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PDD

PDD US Stock
$125.99
Open: $133.38 High: $135.7 Low: $123.48 Close: $125.62
Range: 2021-04-19 - 2021-04-20
Volume: 10,930,456
Market: Extended-hours
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PDD
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PDD News
Latest news about the PDD
  • Meituan CEO Who Bested Jack Ma Snags $10 Billion for Next Fight

    (Bloomberg) -- The competition between Wang Xing’s Meituan and fellow tech billionaire Jack Ma’s Alibaba Group Holding Ltd. is turning into one of the great rivalries in Chinese business.While Alibaba is the dominant force in e-commerce with a global reputation, Wang, a generation younger, has built Meituan into a fearsome rival, the world’s largest delivery empire with ambitions to encroach on Alibaba’s home turf. There’s also years of bad blood between the two companies after an early alliance broke down.Now Wang, 42, has raised a record $10 billion to develop promising technologies like autonomous delivery vehicles and drone delivery to reduce labor costs and expand the footprint of Meituan’s food and e-commerce network. These investments, analysts say, will be key to supporting what Wang has previously called its “top priority”: community e-commerce, an arena where tech giants from the likes of Alibaba to JD.com Inc. and Pinduoduo Inc. are all seeking a foothold.“Wang Xing is a driven entrepreneur and calculated strategist,” said Michael Norris, a senior analyst with Shanghai-based consultancy AgencyChina. “Community group buying is a ‘must play, must win’ segment for Meituan.”Wang and other tech tycoons will need to tread carefully. Over the past six months, China’s antitrust watchdog has rolled out new laws giving them greater oversight of the internet sphere, and launched investigations into abuses like forced exclusive arrangements and offering preferential pricing to new customers. After Alibaba was slapped with a record $2.8 billion fine this month, investors now expect Meituan and its backer Tencent Holdings Ltd. to be next in the line of fire, given their dominance in meal delivery and other spheres of internet life as well as past brushes with the law.What Is Behind China’s Crackdown on Its Tech Giants: QuickTakeMeituan’s community e-commerce arm was among a handful of operators penalized in March for excessive subsidies, alongside units of Pinduoduo Inc. and Didi Chuxing. State media have called out the industry’s preoccupation with growing grocery deliveries instead of driving innovation, while the deaths of delivery riders in the past have also led to scrutiny of Meituan’s business practices. In January, it also shut down its crowd-sourced health insurance service after regulators tightened scrutiny over online insurance.The record fundraising -- the largest-ever new stock issuance by a Hong Kong-listed company -- appears to defy expectations that the days of unfettered expansion for Chinese internet entrepreneurs are over. The $10 billion raised will more than double Meituan’s cash, giving it the biggest war chest after Alibaba’s, to invest in new technologies like autonomous delivery and build infrastructure for online groceries. While the company didn’t single out the red-hot community commerce space in its deal term sheet Monday, investors expect Meituan to funnel capital into that sector to secure a slice of the pie.Wang’s firm, which has been cultivating autonomous delivery for years, will face stiff competition in this area from rivals including Didi and JD.com, which have also been exploring the technology. Alibaba, for its part, made its first trial drone delivery in 2015. Meituan’s efforts have accelerated since the Covid-19 outbreak last year and it’s so far deployed self-driving vehicles to deliver 35,000 grocery orders in Beijing. In Shenzhen, its drones have also delivered more than 1,000 orders as of mid-April since a pilot program kicked off in January.Wang, a coding guru whose methodical obsession with data and algorithms proved instrumental in humbling Alibaba’s rival meal service Ele.me, has openly telegraphed his ambitions. In a 2017 interview with local media, he said Meituan could join Alibaba and Tencent as the third member of a Chinese internet triumvirate in five to 10 years, due to the value it creates in food, travel and other services.“I don’t believe in setting limits for myself,” Wang said in the interview. “As long as we’re clear on our core purpose -- Who are we serving? What services do we offer? -- we will just keep trying different types of businesses.”But his past gambles have been somewhat hit or miss. An early foray into ride-hailing petered out when Chinese regulators cracked down on Didi. He bought Mobike in a deal valuing the startup at $3.4 billion in 2018, the height of China’s bike-sharing bubble, and has since had to scale back the business’s overseas operations. The travel division got sideswiped by Covid and lacks a roadmap to profitability against Trip.com Group Ltd. In all, Meituan has launched as many as 200 services over the years.“Wang is certainly a very ambitious tech executive,” said Brock Silvers, chief investment officer at private equity fund Kaiyuan Capital in Hong Kong. “For successful Chinese entrepreneurs, however, ambition can sometimes correlate to a lack of focus.”Now the serial entrepreneur, worth roughly $21.3 billion, is tooling up for his biggest battle yet, taking on Pinduoduo, JD.com and a host of nimbler startups in the field of groceries. As Meituan deepens its presence in e-commerce, the biggest rival standing in his way is Ma’s Alibaba.The animosity between Wang and Ma dates back more than half a decade. Alibaba -- an early investor in Meituan -- refused to put more money into the startup in mid-2015 because it wouldn’t fully integrate its app with the larger firm’s. In response, Wang turned to Alibaba’s arch-rival Tencent, which pledged $1 billion of funding, merged its delivery services with Meituan and allowed the combined company to operate independently, sidelining his one-time partner.Read more: The Greatest Delivery Empire on Earth Has Alibaba’s AttentionIn an interview with Bloomberg News published in 2019, Wang said he thought Ma had “an integrity problem,” citing the way he spun off digital payments subsidiary Alipay without the approval of Alibaba’s board. Instead, Wang called Amazon.com Inc. founder Jeff Bezos a role model, pointing to his willingness to defer profits and reinvest in new business.Meituan is now adopting that same philosophy, saying in March it expects to stay in the red for the coming quarters as it ventures into online groceries. In particular, it’s expanding aggressively into community e-commerce, where buyers in the same neighborhood enjoy bulk discounts on fresh produce. The market is estimated to reach nearly 121 billion yuan ($19 billion) this year, drawing heavy investments from other tech giants.“The cash burn in grocery will be quite brutal, just like with the ride-hailing wars,” said He Qi, a fund manager at Huatai Pinebridge Fund management. “Cash is a necessity in winning this one, and whoever is victorious will be reap great rewards because grocery shopping is a higher frequency transaction.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Meituan Raises $10 Billion to Fight Alibaba in Grocery Arena

    (Bloomberg) -- Chinese delivery giant Meituan has raised $9.98 billion from a record top-up placement and a convertible bonds sale as it doubles down on efforts to fight the likes of Alibaba Group Holding Ltd. in newer areas such as online groceries.The nation’s third-largest internet company has sold 187 million shares in a top-up placement at HK$273.80 each, near the top end of its marketed range, and also raised $400 million from shareholder Tencent Holdings Ltd., according to terms of the deal obtained by Bloomberg News. The $7 billion new stock issuance is the largest-ever such sale by a Hong Kong-listed company, data compiled by Bloomberg show. Meituan has also sold $2.98 billion in zero-coupon convertible bonds.Meituan’s shares were volatile on Tuesday, trading up 1.2% as of 10:28 a.m. in Hong Kong, after having fallen as much as 1.8% earlier. The placement price represents a discount of 5.3% to the stock’s closing price Monday. The convertible bonds are divided in two tranches -- $1.48 billion six-year notes and $1.5 billion seven-year paper, the terms showed.“There were some rumors about the placement last week, now that overhang is gone,” said Steven Leung, executive director at UOB Kay Hian (Hong Kong) Ltd. “Demand for the placement was strong near the top end of the range. I heard the issue was taken up very quickly.”The stock and bond sales come as Meituan grapples with the cost of competing against the likes of Alibaba and Pinduoduo Inc. in newer spheres such as community e-commerce and online groceries. The company has warned it will remain in the red for several more quarters despite record revenues as it spends heavily on new initiatives.Meituan intends to use the proceeds from the offerings for technology innovations, including the research and development of autonomous delivery vehicles, drones delivery, and other cutting-edge technology, and general corporate purposes, the terms showed.“It makes sense to raise money to make more of a shift into autonomous delivery, seek to delve into more technology-focused areas especially under the backdrop of the anti-monopoly” drive, said Zhou Luyun, an analyst at Northeast Securities Co. in Shanghai. “The pricing shows that the market buys this blueprint.”Community buying is one of Meituan’s chief expansion areas, where buyers in the same neighborhood enjoy bulk discounts on fresh produce. But the firm faces entrenched competition from other Internet giants.All three main ratings agencies lowered their outlook on Meituan after it reported earnings last month, with S&P Global Ratings and Moody’s Investors Service saying that its large investments in community e-commerce would come at a heavy cost, generate negative free cash flow and dampen earnings.“After this placement, some short-term investors could sell the stock and shares could trade in a range of HK$250-HK$300 for a while,” said Paul Pong, managing director at Pegasus Fund Managers Ltd. “In the medium to longer term, online platform operators like Meituan and Tencent still have a solid growth outlook.”Meituan’s focus on developing fast-growing new businesses comes as China’s economic recovery has helped the world’s largest meal-delivery service increase orders, while its hotels and travel businesses have benefited from a rebound in domestic travel when the country reined in the pandemic.The company has begun using self-driving vehicles for grocery delivery in the Chinese capital since the Covid-19 outbreak last year, with at least 15,000 orders being completed so far, Wang Xing, the company’s chief executive officer, told analysts during a conference call in March. Wang said Meituan is also experimenting with how to deliver food using drones in the southern Chinese city of Shenzhen.Tencent is delving deeper into Meituan at a time global investors are souring on the Chinese tech sector due to heightened regulatory scrutiny. Meituan had lost some $123 billion of its value from a Feb. 17 high through Monday, pummeled by fears that Beijing’s crackdown on Jack Ma’s Internet empire will expand beyond Alibaba and Ant Group Co. to engulf other sector leaders like Tencent and Meituan.“They are going into new areas including group purchases and those need a lot of capital and they need a war chest to compete,” said Kerry Goh, chief investment officer at Kamet Capital Partners Pte. “Valuations are still pretty decent compared to a year ago.”Bank of America Corp. and Goldman Sachs Group Inc. are joint global coordinators and joint bookrunners for both the bond and equity offerings. CLSA Ltd. and UBS Group AG are also joint bookrunners for the top-up placement.(Updates Meituan’s share move in the third paragraph, adds another quote in the fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Sky9 Capital portfolio company TuSimple is first autonomous trucking firm to IPO, listing on Nasdaq at $8.49 billion market capitalization

    Sky9 Capital, a venture capital firm investing in Chinese start-ups, announces the flotation of its portfolio company TuSimple on the Nasdaq stock exchange today under the ticker symbol 'TSP' at a market capitalization of $8.49 billion.

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  • Jack Ma’s Double-Whammy Marks End of China Tech’s Golden Age

    (Bloomberg) -- The full implications of Beijing’s rapid-fire moves against Jack Ma’s internet empire in recent days won’t be apparent for weeks, but one lesson is already clear: The glory days for China’s technology giants are over.The country’s government imprinted its authority indelibly on the country’s technology industry in the span of a few days. In landmark announcements, it slapped a record $2.8 billion fine on Alibaba Group Holding Ltd. for abusing its market dominance, then ordered an overhaul of Ant Group Co. On Tuesday, regulators summoned 34 of the country’s largest companies from Tencent Holdings Ltd. to TikTok owner ByteDance Ltd., warning them “the red line of laws cannot be touched.”The unspoken message to Ma and his cohorts was the decade of unfettered expansion that created challengers to Facebook Inc. and Google was at an end. Gone are the days when giants like Alibaba, Ant or Tencent could steamroll incumbents in adjacent businesses with their superior financial might and data hoards.“Between the rules for Ant and the $2.8 billion fine for Alibaba, the golden days are over for China’s big tech firms,” said Mark Tanner, founder of Shanghai-based China Skinny. “Even those who haven’t been targeted to the same extreme will be toning down their expansion strategies and adapting many elements of their business to the new bridled environment.”Tech companies are likely to move far more cautiously on acquisitions, over-compensate on getting signoffs from Beijing, and levy lower fees on the domestic internet traffic they dominate. Ant in particular will have to find ways to un-tether China’s largest payments service from its fast-growth consumer lending business and shrink its signature Yu’ebao money market fund -- once the world’s largest.Even companies that have been less scrutinized so far -- like Tencent or Meituan and Pinduoduo Inc. -- are likely to see growth opportunities curtailed.The watershed moment was years in the making. In the early part of the last decade, visionary entrepreneurs like Ma and Tencent co-founder Pony Ma (no relation) created multi-billion dollar empires by up-ending businesses from retail to communications, elevating the lives of hundreds of millions and serving as role models for an increasingly affluent younger generation. But the enormous opportunities coupled with years of hyper-growth also fostered a winner-takes-all land-grab mentality that unnerved the Communist Party.Regulators grew concerned as the likes of Alibaba and Tencent aggressively safeguarded and extended their moats, using data to squeeze out rivals or forcing merchants and content publishers into exclusive arrangements. Their growing influence over every aspect of Chinese life became more apparent as they became the conduits through which many of the country’s 1.3 billion bought and paid for things -- handing over vast amounts of data on spending behavior. Chief among them were Alibaba and Tencent, who became the industry’s kingmakers by investing billions of dollars into hundreds of startups.All that came to a head in 2020 when Ma -- on the verge of ushering in Ant’s record $35 billion IPO -- publicly denigrated out-of-touch regulators and the “old men” of the powerful banking industry.The unprecedented series of regulatory actions since encapsulates how Beijing is now intent on reining in its internet and fintech giants, a broad campaign that’s wiped roughly $200 billion off Alibaba’s valuation since October. The e-commerce giant’s speedy capitulation after a four-month probe underscores its vulnerability to further regulatory action.Chinese titans from Tencent to Meituan are next up in the cross-hairs because they’re the dominant players in their respective fields. Regulators may focus on delivery giant Meituan’s historical practice of forced exclusivity -- particularly as it expands into burgeoning areas like community e-commerce -- while investigating Tencent’s dominant gaming service and whether its messaging platform WeChat excludes competitors, Credit Suisse analysts Kenneth Fong and Ashley Xu wrote Tuesday.“The days of reckless expansion and wild growth are gone forever, and from now on the development of these firms is likely going to be put under strict government control. That’s going to be the case in the foreseeable future,” said Shen Meng, a director at Beijing-based boutique investment bank Chanson & Co. “Companies will have to face the reality that they need to streamline their non-core businesses and reduce their influence across industries. The cases of Alibaba and Ant will prompt peers to take the initiative to restructure, using them as the reference.”The revamp of Ant -- a sprawling financial titan once worth as much as $320 billion -- is a case in point. In its ruling, the People’s Bank of China said it wanted to “prevent the disorderly expansion of capital” and ensure that all of Ant’s financial business will be regulated under a single holding company.What Bloomberg Intelligence SaysAnt Group’s prospects could wane further after China halts improper linking of Alipay payments with Ant’s other products. New curbs on Yu’ebao also hurts its wealth business. Alipay’s 711 million active users are its potential fintech-product buyers. Ant’s valuation could now be near banks we cover (average 5x forward earnings) compared with over 30x at its IPO attempt.- Francis Chan, analystClick here for the research.Ma’s company will likely have to apply and register to get into any new areas of finance in future -- a potential ordeal given the infamously creaky wheels of Beijing bureaucracy. It faces restrictions in every key business -- from payments and wealth management to credit lending.The company’s most lucrative credit lending arm will be capped based on registered capital. It must fold its Huabei and Jiebei loan units -- which had 1.7 trillion yuan ($260 billion) of outstanding loans between them as of June -- into a new national company that will likely raise more capital to support its operations. And Ant must reduce its Yu’ebao money market wing, which encompasses a self-operated Tianhong Yu’ebao fund that held $183 billion of assets as of the end of 2020, making it one of the largest pools of wealth in the world.Alibaba appears to have got off lightly in comparison. While the $2.8 billion was triple the previous record set by Qualcomm Inc.’s 2015 penalty, it amounts to under 5% of the company’s annual revenue. Far more insidious however is the threat of future action and the dampening effect it will have on Alibaba.The fine came with a plethora of “rectifications” that Alibaba will have to put in place -- such as curtailing the practice of forcing merchants to choose between Alibaba or a competing platform. Executives also volunteered to open up Alibaba’s marketplaces more, lower costs for merchants while spending “billions of yuan” to help its clients handle e-commerce.Ant will likewise have to tame its market share grab in payments. Changes to that business, which is fending off Tencent’s WeChat Pay, were among the top priorities regulators outlined. Ant pledged to return the business “to its origin” by focusing on micro-payments and convenience for users.The most amorphous yet dire threat lies in the simple principle implicit in regulators’ pronouncements over the past few days: that Beijing will brook no monopolies that threaten its hold on power.The central bank warned in draft rules released previously that any non-bank payment company with half of the market for online transactions -- or two entities with a combined two-thirds share -- could be subject to antitrust probes. If a monopoly is confirmed, the State Council or cabinet has powers to levy a plethora of penalties, including breaking up the entity.That’s an entrepreneur’s ultimate nightmare.“Everyone is on the regulators’ radar, and it really depends on each one’s reaction next,” Chanson & Co.’s Shen said. “It’s better to take the initiative to self-rectify, rather than having to go through restructuring ordered by the regulators, which may not have your best interests in mind.”(Updates with a graphic of this week’s stock gyrations in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Meituan, ByteDance Pledge to Comply With China’s Antitrust Laws

    (Bloomberg) -- Meituan, ByteDance Ltd. and JD.com Inc. were among 12 Chinese tech giants that issued pledges to obey antitrust laws, a day after Beijing gave the companies a month to conduct internal reviews and comply with government guidelines.Pinduoduo Inc., Baidu Inc. and Sina Weibo were also among firms that published their commitments in a statement on the website of State Administration For Market Regulation. The antitrust watchdog had summoned 34 companies to a meeting on Tuesday, ordering them to rectify their excesses and issue pledges to operate legally.Other firms will also issue statements over the next three days, SAMR said, calling on the public to help monitor the corporations and hold them to their word. The regulator had exhorted the tech giants to heed the example of Alibaba Group Holding Ltd., which was fined a record $2.8 billion following a four-month probe into the e-commerce titan for abuses like forced exclusivity.Meituan said in its pledge it will “consciously maintain market order” and “won’t force merchants to ‘pick one of two’ through unreasonable means.” The food delivery leader offered to actively work with regulators and said it accepted social supervision.Other e-commerce operators including JD.com, Suning.com Co. and Vipshop Holdings Ltd. also committed to not engage in forced exclusivity, a practice that the SAMR had criticized for “flagrantly” trampling and destroying market order. Pinduoduo and Dingdong Maicai -- major players in the red-hot community e-commerce sector -- also pledged to stay away from improper pricing.ByteDance, owner of hit apps like TikTok and Douyin, issued a 13-point pledge that included promises to strengthen its compliance management and avoid violations such as abuses of market power and unlawful mergers and acquisitions.Meituan gained nearly 4% and JD.com rose more than 2% in Hong Kong on Wednesday, recovering some of their losses from earlier this week. China’s wide-ranging campaign against its tech leaders has erased billions in value from the sector since November, when new laws on fintech and antitrust were introduced and regulators launched an offensive against Jack Ma’s empire, including the scuttling of Ant Group Co.’s $35 billion initial public offering.The 34 firms must undergo complete rectification after conducting internal checks and inspections over the next month, and make a pledge to society to obey rules and laws, the antitrust watchdog said in its statement Tuesday. Regulators will organize follow-up inspections and companies that continue to engage in abuses will be dealt with severely.Read more: China Warns 34 Tech Firms to Curb Excess in Antitrust Review(Updates with more details from statement starting in fifth pararaph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • China Fines Alibaba $2.8 Billion, But BABA Stock Jumps; JD.com, Pinduoduo, Tencent Fall

    China imposed a record $2.8 billion antitrust fine vs. Alibaba. But BABA stock jumped on hopes that the bad news is priced in. JD.com, Tencent and Pinduoduo fell.

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  • Tencent-Backed MissFresh Is Said to Weigh $500 Million U.S. IPO

    (Bloomberg) -- Beijing MissFresh Ecommerce Co., an online grocery delivery startup, is considering a U.S. initial public offering that could raise at least $500 million, according to people familiar with the matter.The Tencent Holdings Ltd.-backed company is working with advisers on the preparations for the offering, which could take place as soon as this year, the people said. MissFresh could look to raise as much as $1 billion in the share sale though deliberations are still at an early stage, said the people, who asked not to be identified as the discussions are private.No final decisions have been made on the IPO details including size and timeline, the people said. A representative for MissFresh had no immediate comment.MissFresh offers more than 4,000 types of products from vegetables, seafood to snacks and cooked food, and promises deliveries as fast as 30 minutes, according to its website. The company has raised at least $1.5 billion since its inception in 2014 and counts Goldman Sachs Group Inc. and Tiger Global Management among its backers.In December, the startup raised 2 billion yuan ($306 million) in a funding round led by the Qingdao government. The latest fundraising valued the company at about $3 billion, the people said.MissFresh is competing in a grocery delivery battle in China between startups such as Nice Tuan and Dingdong Maicai and platforms operated by Meituan and Pinduoduo Inc. Consumers sheltering at home during the pandemic have reinvigorated a once-difficult online grocery arena. Dingdong Maicai is also considering a U.S. IPO as soon as this year to support its expansion, Bloomberg News reported in February.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Why Pinduoduo Stock Popped Today

    What happened Shares of Pinduoduo (NASDAQ: PDD) jumped 7.5% on Thursday following news that popular fund manager Cathie Wood purchased the stock for her ARK Fintech Innovation ETF (NYSEMKT: ARKF).  So what  After her funds' stellar performance in 2020, Wood has become one of the most widely followed investment managers.

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  • Pinduoduo, Shopify, PayPal, LendingTree, JD.com — What Cathy Wood's Ark Bought And Sold On Wednesday

    Cathie Wood’s Ark Investment Management sends out an email every night listing the stocks that were bought or sold by the firm's ETFs that day. In recent months, the emails have known to cause certain stocks to see a spike in the after-hours session. Here’s a list of 15 stocks that the hedge fund bought and sold on Wednesday. Trades For Ark Fintech Innovation ETF (NYSE: ARKF): JD.com (NASDAQ: JD): Bought 141,876 shares of the Chinese online e-commerce company, representing about 0.3% of the ETF. JD.com stock closed 1.60% higher at $84.33 on Wednesday. It has a 52-week high of $108.29 and low of $39.26. Pinduoduo Inc (NASDAQ: PDD): Bought 57,877 shares of the agriculture-focused technology platform in China, representing about 0.196% of the ETF. Pinduoduo stock closed 1.15% lower at $133.88 on Wednesday and was further up 0.46% in the after-hours. It has a 52-week high of $212.6 and low of $33.90. Sea Ltd (NYSE: SE): Bought 20,09 shares of the internet and mobile platform company, representing about 0.11% of the ETF. Sea shares closed 4.14% higher at $223.23 on Wednesday. It has a 52-week high of $285 and low of $40.41. Shopify Inc (NYSE: SHOP): Bought 18,184 shares of the Canadian e-commerce company, representing about 0.5059% of the ETF. Shopify shares closed 5.5% higher at $1106.50 on Wednesday. It has a 52-week high of $1499.75 and low of $334.55. PayPal Holdings Inc (NASDAQ: PYPL): Sold 161,846 shares of the online payment company, representing about 0.99% of the ETF. PayPal shares closed 2.66% higher at $242.84 on Wednesday and were up 0.19% in the after-hours. It has a 52-week high of $309.14 and low of $89.8. Lending Tree Inc (NASDAQ: TREE): Sold 18,6319 shares of the online lending marketplace company, representing about 0.099% of the ETF. Lending stock closed 3.34% higher at $213 on Wednesday. It has a 52-week high of $372.64 and low of $135.7. Trades For Ark Genomic Revolution ETF (NYSE: ARKG): 908 Devices Inc (NASDAQ: MASS): Bought 10,200 shares of the purpose-built handheld and devices for chemical and biomolecular analysis company, representing about 0.050% of the ETF. 908 Devices stock closed 8.11% higher at $48.50 on Wednesday. It has a 52-week high of $79.60 and low of $38.88. Butterfly Network Inc (NYSE: BFLY): Bought 621,228 shares of the medical imaging devices company, representing about 0.1108% of the ETF. Butterfly shares closed 3.11% lower at $16.83 on Wednesday and were up 3.27% in the after-hours. It has a 52-week high of $29.13 and low of $9.34. See Also: Cathie Wood Is Bullish On 908 Devices. An Analyst Makes A Case For The Stock Adaptive Biotechnology Corp (NASDAQ: ADPT): Bought 700 shares of the life sciences company, representing about 0.0003% of the ETF. Adaptive shares closed 7.13% higher at $40.26 on Wednesday and were up 0.35% in the after-hours. It has a 52-week high of $71.25 and low of $23.68. Accolade Inc (NASDAQ: ACCD): Bought 32,667 shares of the healthcare tech company, representing about 0.0157% of the ETF. Accolade stock closed 2% higher at $45.37 on Wednesday. It has a 52-week high of $65.25 and low of $28.68. Phreesia Inc (NYSE: PHR): Sold 99,100 shares of the healthcare software services company, representing about 0.054% of the ETF. Phreesia shares closed 0.12% lower at $52.10 on Wednesday. It has a 52-week high of $81.59 and low of $17.27. Syros Pharmaceuticals Co (NASDAQ: SYRS): Sold 102,526 shares of the biopharmaceutical company that focuses on the development of treatments for cancer and monogenic diseases, representing about 0.0082% of the ETF. Syros stock closed 3.24% higher at $7.48 on Wednesday. It has a 52-week high of $15.65 and low of $4.88. Trades For Ark Innovation ETF (NYSE: ARKK) Fate Therapeutics Inc (NASDAQ: FATE): Bought 2,660 shares of the cancer treatment development company, representing about 0.0009% of the ETF. Fate shares closed 11.28% higher at $82.45 on Wednesday. It has a 52-week high of $121.16 and low of $19.80. PayPal Holdings Inc (NASDAQ: PYPL): Sold 66,500 shares of the online payment company, representing about 0.0725% of the ETF. PayPal shares closed 2.66% higher at $242.84 on Wednesday and were up 0.19% in the after-hours. It has a 52-week high of $309.14 and low of $89.8. Trades For ARK Next Generation Internet ETF (NYSE: ARKW): Agora Inc (NASDAQ: API): Sold 101,999 shares of the software company, representing about 0.075% of the ETF. Agora shares closed 0.67% lower at $50.27 on Wednesday. It has a 52-week high of $114.96 and low of $33.60. See Also: The First 39 Companies In Cathie Wood's Ark Invest Space ETF See more from BenzingaClick here for options trades from BenzingaCathie Wood Is Bullish On 908 Devices. An Analyst Makes A Case For The StockBoeing Gets More 737 MAX Orders From Alaska Airlines Over December Commitment© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • Meituan Flags More Losses After Delving into Hot Commerce Arenas

    (Bloomberg) -- Meituan warned it will remain in the red for several more quarters despite record revenues, underscoring the cost of competing against the likes of Alibaba Group Holding Ltd. in newer arenas from online groceries to community e-commerce.Revenue climbed in 2020’s final quarter at its fastest pace in a year, to a better-than-expected 37.92 billion yuan ($5.8 billion). But the company swung to a net loss of 2.2 billion yuan during those three months after spending on burgeoning initiatives like community buying, a sort of micro-Groupon concept that’s taken off across China.China’s economic recovery has helped the world’s largest meal delivery service increase orders, while its hotels and travel business benefited from a rebound in domestic travel when the country reined in the pandemic. That’s allowed Meituan to shift its focus to developing fast-growing new businesses while navigating heightened regulatory scrutiny.Read more: Alibaba, Meituan Chase $14 Billion Group-Buyers ArenaWhat Bloomberg Intelligence SaysMeituan may spend the next few quarters mired in operating losses as it ramps up investment in its community e-commerce business, capping a stretch of relative profitability that began early in 2019. The push to build its supply chain and delivery capabilities in rural areas for agricultural produce and grocery retail could be protracted, as deep-pocketed competitors such as Alibaba, Pinduoduo, and JD.com lick their chops while eyeing the same market.-- Vey-Sern Ling and Tiffany Tam, analystsClick here for the researchChief Executive Officer Wang Xing has identified Meituan Select -- its community e-commerce -- as a “top priority” for the firm, which sees groceries as a key pillar of its “Food + Platform” strategy to build a super-app. But the business faces intense competition from well-capitalized internet giants including Pinduoduo Inc. and Didi Chuxing as well as a crop of plucky upstarts with names like Xingsheng Youxuan and Nice Tuan, all seeking to lure new customers in less-developed towns and cities across the country.Investments in the business mean operating losses for its new initiatives division -- which includes Meituan Select and other grocery services -- may reach 25 billion yuan this year and total another 23 billion yuan in 2022, Citigroup analysts including Alicia Yap estimated in a research report last month.“Increasing investments in new initiatives may continue to cause significant negative impacts on our overall financial results,” the company said in a statement. It “may continue to record operating losses in the next few quarters as we ramp up our community e-commerce business.”Read more: Tencent Is Said to Boost Stake in Grocery App Xingsheng YouxuanThe aggressive competition has drawn the scrutiny of regulators. Meituan’s unit was among five community group purchasing services fined for improper subsidies that disrupted market order, the antitrust watchdog said earlier this month. State media has also criticized technology companies for focusing on online groceries instead of innovation.For now, Meituan appears to have escaped the worst of China’s campaign against the excesses of its tech giants, which started with the scrapping of Ant Group Co.’s initial public offering last year and rapidly engulfed Jack Ma’s other flagship company Alibaba Group Holding Ltd. Still, President Xi Jinping’s warning that Beijing will go after so-called platform economies that have amassed data and market power signals the crackdown will widen.In food delivery, Meituan’s biggest revenue contributor, regulators have begun paying more attention to commissions charged to merchants. The company also axed a healthcare mutual aid service, which had allowed participants to share in the costs for medical treatment, because of increased government oversight, local media reported earlier this year.Meituan’s shares rose 5.1% on Friday before the release of the earnings report. The stock has dropped roughly 33% from its February peak, after having tripled in the past year.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Need To Know: Analysts Are Much More Bullish On Pinduoduo Inc. (NASDAQ:PDD) Revenues

    Pinduoduo Inc. ( NASDAQ:PDD ) shareholders will have a reason to smile today, with the analysts making substantial...

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  • Facebook, Amazon, Zoom, Pinduoduo, Tencent — What Cathie Wood's Ark Bought And Sold Today

    Cathie Wood’s Ark Investment Management sends out an email every night listing the stocks that were bought or sold by the firm's ETFs that day. In recent months, the emails have known to cause certain stocks to see a spike in the after-hours session. Here’s a list of 29 stocks that the hedge fund bought and sold on Wednesday. Trades For Ark Fintech Innovation ETF (NYSE: ARKF): Pinduoduo Inc (NASDAQ: PDD): Bought 78,761 shares of the agriculture-focused technology platform in China, representing about 0.26% of the ETF. Pinduoduo stock closed 8.73% lower at $124.18 on Wednesday and was further down 0.66% in the after-hours. It has a 52-week high of $212.6 and low of $33.90. See Also: Why Pinduoduo Could Be 'Primary Beneficiary' Of Alibaba's China Regulatory Misfortunes Amazon.com Inc (NASDAQ: AMZN): Sold 7,698 shares of the e-commerce giant, representing about 0.6158% of the ETF. Amazon stock closed 1.61% lower at $3087.07 on Wednesday and was marginally down in the after-hours. It has a 52-week high of $3552.25 and low of $1885.78. Trades For Ark Genomic Revolution ETF (NYSE: ARKK): Schrodinger Inc (NASDAQ: SDGR): Bought 76,400 shares of the life sciences and materials science company, representing about .056% of the ETF. Schrodinger stock closed 5.61% lower at $67.01 on Wednesday and surged 0.73% in the after-hours. It has a 52-week high of $117 and low of $35.80. Repare Therapeutics Inc (NASDAQ: RPTX): Bought 2,160 shares of the Canadian oncology company, representing about 0.0006% of the ETF. Repare stock closed 1.08% lower at $28.33 on Wednesday and surged 1.08% in the after-hours. It has a 52-week high of $46.44 and low of $21.45. Ionis Pharmaceutical Inc (NASDAQ: IONS): Bought 310,023 shares representing about 0.15% of the ETF. The biotechnology company specializes in discovering and developing RNA-targeted therapeutics. Ionis stock closed 0.71% lower at $43.28 on Wednesday and were down 0.16% in the after-hours. It has a 52-week high of $64.37 and low of $42.36. Codexis Inc (NASDAQ: CDXS): Bought 54,101 shares in the protein engineering company, representing about 0.0126% of the ETF. Codexis stock closed 7.47% lower at $20.31 on Wednesday. It has a 52-week high of $29.56 and low of $9.33. See also: Best Online Stock Brokers Adaptive Biotechnology Corp (NASDAQ: ADPT): Bought 154,223 shares of the life sciences company, representing about 0.0663% of the ETF. Adaptive stock closed 7.13% lower at $38.97 on Wednesday and surged 2.7% in the after-hours. It has a 52-week high of $71.25 and low of $22.47. Accolade Inc (NASDAQ: ACCD): Bought 81,400 shares of the personalized healthtech company, representing about 0.0349% of the ETF. Accolade stock closed 9.35% lower at $38.10 on Wednesday. It has a 52-week high of $65.25 and low of $28.69. Trades For Ark Innovation ETF (NYSE: ARKK) Zoom Video Communications Inc (NASDAQ: ZM): Bought 84,877 shares of the video calling company, representing about 0.1237% of the ETF. Zoom stock closed 7.3% lower at $314.96 on Wednesday and surged X% in the after-hours. It has a 52-week high of $588.84 and low of $108.53. Zillow Group Inc (NASDAQ: ZG): Bought 165,604 shares of the online real estate marketplace company, representing about 0.0982% of the ETF. Zillow stock closed 5.44% lower at $133.22 on Wednesday and were up 0.23% in the after-hours. It has a 52-week high of $212.40 and low of $28.26. Unity Software Inc (NYSE: U): Bought 260,400 shares of video game software development company, representing about 0.1117% of the ETF. Unity stock closed 4.61% lower at $92.71 on Wednesday and surged 0.31% in the after-hours. It has a 52-week high of $174.94 and low of $65.11. Sea Ltd (NYSE: SE): Bought 178,400 shares of the internet and mobile platform company, representing about 0.16%% of the ETF. Sea stock closed 8.83% lower at $197.50 on Wednesday and were further down 0.56% in the after-hours. It has a 52-week high of $285 and low of $40.41. Beam Therapeutics (NASDAQ: BEAM): Bought 106,512 shares of advanced genetic medicines innovator, representing about 0.0401% of the ETF. Beam stock closed 8.51% lower at $80.85 on Wednesday and surged 1.35% in the after-hours. It has a 52-week high of $126.90 and low of $14.80. Palantir Technologies Inc (NYSE: PLTR): Bought 1,209,900 shares of big data analytics company, representing about 0.125% of the ETF. Palantir stock closed 5.93% lower at $21.88 on Wednesday and surged 0.69% in the after-hours. It has a 52-week high of $45 and low of $8.90. Fate Therapeutics (NASDAQ: FATE): Bought 136,815 shares of the clinical-stage biotech company, representing about 0.0521% of the ETF. Fate stock closed 5.98% lower at $81.98 on Wednesday and were up 6.36% in the after-hours. It has a 52-week high of $121.16 and low of $19.80. Pure Storage Inc (NYSE: PSTG): Sold 298,583 shares of the flash data storage company, representing about 0.0287% of the ETF. Pure stock closed 5.09% lower at $20.89 on Wednesday and surged 2.25% in the after-hours. It has a 52-week high of $29.53 and low of $10.54. Paccar Inc (NASDAQ: PCAR): Sold 108,183 shares of the truck maker, representing about 0.0448% of the ETF. Paccar stock closed 0.53% lower at $90.69 on Wednesday. It has a 52-week high of $103.19 and low of $51.87. LendingTree Inc (NASDAQ: TREE): Sold 4,684 shares of online lending marketplace company, representing about 0.0045% of the ETF. LendingTree stock closed 7.31% lower at $204.68 on Wednesday. It has a 52-week high of $372.64 and low of $135.72. Tencent Holdings Ltd (OTC: TECHY): Sold 410,319 shares of Chinese multinational company, representing about 0.1429% of the ETF. Tencent stock closed 5.09% lower at $76.81 on Wednesday. It has a 52-week high of $99.40 and low of $45.91. Paypal Holdings Inc (NASDAQ: PYPL): Sold 172,865 shares of the online payment company, representing about 0.19% of the ETF. Paypal stock closed 3.9% lower at $234.27 on Wednesday and surged 0.34% in the after-hours. It has a 52-week high of $309.14 and low of $89.40. Trades for ARK Autonomous Technology & Robotics ETF (NYSE: ARKQ): Jaws Spitfire Acquisition Corp (NYSE: SPFR): Bought 733,313 shares of the blank check company, representing about 0.2333% of the ETF. Jaws stock closed flat at $10.15 on Wednesday and surged 4.33% in the after-hours. It has a 52-week high of $12.10 and low of $9.95. Raven Industries Inc (NASDAQ: RAVN): Bought XXX shares of the maker of agricultural tools such as GPS, field computers, assisted-steering systems, and others, representing about 0.0278% of the ETF. Raven stock closed 4.85% lower at $31.80 on Wednesday and were down 0.16% in the after-hours. It has a 52-week high of $45.11 and low of $17.56. One (NYSE: AONE): Bought 132,800 shares in the special purpose acquisition company, representing about 0.049% of the ETF. One stock closed 1.27% lower at $11.7 on Wednesday and surged 0.85% in the after-hours. It has a 52-week high of $15.10 and low of $9.70. Intuitive Surgical Inc (NASDAQ: ISRG): Sold 11,404 shares of maker of robotic equipment for minimal invasive surgery, representing about 0.2552% of the ETF. Intuitive stock closed marginally higher at $711.07 on Wednesday. It has a 52-week high of $826.81 and low of $397.01. Komatsu Ltd (OTC: KMTUY): Sold 18,300 shares of the diversified equipment maker, representing about 0.0173% of the ETF. Komatsu stock closed 0.79% lower at $30.22 on Wednesday. It has a 52-week high of $32.30 and low of $14.67. AeroVironment Inc (NASDAQ: AVAV): Sold 6,957 shares in the California-headquartered defense contractor, representing about 0.0252% of the ETF. AroVironment stock closed 1.46% lower at $112.04 on Wednesday. It has a 52-week high of $143.72 and low of $51.26. Trades For ARK Next Generation Internet ETF (NYSE: ARKW) Pinduoduo Inc (NASDAQ: PDD): Bought 167,277 shares of the agriculture-focused technology platform in China, representing about 0.3153% of the ETF. Pinduoduo stock closed 8.73% lower at $124.18 on Wednesday and were further down 0.66% in the after-hours. It has a 52-week high of $212.6 and low of $33.90. Facebook Inc (NASDAQ: FB): Sold 35,268 shares of the social media giant, representing about 0.1469% of the ETF. Facebook stock closed 2.92% lower at $282.14 on Wednesday. It has a 52-week high of $304.67 and low of $150.83. Silvergate Capital Corp (NYSE: SI): Sold 36,796 shares of banking and loan company, representing about 0.0740% of the ETF. Silvergate stock closed 10.24% lower at $127.21 on Wednesday. It has a 52-week high of $187.86 and low of $8.11. Watch: ARK Invest CEO Cathie Wood Exclusive Benzinga Interview See more from BenzingaClick here for options trades from BenzingaWhy Tesla Semi Is Unlikely To Make Inroads To AustraliaJ&J COVID-19 Vaccine To Get Supply Boost As Manufacturing Partner Secures Key FDA Clearance© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • Pinduoduo Is Officially the Largest E-Commerce Platform in China

    Pinduoduo (NASDAQ: PDD) has come a long way in a short time. Barely six years after its founding, Pinduoduo is now China's biggest e-commerce platform, with more active buyers than Alibaba (NYSE: BABA). After delivering record earnings in the third quarter of 2020, Pinduoduo did one better in the fourth.

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  • Is Pinduoduo (PDD) Stock A Buy or Sell?

    Before we spend countless hours researching a company, we like to analyze what insiders, hedge funds and billionaire investors think of the stock first. This is a necessary first step in our investment process because our research has shown that the elite investors’ consensus returns have been exceptional. In the following paragraphs, we find out […]

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  • Baidu CEO Engineers $66 Billion Comeback After Missteps

    (Bloomberg) -- Baidu Inc.’s stock offering in Hong Kong Tuesday marks an unlikely resurgence for founder Robin Li, who has fought his way back to relevance in China’s technology industry after squandering a near-monopoly in search.The internet giant raised $3.1 billion in the biggest homecoming by a U.S.-traded Chinese firm in the city since JD.com Inc. last June. Li’s firm has more than tripled its valuation from the trough last March, with about half the gains coming in the past three months as Baidu’s bets in AI finally start to pay off in areas like cloud and electric vehicles. It’s a rare stretch during which the company has outperformed larger rivals Alibaba Group Holding Ltd. and Tencent Holdings Ltd., whose shares have struggled in the wake of China’s campaign to crack down on its freewheeling tech industry.In an exclusive interview, the 52-year-old founder sketched out how Baidu is transforming into an AI company and why he supports Beijing’s antitrust push. The firm will continue to team with automakers like Geely to stake out a position in the world’s biggest vehicle market, sustain a record pace of R&D investment despite compressing margins, and seek to acquire talent and technologies to drive AI development, Li said. Eventually, the bulk of Baidu’s revenue will come from businesses beyond search and advertising, he added.“We’ve been investing in AI for more than 10 years and we probably lost a lot of money by doing this,” Li said in an interview with Bloomberg Television. “Eventually we’ll be rewarded.”Baidu closed out its first day of trading in Hong Kong unchanged after rising nearly 2% earlier in the session. Its muted debut compares with first-day gains of 3.5% at JD.com and 5.7% for Netease Inc., two other U.S.-listed Chinese firms that turned to the city for secondary listings.Once part of China’s internet triumvirate alongside Alibaba and Tencent, Baidu has fallen behind in the mobile era, where the effectiveness of its search service has been crippled by super-apps like WeChat creating siloed ecosystems. To compete, Baidu’s core search product is morphing into an all-purpose platform hosting an array of content from news articles to live-streams and short videos, essentially emulating those apps.Meanwhile, Baidu has sunk billions of dollars over the past decade into areas from natural language processing to voice interaction, an endeavor that ran into initial trouble with departures of key executives like its well-regarded chief scientist Andrew Ng. Until recently, investors had called into question the firm’s R&D spending, which amounted to roughly a fifth of its 2020 revenue. But Li has kept faith in his original vision and is pledging to keep up the pace of investment for the next decade or two.“For the most part of the past 10 years, I think that investors did not appreciate that,” Li said. “So we were kind of feeling lonely. But it is really in line with our mission.”Now, commercialization is finally coming to the fore. In January, Baidu unveiled a new venture with Zhejiang Geely Holding Group that will produce smart EVs, prompting analysts to revalue the tech giant’s eight-year-old Apollo unit, whose self-driving software had drawn tepid interest from automakers in the past. The venture with Geely will accelerate that integration, Li said, with the goal to deliver its own EVs to the market within three years.Semiconductors are another use case. Like Alphabet Inc.’s Google and Amazon.com Inc., Baidu started to custom design chips for its own server farms, performing tasks like search rankings. But what started as a cost-saving exercise has morphed into a new business, with nearly half of its Kunlun chips used by third parties last year. The new 7-nanometer iteration of the AI silicon has started production at fabs despite the global chip shortage, Li said. The unit -- which recently raised $230 million from investors like IDG Capital -- will target more external clients in areas from finance to education and energy, he added.By pushing into chips and AI, Li is delving into businesses that have become a top priority for China’s Communist Party as the world’s largest economies vie for global influence. U.S.-China tensions spanning trade to cybersecurity and investments have already engulfed a number of Baidu’s peers. Scores of Chinese companies that once saw an American listing as conferring the ultimate cachet have delisted or added secondary listings elsewhere.Baidu’s Hong Kong debut is a hedge against the potential risks of trading in the U.S., Li admitted, but more importantly, it “lets the Chinese investors really share in Baidu’s growth story.”Domestically, Beijing has signaled its intent to end a decade of unfettered expansion by its tech giants, combating behaviors like market abuse and data monopoly since late last year. While Jack Ma’s Alibaba and Ant Group Co. have been the most visible of regulators’ targets, the country’s antitrust watchdog this month also penalized firms including Baidu and Tencent for not seeking its approval for years-old acquisitions and investments. Li pledged to ensure the company doesn’t make the same mistake in future deals, which could be funded by proceeds from the Hong Kong listing.In many ways, Baidu is better shielded from China’s crackdown than its fellow tech pioneers. Efforts to encourage private-sector businesses to share the data they’ve amassed will likely benefit Baidu’s core search service by dismantling the walls around the country’s most popular mobile apps. Its open platforms for self-driving and deep-learning technologies dovetail with Beijing’s drive to open up data amassed by private-sector companies, Li said.His firm also doesn’t wield the same kingmaker status as Alibaba and Tencent, both of which back a plethora of up-and-comers. Some of their portfolio companies, such as food-delivery giant Meituan and ride-hailing leader Didi Chuxing, were created through billion-dollar mergers. In 2017, Baidu sold its takeout business to rival startup Ele.me, which was later acquired by Alibaba, after losing a costly subsidy war in China’s gig economy.“You just cannot imagine the No. 1 and No. 2 guy all of a sudden merging and gaining more than 90% of market share in the U.S.,” said Li, a graduate of the University at Buffalo in New York. “But that happened quite a few times in China before. That’s not good for innovation. So I think that the antitrust push is justified.”Read more: What Is Behind China’s Crackdown on Its Tech Giants: QuickTakeThanks to its relative immunity to the antitrust push, Baidu’s market capitalization has climbed $66 billion over the past year, ahead of its Hong Kong listing where retail demand was 112 times the available stock. Institutions subscribed for 10 times the shares allocated to them.While the share sale has provided Baidu with a temporary boost, investors are likely to focus more on the firm’s search and content as its biggest earnings driver over the medium term. That’s where upstarts like TikTok-owner ByteDance Ltd. have been luring away eyeballs and marketing dollars alike. Baidu’s Netflix-style service iQiyi Inc. saw revenue fall in the past two quarters as newer platforms like Bilibili Inc. and Kuaishou Technology gained traction.In November, Baidu agreed to buy Joyy Inc.’s YY streaming service for $3.6 billion in a deal intended to enrich its content offerings. Revenue for the first quarter is forecast to grow at least 15% from last year, when Covid-19 plunged its advertising business into a contraction.“Baidu’s attempts to commercialize its artificial intelligence initiatives are positive. Investors now have better visibility of returns, after years of heavy investment,” said Bloomberg Intelligence senior analyst Vey-Sern Ling. “However incremental revenue generated from these endeavors may have to be reinvested to drive growth, and the profitability of these businesses could stay low until sufficient scale is achieved. Hence Baidu is likely to continue relying on its core search business in the near-term.”With Baidu still in the midst of transformation, Li is in no rush to relinquish control after 21 years at the helm, unlike other Chinese tech moguls including Alibaba founder Ma and Pinduoduo Inc.’s Colin Huang.“I always wanted to find someone who can replace me as CEO,” he said. “But in the meantime, I do enjoy my current work. I like technology. I like to see all the changes happen.”(Updates with share performance in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Buy-the-Dip Candidates: Buy Penn National Gaming

    These stocks that fell this past week could be 'buy the dip' opportunities. Recent losers include GameStop, Plug Power, Palantir, Caesars and more.

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  • Thinking About Buying Stock In Carnival, Royal Caribbean, Pinduoduo Or Starbucks?

    One of the most common questions traders have about stocks is “Why Is It Moving?” That’s why Benzinga created the Why Is It Moving, or WIIM, feature in Benzinga Pro. WIIMs are a one-sentence description as to why that stock is moving. Here's the latest analyst ratings updates for Carnival, Royal Caribbean, Pinduoduo and Starbucks. UBS analyst Robin Farley upgrades Carnival Corp (NYSE: CCL) from Neutral to Buy and raises the price target from $20 to $42. Farley also maintains Royal Caribbean Cruises Ltd (NYSE: RCL) with a Buy and raises the price target from $79 to $116. Macquarie analyst Han Joon Kim downgrades Pinduoduo Inc (NASDAQ: PDD) from Outperform to Neutral and lowers the price target from $171 to $157. Cowen analyst Andrew Charles has an Outperform rating on Starbucks (NASDAQ: SBUX) stock and raised the price target from $112 to $120. Starbucks customer visitation is expected to go back to pre-COVID-19 levels for when the vaccine is widely available, according to a survey conducted by Cowen Equity Research. Read More See more from BenzingaClick here for options trades from BenzingaWhat's Happening With Takung Art Stock Thursday?Is Now The Time To Buy Stock In Sundial Growers, AMC, Lordstown Or American Airlines?© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • Pinduoduo founder Colin Huang’s Starry Night Foundation donates $100 million to support agri-food tech and biomedical research

    SHANGHAI, China, March 18, 2021 (GLOBE NEWSWIRE) -- Pinduoduo founder Colin Huang’s Starry Night Foundation has pledged $100 million to Zhejiang University to support fundamental research in biomedical science, agriculture and food. The $100 million donation, to be disbursed over the next three to five years, will fund research at an advanced institute set up by Zhejiang University and the Shanghai municipal government to support innovation and promote fundamental research in the areas of biomedical sciences, agriculture and food. The first batch of research projects that will receive funding from the foundation include research into cell-cultured fish, tumor neoantigens, and major neurocognitive disorders. As a first phase of funding, the donation is the biggest pledge to date by Starry Night Foundation since it was set up in July 2020. Huang and the founding team at Pinduoduo donated 2.37% of their company shares to the irrevocable charity trust at the time, with the aim of promoting social responsibility development and scientific research. The donation announcement comes one day after Huang stepped down from the board of directors of Pinduoduo, the company he founded in 2015. Huang said in an open letter to Pinduoduo shareholders that he will work on research in the fields of food sciences and life sciences after stepping down. The Starry Night Foundation also announced on Thursday the setting up of a management council and academic committee. The council will be chaired by Chinese Academy of Sciences academician and Zhejiang University President Wu Zhaohui. The academic committee includes Professor Michael Levitt, a Nobel Laureate in Chemistry, and Raoul Bino of Wageningen University & Research. Huang studied computer science at Zhejiang University. About Starry Night Foundation:The Starry Night Foundation was set up in July 2020 by Colin Huang and Pinduoduo’s founding team as an irrevocable charitable trust devoted to promoting social responsibility development and scientific research. CONTACT: For investor and media inquiries, please contact: investor@pinduoduo.com internationalmedia@pinduoduo.com

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  • China’s Third Richest Person Cedes Control of E-Commerce Phenom

    (Bloomberg) -- Pinduoduo Inc.’s billionaire chairman has stepped down from the board, relinquishing control of China’s fastest-growing e-commerce company the same day it announced its user base had surpassed Alibaba Group Holding Ltd.’s.Founder Colin Huang will be replaced by Lei Chen, who keeps his chief executive officer title, the company said in a statement Wednesday. The move cements Huang’s retreat from the corporation that has helped him become China’s third-richest man, after he handed over the role of CEO last year.Huang is saddling his co-founder Chen with the task with sustaining an extraordinary pace of growth. Sales in the December quarter climbed 146% to 26.5 billion yuan ($4.1 billion), beating the average 19.3 billion yuan forecast. That’s several-fold the pace of e-commerce rivals Alibaba and JD.com Inc., fueled by surging demand for groceries and as more shoppers in less-developed cities venture online.“The departure had an air of inevitability about it in light of Huang’s resignation as CEO last July,” Robin Zhu, a Bernstein analyst, wrote in a research note. “But the timing came as a surprise, and skeptics will note that the China internet sector is 0-for-1 when iconic founders leave the building.”The stock slid more than 7% in New York, giving up a fraction of its 370% gain over the past year, after Citigroup analysts pointed out growth in e-commerce volumes lagged expectations. Gross Merchandise Value climbed 66% in 2020, suggesting quarterly growth of 57%, Citi’s Alicia Yap wrote.Read more: His Wealth Surged by $25 Billion. Then Jack Ma’s Rival QuitPinduoduo is aiming to become the world’s largest grocer, Chen said. To achieve that target, the company intends to invest in an agriculture-focused logistics infrastructure platform over the next few years.After stepping down from the role of chairman, Huang will give up the 1:10 super voting rights attached to his shares in Pinduoduo. He’s also pledged to extend the lock-up period for his shares by another three years, according to a statement by the company.His departure caps a rise meteoric even by Chinese internet industry standards, creating a $57 billion personal fortune and a $180 billion U.S.-listed company in a span of about six years with the help of heavy advertising. Pinduoduo’s stock rose more than fourfold last year and reached a record on Feb. 17, though the shares have since retraced after a wider technology selloff and China’s scrutiny of its internet companies.Huang, a former Google engineer, will focus more on longer-term initiatives, including research in food and life sciences, the company said. In 2017, the billionaire said he was unlikely to spend the rest of his life at PDD, saying in a letter to employees he wanted to delegate more responsibility to younger colleagues to keep its entrepreneurial spirit alive.“I hope that my stepping down as the Chairman of the Board will aid this young person into independent adulthood,” Huang said in a letter to shareholders, referring to PDD. “Though I can no longer become a true scientist myself, I would feel very lucky and blessed if I have the chance to become a research assistant to a future, possibly great, scientist.”Pinduduo’s annual active consumers climbed to 788 million in December, surpassing the 779 million users at Alibaba’s online marketplaces. During the recent Spring Festival holiday, daily users at Pinduoduo briefly surpassed those on the Taobao mobile app, according to researcher QuestMobile, underlining how the company has narrowed the gap with its larger rival.Net loss attributable to shareholders in the December quarter narrowed to 1.38 billion yuan from 1.75 billion a year earlier, Pinduoduo said in a statement on Wednesday before the U.S. market open. Gross merchandise value in the 12 months ended December rose 66% to 1.67 trillion yuan.What Bloomberg Intelligence SaysPinduoduo’s sales growth may stay robust as it ramps up monetization of its sizable customer and merchant base. Rapidly expanding sales could help narrow operating losses in the medium term. The company’s expanding shopping ecosystem may become increasingly appealing for merchants looking to advertise. Despite heavy marketing expenses, Pinduoduo’s marketplace model can sustain high gross margin, and could deliver a profit as revenue achieves greater scale.-- Vey-Sern Ling and Tiffany Tam, analystsClick here for the reportThat growth has come with a price, however. The company faced an online backlash earlier this year after an employee in her early 20s died after walking home at 1:30 a.m. and another committed suicide. The deaths renewed criticism of the long hours commonly worked at China’s tech giants -- a 996 office schedule of 9 a.m. to 9 p.m., six days a week, plus overtime -- and prompted authorities to open an investigation into working conditions at Pinduoduo.Read more: Pinduoduo Worker’s Death Spurs Investigation, Online FuroreIts online groceries business has also come under scrutiny from antitrust regulators. Earlier this month, Pinduoduo’s community group-purchase business was fined alongside four other operators for excessive subsidies in the second half of 2020, a move that had disrupted market order, according to the State Administration for Market Regulation.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Dow Jones Up As Fed Holds Steady On Interest Rates; Powell Makes This Pledge

    The Dow Jones rose after the Fed announced it keeping easy-money policies in place as the economy strengthens. Apple stock fell, while a China stock dipped.

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