PRE-MARKET CHINESE STOCKS NEWS: Earnings from Alibaba & Tencent, Trump-Xi Summit in focus
Alibaba Group Holding (9988 HK) - Co. Q4 (CNY) EPS 1.30 (exp. 0.89), net income attributable rose 106% Y/Y to 25.5bln, non-GAAP net income fell 99.7% Y/Y to 86mln, rev. 243.38bln (exp. 282.47bln), said it remained confident in its business outlook and would continue investing in AI and cloud operations to strengthen its competitive advantages. (Newswires)
BYD (1211 HK) - Co. is said to be in talks with Stellantis and others to take over EU car plants, according to press reports. (Newswires)
New World Development (17 HK) - Co. said it is aware of media speculation concerning potential investments into the Co. and that no agreement has been reached with any potential investor regarding investment into the company. (Newswires)
Pou Sheng International Holdings (3813 HK) - Co. Q1 (CNY) net 183mln (prev. 138mln Y/Y), rev. 5.05bln (prev. 5.11bln Y/Y). (Newswires)
Samsonite (1910 HK) - Co. Q1 (USD) adj. net 26.5mln (exp. 48mln), rev. 829.1mln (exp. 815mln). (Newswires)
TCL Electronics (1070 HK) - Co. Q1 (HKD) adj. net 384mln (prelim. 360-400mln), rev. 29.2bln (prelim. 27.8-30.4bln). (Newswires)
Tencent (700 HK) - Co. Q1 (CNY) adj. net 67.9bln (exp. 67.8bln), operating profit 67.4bln (exp. 65.7bln), rev. 196.5bln (exp. 199.4bln), international games rev. 18.8bln (exp. 19.5bln), domestic games rev. 45.4bln (exp. 47.2bln), said it is continuing to utilise AI to grow core businesses and that WorkBuddy is currently the most widely used productivity AI agent service in China. (Newswires)
Other News
China and the US held in-depth and constructive talks and exchanged views on economic and trade issues, according to China State TV. (Newswires)
China is to start anti-unfair competition law enforcement and step up oversight of online unfair competition, according to press reports. (Newswires)
The latest earnings reports from Alibaba and Tencent provide mixed signals for the Chinese tech sector. Alibaba posted a strong year-on-year growth in net income but fell short on revenue expectations, while Tencent slightly beat profit forecasts but missed on revenue, which could signal broader challenges in the industry. As both companies emphasize investments in AI and cloud operations, the outlook remains cautiously optimistic amidst a backdrop of evolving economic relations with the U.S.