After going the entire week without a major IPO story, 3 major developments are showing there’s still some life in the market despite earlier signs of stumbling. At the top of the news is online recruiting site Zhaopin (NYSE: ZPIN), which has just posted a nice trading debut after a solid pricing for its new American Depositary Shares (ADSs). Meantime, video sharing site Xunlei is steaming ahead with its own listing by formally setting a price range for its shares, which means a final pricing and trading debut are likely next week. Last but not least there’s restaurant ratings site Dianping, which has formally hired investment banks for a new mega offering to raise up to $1 billion. Read Full Post…
Tag Archives: Xunlei
Xunlei, China Auto File For IPOs in US, HK
New York is firmly establishing a reputation as the preferred listing venue for China Internet IPOs, while Hong Kong is developing a taste for auto-related listings. That’s my quick assessment following reports that online video sharing site Xunlei has just joined a long queue of Chinese Internet firms filing to list in New York. At nearly the same time, car rental company China Auto Rental has filed to list in Hong Kong, reversing course from a previous plan to offer shares in New York. Read Full Post…
News Digest: May 24-26
The following press releases and media reports about Chinese companies were carried on May 24-26. To view a full article or story, click on the link next to the headline.
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- ZTE, Huawei Win Bulk Of China Mobile’s 2nd Batch Of 4G Contracts -Sources (English article)
- Video Sharing Site Xunlei Files To Raise Up To $100 Mln In New York IPO (Chinese article)
- SNS Shopping Site Mogujie Lands $100 Mln In New Funding – Source (English article)
- India Hits US, China With Solar Imports Anti-Dumping Duties (English article)
- Chinese Carmaker BYD (HKEx: 1211) Offering $400m In New Shares (English article)
- Latest calendar for Q1 earnings reports (Earnings calendar)
Online Video Comes Under Censor Scrutiny
The week ahead could be a rough one for Chinese online video stocks, with word that the government agency in charge of screening content has ordered the removal of 4 popular US television series from services including Youku Tudou (NYSE: YOKU) and Tencent Video (HKEx: 700). Word has circulated for the last few weeks that this kind of a move might be coming, but this looks like the official launch of a new rule that will make these fast-growing video sites subject to the same strict censorship rules that apply to all foreign movies, TV shows, music and other published material entering China. That could mean headaches for the video site operators, which in all fairness do increasingly look like TV station operators. Read Full Post…
Orphans Xunlei, 55tuan In New Courtships
Xunlei and 55tuan have emerged as 2 of the biggest orphans in the rapidly consolidating online video and group buying spaces, respectively, putting pressure on both to find partners to boost their chances for long-term survival. The pair were in separate headlines this week in their search for new tie-ups, with Xunlei selling a major stake of itself to software maker Kingsoft (HKEx: 3888) and 55tuan reportedly in talks to sell some or all of itself to security software maker Qihoo 360 (NYSE: QIHU). Read Full Post…
News Digest: April 5, 2014
The following press releases and media reports about Chinese companies were carried on April 5. To view a full article or story, click on the link next to the headline.
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- Chinese IPO Drought in New York Ends as Tarena (Nasdaq: TEDU) Advances (English article)
- Ctrip (Nasdaq: CTRP) Announces Up to $600 Mln Share Repurchase Program (PRNewswire)
- Alibaba’s Jack Ma Invests $532 Mln In Financial Software Firm (English article)
- Kingsoft (HKEx: 3888) Makes $90 Mln Investment In Video Site Xunlei (Chinese article)
- Online Wine Merchant Jiuxian Announces 260 Mln Yuan Fifth-Round Funding (English article)
IPOs: Legend Eyes HK, Xunlei New York
The recent window of positive sentiment towards Chinese tech firms continues to fuel a wave of offshore IPO plans, with video sharing site Xunlei and Lenovo (HKEx: 992) parent Legend Holdings the latest subjects of new listing rumors. All these reports come as a top New York Stock Exchange executive predicts 15-20 Chinese firms will list in New York this year. (English article) That forecast by David Ethridge, a senior vice president at NYSE Euronext, certainly looks quite bullish, especially compared with only 6 companies that listed in New York last year and just 2 in 2012. But it’s also worth noting the figure is a bit more conservative than another forecast earlier this month from an unnamed investment banking source for as many as 30 New York listings this year. (previous post) Read Full Post…
News Digest: February 27, 2014
The following press releases and media reports about Chinese companies were carried on February 27. To view a full article or story, click on the link next to the headline.
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- Baidu (Nasdaq: BIDU) Announces Q4 And Fiscal Year 2013 Results (PRNewswire)
- Lenovo (HKEx: 992) Parent Legend Holdings Launches Process For HK IPO (Chinese article)
- Xunlei Wins $25 Mln Xiaomi Funding, Prepares for US IPO (English article)
- Sina (Nasdaq: SINA) Weibo Posts First-Ever Profit As It Moves Toward IPO (Chinese article)
- Shanghai To Forbid Use Of Taxi Apps During Rush Hour From March (Chinese article)
- Latest calendar for Q4 earnings reports (Earnings calendar)
News Digest: January 17, 2014
The following press releases and media reports about Chinese companies were carried on January 17. To view a full article or story, click on the link next to the headline.
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- China’s Nu Skin (NYSE: NUS) Probe Drags Down Herbalife, USANA Too (English article)
- Xiaomi to Invest in Video Sharing Site Xunlei – Source (English article)
- China Microblog Users Fall By 28 Mln, Or 9 Pct, In 2013 (Chinese article)
- Shanghai Disneyland (NYSE: DIS) Starts Recruiting For 2015 Park Opening (Chinese article)
- Jingdong Plans IPO In Second Half Of 2014 To Raise $2 Bln – Source (Chinese article)
PPTV Finally Finds Buyer In Suning
After shopping around for an investor for much of this year, money-losing video sharing site PPTV has finally found a new patron in retailing giant Suning (Shenzhen: 002024). I’m quite happy to see this latest development in China’s rapidly consolidating online video space, as it means I can finally stop writing about all the latest rumors that have popped up for the last 6 months surrounding PPTV. Rumors of this particular tie-up first emerged about a month ago (previous post), and I’ll admit that this deal doesn’t look particularly attractive to me. Read Full Post…
Video Shuffle Continues With Sohu, Xunlei
This year’s shake-up of the online video space is taking yet another turn, with word that Sohu (Nasdaq: SOHU), one of China’s top 3 services, has agreed to buy rival Xunlei’s service called Kankan. If true, this development would be quite exciting, as it would mark the rise of a third major player in the space that is undergoing a major consolidation. Youku Tudou (NYSE: YOKU) remains the industry leader after its formation last year with the merger of China’s 2 largest video sites. Baidu’s (Nasdaq: BIDU) iQiyi is emerging as a strong number 2 after its acquisition of PPS in May for $370 million. Sohu previously operated China’s second largest video sharing service, and a purchase of Xunlei Kankan would comfortably bolster its place as one of China’s top 3 sites. Read Full Post…
