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Thu, Jan. 7, 2:00 PM
- Hammered three days ago as U.S. and Chinese markets tumbled, the story is much the same today for U.S.-traded Chinese tech firms. The Nasdaq is down 2.7%, and the Shanghai and Shenzhen exchanges respectively fell 7% and 8.3% overnight amid an ongoing selloff in the yuan, which now trades at 6.59 per dollar.
- The Guggenheim China Tech ETF (CQQQ -4.7%) is now down 8% in 2016. It's still 30% above an August low of $25.36.
- Internet giants Baidu (BIDU -7.1%) and Alibaba (BABA -6.5%) are among the names seeing steep losses. Others include Sina (SINA -6%), Weibo (WB -8.5%), Qunar (QUNR -12.4%), JD.com (JD -6.4%), ChinaCache (CCIH -9.6%), Jumei (JMEI -8.7%), Zhaopin (ZPIN -5.7%), Baozun (BZUN -7.4%), NQ Mobile (NQ -5.8%), and Momo (MOMO -6.1%). Over in Hong Kong, messaging/gaming leader Tencent (OTCPK:TCEHY) fell 4%.
- ETFs: QQQC, KWEB, EMQQ
Nov. 18, 2015, 6:05 PM
- SINA is up 2.3% after hours after beating Q3 estimates (no guidance has been given). Subsidiary Weibo (NASDAQ:WB) is up 2.7% after beating estimates and guiding for Q4 revenue of $146M-$149M, in-line with a $147.2M consensus.
- Sina's online ad revenue rose 16% Y/Y in Q3 to $193.5M with Weibo's help. None-ad revenue (non-GAAP) rose 3% to $30.2. Operating expenses fell 10% to $113.9M thanks to lower SG&A spend.
- Weibo's ad/marketing revenue jumped 62% to $105.9M. Value-added service revenue rose fractionally to $18.9M. Non-GAAP costs/expenses rose 17% to $103.2M.
- Weibo monthly active users rose 5% Q/Q and 33% Y/Y to 222M. Daily active users rose 8% Q/Q and 30% Y/Y to 100M. Mobile MAUs equaled 85% of total MAUs, even with Q2.
- Sina: Q3 results, PR. Weibo: Q3 results, PR.
Nov. 18, 2015, 4:34 PM
- Sina (NASDAQ:SINA): Q3 EPS of $0.39 beats by $0.19.
- Revenue of $223.7M (+14.1% Y/Y) beats by $0.94M.
- Shares +1.83%.
Nov. 3, 2015, 10:01 AM
- Sina (SINA +4.3%) and subsidiary Weibo (WB +3%) are higher amid speculation (apparently fueled by an analyst note) Alibaba (NYSE:BABA) will make a bid for Sina.
- The companies are less than three weeks removed from jumping in response to Alibaba's bid to acquire online video leader Youku. They fell last week thanks to Citi downgrades.
Oct. 29, 2015, 10:33 AM
- Citi has downgraded both SINA and subsidiary Weibo (NASDAQ:WB) to Neutral.
- Both companies jumped two weeks ago after Alibaba's bid for Youku fueled hopes Weibo would receive a similar offer. Sina is up 25% YTD; Weibo is up 17%.
- Update: Details on the downgrades here. Citi's Thomas Chong is worried about uncertainty related to the 2016 expiration of Weibo's current contract with Alibaba, and sees downside risk to his Sina estimates due to macro headwinds and competition from other online media providers.
Oct. 16, 2015, 11:07 AM
- Sina (SINA +7.7%) and subsidiary Weibo (WB +14.2%) have soared after acquisition-hungry Alibaba made a $3.6B offer to buy the 82% of Chinese online video provider Youku it doesn't yet own.
- The move has sparked hopes Alibaba will make a similar bid for Weibo, a company in which it also owns a substantial stake.
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. 10, 2015, 5:36 PM
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
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. 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. 18, 2015, 5:41 PM
- SINA is nearly unchanged after hours after beating Q2 estimates; as was the case last quarter, no guidance has been given in the earnings report. Sina-controlled Weibo (NASDAQ:WB) is up 1.2% after beating Q2 estimates and guiding for Q3 revenue of $120M-$123M, in-line with a $121.9M consensus.
- Weibo monthly active users (MAUs) rose 7% Q/Q and 36% Y/Y to 212M. Daily active users (DAUs) rose 4% Q/Q and 34% Y/Y to 93M. Mobile MAUs equaled 85% of total MAUs vs. 86% in Q1.
- Sina: Online ad revenue (boosted by Weibo) rose 13% Y/Y to $176.3M. Non-ad revenue (non-GAAP) rose 21% to $34.7M. Gross margin was 60% vs. 58% in Q1 and 61% a year ago. Operating expenses (non-GAAP) rose 3% to $120.1M.
- Weibo: Ad revenue rose 47% Y/Y to $87.9M. Value-added service revenue rose 13% to $20M. Costs/expenses (non-GAAP) rose 16% to $98.1M.
- Sina: Q2 results, PR. Weibo: Q2 results, PR.
Aug. 18, 2015, 4:31 PM
- Sina (NASDAQ:SINA): Q2 EPS of $0.06 beats by $0.02.
- Revenue of $211M (+14.4% Y/Y) beats by $11.22M.
- Shares +3%.
Aug. 11, 2015, 12:27 PM
- In its latest move to boost slowing economic growth, the PBOC has devalued the yuan, while insisting it's a one-time move. The yuan/dollar ratio is currently at 6.33, down from 6.21 yesterday.
- A number of Chinese Internet stocks that record the lion's share of their revenue in yuan are seeing their U.S. shares (denominated in dollars, of course) underperform (CQQQ -3.4%) amid a 1.3% drop for the Nasdaq. Major decliners include Baidu (BIDU -3.8%), Qunar (QUNR -10.2%), Ctrip (CTRP -5.9%), JD.com (JD -5.8%), Sina (SINA -5%), NetEase (NTES -3.9%), Jumei (JMEI -10.7%), Youku (YOKU -6.2%), Bitauto (BITA -6.4%), Leju (LEJU -6%), Changyou (CYOU -7.7%), and Autohome (ATHM -5.3%).
- Among Chinese solar names, Daqo (DQ -14.4%) and JinkoSolar (JKS -3.3%) are seeing big losses.
- JD.com is adding to the Monday losses seen following a Morgan Stanley downgrade and news Alibaba has formed an alliance with major electronics retailer Suning. Both JD and Jumei could be affected by fellow online retailer Vipshop (down 11.1%), which yesterday afternoon provided light Q3 sales guidance to go with a Q2 EPS beat.
- ETFs: KWEB, QQQC, EMQQ
- Yesterday: Chinese Internet stocks rally after Shanghai/Shenzhen post big gains
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
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
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