Latest news with #HongKong-traded
Yahoo
27-05-2025
- Automotive
- Yahoo
BYD Shares Extend Losses as Price Cuts Throw Spotlight on Sales
(Bloomberg) -- BYD Co. shares extended losses in Hong Kong trading Tuesday — taking their two-day slide to more than 10% — as last week's sweeping price cuts stoked concern of another wave of discounting in China's cutthroat electric car market. NY Private School Pleads for Donors to Stay Open After Declaring Bankruptcy UAE's AI University Aims to Become Stanford of the Gulf NYC's War on Trash Gets a Glam Squad Pacific Coast Highway to Reopen Near Malibu After January Fires The stock fell as much as 4% in morning trading, following Monday's 8.6% drop. The selloff was sparked after the EV giant announced cuts of as much as 34% on 22 electric and plug-in hybrid models in China until the end of June. The move came after the company last month posted its slowest year-on-year growth in vehicle deliveries in more than four years. While April sales rose 21% from a year earlier, that was the smallest monthly gain since August 2020, except for a drop in deliveries in February last year, when the Lunar New Year holiday saw nationwide industry sales contract 22%. Rival Geely Automobile Holdings Ltd.'s compact hatchback Xingyuan last month became the top-selling model in China, overtaking BYD's popular Seagull, according to data from the China Automotive Technology and Research Center. Morgan Stanley analysts said the price competition sparked by BYD is likely to drag on, with ripple effects into the second half of the year. What Bloomberg Intelligence says: BYD's latest price cuts across 22 electric vehicle models highlight its 2025 focus on volume, forcing rivals to deepen discounts or concede sales and market share. China's auto price discounts averaged 15%-16% this year and can potentially increase in 2H, despite government subsidies driving industry growth. - Joanna Chen, autos analyst The steep price cuts have taken some of the gloss off what has so far been a stellar year for BYD. The stock hit a record high last week, it posted its best month of sales in China and outsold Tesla Inc. in Europe for the first time in April, and raised HK$43.5 billion ($5.5 billion) in a Hong Kong share sale in March. Before this week's slide, BYD Hong Kong-traded shares had surged almost 75% this year, and with a market value equal to around $158 billion, is bigger than Ford Motor Co., General Motors Co. and Volkswagen AG combined. On the technology front, it has unveiled a lineup of cars it says can charge in five minutes, and started to make its God's Eye advanced driver-assistance system standard in vehicles priced from 100,000 yuan ($13,900) and include it in several lower-cost models such as the popular Seagull hatchback. Some of the recently discounted models include those equipped with God's Eye. Investors will get more insight into how BYD is tracking when monthly sales for May are released on Sunday. --With assistance from Danny Lee and Chunying Zhang. Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Why Apple Still Hasn't Cracked AI Inside the First Stargate AI Data Center How Coach Handbags Became a Gen Z Status Symbol AI Is Helping Executives Tackle the Dreaded Post-Vacation Inbox ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mint
27-05-2025
- Automotive
- Mint
BYD Shares Extend Losses as Price Cuts Throw Spotlight on Sales
(Bloomberg) -- BYD Co. shares extended losses in Hong Kong trading Tuesday — taking their two-day slide to more than 10% — as last week's sweeping price cuts stoked concern of another wave of discounting in China's cutthroat electric car market. The stock fell as much as 4% in morning trading, following Monday's 8.6% drop. The selloff was sparked after the EV giant announced cuts of as much as 34% on 22 electric and plug-in hybrid models in China until the end of June. The move came after the company last month posted its slowest year-on-year growth in vehicle deliveries in more than four years. While April sales rose 21% from a year earlier, that was the smallest monthly gain since August 2020, except for a drop in deliveries in February last year, when the Lunar New Year holiday saw nationwide industry sales contract 22%. Rival Geely Automobile Holdings Ltd.'s compact hatchback Xingyuan last month became the top-selling model in China, overtaking BYD's popular Seagull, according to data from the China Automotive Technology and Research Center. Morgan Stanley analysts said the price competition sparked by BYD is likely to drag on, with ripple effects into the second half of the year. What Bloomberg Intelligence says: BYD's latest price cuts across 22 electric vehicle models highlight its 2025 focus on volume, forcing rivals to deepen discounts or concede sales and market share. China's auto price discounts averaged 15%-16% this year and can potentially increase in 2H, despite government subsidies driving industry growth. - Joanna Chen, autos analyst The steep price cuts have taken some of the gloss off what has so far been a stellar year for BYD. The stock hit a record high last week, it posted its best month of sales in China and outsold Tesla Inc. in Europe for the first time in April, and raised HK$43.5 billion ($5.5 billion) in a Hong Kong share sale in March. Before this week's slide, BYD Hong Kong-traded shares had surged almost 75% this year, and with a market value equal to around $158 billion, is bigger than Ford Motor Co., General Motors Co. and Volkswagen AG combined. On the technology front, it has unveiled a lineup of cars it says can charge in five minutes, and started to make its God's Eye advanced driver-assistance system standard in vehicles priced from 100,000 yuan ($13,900) and include it in several lower-cost models such as the popular Seagull hatchback. Some of the recently discounted models include those equipped with God's Eye. Investors will get more insight into how BYD is tracking when monthly sales for May are released on Sunday. --With assistance from Danny Lee and Chunying Zhang. More stories like this are available on
Business Mayor
23-04-2025
- Business
- Business Mayor
CNBC's The China Connection newsletter: U.S. regulatory scrutiny fans Chinese stock delisting fears
A monitor displays Alibaba Group Holding Ltd. signage on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Wednesday, Jan. 30, 2019. Bloomberg | Bloomberg | Getty Images This report is from this week's edition of CNBC's The China Connection newsletter, which brings you insights and analysis on what's driving the world's second-largest economy. Each week, we'll explore the biggest business stories in China, give a lowdown on market moves and help you set up for the week ahead. Like what you see? You can subscribe here. The big story Increased regulatory scrutiny of U.S.-listed Chinese firms has stoked delisting worries, threatening the decade-plus run of Alibaba and other Chinese companies on U.S. exchanges. A broad 'everything is on the table' comment from U.S. Treasury Secretary Scott Bessent on April 9 has reignited fears on Wall Street that hundreds of billions of dollars may flow out in a forced delisting of Chinese stocks from U.S. exchanges. Thanks to the latest version of a law made in 2020, the U.S. Securities and Exchange Commission can prompt a Chinese stock delisting if the company is deemed noncompliant with audit requests for two straight years. Paul Atkins, sworn on Monday as SEC chairman, indicated during a hearing last month that he would uphold that process for scrutinizing U.S.-listed Chinese stocks. The continuing analyst and press coverage of Bessent's comments reflects how uncertainty is broadening out — even warranting a related piece in the New York Post tabloid. 'In an extreme scenario, U.S. investors may have to liquidate US$800bn worth of holdings in Chinese stocks if they are banned from investing in Chinese securities,' Goldman Sachs said in a note last week. They predicted Chinese investors might also need to sell their U.S. financial assets, with an estimated worth of roughly $370 billion in stocks and $1.3 trillion in bonds. KraneShares, which runs a popular $5.9 billion U.S. exchange-traded fund tracking Chinese stocks, told its clients last week that delisting of Chinese companies was a 'low probability.' Back during an earlier round of delisting fears in 2022, the company started shifting the bulk of its KraneShares CSI China Internet ETF (KWEB) holdings to the Hong Kong-traded shares of U.S.-listed Chinese companies. KraneShares reiterated taking that approach in the 'unlikely event' that Chinese companies are delisted in the U.S. Read More Microsoft tops Apple as world's most valuable public company Alibaba listed additional shares in Hong Kong in 2019, five years after a massive initial public offering in New York. While Baidu, and several other Chinese companies have also offered shares in Hong Kong in recent years, Temu parent PDD Holdings notably has yet to do so. PDD did not immediately respond to a CNBC request for comment. The e-commerce company moved its headquarters from China to Ireland in 2023. A White House memo The backdrop here is U.S. President Donald Trump's 'America First Investment Policy' memo published in late February. It called for a review of U.S. investments in Chinese entities, as well as renewed scrutiny of publicly traded Chinese companies — both through commonly used listing structures and through the Holding Foreign Companies Accountable Act that became law in 2020. The memo is a broad mandate for many government agencies, including the SEC, 'to enforce existing rules and create new rules' relating to U.S.-listed Chinese companies, said Winston Ma, adjunct professor at NYU School of Law. Ma, author of 'The Digital War: How China's Tech Power Shapes the Future of AI, Blockchain and Cyberspace,' said that if regulators act now, they could use a fiscal reporting period ending April 2025 as year one, meaning that year two would end in 2026, fulfilling the 'two year' compliance period necessary for delisting. 'Delisting could come faster than you think,' he said. The Public Company Accounting Oversight Board, which falls under the SEC's oversight, said in 2022 that it was able to inspect audit records of potentially affected Chinese companies. For now, 'there are no issuers at risk of having their securities subject to a trading prohibition' under the law, according to the SEC website. Read More Jamie Dimon says India optimism is 'completely justified' The SEC did not immediately respond to CNBC's request for comment, while the PCAOB declined to comment. Political momentum The House Select Committee on China late last week sent letters to JPMorgan Chase CEO Jamie Dimon and Bank of America CEO Brian Moynihan demanding the investment banks pull out from underwriting the Hong Kong IPO of Chinese battery giant Contemporary Amperex Technology. JPMorgan declined to comment, while Bank of America did not respond. Trump's recent spat with Harvard also means more scrutiny on how U.S. universities' endowment funds have made billions from their Chinese investments. The House committee previously cited research from U.S. advocacy group Future Union on how U.S. pension funds and university endowments have invested in China. 'Atkins is under pressure to take an assertive stand against decades of duplicitous double standards,' Future Union Executive Director Andrew King said in an email. He is also managing partner at San Francisco-based venture capital firm Bastille. 'The delisting is overdue, and China overplayed its hand by stonewalling regulators and flaunting cases like Luckin Coffee fraud with inaction,' he said. 'Now they are going to lose their path to secondary funding without oversight.' China's securities regulator has sought to increase its oversight of domestic companies listing overseas, especially following ride-hailing company Didi's U.S. IPO in 2021 and its subsequent delisting. Under the Chinese securities regulator's new process, few large Chinese companies have been able to list in the U.S. in recent months, including Chinese milk tea company Chagee just last week. As the protracted delay over a legally binding TikTok divestiture has shown, the worries over delisting could be exaggerated — at least in the near term. Investors, however, may choose to vote with their feet first. Top TV picks on CNBC Need to know The White House is signaling a potential easing in China tensions. U.S. Treasury Secretary Scott Bessent told investors Tuesday he expected the U.S.-China trade war to de-escalate in the 'very near future,' a person in the room told CNBC. The comments came a day after China vowed retaliation against countries that follow U.S. calls to isolate Beijing. Nvidia CEO Jensen Huang visited China and met several prominent figures. Huang had an official meeting with Chinese Vice Premier He Lifeng in Beijing Thursday— and reportedly DeepSeek's Liang Wenfeng. The latest Pew Research survey of Americans found a softening in negative views on China. Local governments in China mull bitcoin sales to shore up empty coffers. That consideration was reported by Reuters on Thursday. China has banned cryptocurrencies for years, and cash-strapped local authorities have been sitting on the seized assets. Unemployment among Chinese youths aged 16 to 24 fell in March to 16.5%, down from 16.9% in February, according to official data. In the markets Chinese and Hong Kong stocks were trading in positive territory Wednesday as investors cheered the potential easing of U.S.-China trade tensions. Mainland China's CSI 300 rose 0.15% while Hong Kong's Hang Seng Index — which includes several major Chinese companies — climbed 2.16% as of 11:00 a.m. local time. Since the start of this year, the CSI 300 has lost 3.7% while the Hang Seng Index has risen 9.67%. The benchmark 10-year Chinese government bond yield edged up slightly to 1.660%. The offshore Chinese yuan strengthened marginally to 7.3049 against the greenback. Stock chart icon The performance of the Shanghai Composite over the past year. Coming up April 27 – 30: China's parliament standing committee to meet and review a private sector support law April 30: Official Purchasing Managers' Index for April; Caixin Manufacturing PMI May 1 – 5: China's Labor Day holiday
The Independent
25-03-2025
- Automotive
- The Independent
Chinese electric vehicle maker BYD reports 2024 revenue over $100B, topping Tesla's sales
Chinese electric vehicle maker BYD logged a record 777.1 billion yuan ($107 billion) in revenue last year as its sales of battery electric and hybrid vehicles jumped 40%. The report late Monday coincided with BYD's launch earlier this week of its Qin L EV sedan, a mid-sized model similar to Tesla 's Model 3 but at just over half the price. Tesla's 2024 revenue was nearly $97.7 billion. BYD's net profit last year was about 40 billion yuan ($5.6 billion), up 34% from the year before. Last week, the company announced it was rolling out a super fast EV charging system that it says is nearly as quick as a fill up at the pumps. BYD's Hong Kong-traded shares fell 3.2% on Tuesday, despite its upbeat earnings report. The lion's share, nearly 80%, of BYD's sales last year were related to its automotive businesses. BYD reported it sold about 4.3 million pure electric and hybrid vehicles last year. Nearly 29% of the company's sales were in markets outside Greater China, including Hong Kong and Taiwan, last year, up slightly from 27% the year before. The automaker has rapidly expanded its exports, though it has yet to try to sell in the U.S., where U.S. President Donald Trump has pledged to raise tariffs on car imports. BYD faces a 17% tariff on exports of EVs to the European Union.
Yahoo
25-03-2025
- Automotive
- Yahoo
Chinese electric vehicle maker BYD reports 2024 revenue over $100B, topping Tesla's sales
BANGKOK (AP) — Chinese electric vehicle maker BYD logged a record 777.1 billion yuan ($107 billion) in revenue last year as its sales of battery electric and hybrid vehicles jumped 40%. The report late Monday coincided with BYD's launch earlier this week of its Qin L EV sedan, a mid-sized model similar to Tesla's Model 3 but at just over half the price. Tesla's 2024 revenue was nearly $97.7 billion. BYD's net profit last year was about 40 billion yuan ($5.6 billion), up 34% from the year before. Last week, the company announced it was rolling out a super fast EV charging system that it says is nearly as quick as a fill up at the pumps. BYD's Hong Kong-traded shares fell 3.2% on Tuesday, despite its upbeat earnings report. The lion's share, nearly 80%, of BYD's sales last year were related to its automotive businesses. BYD reported it sold about 4.3 million pure electric and hybrid vehicles last year. Nearly 29% of the company's sales were in markets outside Greater China, including Hong Kong and Taiwan, last year, up slightly from 27% the year before. The automaker has rapidly expanded its exports, though it has yet to try to sell in the U.S., where U.S. President Donald Trump has pledged to raise tariffs on car imports. BYD faces a 17% tariff on exports of EVs to the European Union. Sign in to access your portfolio
