Alibaba records first quarterly operating loss since IPO
by Associated Press, The Associated Press
Posted May 13, 2021 9:39 am EDT
Last Updated May 13, 2021 at 9:44 am EDT
HONG KONG (AP) Alibaba had its first quarterly operating loss since it went public in 2014 after Beijing slapped a record $2.8 billion fine on the nation’s largest e-commerce company for abusing its market position.
The loss tied to the anti-monopoly fine was 7.66 billion yuan ($1,170 million) for the quarter that ended in March, though revenue growth was 64%, reaching 187.4 billion yuan ($28.6 million).
At the opening bell on the NYSE Thursday, shares tumbled more than 6%.
Authorities launched an investigation into Alibaba last year and abruptly halted the $37 billion initial public offering of shares from its financial affiliate Ant Group as Beijing grew increasingly concerned over the growing influence of technology giants in China.
The ARK Innovation ETF (ARKK) stock price is down 30% in 3 months. It still looks risky!
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One of today’s most widely watched US ‘hot stocks’ is the
ARK Innovation ETF(NYSE: ARKK). This exchange-traded fund has New York-listed shares that trade just like other stocks. Launched on 30 October 2014 and managed by Cathie Wood, the ARKK stock price has delivered blockbuster gains for shareholders, especially in 2020/21. But its runaway success has reversed recently, so is it time to back or bin Cathie Wood?
The ARKK stock price explodes and then implodes
ARK Investment Management specialises in buying companies that display ‘disruptive innovation’. By their very nature, these businesses are modern, highly tech-enabled firms seeking to dethrone incumbent players. The ARK Innovation ETF is the group’s flagship fund, with net assets of $23.1bn at end-April. Typically, ARKK holds 35 to 55 stocks, heavily concentrated in the communication, healthcare, technology, and
Fosun, BioNTech in $200 Million China Vaccine Venture
Fosun Pharma announced that it plans to set up a joint venture with German vaccine company Biontech to achieve commercial local production of mRNA neocoronal vaccine products, with an annual capacity of 1 billion doses, on May 9.
Fosun Pharma announced it would set up a Shanghai facility to co-produce a Covid-19 vaccine developed by BioNTech SE for the China market, just hours before the German drug maker announced its own plans to build a regional headquarters and similar wholly owned facility in Singapore.
Announcement of the Shanghai facility marks the latest step in a partnership formed by Fosun and BioNTech early in the pandemic, with an aim of bringing the German company’s innovative and highly effective mRNA vaccine technology to China. Establishment of the Singapore hub is also a nod to the region’s big growth potential, and the importance of producing BioNTech’s vaccines as close as possible to their actual plac
Gold Fields on track to deliver on guidance
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JOHANNESBURG (miningweekly.com) – Notwithstanding the impact of Covid-19, gold mining company Gold Fields produced attributable equivalent gold production of 541 000 oz, which was largely flat year-on-year and down 9% quarter-on-quarter.
The Johannesburg- and New York-listed company stated on Thursday, when it provided an operational update for the quarter ended March 31, that group production remained on track, however, to deliver on guidance,
Grab Blazes Trail For Asian Super-App Listings
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The Grab IPO will mark a milestone for the Southeast Asian tech sector, which is forecast by one research group to triple in size by 2025, to $300 billion.
May 05, 2021
Grab, Southeast Asia’s answer to Uber, announced in mid-April that it’s planning to go public in the coming months, at a targeted valuation of nearly $40 billion. The deal may be the first of several long-anticipated tech launches from the region.
Founded in Malaysia as MyTeksi in 2012 and now headquartered in Singapore, Grab started off as an Uber-style ride-hailing app. It rapidly evolved into a “super app,” offering food delivery, digital payments and financial services to around 200 million users in Southeast Asia.