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Tencent Music, GSX, Vipshop launch buybacks to counter Archegos sales

Tencent Music, GSX and Vipshop launch buybacks to counter Archegos sales

(ATF) Tencent Music and Vipshop have launched share buybacks, while GSX Techedu chairman and CEO Larry Xiangdong Chen said he would use his own money to buy up to $50 million of its shares, as US-listed Chinese firms tried to counter the effect of over $20 billion of block sales …

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Prime brokerage cuts could lead to further volatility in Chinese shares

Prime brokerage cuts could lead to further volatility in US-listed Chinese stocks

(ATF) Credit Suisse and Nomura saw their shares slump on Monday March 29, as they disclosed likely losses from exposure to Archegos Capital. If they and other banks cut back exposure to funds via their prime broking divisions there could be further forced sales of widely traded stocks.Credit Suisse shares …

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Geely boss' Ecarx venture to provide high-tech chips for vehicles

Geely boss' Ecarx venture to provide high-tech chips for vehicles

(ATF) An automotive technology startup backed by internet giant Baidu and the chairman of Geely said on Tuesday it planned to supply much sought-after semiconductors through a joint venture (JV) with Arm China.Ecarx, founded in 2016, said the 7-nanometre (nm) chips would be used in smart cars and high-definition mapping …

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Crunch week looms for US-listed shares of Baidu and Tencent Music

Crunch week looms for US-listed shares of Baidu and Tencent Music

(ATF) Forced block trading sales of around $20 billion of shares including Baidu and Tencent Music have set the scene for volatility this week and a test of whether Asian-listed shares in Chinese firms can recover from slumps in their US-listed stocks. A series of huge block trades in New …

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Markets this week: Political tensions, PMI numbers

Markets this week: Political tensions, PMI numbers

ECONOMIC EVENTSFinancial markets this week will be on edge after Beijing reacted to sanctions imposed by the United States, European Union, Britain and Canada for what they say are human rights violations in Xinjiang region.In another reflection of the US-China tensions, US-listed shares of China-based Baidu Inc and Tencent Music …

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Tech giants’ shares tumble after block trades worth over $18bn 

Tech giants’ shares tumble after block trades worth over $18bn 

Billions of dollars worth of shares in Chinese tech giants Baidu and Tencent were unloaded on Friday sparked by, it’s claimed, the liquidation of positions by Archegos Capital Management.CNBC reported that the source of the selling pressure was investment firm Archegos – founded by Bill Hwang, who also founded and …

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SEC starts the clock on audit-linked Chinese stock delistings

SEC starts the clock on audit-linked Chinese stock delistings

(ATF) The Securities and Exchange Commission (SEC) on Wednesday March 24 began a process that would force foreign companies off American stock exchanges if they refuse to comply with US auditing standards over successive years, and require them to disclose any governmental affiliations.The Holding Foreign Companies Accountable Act, signed into …

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Baidu’s lukewarm reception on HK debut still raises $3.1 billion 

Baidu’s lukewarm reception on HK debut still raises $3.1 billion 

Investors gave tech conglomerate Baidu’s secondary listing debut in Hong Kong a lukewarm reception – but the internet giant still generated $3.1 billion.Baidu Inc’s shares closed flat on Tuesday with investors wary of the fundraising flurry in the city and the search company's growth plans.The downbeat mood towards Chinese technology …

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'Dirty dozen' fined in anti-monopoly crackdown

'Dirty dozen' fined in anti-monopoly crackdown

(ATF) China's General Administration of Market Supervision has issued 10 complaints against internet firms in accordance with the anti-monopoly law and some big names were among them – such as Baidu, Tencent and Suning.After investigation, the firms (listed below) were all found to have violated Article 21 of the Anti-Monopoly …

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Baidu EV plans get boost with AI chip unit funding

Baidu EV plans get boost with AI chip unit funding

(ATF) Baidu’s plans to develop its electric vehicle (EV) ambitions took a step forward with a fund-raising deal for its artificial intelligence chip making unit, valuing the company at $2 billion.The Chinese tech giant’s artificial intelligence chip unit Kunlun raised cash from CITIC Private Equity Funds Management (CPE), a source …

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