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Tesla Hikes Model Y Performance Price in China by USD 1,550The company's CEO Elon Musk said to roll out an entry model in 2023. Tesla announced on Weibo on Saturday that the starting price of the Model Y Performance in China has been raised by CNY 10,000 (USD 1,550) to CNY 387,900, with those who have previously reserved unaffected. The Securities Times quoted a Tesla China public relations source as saying that the price increase was mainly due to fluctuations in manufacturing costs. On January 1, Tesla announced the official launch of the China-made Model Y and the new Model 3. The Model Y Performance starts at CNY 369,900, down by CNY 165,100 from the previous price of CNY 535,000. The Model Y Performance has not been delivered, and Tesla's website previously showed the version was expected to begin deliveries in the third quarter of 2021. After Tesla raised the price today, the website shows deliveries are expected to begin in the fourth quarter. In May, the price of the Model Y Performance was raised from CNY 369,900 to CNY 377,900, and in August, the model went from pre-sale "pending regulatory approval" status to on-sale status. The China-made Model Y Standard Range and Long Range versions remain unchanged at CNY 276,000 and CNY 347,900 respectively. Interestingly, a Chinese Tesla owner said on social media Friday that his Model Y received a push from Tesla about a software package to improve acceleration performance. The updated information shows that the owner can shorten the vehicle's 0-100 km/h acceleration time from 5 seconds to 4.4 seconds by paying CNY 14,100 (USD 2,190). The owner did not specify which version of his Model Y is, but this should be the long-range version with dual-motor all-wheel drive, as Information on Tesla's website shows that only that version has a 0-100 km/h acceleration time of 5 seconds. In comparison, the Model Y Performance has a 0-100 km/h acceleration time of 3.7 seconds. This article was first published by Phate Zhang on CnEVPost, a website focusing on new energy vehicle news from China.
NASDAQ:TSLA
by EqualOcean
FITCH NEWS - TRADABLE MAINLAND REAL ESTATE INDEX - HKG - DAILYCool down on big news as we can see, by zooming out, that the increasing price have found strong resistance and started a durable wide range. The range is clear in this chart, the top is illustrated by the blue line and the bottom by the black line. The bleu line is a resistance tested multiple times , repeat failed attempts leading to a price fall and possibly weakening the uptrend chances believes. The red arrow shows probably where the biggest failure has happened. Mega high volumes and a nice wig. The black line represents a probably super strong support. Beware of fake breaks, it has happened in the past. The little dotted line shows possibly how the price is evolving trying to get out of the range. Fitch news has created an interest about what impact this could have globally. For the moment zooming out we can see that it is just lot of noise for not much as this level have been reached several times before and was expected. Now it is probably more convenient to observe this black line level and see what happen. High volumes involved would show a clear direction. Daily, Weekly, monthly : yes, but not to be observed in hourly. ______________________________________________________ Thanks for the like and shares, really appreciated! This idea is not a financial advice but just a sentiment.
SSE:H11143
by Diallo_Charts_Ideas
iQIYI Achieves Steady but Slow Growth in Q2 2021China's online entertainment service company iQIYI released its unaudited Q2 2021 financial results on August 12. The revenue growth was rather unimpressive, while the company has been implementing strategies around expanding market presence, diversifying content, and securing a larger user base in light of future growth. iQiyi (IQ:NASDAQ) is an online entertainment company in China, providing a variety of video streaming services and premium content to worldwide users. The company's deep-learning-based predictive algorithms utilize third-party content to build content libraries catering to the diverse tastes of its users. A glance at the Q2 2021 financials According to iQIYI's unaudited financial results, the company's revenues reached CNY 7.6 billion in the second quarter of 2021, a 3% YoY increase. In contrast, Tencent's total revenue achieved a year-over-year increase of 23% during the same quarter. Total subscribing members reflected a slow growth as well, increasing 106.2 million by June 30, 2021, up only 1.2% year-over-year. However, the company's operating loss and diluted net loss showed a decline from the previous year. Specifically, during this quarter, iQIYI's operating loss was CNY 1.1 billion and its operating loss margin was 15%, compared to CNY 1.3 billion and 17% in 2020, respectively. The decreased net loss partially resulted from iQIYI's diversified content and latest movie series, including theatrical, S-rated network, and original movies under the Premium Video On Demand (PVOD) model. For PVOD movies distributed through a paid subscription, the company earned 42% of revenue share despite other content providers. The content distribution revenue did not have positive financials compared to the other two revenue streams, this part dragged down 20% from the same period in 2020 due to fewer barter transactions and increased cash transactions that caused offsets. Barter transactions determine the value of content revenue estimated by the company's internal management. iQIYI's expenses also played a critical role in balancing the second quarter's financials. Specifically, the costs were flat compared with the same period in 2020. Unlike the first quarter of 2021, when the company's content costs had an 8% increase from the same period in 2020 due to the decline of licensed content cost, the second quarter returned to the flat level. The R&D and general expenses also had a slight year-over-year increase of approximately one-to-two percent in this quarter. The total other expenses were also driven higher by the increased interest expenses in various financing activities. Equipped with core competitiveness in the online entertainment industry, iQIYI is also empowered by proprietary technologies to curate captivating content for users and stimulate a large-scale paid content subscription business in China. In January 2021, iQIYI's VR division announced the completion of a Series B funding round led by Yitang Changhou Fund and Fresh Capital, setting the record for the largest single round of funding in China's VC sector since 2020. iQIYI's disciplined strategies Yu Gong, the Chief Executive Officer of iQIYI, explained that the second-quarter results were largely in line with the company's expectations. Although the growth was not significant, he stated that the increased number of subscribed members was driven by the hit original dramas launched during this second quarter, providing some positive operating metrics. Meanwhile, iQIYI launched its Lite app targeting lower-tier cities in China and overseas markets, including Southeast Asia. Overviewing China's Internet demographics, the emergence of live streaming and short-to-medium video platforms, like Douyin and Kuaishou, have cut a big share of the long video market. To encounter this challenge, the long-video streaming service, iQIYI, decided to increase the penetration rate of suburban users to develop new markets. In this way, the company aims to improve user retention by securing users with low-cost phones. Since launching this app in 2019, the company has seen rapid user growth. By the second quarter of 2021, this app's peak DAU exceeded 1.3 million, with over 1 million average weekly daily active users. The company's strategies have placed membership, online advertising, and content distribution services as three primary revenue streams. In that regard, member services revenue was CNY 4 billion, flat compared with the last year. Online advertising, on the other hand, had shown a 15% increase from the same period last year, driven by the sustained rebound of brand-advertising budgets amid the macroeconomic recovery after the coronavirus pandemic in China. With the increasing penetration rate of digital technology among Gen X and Gen Z populations in the country, the company is expected to see new consumers using its subscription services. In a nutshell iQIYI's 2021 Q2 financial results showed the company's ability to carry on growth momentum in attracting more users based on an expanded content portfolio and enlarging user base. The company's revenue growth and reduced year-over-year net loss have displayed a trend of slowly improving business performance.
NASDAQ:IQ
by EqualOcean
Dada Posts Strong Q2 2021 Results The Chinese local on-demand delivery and retail platform has announced its unaudited financial results for the second quarter, maintaining the strong growth momentum. – In the second quarter of 2021, Dada Nexus' (DADA:NASDAQ) total net revenues increased to CNY 1.47 billion, which is above the Street's consensus expectation of CNY 1.41 billion and the company's high-end guidance of CNY 1.45 billion. Aligning the revenue recognition method of Dada Now last-mile delivery services to net basis, pro forma revenue growth would have been 81.3% year-over-year. Dada also reported a quarterly non-GAAP net loss of CNY 549 million, against the Street's expectation of CNY 615 million. Dada has continued to win Chinese consumers' trust by providing "timely, efficient and high-quality services." The number of trailing-twelve-month active consumers on JDDJ increased by around 60% year-on-year to 51.3 million as of June 30. The company will continue to execute its in-depth cooperation with JD, to better serve the omni-channel and on-demand needs of JD's over 530 million active users. GMV of JDDJ for the twelve months ended June 30, was CNY 32.3 billion, an increase of 77% year-over-year. "Dada Group has long served the real economy and is growing together with brick-and-mortar retailers as well as our brand partners. We welcome the stepping up of regulations and firmly believe it will be good for the long-term sustainable development of the industry. There is enormous potential in the on-demand retail industry for us to explore," said Mr. Philip Kuai, Chairman and Chief Executive Officer of Dada Group. "Through the deepening cooperation with JD, we continue to build strong partnerships with our retail and brand partners, working together to create value to consumers. Our partners will continue to benefit from our technology platform and high levels of innovation. Together, with Dada's commitment to bring people everything on demand, we will continue to focus on long-term value creation to the benefit of enterprises and consumers around China." JDDJ has maintained a top position in the supermarket category and partnered with 80 of the top 100 supermarket chains, including 9 of the top 10. Meanwhile, it established direct partnerships with smartphone brands, including Apple and vivo, and has newly partnered with Microsoft, ASUS, Dell and Alienware, gradually moving their offline stores online. As a SaaS product that enables retailers to drive O2O sales while streamlining operations, Dada's Haibo System has been adopted by more than 4,300 retail chain stores as of the end of August, covering over 40% of the top 100 supermarket chains. As a platform that connects consumers and merchants with crowdsource-based delivery services, Dada Now provides a large number of flexible employment opportunities to society, and at the same time, it is committed to protecting the rights and interests of gig economy workers. During the second quarter, Dada Now's on-demand delivery service to chain merchants continued to see explosive growth, with year-over-year revenue growth accelerating to over 140%. In July, it officially launched the Dada Autonomous Delivery Open Platform, which is open to autonomous vehicle companies, such as JD Logistics and aims to accelerate the commercial use of autonomous delivery.
NASDAQ:DADALong
by EqualOcean
Technical analysis update: HSI (7th September 2021)Hang Seng index declined over 20% from its peak on 18th February 2021. Then it made lows on 27th July 2021 (at 24 748.84 HKD) and on 20th August 2021 (at 24 851.60 HKD). We are bullish on Hang Sang index and we think current price is very attractive for long entry. Because of that we would like to set medium term price target for HSI to 28 000 HKD. Technical analysis RSI is bullish. Stochastic is also bullish. MACD is bullish too, however, it is still in the bearish zone below 0 points. Though, we expect it to cross above 0 which will further bolster bullish case for HSI. ADX is leveling down suggesting that neutral trend is present at the moment. Closest supports can be drawn by extending horizontal line from recent lows (at 24 748.84 HKD and at 24 851.60 HKD). Closest resistance is at 26 822.47 HKD. We will observe HSI over the coming few weeks. We will watch out for breakout above resistance. We expect this phenomenon to support bullish thesis for HSI similarly like MACD crossover. Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:HSILong
by Tradersweekly
2
Cango's Recent Moves Show Its Business ResilienceThe company generated CNY 558 million in net profit in Q2 2021, up 695% from a year ago. Cango facilitates transactions through a technology-enabled service platform in China's automotive industry. The country's auto market is reviving and is set to be in a growth trajectory for quite some time. The company has expanded its upstream business, entering the flourishing NEV market. Though the local NEV leaders are prone to sell cars directly, dealers will keep playing an important role in the Chinese market, especially in the lower-tier cities. Cango's stock looks cheap now. The relieved travel restrictions have revived trading activity in China's passenger vehicle market, the world's largest in terms of both demand and supply. Cango (CANG:NYSE), a company aimed at disrupting the auto value chain in China, has presented solid Q2 2021 results. This article will introduce Cango, its strategy and future development outlook. Introduction In 2010, Cango was founded by a group of veterans in China's auto financing industry with the idea of making auto transactions "simpler, easier and more pleasant." There was a certain degree of demand for such a platform in China's vast but underserved lower-tier cities' markets. Started with auto loan services, the company's scope later stretched to the vehicle sales business upstream and after-market services downstream. By the end of 2020, Cango had built a network consisting of 47,740 auto dealers, accumulatively serving more than 1.9 million car buyers. The company currently covers more than 1/3 of China's total new car dealers, and over 75% of dealers in Cango's network are located in tier 3-5 cities. Over the past ten years, the company has established a technology-driven platform that connects various participants along the auto value chain, including dozens of large and mid-sized commercial banks, insurance firms, as well as major gasoline vehicle OEMs and high-tech new energy vehicle (NEV) OEMs. China's auto market is back on a growth trajectory Cango's business is rooted in the flourishing auto trading activities in China. Although the pandemic has hammered buying cars in brick-and-mortar stores, the total transactions have shown resilience. According to CPCA, the Chinese light vehicle sales hit 19 million in 2020, down 6.8% year-on-year. However, the outlook for future sales is rather encouraging: CAAM expects the market to grow by 10% in 2021. Moreover, the organization forecasts that the 2025 sales will reach 30 million, with a CAGR of 4.6% from 2021 to 2025. The driving force of surging future sales will be the rise of per capita ownership of cars. Based on the World Bank's data, China's car ownership was 283 units per thousand inhabitants in 2019. At the same time, China's population density was 149 people per kilometer squared, GDP per capita was USD 10,276. By comparison, Japan and South Korea are more densely populated, have higher GDP and car ownership rates per capita. Thus, China's auto market sees great potential. Lower-tier cities are showing strong momentum in the rise of the car ownership rate. There are several catalysts. One is the policy of 'sending cars to the countryside' under which people who live in rural places receive subsidies when buying cars. Electric vehicles have been added into the list in recent years. Second, lower-tier cities in China often have no restrictions on getting vehicle plates, further stimulating car sales. Third, citizens in lower-tier cities have less debt burden on housing so that they can potentially spend more money buying cars. Cango's next big move Following the big trend, Cango also stepped up its efforts in the NEV market. NEV manufacturers, which usually adopt the direct operation and sales model, are actively seeking traffic in the lower-tier markets and professional traffic operation support. Cango's strong foothold in the lower-tier markets and service capabilities in auto transaction puts it in an ideal position to meet its needs. Although some in the industry argue that NEVs' direct sales won't need dealers and related service providers like Cango, we believe, however, that dealers will continue to play an important role in the new segment's development. Inspired by Tesla, China's NEV market was initially driven mainly by direct sales. This model was soon adopted by other EV players, including NIO, Xpeng and Li Auto. Intuitively, direct sales skip dealers so that ensures better customer services and more profit to OEMs however incurs large front costs of opening new stores. Currently, all the public EV companies' valuations are very sensitive to the vehicle delivery numbers. The relationship between electric car brands and dealers is dialectical. In 2018 and 2019, some brands like NIO and Xpeng needed funds to open new stores. After raising enough funds through IPOs, NIO and Xpeng both decided to lower the number of franchised stores. So far, EV brands have accumulated a lot of orders, but short-term deliveries are restricted to their production capacity. As production ramps up, same-store sales will touch the ceiling, especially in the lower-tier cities. By that time, these brands are likely to reconstruct the dealer network. Besides, not all NEV brands have enough capital to open and run offline stores independently. This makes incorporations with dealers almost inevitable. Meanwhile, NEV brands try to minimize their sales and marketing costs through an offline-to-online mode, which considers experiencing a vehicle offline, then buying it on a digital platform. High efficiency will be difficult to achieve with such a method. First of all, for most families, especially those living in lower-tier cities, a car purchase is an important event requiring both time and capital. If there is no physical store nearby, the customer experience will be downgraded. Second, brand variety is essential in the auto sector. OEMs' products face millions of requirements from picky buyers, and a few car brands are unlikely to satisfy all requirements. Besides, as the US and Japan's history has shown, dealers aren't likely to be pushed out of the market. The United States' long automotive history has proven how important dealerships are in a large and populous country. China shares similar attributes. According to iiMedia, there are currently 287 million cars in China, with 72 cities having more than one million cars, 33 cities having more than two million cars. What's more, car buyers across the country have different consumption behavior patterns. For example, lower-tier cities' dwellers prefer domestic brands' full-size vehicles. In the Eastern regions, buyers have a higher acceptance of electric cars than their inland peers. In short, for NEV players, it's hard to adopt a standard promotion strategy in such a diverse market. Distributors and adjacent service providers like Cango can coordinate resources, making the process more resilient. Being a middleman Apart from stepping into NEV business. Cango is striving to expand the business upstream including B2B and B2C. By the end of Q2 2021, the company has CNY 1.5 billion cash on hand, enough to support this new asset-light business. For example, owing to its relationship with registered dealers, Cango can provide demand-side insights from dealers to OEMs and vice versa. Cango helps dealers get vehicles they want. For B2C, Cango helps prospective car buyers find suitable cars in its dealer network. All of these are processed through their massive network on a tech-enabled platform. In its Q2 2021 earnings results, the company reported over 50% of total revenues generated from its auto trading business segment. This figure looks significant, considering that Cango's expansion into the sector started in H1 2020. Though this part of the business currently posted a lower gross margin (being positive, meanwhile), we believe it is necessary, even critical, for Cango to expand to upstream segments. By doing so, it will synergize the auto financing business and reduce single business risk. More importantly, with the integration of car sources, financing, insurance and other after-market services, the company gets to strengthen the bond with its dealership network. We can find similar stories in the history of all the large car servicing companies. For example, US firm CarMax integrated auto financing and used car business. It has been facing competition from online used car platforms in recent years. To address the problem, CarMax rolled out its 'omnichannel platform,' which is aimed at allowing customers to buy a car online, in-store, or through any combination of the two. Cango's new business is similar to that of CarMax, getting through the information asymmetry between buyers and sellers. Chinese dealers are also adjusting their strategies to acquire larger chunks of the auto value chain. Zhongsheng Group, a high-end vehicle dealer, is concentrating on the used car business. Another dealership brand China Grand Automotive's business model consists of related businesses like auto financing. Risks We consider Cango's expansion to upstream business risky. As per above, large Chinese dealerships have been expanding their business scope and they may have the same addressable market. But luckily, Cango is deeply rooted in lower-tier cities, which are less attractive for large competitors. Most overseas-listed Chinese stocks are currently facing a number of regulatory risks. However, as we stated in our previous NIO analysis, the government is targeting tech giants, as well as education and gaming businesses. In other words, sectors that directly influence the social sphere. Auto dealerships are less likely to suffer from the crackdown. Summary Cango has decided to expand its business to new energy and other upstream business segments. This strategic orientation is well-weighted and mainly based on two points. The separation of NEV OEMs and dealers will come and go, with the two models coexisting for a long time. Based on global examples, business diversity is necessary for a small car servicing company to grow. In addition, Cango's business is highly dependent on the auto trading activity in China, which is back on a growth trajectory and will contribute to the company's growth. Notwithstanding, the tumultuous summer of 2021 saw Cango decline to a historical low. This has triggered the company to launch a share buy-back program. We consider Cango an interesting investment opportunity at these levels. For the full article with the charts, please visit the original link.
NYSE:CANGLong
by EqualOcean
Another Chance to Go Long Lufax – A Close Look at Q2 2021 ResultThe overall favorable financials and rather a low valuation of the Chinese fintech present a new investment opportunity. Lufax achieved positive year-over-year growth in key financials during the second quarter of 2021. Larger clients are cutting more shares in credit loan and asset management sectors. The stock repurchase plan is expected to boost Lufax's stock price – which has been decreasing for months to a level way below IPO price. Several problems, such as the shrinking business scale and decreasing income from the technology-based business, have become concerns for Lufax's long-term development. Lufax (LU:NYSE), founded in Shanghai in 2011, is a fintech affiliate of Ping An Group that provides personal financial services as an agency and dealmaker to help financial institutions connect to retail clients. Lufax launched its New York Stock Exchange public offering on October 30, 2020, raising USD 2.36 billion. On August 10, Lufax posted its financial results for the second quarter of 2021. Here, we dissect the released data, while constructing an investment message. Improving financials, with a better business structure During the three months through June, Lufax achieved revenue growth of 17.3% and its net income increased by 53.2% year-over-year. The total revenue and net income grew from CNY 12.64 billion and CNY 3.09 billion in the same period last year, to CNY 14.83 billion and CNY 4.73 billion in the second quarter of 2021, respectively. Since the third quarter of 2019, Lufax has been achieving positive year-on-year quarterly revenue growth, despite the COVID-19 outbreak. The net profit only showed a decrease from July to September in 2020, mainly affected by the pandemic, as the firm claims. Nevertheless, the overall business operation and profitability have been improving. What is more, consistent with its strategy in the retail credit field, the company has increased loans to small-to-medium businesses in recent years. During the second quarter of 2021, 77.6% of the new loans were issued to the small business owners who normally have somewhat large tickets, therefore reducing Lufax's costs associated with the borrowers. In the wealth management sector, contribution to total client assets from customers with investments of more than CNY 300,000 on the company's platform increased to 80.2% as of June 30, 2021, from 75.4% in the same period in 2020. Upward price momentum In May 2021, Lufax announced that the ADS worth USD 300 million would be repurchased over the following six months. Some of the company's top executives will also spend USD 5 million at most with personal funds on the ADS purchase. By the end of June 30, transactions accounting for USD 286 million had been closed, with USD 281 million from the company and 5 million from the management team. It is clear that the management is confident in Lufax's future, and trying to give the market positive signs, especially under the current low-valuation situation in the stock market. Lufax was certainly very high-profile in launching on the New York Stock Exchange on October 30, 2020 as the fourth largest unicorn globally, reaching its historical high record of USD 19.72 per share in the next month. However, since May 2021, partially because of the crackdown in valuation among all Chinese concept stocks, the stock price of Lufax has sunk – to USD 8.60 on August 17 of 2021, far below its IPO price. What is more, 13 over 16, which is 81.25% of the Wall St. analysts give bullish or very bullish ratings to Lufax. Along with the stock repurchase plan, we believe the stock price will be boosted, based on overall solid financial performances and below-expectation capital market recognition; thus, Lufax is considered a good investment now. What to be aware of The new loans facilitated during the second quarter of 2021 decreased by 11.4% from the previous quarter and the asset amount from wealth management clients only went up by 1% from the first quarter of 2021. Per the management, that was because of the change in company strategies, as Lufax has been focusing more on service quality instead of business expansion, which is backed by three principles: compliance operation, targeting SMB and affluent clients and technology improvement. However, the last principle, which lies upon the technological transformation, which Lufax has been emphasizing for years, has no embodiment. The largest revenue component – technology-based income – has been contributing less and less since the third quarter of 2019, the earliest financial records available. Compared with the other two Chinese fintech leaders, Ant Group and JD Digits, Lufax's R&D expenditure-over-revenue ratio ranked last since 2017. What is worse, the expense has been taking up a decreasing percentage of the total revenue since 2019. Furthermore, in the press release of the second quarter's financial results this year, Lufax announced that a new series of stock repurchases would be launched, with ADS worth around USD 700 million to be bought back within one year. The company will intake USD 10 million of ADS shares transferred from the market. This plan is strongly considered a positive sign on the underlying stock price. The company's maturity process can partly explain the recently decreasing month-over-month profitability and shrinking business scale. This, however, can affect the operation results. Although the 'LU' stock may provide a short-term investment opportunity, its long-term development is still unclear.
NYSE:LULong
by EqualOcean
Li Auto Delivered Record 9,433 Vehicles in Aug, Up 248% YoYDeliveries of the new Li ONE began on June 1. Li Auto delivered a record 9,433 units of the Li ONE, the company's only model, in August, up 248 percent year-over-year and 9.8 percent from July. That number exceeded many expectations, considering the company gave conservative guidance for the third quarter in its earnings report released earlier this week. For the first eight months of 2021, Li Auto deliveries have totaled 48,176 units. The Li ONE's cumulative deliveries now stand at 81,773 units, the company announced Wednesday. As of August 31, 2021, Li Auto has 114 retail centers covering 69 cities, as well as 194 aftermarket repair centers and authorized sheet metal spray centers covering 143 cities. Notably, when Li Auto announced its second-quarter earnings on August 30, it said it expected deliveries of 25,000-26,000 units in the third quarter. Considering that the company previously said that September deliveries were expected to exceed 10,000 units and July deliveries were 8,589 units, many believe this implies that Li Auto's deliveries in August will be at most 7,400 units. The Li ONE is an electric vehicle with extended-range technology, having a three-cylinder engine as the range extender. The Li ONE became available in October 2019. On May 25 of this year, Li Auto announced the 2021 Li ONE with a starting price of CNY 10,000 (USD 1,560) higher than the previous version at CNY 338,000. This article was first published by Phate Zhang on CnEVPost, a website focusing on new energy vehicle news from China.
NASDAQ:LI
by EqualOcean
XPeng Delivered 7,214 Vehicles in Aug, Up 172% from a Year AgoXpeng P5 will officially go on sale on September 15, and deliveries will start at the end of October. XPeng Motors delivered 7,214 vehicles in August, up 172 percent year-over-year and down 10 percent from July. The company delivered 6,165 P7s and 1,049 G3s in July. 2021 year-to-date deliveries reached 45,992 vehicles, representing a 334 percent increase year-over-year. P7 deliveries continued to strengthen, achieving a record month in August and a 209 percent increase year-over-year. The production preparation and switching of G3i is expected to have an impact on G3 and G3i’s production and delivery for a few weeks, XPeng CEO He Xiaopeng said during the company's second-quarter earnings call. "We plan to start deliveries at the end of August and will increase delivery scale in the next quarter," He said. This article was first published by Phate Zhang on CnEVPost, a website focusing on new energy vehicle news from China.
NYSE:XPEV
by EqualOcean
NIO Delivered 5,880 Vehicles in Aug, Up 48% from a Year AgoThe company has begun allowing customers to test drive ES8 in Norway. NIO delivered 5,880 vehicles in August, up 48 percent year-over-year and down about 26 percent from July. The deliveries consisted of 1,738 ES8s, 2,342 ES6s, and 1,800 EC6s. Supply chain disruptions in Malaysia and Nanjing, China, caused by local pandemic outbreaks, significantly hampered production, NIO said. The supplier of the A/B pillar interior trims in Nanjing, China was affected in August, the company said, adding that the supplier has now resumed production. Orders in August grew to a new historic record, the company said. NIO cuts its deliveries guidance for the third quarter by 500-1,500 units. The new deliveries guidance for the third quarter is between 22,500 and 23,500 vehicles. NIO is confident about the delivery result for September, it said. NIO said internal calculations showed the Covid-19 in August affected the company's production of about 2,000 to 3,000 units for the month. The company hopes to try to make up for the August production lost in September by collaborating with supply chain partners and adjusting the production pace of its plants. But even so, there will still be an impact of about 1,000-2,000 units for the entire quarter. NIO said order performance remains strong, with new orders reaching a record high in August. If supply chain problems do not deteriorate further, September deliveries can set another monthly delivery record, it said. This article was first published by Phate Zhang on CnEVPost, a website focusing on new energy vehicle news from China.
NYSE:NIO
by EqualOcean
China Market Finally Bottomed After a Prolonged Panic Sell Off?Due to the repeated news of Chinese government's crackdown on the monopolistic practices of Chinese Technology companies that worried some investors on the long term impact of investing in these companies and the we have seen a prolonged sell off by both retailers and institutional investors in many of the Chinese Tech companies namely Alibaba ( HKEX:9988 and Tencent HKEX:700 . However, the good news is that the impact of these policies are likely to have minimal impact on the business model of these companies targeted and also from the technical aspect, we have seen TVC:HSI hitting a confluence horizontal and long term trendline support line with bullish candlesticks formed over the past few trading days. Moreover, signs of capitulation can be seen in big constituents of HSI such as NYSE:BABA , thus further suggesting that a reversal might be around the corner. In retrospect, many of these great Chinese companies are very undervalued served as a great opportunity for investors to hop on and catch some great profits ahead.
TVC:HSILong
by minjiarui16
1
Futu Releases Q2 2021 Financial ReportAs a global technology-based securities firm, Futu Holdings Limited (Futu:NASDAQ) is committed to driving innovation with science and technology to provide more convenient and ultimate financial science and technology services for major markets around the world. According to Futu's released performance report for the second quarter of 2021: - The total revenue reached USD 200 million (about CNY 1.29 billion), with a year-on-year increase of 129%. It presents a triple-digit growth for six consecutive quarters. - The net profit under non-GAAP was USD 70.9 million (about CNY 458 million), showing a year-on-year increase of 127%. - The trading commission and fees increased by 95% to USD 100 million, where interest income increased by 194% to USD 78.6 million (about CNY 508 million), and other income (including wealth management and enterprise service business) increased by 141% to USD 21.7 million (about CNY 140 million). - As of June 30, 2021, the number of registered users has officially exceeded 15.5 million, with a year-on-year increase of 67%. The number of customers opening accounts reached 2.32 million (up 143%) and the number of customers with assets achieved a 2.3 times increase to over 1 million. - The customer retention rate reached 98% in the first half of 2021. - It achieved a net increase of 211,000 customers with assets in Q2 2021, more than three times that of the same period of 2020. By the end of the reporting period, the assets had exceeded USD 64.8 billion (about CNY 418.74 billion), showing a year-on-year increase of 254%, and the average assets of customers with assets had reached USD 65.000 (about CNY 420,000). - The total transaction volume totaled USD 169.4 billion (about CNY 109 million) in Q2 2021, representing a year-on-year increase of 104%. - Customers' average daily revenue transactions (DARTs) increased 105%, reaching 541,000. -As of June 30, 2021, the AUM of Futu Money Plus reached USD 1.77 billion (about CNY 11.44 billion), achieving a year-on-year increase of 59%. Futu Money Plus has connected with about 50 global well-known fund company partners (7 new partners in Q2 2021), including Goldman Sachs Asset Management, Hanya Investment, UBS asset management, etc. - As of June 30, 2021, Futu had provided IPO distribution and IR services to 186 enterprises. - There are 26 enterprises in Futu's '10 Billion Club' (subscribed over HKD 10 billion), of which JD Logistics (002618:HK), Angelalign (006699:HK), Nayuki (002150:HK), Carsgen (002171:HK) and other enterprises were added in the second quarter of 2021. - By the end of the reporting period, more than 600 new economic enterprises had settled in Futu Niuniu community. - In addition, Futuie has signed with 263 ESOP option management customers, with a year-on-year increase of 189% in Q2 2021. Customers include leading enterprises in medical and health, consumer retail, cutting-edge technology and other industries, such as Yidu Tech Group (002159:HK), Simcere (002096:HK), Popmart (009992:HK), Nayuki (002150:HK), etc. - Futu was officially included in the MSCI Hong Kong Index in Q2 2021. At the same time, it was awarded BBB - by S&P Global Ratings.
NASDAQ:FUTU
by EqualOcean
Meituan Achieves a 77% YoY Revenue Growth in Q2 2021The platform earned CNY 43.80 billion in Q2 2021 while reducing its monthly operating loss to CNY 3.25 billion. According to survey data, 60% of full-time riders have a monthly income of more than CNY 5,000. - On August 30, 2021, Meituan, the Chinese life service e-commerce platform, released its Q2 financial report. The report shows that the company earned a quarterly revenue of CNY 43.80 billion, with a year-on-year increase of 77%, and the monthly operating loss was reduced to CNY 3.25 billion. - In terms of businesses, the platform's revenue of takeout food was CNY 23.10 billion, accounting for 52.74% of the total; earnings from hoteling were CNY 8.60 billion, covering 19.63% of the total. As indicated by the firm, its retail business continued to build its core infrastructures and has begun to establish nationwide cold-chain logistics, while promoting the growth of high-quality agricultural products across the country. - Wang Xing, CEO of Meituan, said that their businesses continued to maintain steady growth in Q2 2021, thanks to the continuous and stable recovery of China's economy and the company's deep integration of digitization with the real economy and service economy. He also mentioned the company's firm determination to implement relevant national policies, play a proactive role in social responsibilities, and utilize the power of technology to propel China's economic development. - As for expenditure, Meituan's R&D investment in Q2 2021 reached CNY 3.90 billion, with a year-on-year increase of over 60%. At the same time, the cost of the riders reached CNY 15.50 billion, a year-on-year increase of 53%. - In terms of data, the number of users trading on the platform annually was 630 million and its active businesses up to 7.7 million until Q2 2021, both reaching a record high; the average per capita number of transactions was 32.8 annually, a year-on-year increase of 27.8%. - In June 2021, the firm launched the 'takeout housekeeper service' to help digitalize the operation of high-quality but small- and medium-sized businesses. As the first phase of special subsidies, CNY 150 million was invested by the platform to provide 30,000 small and medium-sized businesses with three-month online operation services free of charge. Until now, 6000 businesses from 25 pilot cities have participated, driving up the average transaction volume of takeout restaurants by over 50%. - In terms of riders, the report shows that, before H1 2021, the number of daily active riders of Meituan has exceeded one million. According to survey data, 60% of full-time riders have a monthly income of more than CNY 5,000. - In July 2021, the company founded a service department to ensure riders' safety and improve their work experience. Besides, the firm has been responding to the national call and actively participated in the pilot programs to prevent and resolve the risk of occupational injury. In addition, Meituan also launched the 'Webmaster Training Program' and has been cooperating with vocational and community schools. - The platform stated that in the future, it will provide a more comprehensive protection system for riders' rights and interests according to relevant policies and promote the high-quality and healthy development of the industry. - Founded in Beijing in 2011, Meituan is China's leading e-commerce platform for life services. Its products include public reviews net, Meituan takeout and others. Its services cover more than 200 categories, such as catering, takeout, fresh retail, ride-hailing, bike-sharing, hotel tourism, film, and leisure & entertainment, and its operation covers 2800 counties, regions, and cities across China. - On June 22, 2018, the platform was listed on the Hong Kong Stock Exchange. As of the close on August 30, 2021, its share price was HKD 228.40 (CNY 189.73), with a market value of about HKD 1.40 trillion (CNY 1.16 trillion).
OTC:MPNGF
by EqualOcean
NIO Begins Allowing Customers to Test Drive ES8 in NorwayNio will enter the German market in 2021 at the earliest. NIO has started allowing Norwegian users to test-drive its ES8 SUV, marking its latest step in entering the international market. NIO Norway User Head An Ho shared the news on the NIO App, saying that the test drives opened on August 30 and nearly 300 spots were filled within three days of application. On the first day of the test drive, about 60 Norwegian users got to experience the ES8 first-hand, Ho said. At the performance experience area on the runway at Eggemoen Airport near Oslo, test drivers experienced the ES8's acceleration, as well as its handling performance. At the local Heen Grustak off-road track, test drivers experienced the vehicle's performance in off-road scenarios. NIO built a Mini version of the NIO House in Eggemoen Airport, where users can enjoy drinks from the NIO Café, according to Ho. In addition, NIO transported an NIO EP9 supercar from the UK to the test drive venue, allowing users in Norway to get up close with the car. This is NIO's latest move in the Norwegian market. The company's app for Norwegian users was made available on the local App Store and Google Play Store on August 16. The launch of the app means that local users are starting to have an exclusive online community, which NIO says "Shape a Joyful Lifestyle, is a vision we are pursuing together." The app currently offers Discover, This Moment, a personal account management page, and NIO Life, meaning the company is bringing its lifestyle brand to Norway as well. This article was first published by Phate Zhang on CnEVPost, a website focusing on new energy vehicle news from China.
NYSE:NIOLong
by EqualOcean
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Midea Group Releases H1 2021 Financial ReportThe income from home appliances and electrical appliances accounts for more than 80%; the proportion of new businesses such as robots has increased. According to the interim performance report for 2021: - The operating revenue increased by 24.98%, reaching CNY 173.8 billion. - The net profit attributable to the parent company increased 7.76%, reaching CNY 15 billion. - The revenue of HVAC was CNY 76.4 billion (up 19.33%), accounting for 43.96% of the revenue. - The revenue of consumer electrical appliances was CNY 64.96 billion (up 22.4%), accounting for 37.38% of the revenue. - The revenue of robots, automation systems, and other manufacturing industries was CNY 12.69 billion (up 33.28%), accounting for the rest 7.3% of the revenue. - The gross profit margins of HVAC and consumer appliances were 20.85% (down 3.35%) and 29.6% (down 2%) respectively; while the that of robots, automation systems, and other manufacturing industries was 22.94%, achieving an increase of 3.94%. - The domestic revenue, which takes 57.45% of the total revenue, was CNY 99.85 billion, showing a year-on-year increase of 29.28%. - The revenue for the foreign market was CNY 73.96 billion, representing an increase of 19.6%, accounting for 42.55% of revenue.
SZSE:000333
by EqualOcean
Bilibili: Q2 2021 Results Surpass ExpectationsThe popular video platform has released its quarterly financial and operating results – which show a stellar performance. Bilibili maintained a high growth rate in Q2 and gained over USD 1 billion in the first half of 2021, which exceeded its expectations. The company has attracted a large number of active creators and increased its user numbers through diversified content and business model optimization. The company might set its orientation in innovative advertising and self-developed games for the next quarter, while the uncertainty of its new business and the problem of banned events will pose the main risks. On August 19, 2021, Bilibili held the Q2 2021 earnings call that revealed positive financial results beyond its best predictions. However, with negative impacts from the recent changes in the United States and China's listing-related policies, such outstanding financials have not boosted the stock price. Beating expectations Bilibili's second-quarter results topped the expectations of the market. During that period, the company achieved a revenue of CNY 4.50 billion, up 72% year over year. It is the first time the company has achieved over USD 1 billion in revenue (about CNY 6.5 billion) in half a year. However, its quarterly loss from the operation has expanded to CNY 1.52 billion, up 47.5% quarter over quarter and 149.3% year over year mainly due to the increasing sales and marketing expenses (from CNY 1 billion to CNY 1.40 billion). Though Bilibili received a higher investment income this quarter, its net loss increased to CNY 1.12 billion, up 23.9% quarter on quarter. Following 2020, the company's mobile game revenue has tended to be stable, with weak growth. However, its e-commerce, advertising and 'value-added services' (VAS) businesses have started to pick up and helped the company maintain momentum. This is good news for Bilibili as it has stabilized its profit model and improved its anti-risk abilities in light of fierce competition. Nevertheless, we think the company is still in a critical period of increasing accessible users. We believe that the company will maintain a relatively aggressive marketing strategy to improve brand awareness based on the increasing marketing expenses. At the same time, Bilibili has been further enriching content categories and broadening differential-age groups to achieve its user growth goals. The company has a sticky and loyal user base that allows it to maintain a high growth rate during this quarter. By the end of June 30, 2021, the average monthly active users (MAUs) of Bilibili reached 237.1 million, up 38% year on year, while its average daily active users (DAUs) reached 62.7 million, up 24% year on year. The average user time spent on its website and app rose to 81 minutes per user per day, setting a historical record. For the paid subscribers, this group grew to 20.9 million users, surging 62% compared with the level of June 30, 2020, which indicates users' increasing engagement. Diversifying businesses Over the past decade, Bilibili has continuously expanded its content coverage and improved its user experience. This platform has become one of the most popular online communities in China and attracted a large number of stable and active UGC creators and users with high stickiness. These features equip the company with high competitiveness in the video entertainment domain. By the end of the second quarter, the company had attracted 121 million official members, up 35% year over year, and its 12-month retention rates remained around 80%. In the second quarter, Bilibili incubated 2.4 million content creators, up 25% year over year. Video submission grew to 8.4 million in the period, up 41% year over year. Also, the number of content creators with more than 10,000 followers increased by 47% year-over-year. Starting in 2020, the company's mobile game revenue began to turn stable, but this segment's growth has been weak in the past years. However, its e-commerce, advertising and value-added services (VAS) business growth has started to pick up and help the company maintain steady growth. This may be a good thing for Bilibili, that is, it has changed from a single profit model to a more balanced one, improving its business agility and thus hedging against risks. Nevertheless, we think it is still in a critical period of expanding the range of accessible users. We believe that the company will maintain relatively aggressive marketing methods to improve brand awareness, the increasing marketing expenses can testify to this point. At the same time, further enriching content categories and broadening differential-age groups may help Bilibili achieve its user growth goals. For the business segments, we think Bilibili has two obvious developing directions: innovative advertising and self-developed games. On the one hand, according to the call, Bilibili said it will continue to explore new advertisement formats in areas like video advertising and embedded advertising. These new streams will contribute to the boom of its advertising revenue. As for the mobile game segment, the company announced in the earnings call's Q&A session that Bilibili will focus more on self-developed games in the second half of 2021. It has over 1,000 team members and multiple self-developed projects have been progressing. Considering the unbalanced nature of the demand and supply chains, we think Bilibili's mobile game business is approaching a turning point. However, it is hard to develop games that resonate with the company's unique community culture and user characteristics – other than ACG-related ones. Hence, we have some reservations about its effect on the near-future performance of the company. Valuation and bottom line Since Bilibili is yet to make a profit, we used the EV/revenue ratio and chose IQ, HUYA and DOYU as its competitors. From the chart, it is obvious that the ratio jumped compared with its competitors since Q4 2019, owing to its continuous high growth. Based on its current financial performance, momentum and competitive landscape, we think 17x is an appropriate valuation for Bilibili in 12 months, which corresponds to a target price of USD 98.90 apiece. Risks 1. The largest risk in the next quarter comes from the company's gaming business. Factors such as the slow development and the wayward demand for new games may lead to the slow growth of the mobile game segment in the next quarter. 2. Another risk comes from the ban of uploaders publishing inappropriate content. In 2021, two of the most popular uploaders in Bilibili, LexBurner and Dangmei (link in Chinese), were banned for such a reason, having repercussions for the whole community. Events of this kind normally hurt the platform's reputation in China, with users migrating to its alternatives. For the full article with the charts, please visit the original link.
NASDAQ:BILILong
by EqualOcean
Nayuki Announces H1 2021 Financial ResultsNayuki turned losses into profits in the first half of 2021 and its stock price rose 10% following the opening on August 26. As of the noon break, the tea maker was priced at HKD 11.1 per share. According to the firm's mid-term performance report for 2021: - The revenue reached CNY 2.13 billion, achieving a year-on-year increase of 80.2%. - The adjusted net profit reached CNY 48.20 million, compared with a loss of CNY 63.50 million in the same period last year. - In terms of business, the revenue of Nayuki was CNY 2 billion (up 0.4%), accounting for 94.4% of the total revenue; the revenue of Tai Gai, another business under the company, was CNY 77.53 million (down 1.7%), accounting for 3.6% of the total revenue; and revenue of other businesses was CNY 41.89 million (up 1.3%), accounting for the remaining 2.0%. - As of June 30, 2021, Nayuki has up to 578 stores. During the first half-year, 93 new stores were opened, with 65.6% of them situated in Tier 1 and new Tier 1 cities. - In terms of the type of stores, within the first half-year, 49 new PRO stores based in shopping malls were opened, adding up to 20 in total; 29 office-building PRO stores have appeared up to a total of 12; standard stores have reached a total of 492 in number with an increase of 9. - As of June 30, 2021, the number of members had reached 36.5 million, representing a year-on-year increase of more than 30%. The repurchase rate reached 30.3% in Q2 2021, compared with 25.6% in 2019 and 29.8% in Q4 2020 respectively, all above the industry average.
HKEX:2150
by EqualOcean
360 DigiTech Announces Q2 2021 Financial ResultsDuring the six months through June, 360 DigiTech's (QFIN:NASDAQ) net profit was CNY 1.548 billion, representing an increase of 76.6% year-on-year. According to the performance report for Q2 2021: - The revenue was CNY 4.002 billion (up 19.8%). - The net profit was CNY 1.548 billion (up 76.6%) and the net profit margin was 38.7%. - The net income of credit driven services was CNY 2.441 billion, representing a year-on-year decrease of 20.8%. - The net income from platform services reached CNY 1.597 billion, achieving a year-on-year increase of 516.6%. - The financing income was CNY 488 million, showing a decrease of 22.3%. - The guaranteed debt release rose by 25.5%, with revenue reaching CNY 1.352 billion. - As of June 30, 2021, the 360 DigiTech's platform has connected with 108 financial institutions and 176 million consumers with potential credit demand, with a year-on-year increase of 18.1%. - The cumulative users of approved credit lines were 34.7 million (up 25.3%). The cumulative number of borrowers including repeat borrowers was 22.3 million (up 25.3%). In Q2, among the loans issued by the company's financial institutions, the contribution of duplicate borrowers was 88.7%. - The financial institution partners issued more than 27.71 million loans through the platform, with a total loan of CNY 88.452 billion, representing a year-on-year increase of 50.2%. Among them, the balance of loans for light capital and other technical solutions was CNY 58.187 billion (up 186.4%); the credit lines to small and micro enterprises was CNY 7.1 billion (up 22.4%). - The weighted average term of loans granted by financial institutions on 360 DigiTech's platform was about 10.66 months, compared with 9.57 months in the same period last year. - As of June 30, 2021, the 90 days+ default rate was 1.19%. - The total operating costs and expenses were CNY 2.148 billion, which shows a year-on-year decrease of 8.4% and a month on month increase of 5.2%. According to QFIN, the growth trend in the first half of the year will continue in the following part of the year. Therefore, the total amount of loan facilitation and issuance of the company in 2021 is expected to reach CNY 340 billion to CNY 350 billion, achieving a year-on-year increase of 38% to 42%.
NASDAQ:QFINLong
by EqualOcean
Kuaishou Announces Q2 2021 Financial ResultsIn Q2 2021, the company generated CNY 19.1 billion in revenue, with a year-on-year increase of 48.8%. According to Kuaishou's Q2 2021 financial announcement: - Revenue rose by 48.8%, reaching CNY 19.1 billion. - Gross profit hit CNY 8.4 billion, representing an 89% growth. - The company's operating loss recorded CNY 7.2 billion, compared with CNY 2.5 billion in the same period of 2020. - Net loss was CNY 4.8 billion, showing an increase of 146.2%. - In Q2 2021, the average daily active user reached 293 million, with 506 million monthly active users. - The cumulative number of interrelated users of the app recorded 12.6 billion, representing an increase of 60%. - Among its major businesses, its online marketing revenue recorded CNY 10.0 billion (up 156.2%), accounting for 52.1% of total revenue; the revenue for its live streaming business was CNY 7.2 billion (down 13.7%), taking up 37.6% of total revenue; and its other businesses generated CNY 2.0 billion, making up 10.3 of total revenue. - Moreover, its e-commerce business reached a total of CNY 145.4 billion in transactions, twice as much as in the same period last year. - In terms of overseas business, Kuaishou announced that the company focused on developing markets in South America, Southeast Asia and the Middle East, with active investment in user acquisition and user activity. During the reporting period, the firm had over 180 million active users in overseas markets.
HKEX:1024
by EqualOcean
Kingsoft Cloud Announces Q2 2021 Financial ResultsIn Q2 2021, the company generated CNY 2.2 billion in revenue, with a year-on-year increase of 41.6%. According to Kingsoft Cloud's Q2 2021 financial announcement: - Revenue rose by 41.6%, reaching CNY 2.2 billion. - Gross profit hit CNY 119 million, representing a 46.8% growth. - The gross profit margin was 5.5%, compared with 5.3% in the same period of 2020. - Among the company's major businesses, its public cloud services recorded CNY 1.6 billion in revenue, reporting an increase of 20.5%; the revenue for its enterprise cloud was CNY 622 million, which extended 152.8%; and other businesses generated CNY 800,000. - During the reporting period, Kingsoft Cloud's cost was CNY 2.1 billion, showing a growth of 41.3%; IDC cost hit CNY 1.3 billion, representing an increase of 28.3%; and the depreciation and amortization cost recorded CNY 183 million, which was a decline by 15.8%. - Moreover, the firm's sales and marketing expenses reached CNY 96.1 million, with a decrease of 12.5%; its administrative expenditure was CNY 111 million, showing a decline of 35.1%; and its R&D expense recorded CNY 232.3 million. - Healthcare field: the company adopted a customized project strategy in the Hubei Healthcare Data Center and Public Health Emergency Management Platform – a sub-project for constructing a healthcare data center and application support. - Financial field: Kingsoft Cloud assisted in constructing Shandong Provincial Supply Chain Financial Platform 'Taifuxin.' At present, the firm has served nearly half of the large state-owned banks, accounting for 60% of the top 10 banks in China. - Public services: the company successfully won the selection project to prepare the top-level design for the housing and urban-rural construction information center, helping it improve its information technology and business operating system.
NASDAQ:KC
by EqualOcean