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A year after entering the ultra-competitive online gaming market, e-commerce leader Alibaba is boosting its drive into the space through a major new tie-up with Kabam, a fast-growing American designer of free online games. The move looks squarely aimed at archrival and leading Chinese game operator Tencent (HKEx: 700), which has just made its own major advance in the space with the launch of an officially licensed version of the wildly popular “Candy Crush” game in China. Read Full Post…
Separate reports about a new IPO by one company and potential exit from the Nasdaq by another are reflecting the mixed feelings that Chinese firms have for New York, where public listings can bring both prestige and also headaches. In the new listing category, media are reporting that yet another mobile game developer called iDreamSky has just made its first public filing for a New York IPO to raise up to $110 million. Meantime, other media are reporting that veteran online travel service eLong (Nasdaq: LONG) could be gearing up for a buy-out by much larger rival Ctrip (Nasdaq: CTRP). Read Full Post…
Two of China’s fastest-growing tech firms are stepping up their overseas expansion, with word that smartphone sensation Xiaomi is planning a major acceleration of its drive into emerging markets, as security software maker Qihoo 360 (NYSE: QIHU) eyes the US. The Xiaomi move looks like a smart one by avoiding developed markets for now, though the rapid speed of the expansion could strain the company’s resources. Meantime, the Qihoo move looks mostly like hype, in a bid to prop up its rapidly deflating share price. I also seriously question Qihoo’s decision to target such a competitive market like the US for its first move outside China. Read Full Post…
The following press releases and media reports about Chinese companies were carried on April 24. To view a full article or story, click on the link next to the headline.
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Signs of weakening sentiment haven’t stopped the flood of Chinese tech firms lining up for new listings in New York, and now we can add mobile game maker Chukong Technologies to the list of new IPO candidates. If anything, recent signs of weakening sentiment may make companies that have already done much of the preparatory work for IPOs accelerate their plans, meaning we could see quite a few new listing applications in May. That’s what Chukong is planning, according to media reports saying the firm has made its first non-public filing for an IPO with the US securities regulator. (Chinese article) Read Full Post…
The long-awaited spring for New York IPOs by Chinese tech firms is quickly gaining momentum, with online lottery site 500.com and app developer Sungy Mobile making their first public filings for new listings. At the same time, online classified advertising site 58.com has provided new data on its first-ever profits as it prepares to list next week. While this sudden flood of offerings looks good for Chinese tech firms that have been waiting up to 2 years to list, the mini-rush also carries the risk of diluting investor attention and dampening demand for some of the smaller players. Read Full Post…
