(Bloomberg) -- Abu Dhabi raised more money from international debt markets just weeks after a $7 billion bond sale as it takes advantage of a drop in borrowing costs to bolster its finances.The emirate sold an additional $3 billion of its three-tranche deal priced in April, according to people familiar with the matter who asked not to be identified because the matter is private. The yields on those bonds, which garnered about $45 billion in orders last month, declined on Monday to all-time lows as optimism that the worst of the oil crisis triggered by the coronavirus pandemic is over offered relief for energy-related borrowers.“For Abu Dhabi, pricing was never an issue, they are a solid credit with good sponsorship,” said Angad Rajpal, the head of fixed income at Emirates NBD Asset Management in Dubai. “It is a smart call to tap and further shore up their buffers than to draw down on the reserves.”Pricing results:135 basis points over U.S. Treasuries of similar maturity for $1 billion of debt due April 2025A spread of 150 basis points for $1 billion of bonds due April 2030For the 30-year bond tap, 3.25%Abu Dhabi, the wealthiest of the seven emirates that make up the United Arab Emirates, is rated AA by S&P Global Ratings. The cost of insuring Abu Dhabi’s debt against default for five years has fallen to about 100 basis points, from a more than 10-year high of 162 basis points in March, when crude prices collapsed.The slump in oil has put a strain on the finances of Middle Eastern energy producers, prompting Saudi Arabia, Qatar, members of the UAE and Bahrain to sell about $31 billion of bonds this year. Abu Dhabi’s Mubadala Investment Co. raised $4 billion last week.Brent crude has lost almost half its value this year, even after recovering to around $35 a barrel from an 18-year low reached last month.The need for large stimulus around the world has prompted other countries to issue more debt as well. Indonesia, Spain and Italy are among nations that have recently offered notes, as massive central bank stimulus helps global credit markets rebound from a March rout.The gradual easing of lockdowns in some economies around the world, together with additional stimulus from governments and central banks, is also buoying investor sentiment, even as many uncertainties remain about the virus and global economy.BNP Paribas SA, First Abu Dhabi Bank PJSC, JPMorgan Chase & Co. and Standard Chartered Plc are the joint lead managers for the Abu Dhabi sale.(Updates with pricing throughout.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
NetEase (NTES) first-quarter 2020 results reflect steady performance of online game services as users remained confined due to the pandemic and Youdou business.
Limits on elevators, thermal imaging and temperature checks will greet a first wave of traders and bankers in Britain preparing to return to offices under new norms to tackle the coronavirus. Britain's financial sector is working to bring staff back to city-centre workplaces, which were hastily evacuated as the government imposed a lockdown, leaving the normally humming Canary Wharf and City of London financial districts deserted. Most financial firms have kept small teams in offices through the pandemic, and are now preparing for up to 10% of their staff to return over the next few months, pending government approval, sources familiar with the plans said.
NetEase, Inc. (NASDAQ: NTES) ("NetEase" or the "Company"), one of China's leading internet and online game services providers, celebrated its diversified portfolio of existing and upcoming PC and mobile games at its Sixth Annual Product Launch event on Wednesday, May 20, 2020. The online event showcased layouts and plans for over 60 products. The Company also reiterated its commitment to being a highly user-oriented content provider and its strategic plans to increase its visibility and become a leader in the global online games market.
Esports is a fast growing industry with a predicted market CAGR of 15.5% between 2018 and 2023. COVID-19 may in fact cause offline events to be delayed or cance
Chinese video game publisher NetEase late Tuesday easily beat Wall Street's targets for the first quarter. The NetEase earnings report drove NTES stock higher in extended trading.
NetEase, Inc. (NASDAQ: NTES) ("NetEase" or the "Company"), one of China's leading internet and online game services providers, today announced its unaudited financial results for the first quarter ended March 31, 2020.
China is likely the country of origin for Covid-19. Therefore, it was the first country to identify and put in place measures to limit the spread of Covid-19. C
Alibaba and Facebook aimed to add to breakout gains, while Boeing led the Dow Jones, as stock futures rose and coronavirus data improved.
The Chinese gaming and online services giant hit an all-time high on Tuesday, just before putting out another blowout quarterly report.
Chinese technology company NetEase plans to carry out a secondary listing on the Hong Kong Stock Exchange on June 11, which will be followed one week later by web retailer JD.com, four sources with direct knowledge of the matter said. The two transactions could raise a combined $5 billion, separate sources said, and the deals would be the largest for Hong Kong's equity capital markets so far this year. JD.com is expected to be the largest of the two deals with the likelihood it will sell 5% of its shares that could raise up to $3 billion, one source said, while NetEase is targeting a transaction of up to $2 billion, another source said.
(Bloomberg Opinion) -- Is India’s richest man betting on a tech cold war?Petrochemicals czar Mukesh Ambani plans to list his fledgling digital business overseas, Bloomberg News reported Tuesday, citing people with knowledge of Jio Platforms Ltd.’s initial public offering, which is planned for the next 12 to 24 months.Going to the New York Stock Exchange or Nasdaq would make sense. U.S.-traded Chinese technology firms such as JD.com Inc. and NetEase Inc. are looking for an alternative home closer to the mainland in case tensions between Washington and Beijing escalate, as my colleague Nisha Gopalan wrote this week. Alibaba Group Holding Ltd. held a secondary listing in Hong Kong in November. With Washington considering a range of sanctions against Chinese officials and firms as punishment for Beijing’s crackdown on Hong Kong, now may be the perfect time to pitch American investors on the potential of the other internet market with a billion-plus people.A splashy overseas foray will be an unusual step for a family that brought the retail equity culture to India. Dhirubhai Ambani, Mukesh’s late father who founded the empire, booked a football stadium in Mumbai in 1985 to hold a shareholders’ meeting for the polyester textile maker that he had floated eight years earlier. But then, Mukesh Ambani is already moving old furniture around as he pivots flagship Reliance Industries Ltd. away from an oversupplied energy and chemicals market. At the same time, he’s beefing up the balance sheet after a seven-year, $100 billion debt-fueled expansion. A big chunk of that was for Jio, the wireless carrier that has become India’s largest in less than four years.A $7 billion rights issue, Reliance’s first in three decades, buttressed by more than $10 billion raised in a month from the sale of shares in unlisted Jio Platforms may help cut the company’s $20 billion of net debt to zero before Ambani’s March 2021 target. A U.S. IPO should give Jio’s new backers, including Facebook Inc., KKR & Co., Silver Lake Partners and General Atlantic, a better valuation in a capital market that’s deeper than Mumbai’s.Will Wall Street be so hospitable as to give Ambani, say, a $100 billion valuation? (Alibaba, a more mature business, was valued at $168 billion six years ago.) Jio Platforms, which is centered on the the 4G mobile network, is the cornerstone of Reliance’s emerging triple play on carriage, content and commerce. With almost 400 million customers under his belt, Ambani needs to prove he can garner at least $3 from each of them every month. Modest as that sounds, it isn’t an easy task when per-user revenue is at present only a little over half as much. The coronavirus lockdown has ravaged India’s economy, setting its growth prospects back perhaps by several years. Mass market consumers, who comprise Jio’s user base, have been badly hurt.That’s where a tech cold war may help. Wall Street investors have been able to profit from the explosion of e-commerce in China, even though the likes of Facebook and Amazon.com Inc. are largely shut out of the People’s Republic. If that access gets curbed by geopolitics, then Ambani’s story becomes more compelling. He can offer the vision of a vast retail network that has Facebook’s popular WhatsApp messaging system processing orders and payments for neighborhood shops connected digitally to a billion-plus buyers. That could be a big draw. A U.S. home is within Ambani’s reach, especially if Chinese firms are forced to vacate. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Chinese technology company NetEase plans to carry out a secondary listing on the Hong Kong Stock Exchange on June 11, which will be followed one week later by web retailer JD.com, four sources with direct knowledge of the matter said. The two transactions could raise a combined $5 billion, separate sources said, and the deals would be the largest for Hong Kong's equity capital markets so far this year. JD.com is expected to be the largest of the two deals with the likelihood it will sell 5% of its shares that could raise up to $3 billion, one source said, while NetEase is targeting a transaction of up to $2 billion, another source said.
(Bloomberg Opinion) -- China’s decision to impose a national security law on Hong Kong has spurred speculation of capital flight and an erosion of the city’s status as an international financial center. As a venue for share offerings, at least, the near-term future is looking bright. For that, the territory can thank worsening U.S.-China relations.U.S.-listed Chinese technology companies are lining up to sell stock in Hong Kong, seeking refuge from an environment that has become increasingly less hospitable. Nasdaq-traded JD.com Inc. and NetEase Inc. are planning secondary listings in the city next month, following a trail blazed by Alibaba Group Holding Ltd. in November. Optimism that more companies will join them drove shares of Hong Kong’s exchange operator up more than 6% on Monday.There’s every reason to expect these stock offerings to do well, and push Hong Kong back up the rankings of the world’s largest fundraising centers. So far this year, the city is the sixth-largest market by capital raised. It topped the table for the whole of 2019 when New York-listed Alibaba sold $13 billion of stock, underscoring the existence of a strong local investor base for China’s most successful companies.The reception for Alibaba suggests that Asian institutional investors want to be able to trade China’s leading enterprises in their own time zone. JD and NetEase are also among the nation’s technology champions. Beijing-based JD competes with Alibaba in e-commerce, while Hangzhou-based NetEase is behind some of the most popular mobile games in China. Beyond these two, search-engine operator Baidu Inc. is considering delisting from Nasdaq and moving to an exchange nearer home, Reuters reported last week. The coronavirus has exacerbated tensions between Washington and Beijing, while scandals such as fabricated sales at Luckin Coffee Inc. have spurred politicians to push for tighter regulation, giving Chinese companies an incentive to list elsewhere.Hong Kong is an obvious choice. The city burnished its appeal for U.S.-traded companies last week when the compiler of the city’s benchmark Hang Seng Index said it would change its rules to admit secondary listings and companies with dual-class share structures. Stocks that join the benchmark can expect inflows from passive investors such as exchange-traded funds that track the index.Citigroup Inc. reckons that 23 of the 249 Chinese stocks traded in the U.S. meet Hong Kong’s criteria for a secondary listing, which require companies to have a market value of $5.2 billion or, alternatively, a combination of $129 million in annual sales and a $1.3 billion market cap. JD tops the group with a value of $73 billion.An even more alluring prize would be inclusion of secondary listings in Hong Kong’s stock-trading links with the Shanghai and Shenzhen exchanges, which would enable mainland Chinese investors to buy these shares. Alibaba wasn’t included in the stock connect, to the disappointment of some investors. China’s government could yet decide to make this happen.It’s a reminder that Beijing has levers at its disposal to help shore up Hong Kong’s economy and financial industry, which accounts for a fifth of the city’s gross domestic product — as it did after the SARS epidemic in 2003, when half a million people demonstrated against the Hong Kong government’s first, aborted attempt to introduce national security legislation. Hong Kong Exchanges & Clearing Ltd. surged the most in 18 months Monday even as unrest returned to the city. Listing of American depositary receipts may double the exchange operator’s revenue, Morgan Stanley said. The Hang Seng Index, meanwhile, stabilized after slumping 5.6% on Friday.An exodus of businesses, people and capital may yet imperil Hong Kong’s role as an international financial center. The IPO outlook suggests that, rather than a sudden demise, that’s likely to be a long drawn-out process. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
At this time, I would like to turn the conference over to Margaret Shi, Investor Relations for NetEase. Joining us today on the call from NetEase's senior management is Mr. William Ding, Chief Executive Officer; Mr. Charles Yang, Chief Financial Officer; and Mr. Hilton Hui, Co-President of NetEase Games.
Alibaba HK (9988 HK) was the most heavily traded stock today off -0.63% as short selling increased on speculation that US-listed shares were being converted to Hong Kong shares to be sold.
Stock market headwinds emerging at resistance.Stock picking is key given uncertainty.Here are the top stocks to buy now.
NetEase, Inc. (NASDAQ: NTES) ("NetEase" or the "Company"), one of China's leading internet and online game services providers, today announced its unaudited financial results for the first quarter ended March 31, 2020.
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the m…
Video games have become a huge business. That’s raised interest in video game stocks, including those that are considered esports stocks. Top names include Activision, EA and Take-Two.
A leaked WHO report indicating the failure of Gilead's remdesivir in its first randomized clinical trial refueled negative sentiment already hurt by plunging crude oil prices.Chinese stocks were not spared but that had not prevented Pinduoduo from gaining 11%…
Large EM benchmark weight and widely-held Taiwan Semiconductor (2330 TT) fell -2.68% on the news while South Korea’s Samsung +1.99% as the latest US noose-tightening hurts Huawei’s mobile phone business, which competes with the South Korean giant.
NetEase's (NTES) first-quarter 2020 results are likely to reflect strength in online gaming portfolio amid coronavirus led-lockdown despite stiff competition.
Hong Kong managed a small gain on the shoulders of volume leader Tencent’s strong performance +2.33%.
Will the new coronavirus cause a recession in US in the next 6 months? On February 27th, we put the probability at 75% and we predicted that the market will decline by at least 20% in (Recession is Imminent: We Need A Travel Ban NOW). In these volatile market…
More than £30 billion in company dividend cuts has left a huge hole in the pockets of U.K. investors in retirement and those who rely on it to top up their monthly income.
NEW YORK, NY / ACCESSWIRE / May 19, 2020 / NetEase, Inc. (NASDAQ:NTES) will be discussing their earnings results in their 2020 First Quarter Earnings call to be held on May 19, 2020 at 10:00 PM Eastern ...
Coronavirus is probably the 1 concern in investors' minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down…
The rally in the oil market was a key catalyst driving markets higher last week but the underlying factor was higher fuel demand in China, thus Chinese indices outperformed.The share prices of e-commerce players JD.com, Pinduoduo, and Bilibili rallied for the…
Escalating rhetoric from President Donald Trump hit Wall Street yesterday, but Asian markets today are red all over following China's proposal for a new Hong Kong law to ban sedition, secession and treason. The Hang Seng index plunged 5% at one point and the Hong Kong dollar slid the most in six weeks. World stocks are down around 0.7%, but that may pick up steam as a pan-European index is down 1.5% and Wall Street is expected to open weaker.
NTES earnings call for the period ending March 31, 2020.
The Nasdaq Composite (NASDAQINDEX: ^IXIC) fell 0.25% shortly after 11:30 a.m. EDT, faring somewhat better than the broader market in a familiar pattern. The Nasdaq 100 of larger Nasdaq-listed stocks fell by a similar percentage. At issue is a movement that's picking up steam, aimed at keeping Chinese companies from remaining listed on U.S. stock exchanges.
Youdao, Inc. ("Youdao" or the "Company") (NYSE: DAO), a leading intelligent learning company in China, today announced its unaudited financial results for the first quarter ended March 31, 2020.
Week In Review Asian equities traded lower on Monday upon fresh tariff threats coming out of the White House, but Mainland Chinese markets were closed.
NetEase (NASDAQ: NTES) and JD.com (NASDAQ: JD), the two Chinese technology giants, are gearing up to list on the Hong Kong Exchange next month. NetEase will list on the Hong Kong Exchange via a secondary offering on June 11, sources told Reuters. NetEase is aiming to raise as much as $2 billion via the listing while JD.com could raise $3 billion, selling about 5% of its shares outstanding, reports Reuters.
China’s Tech Stocks Are ‘Great Long-Term’ Plays Barron's