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Oct. 15, 2015, 3:59 PM
- After suspending online lottery sales earlier this year, Beijing plans to allow provinces to approve plans for lottery sales and payouts.
- Chinese online sports lottery vendor 500.com (WBAI +5.8%) has turned in a good day, and so has Qihoo (QIHU +4%), whose value-added service revenue has been pressured by the suspension. A broader rally in Chinese tech stocks is likely helping out, as is a 1.8% gain for the Nasdaq.
- 500.com was hammered earlier this year due to suspension worries, but eventually rebounded. Shares +16% YTD in what has been a rough year for many Chinese Internet stocks.
Oct. 2, 2015, 12:13 PM
- Hammered over the last several months as macro concerns and plunging local markets took a toll, U.S.-traded Chinese tech stocks are up strongly (CQQQ +3.2%) today even as the Nasdaq and S&P post modest declines.
- Web/mobile stocks posting big gains include giants Alibaba (BABA +5.3%) and Baidu (BIDU +4.5%), with the former naturally taking Yahoo (YHOO +4%) higher with it. Yahoo rose earlier this week after stating it's still pushing ahead with a spinoff of its 384M-share Alibaba stake.
- Other gainers include Vipshop (VIPS +6.6%), SouFun (SFUN +6.2%), Qihoo (QIHU +6.7%), Youku (YOKU +5.8%), Jumei (JMEI +8%), Bitauto (BITA +5.3%), Weibo (WB +5.9%), Jumei (JMEI +8%), and Cheetah Mobile (CMCM +6.6%). Online travel leaders Ctrip and Qunar are also up big, possibly aided by new efforts from Beijing to boost Macau tourism.
- Solar winners include Yingli (YGE +4.1%), ReneSola (SOL +5.6%), and Daqo (DQ +9.4%).
- ETFs: KWEB, QQQC, EMQQ
Sep. 16, 2015, 2:06 PM
- The beaten-down Shanghai and Shenzhen exchanges respectively rose 4.9% and 6.5% overnight thanks to late-session surges - many suspect fresh government intervention was responsible. U.S. traded Chinese Web/mobile names have risen sharply (CQQQ +4.4%) on a day the Nasdaq is up just 0.3%.
- Big gainers include search giant Baidu (BIDU +5.4%), rival Qihoo (QIHU +6.5%), auto sites Bitauto (BITA +6.4%) and Autohome (ATHM +5.3%), travel sites Ctrip (CTRP +7.4%) and Qunar (QUNR +6.5%), online real estate plays SouFun (SFUN +6.1%) and Leju (LEJU +4.5%), and online retailers JD.com (JD +4.8%) and Vipshop (VIPS +6.3%). Priceline announced yesterday afternoon it had hiked its Ctrip stake to 11.6%.
- Other winners include ChinaCache (CCIH +8.1%), Cheetah Mobile (CMCM +6.2%), Sina (SINA +6.7%), Weibo (WB +4.3%), Youku (YOKU +5.7%), and YY (YY +4.1%).
- ETFs: KWEB, QQQC, EMQQ
Sep. 8, 2015, 9:14 AM
Sep. 4, 2015, 2:38 PM
- A slew of Chinese firms are among the biggest tech decliners as U.S. markets once more go into risk-aversion mode following a weaker-than-expected jobs report. The Guggenheim China Tech ETF (CQQQ -3.3%) is now down 19% YTD.
- Big decliners include Alibaba (BABA -4.7%), as well as e-commerce peers JD.com (JD -6.6%), Vipshop (VIPS -7.9%), and LightInTheBox (LITB -3.8%). Others include Qihoo (QIHU -4.4%), Autohome (ATHM -5.3%), Sina (SINA -4.7%), YY (YY -4.3%), Ctrip (CTRP -4.3%), Qunar (QUNR -4.4%), Wowo (WOWO -5.8%), and iDreamSky (DSKY -5.6%).
- Yesterday, Bloomberg reported Alibaba founder/chairman Jack Ma and vice chairman Joseph Tsai plan to take out a $2B+ margin loan pledged against their Alibaba stock holdings, rather than sell shares to raise funds. The money reportedly could go towards Tsai's Blue Pool Capital family office.
- After initially moving higher, Qihoo is now below where it traded before posting a Q2 EPS beat (and not providing any guidance) on Tuesday afternoon.
- ETFs: KWEB, QQQC, EMQQ
Sep. 2, 2015, 9:17 AM
Sep. 1, 2015, 6:38 PM
- Qihoo (NYSE:QIHU) is up 2.5% after hours after beating Q2 EPS estimates and posting in-line revenue. Like several other U.S.-traded Chinese companies, Qihoo has declined to provide guidance in its Q2 report, after doing so in prior quarters.
- Top-line performance: Online ad revenue +71.6% Y/Y to $293.9M. Internet value-added service revenue -16.4% to $122.2M. The former was boosted by search ad growth; the latter fell due to the government's suspension of online lottery sales.
- Metrics: Total users of Qihoo's PC products/services rose by 11M Q/Q and 18M Y/Y to 514M. Users of Qihoo's 360 Mobile Safe product rose by 21M Q/Q and 158M Y/Y to 799M. Monthly active users for Qihoo's PC browsers - they drive search/home page traffic - rose by 12M Q/Q and 43M Y/Y to 388M. Average daily clicks on Qihoo's 360 personal startup page fell by 13M Q/Q and 72M Y/Y to 677M.
- Financials: Gross margin fell to 76.2% from 79.3% a year ago. Operating expenses (non-GAAP) rose 27% Y/Y to $232.5M. Qihoo ended Q2 with $1.3B in cash/investments, and $1.6B in long-term debt.
- No decision is said to have been made regarding the $77/share going-private offer Qihoo received in June.
- Q2 results, PR
Aug. 26, 2015, 12:18 PM
- Chinese tech stocks are under pressure again, and Qihoo (QIHU -9.5%) is among the biggest casualties. 1.7M shares have been traded thus far vs. a 3-month daily average of 2.9M.
- Separately, Qihoo and Coolpad's Qiku JV has unveiled three Android phones: The high-end Q Terra, the low-end Q Luna, and an unnamed mid-range China-only model. The first two phones will begin shipping in China in September, before gradually reaching other emerging markets such as India, Brazil, and Russia.
- The high-end and mid-range phones will have 6" displays and dual 13MP rear cameras, and the low-end phone a 5.5" display and single 13MP rear camera. The high-end model sports a 2K resolution, and the others 1080p. Qiku is emphasizing the phones' security features, such as a dedicated VPN for payments and a kill switch for lost/stolen phones. Competition will be provided Samsung, Xiaomi, Huawei, Lenovo, and many others.
- Qihoo's Q2 report arrives on Sep. 1. Shares are now 38% below the $77/share buyout offer price provided by an investor group led by co-founder/CEO Hongyi Zhou. Doubts have been aired about whether the deal will hold.
Aug. 24, 2015, 9:22 AM
- The Shanghai and Shenzhen exchanges nosedived again overnight as fears of an economic slowdown triggered panic selling, and U.S. futures are off sharply premarket. As one would expect, many U.S.-traded Chinese names are seeing big losses.
- Baidu (NASDAQ:BIDU) -9.8% premarket. SINA -9.7%. Weibo (NASDAQ:WB) -10.5%. Ctrip (NASDAQ:CTRP) -9.4%. Qunar (NASDAQ:QUNR) -15%. SouFun (NYSE:SFUN) -15.4%. NQ Mobile -10.1%. Qihoo (NYSE:QIHU) -14.7%. YY -9.3%. Bitauto (NYSE:BITA) -8.8%. JD.com (NASDAQ:JD) -9.6%. Vipshop (NYSE:VIPS) -15.9%.
- Alibaba (previous) is down 9.8% to $61.48, making new post-IPO lows along the way. Tencent (OTCPK:TCEHY) fell a relatively modest 5% overnight in Hong Kong.
- ETFs: CQQQ, KWEB, QQQC, EMQQ
Aug. 24, 2015, 9:19 AM
- Gainers: GAS +29%.
- Losers: VTL -79%. ACI -31%. BZUN -25%. WBAI -23%. JMEI -20%. BTU -17%. MDR -17%. CSIQ -17%. VIPS -16%. FIT -16%. SFUN -15%. LC -15%. PLUG -15%. EXXI -15%. QIHU -14%. MACK -14%. ACHN -14%. KNDI -13%. CYBR -13%. OHGI -13%. Z -13%. TCK -13%. JKS -13%. AVEO -12%. OAS -12%. WLL -12%. MCUR -12%.
Aug. 20, 2015, 11:01 AM
- The Shanghai and Shenzhen exchanges respectively fell 3.4% and 3% overnight as macro fears persist, and the Nasdaq is down 1.5% amid a general flight to safety. The Guggenheim China Tech ETF (CQQQ -3.2%) is once more near a 52-week low of $30.09 (set on July 8).
- Major Web/mobile decliners include Qunar (QUNR -9.1%), Vipshop (VIPS -4.9%), JD.com (JD -4.6%), Qihoo (QIHU -4.5%), ChinaCache (CCIH -6.6%), SouFun (SFUN -5.9%), Sina (SINA -5.7%), Weibo (WB -4.3%), Baozun (BZUN -9.3%), and Wowo (WOWO -3.2%).
- Jumei (down 22.3%), Youku (down 8%), and 58.com (down 4.9%) are seeing steep losses in spite of delivering Q2 beats after the close yesterday. Baozun reported yesterday morning, and Sina and Weibo Tuesday afternoon.
- ETFs: KWEB, QQQC, EMQQ
Jul. 27, 2015, 9:29 AM
- After bouncing in recent weeks with the help of massive government support, Chinese markets nosedived once again overnight amid a backdrop of weak manufacturing data. Shanghai fell 8.5%, Shenzhen fell 7%, and the ChiNext Index fell 7.4%.
- Not surprisingly, many U.S.-traded Chinese tech names are off sharply in premarket trading. YY -4.2%. Qihoo (NYSE:QIHU) -5.5%. JD.com (NASDAQ:JD) -5.4%. SOHU -6%. iDreamSky (NASDAQ:DSKY) -9.6%. SouFun (NYSE:SFUN) -8%. SINA -5.5%. Weibo (NASDAQ:WB) -7.8%. Vipshop (NYSE:VIPS) -4.8%. Youku (NYSE:YOKU) -6.2%. Qunar (NASDAQ:QUNR) -6.2%. Dangdang (NYSE:DANG) -5.4%. 58.com (NYSE:WUBA) -4.7%. 500.com (NYSE:WBAI) -7.2%. Jumei (NYSE:JMEI) -5.7%. NQ Mobile (NYSE:NQ) -6%. Bitauto (NYSE:BITA) -6.3%. Autohome (NYSE:ATHM) -4.8%. Cheetah Mobile (NYSE:CMCM) -10.1%.
- Sohu and Changyou reported this morning. Baidu reports after the close.
- ETFs: CQQQ, QQQC, KWEB, EMQQ
Jul. 9, 2015, 9:18 AM
Jul. 8, 2015, 9:12 AM
Jul. 7, 2015, 10:42 AM
- The selloff in Chinese equities refuses to let up: Shanghai fell 1.3% overnight, Shenzhen fell 5.3%, and Hong Kong fell 2.7%. The declines come amid a backdrop of frantic government efforts to halt the plunge, and requests by hundreds of Chinese companies for trading halts.
- The lion's share of U.S.-traded Chinese Web and mobile firms are down at least 5%, and many are down more than twice that. In alphabetical order by ticker, major decliners include Autohome (ATHM -10.6%), Bitauto (BITA -18.7%), Baozun (BZUN -22.7%), ChinaCache (CCIH -14.6%), Cheetah Mobile (CMCM -15.2%), China Mobile Games (CMGE -13.2%), Ctrip (CTRP -10.1%), Changyou (CYOU -12.6%), Dangdang (DANG -13.8%), iDreamSky (DSKY -15.4%), E-House (EJ -15.9%), Jumei (JMEI -20.2%), Leju (LEJU -12.1%), eLong (LONG -12.6%), Momo (MOMO -9.4%), NQ Mobile (NQ -16.7%), NetEase (NTES -12.2%), Qihoo (QIHU -10.3%), Qunar (QUNR -14.2%), Renren (RENN -17.8%), SouFun (SFUN -16.3%), Sohu (SOHU -10.9%), Taomee (TAOM -15.1%), Vipshop (VIPS -9.7%), Weibo (WB -10.9%), 500.com (WBAI -26.2%), Wowo (WOWO -26.7%), 58.com (WUBA -17.3%), Xunlei (XNET -14%), Youku (YOKU -12.2%), and YY (YY -9.4%).
- The plunge seen over the last two months (aided by panic selling and margin calls?) has led multiples for U.S.-traded Chinese tech names to compress dramatically, with forward P/E and P/S ratios often below those of U.S. peers sporting similar growth profiles. The Guggenheim China Tech ETF (CQQQ -9.3%) is down 29% from a May peak of $45.64.
- ETFs: KWEB, QQQC, EMQQ
- Yesterday: Chinese tech stocks tumble again in spite of fresh government support
- Earlier today: Chinese phone firms decline as country's markets sink
- Update: The group pared its losses a bit in afternoon trading. CQQQ closed down 5.8%.
Jun. 17, 2015, 9:17 AM
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