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China Business News Tuesday (2021-03-19)



News

1. Weibo publishes 2020 Q4 results and beats expectations.

Weibo is a leading social media in China, comparable to Twitter. In December 2020, they reported their Monthly active users ("MAUs") were 521 million(YoY + 5 million users). Their net revenue is USD 513.4 million (YoY +10%), with an operating income of USD 181.6 million (operating margin of 35%). Last year, Weibo's attributable net income was USD 29.0 million, and diluted net income per share was USD 0.13. For Q1 2021, Weibo estimates that its net revenues will increase 25% to 30% year-over-year on a constant currency basis.

Source: · https://finance.yahoo.com/news/weibo-reports-fourth-quarter-fiscal-093000619.html

2. Gitlab establishes Chinese joint venture Jihu.

Gitlab has joined forces with Sequoia China and Gaocheng Capital to establish a Chinese joint venture. The Jihu company will provide a one-stop localized open-source software development and operation (DevOps) platform covering the entire software innovation lifecycle and relevant, customized products and solutions for the Chinese market. GitLab is a Git-based, fully integrated collaborative platform for open-source software development and project management.

Source: https://www.jiemian.com/article/5827072.html

3. Fintech is preparing its second listing at the Hong Kong stock exchange.

A 360 Digitech spokesman has revealed that plans are underway for a Hong Kong listing, but they are still in the early stages of A1. This is because the share structure and the country law are very different from those of the United States on the Hong Kong stock exchange. 360 Digitech is a financial technology platform powered by artificial intelligence, offering microcredit and installment payment.

Source: http://finance.sina.com.cn/tech/2021-03-18/doc-ikknscsi8085584.shtml

4. Alibaba makes strategic investment in eCommerce AI SaaS provider.

E-commerce AI SaaS service provider Leyan Technologies announced that Alibaba had led the C Funding Round. So far, the C round of Leyan Technologies' cumulative funding amount has exceeded RMB 500 million. The founder of Leyan Technologies said that the funds raised in this round would be used to increase investment in AI technologies further and launch more intelligent AI software services.

Source: https://36kr.com/newsflashes/1143894905341059

5. BiliBili's second listing on the HKEX has incredible demand.

BiliBili's stock offering on the Hong Kong Stock Exchange was oversubscribed by retail investors 24 times. Based on the margin loan of HKD 18.6 billion, the stock was oversubscribed 24 times on the first day of subscription and is expected to be the second major listing this year after Kuaishou. The listing date of Bilibili is the 29th of March. Bilibili is an online entertainment platform that offers videos, live broadcasts, and mobile games.

Source: https://36kr.com/newsflashes/1144236080137605

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