Tech

Charlie Munger doubles down on Alibaba Stock
Investments, Tech

Charlie Munger doubles down on Alibaba Stock

Warren Buffett‘s longtime partner Charlie Munger has disclosed that a firm that he chairs nearly doubled an investment in the Chinese internet giant Alibaba Group Holding. Munger now owns over 300,000 Shares of Alibaba Stock through Daily Journal. Daily Journal publishes newspapers and websites covering California and Arizona, and produces information services; it also owns large stakes in stock, with a portfolio valued at $225 million. The current holdings are pictured below : Charlie Munger's Daily Journal Holdings as of September 30 2021 To say that Charlie Munger is bullish on Alibaba would be an understatement. Since he added to his position Alibaba Stock is up by approx 24%. The current price is 165.50 HKD. $162.10 on the Nasdaq.
Tencent applies for metaverse trademarks
Tech

Tencent applies for metaverse trademarks

Tencent has applied for two trademarks related to “metaverse,” a popular concept that refers to an immersive virtual world created by latest technologies like augmented reality and virtual reality. The company applied for trademarks “Timi metaverse” and “Kings metaverse” on Sept. 3, Chinese enterprise database Tianyancha shows. The word “Timi” could be referring to Tencent’s Timi gaming studio while “Kings” may refers to Honor of Kings, Tencent’s hit mobile game. Source: Tianyancha, in Chinese
JD Launches China-UK Cargo Charter Flight
Logistics, Tech

JD Launches China-UK Cargo Charter Flight

JD launched an all-cargo charter flight between China and the UK on September 8, the e-commerce giant’s first regular cargo flight to Europe. The route further expands JD’s international transportation logistics network, in addition to the cargo flights to the U.S. and Thailand launched earlier this year. “We are committed to leveraging JD’s global supply chain, logistics and other infrastructure services to help boost the development of cross-border e-commerce and trade around the globe,” said Stard Huang, president of JD’s international logistics division. “We will also take the launch of this charter route as the opportunity to continuously upgrade our global logistics layout.” The route between Hefei Xinqiao International Airport in Anhui province and Heathrow Airport in London ...
JD.com Partner Dada Group Revenue up 81% YOY
Tech

JD.com Partner Dada Group Revenue up 81% YOY

Dada just announced its Q2 earnings and owners of Dada should be happy to see the following results: The full Dada Q2 earnings release can be found here. Second Quarter 2021 Highlights Total net revenues were RMB1,474.6 million, an increase of 11.5% year over year. Aligning the revenue of Dada Now last-mile delivery services to a comparable basis, revenue growth would have been 81.3% year over year1.Total Gross Merchandise Volume (“GMV”) of JDDJ for the twelve months ended June 30, 2021 was RMB32.3 billion, an increase of 76.7% year over year from RMB18.3 billion in the same period ended June 30, 2020.Number of active consumers for the twelve months ended June 30, 2021 was 51.3 million, as compared with 32.3 million in the same period ended June 30, 2020. “Dada has lo...
Didi Competitor Cao Cao raised $589m
Tech

Didi Competitor Cao Cao raised $589m

Geely’s Cao Cao Mobility said on Monday that it had raised 3.8 billion yuan ($589 million) to fund expansion, amid competition to grab market share from China’s embattled ride hailing leader Didi Global Inc. Cao Cao’s funding round comes as New York-listed Didi faces a cybersecurity investigation by Chinese authorities. Along with other ride hailing companies, including Meituan’s, Cao Cao is offering promotions to attract more users. Cao Cao, which was launched in 2015, said in a statement it will use the money to develop technology, expand its business, and develop its own purpose-built vehicles for ride hailing. Chinese regulators are urging ride hailing companies to hire qualified drivers to comply with relevant rules and protect data security. Cao Cao operates in 62 ci...
Tencent and Alibaba lose $330bn in market value in 2021
Tech

Tencent and Alibaba lose $330bn in market value in 2021

The combined market cap of the top two Chinese tech companies has plunged $330 billion since the end of last year under regulatory pressure by Beijing. The market cap of top-ranked Tencent Holdings stood at $574.3 billion on Aug. 30, down about 20% since the beginning of the year. Alibaba Group Holding descended from second to third place on a fall of 30% in market value to $440.6 billion as its stock price continued to hit post-listing lows. During the end of 2020, Tencent and Alibaba had followed closely behind American tech giant like Apple and Amazon in market value. Toughened Chinese regulations are starting to hurt manufacturers of luxury goods as well. Luxury liquor producers Kweichow Moutai, ranked fifth, and Wuliangye Yibin, 20th, saw their market values shrink 20% and 30%,...
China court drops sexual assault case against ex-Alibaba employee
Tech

China court drops sexual assault case against ex-Alibaba employee

The district court in north-eastern Shandong province said the "forcible indecency" committed by the man, identified as Wang, was not a crime. The employee was arrested last month after a female employee of Alibaba said she was sexually assaulted on a business trip. Her allegations were shared widely on Chinese social media. Police in the city of Jinan, where the incident took place, said the investigation was closed but that Wang will remain under detention for 15 days "as punishment". The People's Procuratorate of Huaiyin city in Jinan added that Mr Wang's arrest order was not approved. "Alibaba Group has a zero-tolerance policy against sexual misconduct, and ensuring a safe workplace for all our employees is Alibaba's top priority" an Alibaba spokesperson told the BBC in...
JD.Com appoints Lei Xu as president
Tech

JD.Com appoints Lei Xu as president

Just in today: Management change at JD.com : Mr. Xu Lei has been appointed as the President of JD.com, Mr. Xin Lijun has been appointed as the CEO of JD Retail and Mr. Jin Enlin has been appointed as the CEO of JD Health Co #BREAKING #JD.Com appoints Lei Xu as president and names Lijun Xin JD retail CEO, Enlin Jin JD Health CEO.Liu Qiangdong, chairman and CEO of JD Group, says JD will devote more time to long-term strategic design, young talent development and rural revitalization.#China $JD pic.twitter.com/urUIe4Ncyt— CN Wire (@Sino_Market) September 6, 2021
Alibaba pledges $15.5 billion to help China reach ‘common prosperity’
Tech

Alibaba pledges $15.5 billion to help China reach ‘common prosperity’

Alibaba will invest 100 billion yuan ($15.5 billion) into China's drive to achieve "common prosperity". This is the latest big pledge from a Chinese company to support President Xi Jinping's campaign. The Chinese tech company announced Friday that it would spend the massive sum by 2025 with an eye on five priorities: innovation in technology, economic development, the creation of "high-quality employment," supporting vulnerable communities, and setting up a special development fund. Alibaba is also setting up what it's calling the "Prosperity Advancement Working Committee," which will be helmed by Chairman and CEO Daniel Zhang. Didi and JD.com are letting their workers unionize "Alibaba is a beneficiary of the strong social and economic progress in China over the past 22 years....
Tech

China plans to ban companies with a lot of data to list in the USA

Breaking news reported by WSJ and First Squawk: China plans to ban companies with a lot of data to list in the US CHINA PLANS TO PRO­POSE NEW RULES THAT WOULD BAN COM­PA­NIES WITH LARGE AMOUNTS OF SEN­SI­TIVE CON­SUMER DATA FROM GO­ING PUB­LIC IN THE U.S.— First Squawk (@FirstSquawk) August 27, 2021 If you are interested in investing in Chinese Stocks such as Alibaba make sure you watch this Video. Alibaba should not be affected by these new potential changes. This should only affect new upcoming IPOs of Chinese Tech firms. We will keep you posted about further developments