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Wed, Jan. 20, 1:46 PM
- Two months after stating it plans to buy a controlling stake in the public shell of Shanghai-traded battery maker Wanli to gain access to Chinese capital markets, SouFun (SFUN -2.3%) says it has entered a share subscription agreement through which it will obtain Wanli shares in exchange for the transfer of assets featuring a preliminary valuation of RMB16.18B ($2.46B).
- Wanli has also entered into an asset sale agreement with its controlling shareholders, through which it will sell all of its non-cash assets and liabilities. In addition, Wanli is issuing up to RMB3.16B ($480M) worth of shares through a private placement. The shares will be subject to a 36-month lockup.
- After the transactions, SouFun, which also refers to itself as Fang, will own a 70% stake in Wanli. CEO Vincent Mo: "We are expecting this restructuring to be closed in the near future and provide strong support to our fast growing e-commerce, financial services and online media business."
Mon, Jan. 4, 10:18 AM
- Kent Huang, SouFun's (NYSE:SFUN) deputy CFO since October and before that the the managing partner of Oriental Cornerstone Capital, has been named CFO.
- Huang replaces Lan Guan, who "has been re-positioned as the Company's Vice President, concentrating on the tax planning and government relations management."
- Shares are posting steep losses on a bad morning for stocks in general, and Chinese equities in particular. The Nasdaq is down 2.6%.
Nov. 18, 2015, 6:34 AM
- SouFun Holdings (NYSE:SFUN): Q3 EPS of -$0.08 misses by $0.11.
- Revenue of $248.51M (+30.4% Y/Y) in-line.
Nov. 17, 2015, 5:30 PM
Nov. 13, 2015, 11:06 AM
- SouFun (NYSE:SFUN) is acquiring a controlling stake in the public shell of Shanghai-traded lead storage battery maker Wanli, with the goal of gaining access to Chinese capital markets. In tandem with the deal, Wanli will be selling shares to IDG Capital and other investors through a private placement.
- SouFun: "SouFun plans to maintain not less than 70% of the equity stake in Wanli following the acquisition and direct share placement. SouFun will not pay cash for the Wanli stake. The acquisition is expected to be conducted through an assets swap. Wanli plans to spin off its non-cash assets and all liabilities to a third party and SouFun plans to inject certain parts of its businesses (including online media business, Internet financial services, research and big data business), which is projected to be valued at no more than RMB17 billion, into Wanli."
- SouFun will continue trading on the NYSE. CEO Vincent Mo: "With access to both US and China capital markets, we will be in a much better position to expand aggressively to accelerate our online media business, Internet financial services and e-commerce businesses to build up a greater company."
- The deal comes three months after IDG, Carlyle, and members of management agreed to invest up to $1B in SouFun via stock and convertible notes.
Nov. 13, 2015, 9:14 AM
Nov. 13, 2015, 2:02 AM
- MSCI has outlined which overseas-listed Chinese shares will be added to its Emerging Markets Index (ETF: EEM) from Dec. 1, a move that is likely to draw investments of $70B.
- ADRs to be included: 58.com (NYSE:WUBA), Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU), Ctrip.com (NASDAQ:CTRP), JD.com (NASDAQ:JD), NetEase (NASDAQ:NTES), New Oriental Education (NYSE:EDU), Qihoo 360 (NYSE:QIHU), Qunar (NASDAQ:QUNR), SouFun (NYSE:SFUN), TAL Education (NYSE:XRS), VipShop (NYSE:VIPS), Youku Tudou (NYSE:YOKU) and YY.
- Stocks listed in mainland China, known as A-shares, are still under review for inclusion in the index.
- Previously: MSCI paves road for A-share inclusion through ADRs (Nov. 02 2015)
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. 18, 2015, 9:22 AM
- After stating in early August it had signed an MOU with investment firms IDG and Carlyle and members of management (largely founder/CEO Vincent Mo) to receive an investment of up to $1B, SouFun (NYSE:SFUN) has announced today the parties will invest $400M-$700M.
- As previously stated, half the investment will be via stock, and half via convertible notes. The stock has a purchase price of $5.85 ($0.03 below yesterday's close, and well below the $7.45 originally planned). As previously planned, the notes carry a 1.5% interest rate, and a conversion price equal to 122.5% of the stock purchase price (i.e. $7.16/share) in 7 years following their issuance.
- SouFun has risen to $6.04 premarket. Nasdaq futures are down 1.2%.
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
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
Aug. 10, 2015, 12:14 PM
- A slew of U.S. traded Chinese Internet stocks are seeing outsized gains after the Shanghai and Shenzhen exchanges respectively rose 4.9% and 4.5% overnight, buoyed by hopes regulators will continue pulling out all the stops to prop up both the economy and equity markets. The Nasdaq is up 1.1%.
- Major gainers include Bitauto (BITA +8.5%), Wowo (WOWO +16.2%), Youku (YOKU +7.5%), 500.com (WBAI +4.9%), SouFun (SFUN +5.7%), Sina (SINA +4.8%), and Weibo (WB +4.3%).
- Bitauto and SouFun are reversing the Friday losses seen after the companies provided below-consensus guidance (I, II) to go with their Q2 beats. SouFun also announced IDG, Carlyle, and members of management are investing up to $1B.
- ETFs: CQQQ, KWEB, QQQC, EMQQ
Aug. 7, 2015, 12:50 PM
- Along with its Q2 results, SouFun (NYSE:SFUN) announces investment firms IDG and Carlyle, along with certain members of management (mainly founder/CEO Vincent Mo) are investing up to $1B. Half the investment will be in stock, and half via convertible notes.
- The stock will be sold at $7.45, or $0.04 above Thursday's close. The notes will sport a 1.5% interest rate, and a conversion price of $9.13/share (22.5% above the stock purchase price).
- With a Q2 beat on the books, SouFun is hiking its full-year revenue guidance to $843.4M (+20% Y/Y) from $808.3M. But that's still slightly below an $844.8M consensus.
- E-commerce service revenue rose 103% Y/Y in Q2 to $78M, and value-added service revenue rose 43.2% to $8.9M. However, marketing service (ad) revenue fell 16.5% to $101.2M, and listing service revenue (hurt by fee cuts) fell 30.5% to $58.3M. Internet financial service revenue (began last August) totaled $7.6M.
- Operating expenses rose 48.7% to $155.3M (compares with 15.5% revenue growth), thanks largely to a 72.9% increase in sales/marketing spend to $59.3M. Also pressuring EPS: Gross margin fell to 55.6% from 64.7% in Q1 and 81.35 a year ago.
- Q2 results, PR
SouFun Holdings Ltd is a real estate Internet portal in China. Its service offerings include: marketing services, E-Commerce services, Listing services and Other Value-added services. It also operates home furnishing and improvement websites.
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