It may only be a small deal, but investors couldn’t get enough of it. Forgame, the Chinese online gaming company, soared by a third on its market debut on Thursday, the only new deal this year to see a day-one pop.
At $200m, the IPO is hardly a blockbuster. But it does highlight a key problem – and a big opportunity – for Hong Kong: a lack of good technology stocks. Read more
Now that Alibaba, China’s biggest ecommerce company, has abandoned plans for a $60bn IPO in Hong Kong and is turning instead to the US equities market, a scramble for territory among the Chinese IT triumvirate known as the BAT (for Baidu, Alibaba and Tencent) can only intensify. Read more
The battle between China’s internet giants ratcheted up another notch this week after Tencent – the sector leader with a market capitalisation of over $100bn – snapped up a minority stake in Sohu’s Sogou search engine unit for $448m.
The deal, which will give Tencent a 36.5 per cent stake in Sogou, is aimed at expanding the former’s presence in China’s fast growing mobile internet market. The transaction is also the latest shot fired in an ongoing rivalry between Tencent, Alibaba and Baidu for online supremacy in China. Read more
The once-a-year Singles Day in China is becoming a big event for both online shoppers and retailers, with some of the bigger sites such as those run by Alibaba offering 50 per cent off and seeing growth in sales explode.
The alternative to Valentine’s Day, which was started among Chinese college students and held on November 11 (as a numerical pun of four single digits) has now become mainstream – and very big. It is also causing something of a challenge for couriers and delivery companies in the mad rush. Read more
Since Bo Xilai, the ambitious but controversial Chinese politician, was sacked as Communist party secretary of Chongqing in mid-March, the party has cranked up its propaganda machine to levels not seen in years. One aim is to control the flow of unauthorised information through the Twitter-like microblogs, or weibo, which have become the driver behind China’s news agenda. Will it work? Read more
Managers at Tencent Holdings may have been particularly grateful for the Dragon Boat festivities in Hong Kong on Wednesday. What better way to bring an end to a vicious drubbing of the shares than to close the Hong Kong stock exchange for a national holiday? Read more