actions,” Yellen said Tuesday in an interview on the PBS NewsHour. “We have a deep trade and investment relationship with China. We think most of it is beneficial both to America and also to China, and most of it is unproblematic and uncontroversial.”   Yellen stressed overcapacity of certain Chinese industries again. She noted China’s capacity to produce solar panels is twice global demand for these panels, which means prices of these products will drop to levels that make American firms uncompetitive. Yelle