technology weekly | alibaba completes dual primary listing in hong kong; agency: black myth sales to exceed 20 million in first month
2024-09-01
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alibaba officially completes hong kong dual primary listing
on august 28, alibaba group announced that alibaba has officially completed its dual primary listing in hong kong today, becoming a company with dual primary listings on the hong kong stock exchange and the new york stock exchange. from the date of the dual primary listing taking effect, alibaba's secondary listing status on the hong kong stock exchange was officially changed to a primary listing status, and the "s" representing the secondary listing in the stock mark was also deleted from the stock abbreviations of its hong kong dollar and rmb counters.
comments: morgan stanley, goldman sachs and other institutions pointed out in their research reports that after completing the dual primary listing in hong kong, alibaba is expected to be included in the hong kong stock connect, which can expand the investor base, improve the liquidity of the company's hong kong stocks, and provide investors with greater flexibility to continue to hold and trade alibaba shares in the open market. previously, morgan stanley predicted in a recent report that if alibaba completes its primary listing by the end of august, it is expected that the inclusion of the hong kong stock connect will be confirmed on september 4, announced on september 6, and take effect when the market opens on september 9.
pinduoduo releases financial report, stock price plummets
on august 26, pinduoduo released its second quarter financial report, which showed that pinduoduo's revenue for the quarter was 97.06 billion yuan, a year-on-year increase of 86%; adjusted operating profit was 34.99 billion yuan, a year-on-year increase of 139%; adjusted net profit attributable to ordinary shareholders was 34.43 billion yuan, a year-on-year increase of 125%. after the financial report was released, the u.s. stock market closed on monday, and pinduoduo closed at $100 per share, down 28.51%, with a total market value of $138.877 billion.
comment: behind the sharp drop in stock prices, what worries investors more than the specific data in the performance report is the "pessimistic" signal released by pinduoduo's management in the earnings call. judging from the financial report, pinduoduo is still growing and continues to maintain a leading growth rate in the e-commerce industry, but it has also begun to show signs of weak growth. pinduoduo's management has repeatedly mentioned that pinduoduo's profits will enter a downward trend in the future, which makes investors worried about the "uncertainty" of pinduoduo in the fierce competition of domestic and foreign e-commerce.
domestic institutions predict that the sales of black myth will exceed 20 million copies in the first month
the first domestic 3a game "black myth: wukong" will be released globally on august 20, 2024, and will be available on steam, tencent wegame, epic, ps5 and other game platforms. according to official data, the game sold more than 10 million copies within three days of its release, and the maximum number of players online at the same time on all platforms exceeded 3 million. recently, domestic brokerage huatai securities released a research report predicting that the first month sales of "black myth: wukong" are expected to exceed 20 million copies, of which overseas turnover accounts for about 20%, and the annual sales are expected to reach 30-40 million copies (corresponding to turnover of 10-14 billion).
in terms of production costs, huatai securities estimates that black myth: wukong has invested about 500 million yuan, of which development costs (including program development, art, animation, and sound effects) are 200 million to 300 million yuan, channel and marketing costs are about 150 million yuan, and testing and operation costs are 50 million yuan. according to huatai securities' calculations, the domestic 3a and quasi-3a pc buyout blockbusters launched each year are expected to gain a market space of 7.9-28.6 billion yuan during their life cycle.
comments: according to the latest data from foreign analysis company vg insights, as of august 31, the global sales of black myth: wukong on steam have exceeded 16 million copies. this influential work may accelerate the development of domestic 3a games. huatai securities believes that black myth: wukong will inject new vitality into the pc game market, drive more manufacturers to set up projects in the future (r&d cycle 4-7 years), and enhance confidence in 3a game investment.
meituan releases second quarter financial report
on august 28, meituan (3690.hk) released its second quarter financial report for 2024. in the second quarter of this year, meituan achieved revenue of 82.3 billion yuan, a year-on-year increase of 21%. operating profit was 11.26 billion yuan, a year-on-year increase of 138.8%. adjusted ebitda was 15 billion yuan, a year-on-year increase of 95.2%.
in the second quarter, meituan's core local business division had revenue of 60.68 billion yuan, up 18.5% year-on-year, and operating profit increased 36.8% year-on-year to 15.2 billion yuan. meituan said that the revenue growth was mainly due to favorable seasonal factors, including an increase in transaction amounts due to an increase in the number of transactions, as well as an increase in the number of online marketing active merchants and their average revenue.
comment: meituan continued to implement a low-price strategy during the quarter. in the development of food delivery, brand merchants operate at a lower cost through "satellite stores", and small and medium-sized merchants obtain traffic through "pinhaofan". in the conference call, wang xing said that in terms of organizational adjustments, meituan's direction is to focus on how to achieve synergy between various business segments and to what extent it can be achieved. for example, consider what needs consumers of food delivery have in other categories and how to integrate them to achieve cross-selling.
enflame technology officially starts ipo process
on august 23, enflame signed a coaching agreement with cicc and officially started the ipo process. since its establishment in 2018, enflame has been committed to building a solid computing power base for general artificial intelligence. with original innovation and independent intellectual property rights, the company has launched a series of products including ai accelerator cards, system clusters and software, providing artificial intelligence solutions for various industries.
comment: with the rapid development of artificial intelligence, computing power has become the cornerstone of technological progress. against the backdrop of domestic substitution and independent innovation, the development of suiyuan technology also carries the expectations of the industry. if it can be successfully listed, it will not only bring returns to investors, but also encourage more companies to invest in the field of domestic chip design and jointly promote the prosperity and development of china's semiconductor industry.
well-known domestic gpu manufacturer xiangdixian announced its dissolution
founded in 2010, xiangdixian is a high-tech enterprise focusing on gpu r&d and manufacturing. according to information, xiangdixian computing technology co., ltd. is a domestic general-purpose gpu design company established in september 2020. it has currently received a total investment of rmb 2.5 billion and focuses on the r&d of high-performance chip core technologies. its main work direction is the r&d and design of high-performance gpu chips suitable for desktops, servers, data centers and other fields.
comment: in 2023, xiangdixian company sought financing at a pre-investment valuation of 12 billion but failed. later, the valuation was reduced to 8 billion but still failed to find new capital transfusion. although the company has sought financing many times, it ultimately failed to solve the funding problem.
venture capital trends:
according to qichacha data, there were 4 financing events in the semiconductor sector this week (august 24-30), which was one less than last week (august 17-23). among them, gaoguang micro, a semiconductor equipment manufacturer founded in 2024, completed an angel round of financing invested by shanghai guosheng group this week, and ous micro technology, which focuses on ultra-wideband (uwb) and automotive millimeter-wave radar soc chip design, completed a pre-a+ round of financing of tens of millions of yuan invested by jinding investment.
there was 1 financing event in the biopharmaceutical sector, which was 2 fewer than last week. shanghai weizhizhuo biotechnology co., ltd., a biopharmaceutical company focusing on cell therapy and regenerative medicine for severe liver diseases, announced its c++ round of financing. the amount of financing was not disclosed. the participating institutions included quzhou financial holdings and jilin equity fund.
there were 4 financing events in the artificial intelligence track this week, 2 more than last week. hangzhou itren robotics technology co., ltd., a developer of intelligent service robots, completed its b round of financing with the participation of jiuzhao investment and xinyue fund. jiaxing xinshengji intelligent technology co., ltd., a commercial cleaning robot company, completed its pre-a round with the participation of paradise silicon valley. suzhou yuling artificial intelligence technology co., ltd., which helps developers build ai applications, completed its a round of financing worth tens of millions of yuan with the participation of alibaba cloud and shenzhen fengtouxia fund.
(this article comes from china business network)
