Friday, November 22

Tag: tencent holdings

China’s Meituan Dianping Raises $4.2 billion in Hong Kong IPO
14Sep By Gauri SinghNo Comments
Market

China’s Meituan Dianping Raises $4.2 billion in Hong Kong IPO

Meituan Dianping, Chinese online food delivery-to-ticketing services company has reportedly raised $4.2 billion in the world's largest internet-focused IPO in four years. Tencent Holdings-backed Chinese firm sold about 480 million primary shares at HK$69 ($8.79) each in the Hong Kong IPO. This IPO valued the company at around $52.8 billion. "Since the stock priced at the upper end of the range, it suggests institutions are holding a more positive view on the company and on this type of new economy IPOs," said Steven Leung, sales director at brokerage UOB Kay Hian. The funds collected by the company will help them to fortify itself against tough competition from its main competitor, food-delivery platform Alibaba-backed Ele.me. Both of these platforms, in a tough battle for market shar...
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Ola Set to Beat Uber, Reports 70% Growth in Revenue
7Jun By Lavina TolaniNo Comments
BUSINESS

Ola Set to Beat Uber, Reports 70% Growth in Revenue

India's leading cab-hailing company Ola, run by ANI Technologies Pvt Ltd. has reported a phenomenal 70% jump in revenue in the year that ended 31 March 2017 as reported in its latest annual regulatory filings. As per the filings under the ministry of corporate affairs, Ola has recorded a revenue of Rs. 1,286 crore in 2016-17 when compared to Rs. 758.23 crore in the previous year. Ola is battling competition against San Francisco based cab hailing giant Uber which has expanded rapidly in India since it first launched its service in the country nearly five years ago. The interesting part is that both these companies e backed by Japanese conglomerate SoftBank Group Corp. The latest numbers are indicative of the fact that Ola has managed to hold its worth against Uber in India over pa...
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WeChat Owner Tencent’s Shares Surge Over 5%
17May By Lavina TolaniNo Comments
Market

WeChat Owner Tencent’s Shares Surge Over 5%

Chinese Tech Major, Tencent Holdings shares in Hong Kong surged over 5 percent Thursday after it posted a record quarterly profit for the three months to March. WeChat owner Tencent has its market capitalisation floating at over $22 billion as shares traded at 416.4 Hong Kong dollars ($53) during afternoon trade. Even Company's online games which are intensely popular like Honour of Kings have boosted revenues by 26%. The company in its official statement said, The growth in our payment solution business was mainly contributed by the rapidly increasing offline commercial transaction volumes and consumer cash withdrawal fees. WeChat which resembles WhatsApp in functionality to a lot of extents has now become China's biggest social network. The messaging app is an important source...
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Meituan Dianping Acquires Mobike for $ 2.7 Billion
5Apr By Sheldan RungasamyNo Comments
ACQUISITION

Meituan Dianping Acquires Mobike for $ 2.7 Billion

Meituan Dianping, a Chinese mobile internet company also operating a trading platform and local life information recently acquired Mobike for $2.7 billion. Tencent Holdings support both companies and the deal is likely to increase the competition between the holding company and the Alibaba Group as both companies go toe-to-toe in a fierce competition to maximize their reach on the Chinese market. Meituan announced the deal on Wednesday but did not want to reveal the amount paid for the acquisition. However, two anonymous sources told Reuters that Mobike was bought for $ 2.7 billion. The acquisition will see Meituan and Mobike merge their technology, operations, marketing and consumer service resources, a statement from Meituan affirmed. The mobile internet company also shared that Mo...
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Alibaba Buys Out Remaining Shares of Ele.me
2Apr By Sheldan RungasamyNo Comments
ACQUISITION

Alibaba Buys Out Remaining Shares of Ele.me

Alibaba Group, the Chinese e-commerce giant announced that after buying 43% of stakes in Ele.me, a leading food delivery platform, it decided to buy all the remaining shares of the company as it looks forward to compete with Tencent Holdings for offline customers. The deal, which is still in process, will stand at a value of $9.5 billion, Alibaba released in a statement. Ele.me, is the Chinese word for “Hungry?” and among the fast evolving and rapid growing e-commerce businesses present in China which is set around consumers ever more reliable on their smartphones to buy products and receive services. The acquisition from Alibaba expands its e-commerce food delivery facilities such as several other businesses it owns stakes or bought in the last few years such as delivery platform...
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China’s WeChat Denies Storing User Chats
2Jan By reutersNo Comments
CHINA

China’s WeChat Denies Storing User Chats

Tencent Holdings’ WeChat, China’s most popular messenger app, on Tuesday denied storing users’ chat histories, after a top businessman was quoted in media reports as saying he believed Tencent was monitoring everyone’s account. “WeChat does not store any users’ chat history. That is only stored in users’ mobiles, computers and other terminals,” WeChat said in a post on the social media platform. “WeChat will not use any content from user chats for big data analysis. Because of WeChat’s technical model that does not store or analyse user chats, the rumour that ‘we are watching your WeChat everyday’ is pure misunderstanding.” Li Shufu, chairman of Geely Holdings, owner of the Volvo car brand, was quoted in Chinese media on Monday as saying Tencent Chairman Ma Huateng “must be watchi...
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After A Failed Attempt At Ola Cafe, Ola Acquires Foodpanda In A Reply To UberEATS
19Dec By RishabhNo Comments
ACQUISITION

After A Failed Attempt At Ola Cafe, Ola Acquires Foodpanda In A Reply To UberEATS

Indian cab-aggregator unicorn Ola has acquired Foodpand India, run by Germany-based Delivery Hero Group. Run by ANI Technologies Pvt Ltd, Ola will also be investing around $200 million in Foodpanda's Indian business over an undisclosed period of time. "Foodpanda India will benefit from Ola's scale and efficiencies as a platform, also having leveraged learnings from Delivery Hero's global best practices. Ola and Delivery Hero will continue to collaborate on building the online food delivery ecosystem in India," Ola said in a statement announcing the acquisition. After the acquisition goes through, Saurabh Kochhar, current CEO of Foodpanda India will be succeeded by Ola's founding partner Pranay Jivrajka, Kochhar has decided to move on and pursue other opportunities. This acquisition is...
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Tencent Beats Alibaba To $500B Valuation, Overtakes Facebook
21Nov By reutersNo Comments
ANALYSIS

Tencent Beats Alibaba To $500B Valuation, Overtakes Facebook

[dropcap]C[/dropcap]hina’s biggest social network and gaming firm Tencent Holdings, which last week reported forecast-beating quarterly results, is close to making Malaysia the first foreign country to roll out its WeChat ecosystem, an executive told Reuters. Tencent has made a “breakthrough” in gaining an e-payment license in Malaysia for local transactions, and plans a launch early next year, senior vice president S.Y. Lau said in an interview. The move pits Shenzhen-based Tencent against rival Alibaba Group as they scramble for new growth opportunities outside China. Tencent on Tuesday became the first Asian firm to enter the club of companies with a market value of more than $500 billion, surpassing that of Facebook. “Malaysia is actually quite large in the sense that we have ...
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Ola Raises $2 Bn From SoftBank Group And Tencent Holdings
3Oct By RishabhNo Comments
FUNDING

Ola Raises $2 Bn From SoftBank Group And Tencent Holdings

Another Indian Unicorn saw $2 billion fund raising on Monday. Ola- India's ride hailing company raises $2 billion from SoftBank Group Corp and Tencent Holdings Ltd, another high profile funding in this year after Flipkart which competes with Amazon. Although as per the Bloomberg's report the amount is not fixed for now and can change in the process. However as per The Economic Times Tencent has finalized an investment of $400 million in Ola, valuing the company over $3.8 billion. The paperwork from both the companies has been finalized and awaits approval from CCI. This funding will impact its rival Uber's position in India, on the one end where it is facing licence ban in London and multiple allegations. Other backers in the ride-hailing startup’s latest financing round included ...
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