Latest news for Sunac China Hldgs (OTC:SNCNQ) Stock

Sunac China Holdings Ltd is committed to providing wonderful living environment and services for Chinese families through products and services and integration resources. With a focus on its core business of real estate, the Group implements its strategic layout in real estate development. It has three business segments Property development, Cultural and tourism city construction and operation, Property management and All other segments.

Asia

Earnings

News

Economics

Markets

Real Estate

BABA

BACHF

BYDDF

CICHF

CTRYF

EGRNQ

HSBC

MQBKY

SNCNQ

TCEHY

TSLA

XPEV

Shares in Hong Kong and China dropped Thursday on a slew of bad economic data from the housing and financial sector.

The Hang Seng Index fell 2.5% to 17,295.89 points and China’s CSI 300 index ended the day 2.1% lower at 3,533.54 points.

Hong Kong Stocks Tumble Over Ugly Chinese Housing Data; EV Makers Plunge After Tesla&#39;s Earnings Disappointment

DIDI GLOBAL INC S/ADR by DiDi Global Inc.

DIDIY

DSECF

SIOLY

WARFF

Stocks in Hong Kong and China closed the week out lower Friday as weak consumer sentiment and property market jitters resurfaced.

The Hang Seng Index ended a three-day winning streak to end down 2.2% at 17,813.45 while China’s CSI 300 Index closed 1.1% lower at 3,663.41.

Sluggish Retail Growth In China &amp; More Headwinds For Hong Kong&#39;s Property Markets Drag Stocks Down

Penny Stocks

ACGBF

BACHY

BYDDY

CICHY

EVGRF

IDCBY

Shares of bank stocks lifted Hong Kong markets Thursday as China’s sovereign fund went on a bank buying spree.

Hong Kong Stocks Rally As Sovereign Bank Buy-Up Overshadows Climb In Negative Mortgages

SUNAC CHINA HLDG LTD by Sunac China Holdings Limited

Sunac China Holdings Ltd

In his first public rally since President Joe Biden declared he would not seek re-election, former President Donald Trump launched a series of attacks on Vice President Kamala Harris on Wednesday.
Trump, addressing his supporters in North Carolina, criticized Harris on immigration and inflation issues, labeling her as a &#8220;radical-left lunatic.&#8221; He accused Harris of misleading the public to cover up Biden&#8217;s mental fitness, implying that she is untrustworthy and unfit to lead, <a href="https://thehill.com/homenews/4791536-donald-trump-blasts-kamala-harris-rally/">reported</a> The Hill
Trump also highlighted Harris&#8217;s positions during her 2020 presidential campaign, including her support for Sen. Bernie Sanders' (I-Vt.) "Medicare for All" bill and her stance on banning fracking.
In response, a Harris campaign spokesperson labeled Trump's speech as "unhinged, weird, and rambling," and emphasized that the November choice will be between Trump&#8217;s agenda or Harris&#8217;s fight to protect freedom and ensure every American gets a fair shot.
See Also: <a href="https://www.benzinga.com/news/24/07/39897685/ted-cruz-says-trump-victory-in-november-not-a-given-cautions-republicans-against-underestimating-kam?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ted Cruz Says Trump Victory In November Not A Given, Cautions Republicans Against Underestimating Kamala Harris: &#8216;This Is Not A Layup&#8217;</a>
Why It Matters: Biden&#8217;s unexpected decision to withdraw from the 2024 presidential race has significantly altered the political landscape. 
Following Biden&#8217;s announcement, Harris quickly consolidated support among Democrats. Her campaign has <a href="https://www.benzinga.com/general/politics/24/07/39908377/kamala-harris-secures-majority-backing-for-2024-democratic-nomination-ap-survey">raised over $100 million</a> in roughly 48 hours, and thousands of volunteers have signed up to support the effort.
Trump&#8217;s campaign has filed a complaint with the Federal Election Commission against Harris&#8217;s campaign, accusing it of <a href="https://www.benzinga.com/news/24/07/39922045/trump-campaign-files-election-commission-complaint-against-kamala-harris-accuses-vps-campaign-of-91">improperly acquiring</a> funds from Biden&#8217;s campaign. This development adds another layer of complexity to the upcoming election.
After Biden withdrew from the 2024 race, leading to a face-off between Harris and Trump. The latest polls show a tight contest, with Trump <a href="https://www.benzinga.com/general/politics/24/07/39946360/trump-vs-harris-2024-election-candidates-tied-in-new-poll-65-of-democrats-say-biden-stepping-dow">slightly ahead</a> by one point in a head-to-head battle.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39924772/democratic-mega-donors-predict-kamala-harris-to-pick-vp-among-these-3-lawmakers-as-presidential-race?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Democratic Mega Donors Predict Kamala Harris To Pick VP Among These 3 Lawmakers As Presidential Race Against Trump Heats Up</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Politics

General

Trump Takes Aim At Kamala Harris In First Rally Post Biden's Exit, Calls her A 'Radical-Left Lunatic' — VP Campaign Labels Him 'Unhinged' And 'Weird'

President Joe Biden addressed the nation from the White House on Wednesday night to explain his decision to quit the November presidential race
What Happened: &#8220;I have decided the best way forward is to pass the torch to a new generation. That is the best way to unite our nation,&#8221; Biden stated.
The decision came after weeks of pressure from Democrats and internal polling that suggested a potential loss against Republican Donald Trump in the upcoming election. Biden is the first incumbent president not to seek re-election since 1968.
In his address, Biden emphasized the power of the people, stating, &#8220;The great thing about America is here, kings and dictators do not rule. The people do. History is in your hands. The power is in your hands. The idea of America – lies in your hands.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/07/39875181/trump-wants-republicans-reimbursed-after-biden-quits-we-have-to-start-all-over-again?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Wants Republicans Reimbursed After Biden Quits: &#8216;We Have To Start All Over Again&#8217;</a>
Following his announcement, Democrats have rallied around Biden, paying tribute to his character and his presidential record. Biden plans to concentrate on his presidential duties over his remaining six months in office.
Why It Matters: Biden&#8217;s <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">decision to withdraw</a> from the race was first announced through a letter posted on his official account. The president&#8217;s decision has caused a significant shift in the political landscape.
With Biden stepping down, Vice President Kamala Harris has <a href="https://www.benzinga.com/news/24/07/39921743/donald-trump-wants-to-take-our-country-backward-says-kamala-harris-in-first-campaign-speech-poll-sho">secured the Democratic nomination</a> for the 2024 presidential race. In her first campaign rally, Harris took a marginal lead over Republican rival Donald Trump, according to a Reuters/Ipsos opinion poll.
A new election poll shows a close <a href="https://www.benzinga.com/general/politics/24/07/39946360/trump-vs-harris-2024-election-candidates-tied-in-new-poll-65-of-democrats-say-biden-stepping-dow">head-to-head battle</a> between Harris and Trump, with 65% of Democrats believing Biden&#8217;s decision to step down increases the party&#8217;s chances of winning.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39873597/anthony-scaramucci-says-if-democrats-win-they-can-extinguish-large-elements-of-trumpism-but-youre-no?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Says If Democrats Win, They Can &#8216;Extinguish Large Elements Of Trumpism&#8217; But &#8216;You&#8217;re Not Going To Be Able To Do It If You Don&#8217;t&#8230;&#8217;</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Biden Says 'History Is In Your Hands' In Oval Office Speech: 'The Best Way Forward Is To Pass The Torch To A New Generation'

SNES

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

EVGN

EZFL

Vice President Kamala Harris is likely to face off against former President Donald Trump in the <a href="https://www.benzinga.com/topic/2024-election">2024 presidential election.</a>
The change comes with President Joe Biden withdrawing from the race and Harris having the reported delegates support to win the nomination.
A new election poll shows a close head-to-head battle.
What Happened: The first 2024 presidential debate performance by Trump and Biden saw election polls and<a href="https://www.benzinga.com/general/sports-betting/24/07/39868243/2024-election-betting-odds-joe-biden-has-8-chance-of-winning-according-to-sportsbooks-pred"> betting odds from sportsbooks</a> and prediction markets shift more in favor of the former president.
With Biden withdrawing from the race, the battle to win the 2024 election could be back to being the toss-up that was seen months ago.  
A new NPR/PBS News/Marist 2024 <a href="https://www.npr.org/2024/07/23/nx-s1-5048890/elections-poll-biden-harris-trump">poll </a>shows Trump with a one-point lead over Harris in a head-to-head battle. Trump has 46% support with Harris getting 45% and 9% of voters are undecided.
A larger percentage of voters are now undecided after Biden dropped out, as earlier this month only 2% of voters in the poll were undecided in the head-to-head battle.
When third-party candidates are included, the poll looks like this:
<ul>
<li>Donald Trump: 42%</li>
<li>Kamala Harris: 42%</li>
<li>Robert F. Kennedy Jr.: 7%</li>
<li>Jill Stein: 1%</li>
<li>Cornel West: 1%</li>
</ul>
The support for Kennedy Jr. hit the lowest since he was included by the poll group in April.
Read Also: <a href="https://www.benzinga.com/general/politics/24/07/39920146/harris-vs-trump-vice-president-trails-former-president-by-2-points-gains-independent-voters-59-o">Harris Vs. Trump: Vice President Trails Former President By 2 Points, Gains Independent Voters, 59% Of Democrats Say Best Chance To Win 2024 Election</a>
Why It's Important: Along with tying Trump in the five-way race in the poll, Harris is showing ground being made up in the 2024 election race since Biden dropped out.
NPR said Harris ranks better than Biden among key voter groups like young voters and non-White voters.
Sixty-five percent of Democrats also said that Biden stepping down increases the party's chances of winning the 2024 election.
Harris has a smaller percentage of Independent voters than Biden was pulling, but many of the Independent voters are now undecided in the election. Around 20% of Independent voters are undecided and around 30% of Independent women voters are undecided.
Harris becoming the official nominee and naming a vice president pick could shift the undecided voters in the coming weeks to get a closer look at the head-to-head battle. According to the<a href="https://www.washingtonpost.com/elections/2024/07/24/biden-speech-2024-election-campaign-updates/"> Washington Post</a>, &#8220;Vice President Harris will select her running mate by Aug. 7, according to two officials familiar with her timeline who spoke on the condition of anonymity to describe private deliberations.&#8221;
Seventy-seven percent of Democratic voters and Democratic-leading Independent voters polled said Harris is the right nominee for the party.
Eighty-seven percent of all voters said Biden stepping down was the right decision in the election. Sixty-eight percent said Biden should finish his current presidential term before making way for the 2024 election winner in January.
Harris has a net favorability ranking of minus four points, with 40% viewing her as positive and 44% viewing her as negative. Trump ranks worse with 43% viewing him as positive and 49% viewing him as negative. Biden was seven points behind where Harris is for her net favorability ranking, based on the ratings in a poll earlier this month.
Trump's vice-presidential pick of J.D. Vance doesn't get favorable ratings with 28% viewing him as favorable and 31% viewing him as negative and 41% saying they have never heard of him or have no opinion.
When asked who Harris' vice president pick should be, voters in the poll selected Michigan Gov. Gretchen Whitmer (21%), Secretary of Transportation Pete Buttigieg (21%) and Pennsylvania Gov. Josh Shapiro (17%) as the top options.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39919247/who-will-kamala-harris-pick-for-vice-president-crypto-bettors-have-4-favorites-for-democra">Who Will Kamala Harris Pick For Vice President? Crypto Bettors Have 4 Favorites For Democratic Party Running Mate</a></li>
</ul>
Photo: Shutterstock

Trump Vs. Harris: 2024 Election Candidates Tied In New Poll, 65% Of Democrats Say Biden Stepping Down Increases Party's Chances Of Winning

A Texas judge dismissed another of Attorney General Ken Paxton's <a href="https://www.benzinga.com/markets/cannabis/24/01/36880984/gop-attor-ney-gen-er-al-in-texas-sues-five-cities-to-stop-voter-approved-mar-i-jua-na-reform-say">lawsuits over voter-approved</a> marijuana decriminalization ordinances. It is Paxton&#8217;s second legal loss in as many cases.
"On Monday, Judge Sherri Tibbe dismissed Ken Paxton's lawsuit seeking to force the City of San Marcos to devote scarce local resources to arresting people for marijuana possession," according to Ground Game Texas in a Tuesday news release. "This ruling follows last month's dismissal of Paxton's lawsuit against the City of Austin and reaffirms that the AG has no business telling cities how to enforce drug law." 
Ground Game has been instrumental in organizing cannabis reform initiatives&nbsp;<a href="https://www.benzinga.com/topic/texas-cannabis" target="_blank" rel="noreferrer noopener">across multiple Texas cities</a>. The cities still waiting for <a href="https://www.benzinga.com/markets/cannabis/24/01/36880984/gop-attor-ney-gen-er-al-in-texas-sues-five-cities-to-stop-voter-approved-mar-i-jua-na-reform-say">Paxton to pounce</a> include Denton, Elgin and Killeen. In June, a&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/06/39302347/texas-judge-dismisses-gop-attorney-general-ken-paxtons-lawsuit-against-voter-approved-cannabis-m" target="_blank" rel="noreferrer noopener">judge dismissed Paxton&#8217;s lawsuit</a>&nbsp;against Austin.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39920347/dallas-cannabis-reform-ballot-is-a-go-decriminalization-in-november-elections-would-allow-up-to-">Dallas Cannabis Reform Ballot Is A Go: Decriminalization In November Elections Would Allow Up To 4 Ounces Of Weed</a>
"Judge Tibbe rightly recognized Paxton has no legal basis for interfering with the will of local voters or municipal governments," said Catina Voellinger, executive director of Ground Game Texas, <a href="https://kdhnews.com/news/local/texas-district-court-judge-dismisses-another-paxton-marijuana-lawsuit/article_51d5bb84-49e0-11ef-bc1e-c7dcb88b72f3.html">reported</a> the Killeen Daily Herald. "This decision, along with the recent verification of our petition in Dallas, is a welcome reminder that this is a winning movement, and one we look forward to continuing to build across the state this November."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f31f; Ken vs. Texans: How it&#39;s going&#8230; We&#39;re winning the fight for cannabis decriminalization in TX! Join us: <a href="https://t.co/oJh9GilEvo">https://t.co/oJh9GilEvo</a> <a href="https://t.co/kLYhUhMCCt">pic.twitter.com/kLYhUhMCCt</a>
&mdash; GroundGameTX (@GroundGameTX) <a href="https://twitter.com/GroundGameTX/status/1815932596179943767?ref_src=twsrc%5Etfw">July 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
On Monday, Tibbe denied Paxton's application for an injunction and granted the plea to jurisdiction that had been filed by the City of San Marcos. Paxton next move could be an appeal of the judge's decisions to a higher court. As of Wednesday, a notice of appeal had not yet been filed.
<h1 class="wp-block-heading">A Full-Time Job For The AG?</h1>
Since his vendetta against cannabis decriminalization began this past January, Paxton has spent many billable hours prosecuting cities, large and small, across Texas that&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/05/39041635/73-of-texans-support-full-cannabis-legalization-or-decriminalization-including-plurality-of-repu" target="_blank" rel="noreferrer noopener">have decriminalized marijuana</a> … most with over 70% voter approval, we might add.
<h1 class="wp-block-heading">Paxton&#8217;s Motive?</h1>
Apparently, Paxton is deathly afraid of the crime he presumes will reign on the streets if the possession of small amounts of marijuana is sanctioned for consenting adults. 
&#8220;I will not stand idly by as cities run by pro-crime extremists deliberately violate Texas law and promote the use of illicit drugs that harm our communities,&#8221; Paxton wrote in a press release earlier this year. 
Now Read:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39908970/trump-and-desantis-supporters-love-their-cannabis-is-rift-between-anti-weed-politicos-pot-users-">Trump And DeSantis Supporters Love Their Cannabis: Is Rift Between Anti-Weed Politicos, Pot Users Brewing In The Sunshine State?</a></li>
</ul>
Photo: El Planteo

Cannabis

Government

Regulations

Legal

GOP Attor­ney Gen­er­al In Texas Loses Legal Battle Against Towns With Decriminalized Cannabis, Insists They're 'Run By Pro-Crime Extremists'

Semiconductor stock Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) was among the technology stocks that fell Wednesday on the heels of earnings reports from Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Alphabet being <a href="https://www.benzinga.com/news/24/07/39938971/chip-stocks-nvidia-amd-and-others-see-more-selloff-on-wednesday-whats-going-on">dissected by investors.</a>
What Happened: AMD stock is now down year-to-date after Wednesday's decline. The drop comes as there was some optimism across social media from photos shared by company CEO Lisa Su.
Su shared pictures of an event with Tesla that she attended.
"Great spending time with the Tesla team talking about AI, leadership and more! Proud to partner with such an amazing team! Thanks for the invite!" Su <a href="https://x.com/LisaSu/status/1816105459029274933">tweeted</a>.
Benzinga reached out to Tesla and AMD for more commentary on the meeting and did not hear back.
Su appeared to be a speaker at a Tesla event with a background slide in one picture showing the caption "Women in Tesla."
The meeting was likely more about Su's role in the technology space and less about the two companies partnering, but could be noteworthy given the past history between the two companies.
AMD <a href="https://www.amd.com/en/solutions/automotive/in-vehicle-experience.html#:~:text=Driving%20Innovation%20for%20the%20Future%20of%20In%2DVehicle%20Experience&amp;text=AMD%20is%20at%20the%20forefront,such%20as%20Tesla%20and%20Daimler">lists </a>Tesla as a partner on its website.
"The new Tesla Model S and Model X feature AMD Ryzen Embedded APU and RDNA2 based GPU that power the new infotainment experience with support for AAA gaming," the website reads.
AMD also lists a section on "driving innovation for the future of in-vehicle experience" where it highlights Tesla and Daimler as technology partners.
Read Also:<a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l"> Tesla Q2 Earnings Highlights: Revenue Beat, EPS Miss, Robotaxi Update, 2024 Growth Rate To Be &#8216;Notably Lower&#8217; Than 2023</a>
Why It's Important: AMD is one of several semiconductor companies operating in the automotive space. The company offers products for automobiles that include driver monitoring systems, in-cabin monitoring systems, driver information and more. 
In January, Tesla CEO Elon Musk said the electric vehicle company <a href="https://www.benzinga.com/news/24/01/36813208/elon-musk-says-tesla-will-buy-chips-from-amd-invest-over-500m-on-nvidia-hardware">planned to purchase </a>chips from AMD to advance its artificial intelligence efforts. The comment came as Tesla also spent $500 million to buy hardware from NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).
The automotive sector is one of the fastest growth sectors for semiconductor companies with Qualcomm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) and others seeing strong year-over-year growth and bookings. AMD doesn't break out its automotive revenue like others in the sector, making it harder to see the impact, <a href="https://www.theregister.com/2024/01/04/amd_car_chips/">according </a>to The Registar.
The Registar highlighted new automotive related products from AMD back in January as the company looks to grow in the sector.
While Su's appearance with Tesla is likely just part of a speaking engagement, it could come with more partnerships in the future or serve as a reminder to investors that Tesla and AMD are already partners.
AMD Price Action: AMD shares closed Wednesday down 6.08% to $144.63 on Wednesday versus a 52-week trading range of $93.12 to $227.30. AMD shares are up over 30% in the last year, but now down 1.5% year-to-date in 2024, as seen on the <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072424&amp;t=be2bearmibe3na1">Benzinga Pro chart </a>below.
<figure class="wp-block-image size-full"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072424&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="1001" height="503" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24170103/Screenshot-82.png" alt="" class="wp-image-455265" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24170103/Screenshot-82.png 1001w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24170103/Screenshot-82-300x151.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24170103/Screenshot-82-768x386.png 768w" sizes="(max-width: 1001px) 100vw, 1001px" /></a></figure>
AMD will report second-quarter results on July 30 after market close. Analysts expect the company to report revenue of $5.73 billion and earnings per share of 68 cents compared to $5.36 billion and 58 cents, respectively, in last year's second quarter.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39938160/8-tesla-analysts-size-up-margins-fsd-robotaxis-new-evs-as-stock-tanks-the-realities">8 Tesla Analysts Size Up Margins, FSD, Robotaxis, New EVs As Stock Tanks: &#8216;The Realities Of Today Vs. The Dreams Of Tomorrow&#8217;</a></li>
</ul>
Photo: Shutterstock

Movers

Tech

Trading Ideas

NVDA

QCOM

AMD Stock Turns Negative Year-to-Date, CEO Lisa Su Meets With Tesla: What Investors Should Know

Roblox Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>) reported an increase in child exploitation incidents during 2023, with over 13,000 cases flagged to the National Center for Missing and Exploited Children (NCMEC), a significant rise from 3,000 <a href="https://www.benzinga.com/general/gaming">the previous year. </a>
The platform&#8217;s broad reach, serving around 77 million daily players — including 40% under the age of 13 — has brought its safety measures into focus.
See Also: <a href="https://www.benzinga.com/general/gaming/23/09/34461316/robloxs-console-evolution-playstation-debut-realistic-avatars-whats-next-for-gamers">Roblox&#8217;s Console Evolution: PlayStation Debut, Realistic Avatars: What&#8217;s Next for Gamers?</a>
In dialogue with Benzinga, Roblox&#8217;s Communications Team shared a statement addressing concerns about its safety practices. 
&#8220;A recent article contained glaring mischaracterizations about how we protect users of all ages on the platform and failed to reflect both the complexities of online child safety and the realities of the overwhelmingly positive experiences that tens of millions of people of all ages have on Roblox every single day,&#8221; the spokesperson said. 
Roblox also stressed the reported incidents must be understood in the context of the platform&#8217;s enormous content volume.
&#8220;Bloomberg fails to provide context on the scale of these reported incidents vis-a-vis the amount of content on the platform and growing user base of 77 million daily active users. In a single quarter, Roblox users generated and uploaded approximately 205 billion total pieces of content,&#8221; the spokesperson added.
Furthermore, the company&#8217;s contribution to the NCMEC's total report count is less than 0.04% of the 36.2 million reports received by the center that year for suspected child sexual abuse material.
<h1 class="wp-block-heading">Increased Reports and High-Profile Cases</h1>
The accessibility of Roblox across various platforms, including PlayStation, PC and mobile devices, has made it a popular environment for children but has also exposed it to potential threats.
Bloomberg <a href="https://www.bnnbloomberg.ca/business/company-news/2024/07/23/the-gaming-platform-with-a-predator-problem/">reported </a>that despite Roblox's response to 1,300 law enforcement requests for information on predatory players, some individuals managed to evade detection. A high-profile case involved Arnold &#8220;DoctorRofatnik&#8221; Castillo, who operated the successful game Sonic Eclipse Online. 
Castillo was apprehended after attempting to meet a 15-year-old girl 700 miles away, leading to a 15-year prison sentence for grooming and sexual abuse.
<h1 class="wp-block-heading">Roblox's Safety Measures And Future Plans</h1>
Roblox has reiterated its commitment to safety, with Chief Safety Officer Matt Kaufman detailing ongoing efforts to enhance platform security. 
&#8220;To be the best in the world at delivering safe and civil online experiences, this is essential,&#8221; Kaufman <a href="https://corp.roblox.com/newsroom/2024/07/driving-civility-and-safety-for-all-users">said</a>. He highlighted that only 0.0063% of content on Roblox was flagged for policy violations, including bullying and hate speech.
The company is actively working on the next generation of safety tools and features to address evolving threats. &#8220;We will continue to work tirelessly to keep our users safe and be vigilant against bad actors who might attempt to circumvent our safety systems,&#8221; Kaufman affirmed in a blog post. 
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/gaming/23/08/33896713/roblox-shares-sink-on-short-report-saying-gaming-company-has-facilitated-more-child-abuse-than-any">Roblox Shares Sink On Short Report Saying Gaming Company &#8216;Has Facilitated More Child Abuse Than Any Public Company In History&#8217;</a></li>
</ul>
Image courtesy: Roblox Corp.

Gaming

RBLX

Roblox Reports 13,000 Child Exploitation Cases In 2023, Details Safety Measures

Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) has taken down approximately 63,000 accounts in Nigeria involved in financial <a target="_blank" href="https://about.fb.com/news/2024/07/combating-financial-sextortion-scams-from-nigeria/" rel="noreferrer noopener">sexual extortion</a>, or sextortion, scams targeting <a target="_blank" href="https://www.benzinga.com/trading-ideas/24/07/39934253/how-metas-game-changing-ai-model-could-enhance-developer-freedom-propel-privacy-standards-and-surge" rel="noreferrer noopener">adult men in the United States</a>.
Financial sextortion, a crime without borders, has been fueled in recent years by the rise in activities of loosely organized cybercriminals known as &#8216;Yahoo Boys&#8217;, predominantly operating from Nigeria, specializing in various scam techniques, Meta said in a statement.
&#8220;We&#8217;ve banned Yahoo Boys under Meta&#8217;s&nbsp;Dangerous Organizations and Individuals policy&nbsp;— one of our strictest policies — which means we remove Yahoo Boys&#8217; accounts engaged in this criminal activity whenever we become aware of them,&#8221; the software giant said.&nbsp;
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com//node/39930463" rel="noreferrer noopener">Zuckerberg Says Sam Altman &#8216;Deserves A Lot Of Credit,&#8217; But Highlights The Irony In His Firm Named OpenAI Leading Closed AI Models</a>
The firm also removed around 7,200 assets, including 1,300 Facebook accounts, 200 Facebook Pages, and 5,700 Facebook Groups, also based in Nigeria, that were providing tips for conducting scams.&nbsp;
&#8220;We also recently announced that we&#8217;ve developed&nbsp;new signals to identify accounts that are&nbsp;potentially engaging in sextortion,&nbsp;and are taking steps to help prevent these accounts from finding and interacting with teens,&#8221; Meta said.
In recent years, the social media giant has faced increasing pressure from governments, including lawmakers in its home country of the United States, to address concerns about its executives allegedly disregarding evidence that its platforms harm children, reported Reuters.
Last week, Meta was fined $220 million by Nigeria&#8217;s competition watchdog.
The Federal Competition and Consumer Protection Commission (FCCPC) revealed that Meta violated local consumer, data protection, and privacy laws by sharing data on its social platforms without user consent, per a Reuters report.
Additionally, Meta was accused of abusing its market dominance with exploitative privacy policies and treating Nigerians differently compared to users in jurisdictions with similar regulations.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, META stock has gained over 60% in the past year. Investors can gain exposure to the stock via&nbsp;Direxion Daily META Bull 2X Shares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/METU#NASDAQ">METU</a>) and&nbsp;Vanguard Communication Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOX#NYSE">VOX</a>).
Price Action: META shares closed lower by 5.61% to $461.27 on Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/39923398" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s X, Mark Zuckerberg-Owned Facebook, And TikTok Face Stricter Regulations As Malaysia And Singapore Tighten Oversight On Social Media To Combat Online Scams</a></li>
</ul>
Photo by DANIEL CONSTANTE on Shutterstock

Equities

METU

Meta Cracks Down On Nigerian 'Yahoo Boys' In Massive Sextortion Scam Purge, Bans 63K Accounts

As the COVID-19 pandemic faded away and people were less required to practice social distancing, <a href="https://www.benzinga.com/news/23/11/35994035/insta-worthy-workspaces-to-woo-back-remote-workers-social-media-users-tell-companies-to-please-just">bosses began demanding</a> that their employees return to the office (RTO) instead of performing their jobs at home.
This led to droves of workers who wanted to keep working from home to quit their jobs in what became known as the &#8220;Great Resignation,&#8221; but that&#8217;s what some bosses wanted them to do, <a href="https://www.bamboohr.com/resources/guides/return-to-office#executives-and-hr-admit-rto-is-meant-to-make-people-quit">according</a> to a survey by Bamboo HR.
The analysis revealed that 25% of vice presidents and executives and 18% of human resources professionals admit they hoped for &#8220;some voluntary turnover&#8221; during an RTO mandate, proving why they are actually &#8220;layoffs in disguise,&#8221; Bamboo HR said.
&#8220;Nearly two in five (37%) managers, directors and executives believe their organization enacted layoffs in the last year because fewer employees than they expected quit during their RTO,&#8221; the survey said.
Read Now: <a href="https://www.benzinga.com/news/23/09/35015655/why-metas-return-to-office-is-a-mess-from-sitting-on-floors-to-hot-desks-dilemma-and-pending-remote">Why Meta&#8217;s Return To Office Is A &#8216;Mess:&#8217; From Sitting On Floors To &#8216;Hot Desks&#8217; Dilemma, And Pending Remote Work Requests</a>
Whatever the intention ultimately is, some companies are instituting policies to bring employees back to the office.
Salesforce, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>), a San Francisco-based software company, is now pushing to bring the majority of its employees back into the office, the San Francisco Standard <a href="https://sfstandard.com/2024/07/17/salesforce-pressures-its-workers-back-to-the-office-as-layoffs-continue/">reported</a>.
Certain workers in sales, workplace services, data center engineering and&nbsp;onsite support technicians&nbsp;under the chief information officer will need to show up to the office four to five days a week, starting in October.
Salesforce&#8217;s other departments will be required to show up to the office three days a week through an &#8220;office-flex&#8221; arrangement, while certain engineering roles will need to come in only at least 10 days each quarter.
Salesforce notified employees of the RTO policy through a memo that also said the company will start tracking when employees scan their badges next month.
Salesforce said employees will have "full visibility" of this data, which will measure attendance against quarterly goals set by each team. 
Read Now:
<ul>
<li><a href="https://www.benzinga.com/news/23/12/36106919/amazons-rigid-return-to-office-policy-triggers-employee-exodus-report">Amazon&#8217;s Rigid Return-To-Office Policy Triggers Employee Exodus: Report</a></li>
</ul>
Photo: Shutterstock

Bosses Admit Using 'Return To Office' Mandate To Get Workers To Quit: Survey

Guidance

Celestica Raises FY24 Revenue Outlook To $9.45B From Previous Outlook Of $9.1B (Est $9.126B); Adjusted EPS To $3.62 From Prior $3.30 (Est $3.33)

Celestica Expects Q3 Revenue Of $2.325B - $2.475B (Est $2.29B), Adjusted EPS Of $0.86 - $0.96 (Est $0.82)

Celestica (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLS#NYSE">CLS</a>) reported quarterly earnings of $0.91 per share which beat the analyst consensus estimate of $0.81 by 12.35 percent. This is a 65.45 percent increase over earnings of $0.55 per share from the same period last year. The company reported quarterly sales of $2.391 billion which beat the analyst consensus estimate of $2.249 billion by 6.31 percent. This is a 23.31 percent increase over sales of $1.939 billion the same period last year.

Earnings Beats

Celestica Q2 2024 Adj EPS $0.91 Beats $0.81 Estimate, Sales $2.391B Beat $2.249B Estimate

Orion Gr Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORN#NYSE">ORN</a>) reported quarterly losses of $(0.16) per share which missed the analyst consensus estimate of $(0.01) by 1500 percent. This is a 14.29 percent decrease over losses of $(0.14) per share from the same period last year. The company reported quarterly sales of $192.167 million which missed the analyst consensus estimate of $192.786 million by 0.32 percent. This is a 5.28 percent increase over sales of $182.534 million the same period last year.

Earnings Misses

Orion Gr Hldgs Q2 2024 Adj EPS $(0.16) Misses $(0.01) Estimate, Sales $192.167M Miss $192.786M Estimate

Mid Penn Bancorp Q2 2024 Sales $44.095M Beat $41.910M Estimate

General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) shares are trading lower after-hours Wednesday following Ford Motor Co.'s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) <a href="https://www.benzinga.com/news/earnings/24/07/39943178/ford-q2-earnings-highlights-revenue-beat-eps-miss-transit-vans-hit-record-ev-sales-fall-37">second-quarter earnings release.</a> 
The Details: Ford shares are dropping after the company reported quarterly earnings per share of 47 cents, missing a Street consensus estimate of 68 cents. Ford also reported a 37% drop in revenue from its Ford Model e segment year-over-year, which the company attributed to industry-wide pricing pressure and lower wholesales.
Read Next: <a href="https://www.benzinga.com/general/biotech/24/07/39944467/viking-therapeutics-stock-climbs-on-q2-eps-beat">Viking Therapeutics Stock Climbs On Q2 EPS Beat</a>&nbsp;
GM shares are down slightly in sympathy with Ford during after-hours trading. General Motors reported strong <a href="https://www.benzinga.com/markets/equities/24/07/39913791/whats-going-on-with-general-motors-stock-today">second-quarter results</a> on Tuesday, beating Street estimates with sales growth of 7.2% year-over-year. GM also reported quarterly earnings of $3.06 per share, beating the analyst consensus estimate of $2.72. 
GM, F Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, General Motors shares are down 0.73% after-hours at $46.15 and Ford shares are down 10.24% at $12.27 at the time of publication Wednesday.
Read Also:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39865576/whats-going-on-with-rivian-stock">What&#8217;s Going On With Rivian Stock?</a></li>
</ul>
Image: Shutterstock

After-Hours Center

General Motors Stock Falls After Ford Reports Q2 Results: What's Going On?

CB Financial Services (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CBFV#NASDAQ">CBFV</a>) reported quarterly earnings of $0.52 per share which beat the analyst consensus estimate of $0.51 by 1.96 percent. This is a 5.45 percent decrease over earnings of $0.55 per share from the same period last year. The company reported quarterly sales of $12.158 million which missed the analyst consensus estimate of $12.300 million by 1.15 percent. This is a 9.19 percent decrease over sales of $13.389 million the same period last year.

CBFV

CB Financial Services Q2 2024 Adj EPS $0.52 Beats $0.51 Estimate, Sales $12.158M Miss $12.300M Estimate

The aggregate incremental backlog associated with these fixtures is approximately&nbsp;$656 million. As of July 24, 2024, the company&#39;s total backlog is approximately&nbsp;$8.8 billion.

Transocean Releases Quarterly Fleet Status Report; Reports Total Backlog Of $8.8B As Of July 24

NRG Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>) has outperformed the market over the past 5 years by 3.9% on an annualized basis producing an average annual return of 16.37%. Currently, NRG Energy has a market capitalization of $15.47 billion. 
Buying $100 In NRG: If an investor had bought $100 of NRG stock 5 years ago, it would be worth $215.11 today based on a price of $74.19 for NRG at the time of writing.
<h3>NRG Energy's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721856619_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much You Would Have Made Owning NRG Energy Stock In The Last 5 Years

Sunac China Holdings (HK:1918) has released an update. Sunac China Holdings Limited has announced the composition of its Board of Directors, includ...

Sunac China Holdings Unveils Board Structure

Sunac China Holdings (HK:1918) has released an update. Sunac China Holdings Limited successfully conducted its Annual General Meeting on May 20, 20...

Sunac China Holdings AGM Concludes with Full Approval

Sunac China Holdings (HK:1918) has released an update. Sunac China Holdings Limited reported unaudited operational data for May 2024, revealing a c...

Sunac China Holdings' Preliminary Sales Figures

Sunac China Holdings (HK:1918) has released an update. Sunac China Holdings Limited has advanced in its debt restructuring process with the second ...

Sunac Advances Debt Restructuring with Bond Conversion

Sunac China Holdings (HK:1918) has released an update. Sunac China Holdings Limited has released unaudited sales data for June 2024, reporting a co...

Sunac China Holdings Reports June Sales Data

Sunac China Hldgs

Shares in Hong Kong and China dropped Thursday on a slew of bad economic data from the housing and financial sector.

The Hang Seng Index fell 2.5% to 17,295.89 points and China&rsquo;s CSI 300 index ended the day 2.1% lower at 3,533.54 points.

September&rsquo;s housing prices in China <a href="https://www.bloomberg.com/news/articles/2023-10-19/china-s-home-prices-drop-at-faster-pace-in-blow-to-sentiment?srnd=premium-asia" style="color:#0563c1">fell</a> the fastest they have in 11 months, down 0.3% across 70 mainland cities and 0.48% lower for secondary market sales, representing the largest one month drop in secondary sales recorded since 2014. The value of the real estate sector overall shrunk by 2.7% in the third quarter.

Chinese-language daily Caixin reported that investment in the Chinese housing sector plunged 9.1% in the first 9 months of this year, representing an even bigger drop than for the first 8 months.

The data comes on the back of <a href="https://www.benzinga.com/markets/penny-stocks/23/10/35310061/chinas-largest-property-developer-misses-its-first-bond-payment-while-another-heads-to-court" style="color:#0563c1">the first default on US dollar bonds a day earlier</a> by Country Garden Holdings Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CTRYF#OTC">CTRYF</a>), China&rsquo;s largest property firm by developments. Country Gardens has said that it does not think it will be able to maintain timely interest payments on its $10 billion of junk bonds, which are trading under 4 cents on the dollar now.

Country Garden <a href="https://www.scmp.com/business/china-business/article/3238439/chinese-property-developer-country-garden-denies-talk-its-founder-and-chairman-have-left-china?module=lead_hero_story&amp;pgtype=homepage" style="color:#0563c1">denied</a> a rumor going around trading desks Thursday morning that its founder Yeung Kwok-keung and chairman Hang Huiyang, who is Yeung&rsquo;s daughter, had fled China after the company missed the interest payment Wednesday. The company threatened to take legal action against rumor-mongers.

Country Garden was around 3% lower, while China Evergrande Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/EGRNQ#OTC">EGRNQ</a>) was down nearly 4% and Sunac China Holdings Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SNCNQ#OTC">SNCNQ</a>) tumbled 4.6% by the end of the day&rsquo;s trading in Hong Kong.

The Chinese government is in the midst of attempting to avert what looks to be a full-blown credit crunch in its housing market, even as its retail and manufacturing industries are starting to pick up.

Consumption is on the rise again after a two-year rout created by an intensive series of Covid-19 lockdowns. Output in the leisure sector was up 12.7% while IT and software was also rebounding strongly by 10.3%. Manufacturing activity rose 4.5%. That helped Wednesday&rsquo;s better-than-expected GDP data which prompted revised-higher forecasts Thursday for China&rsquo;s GDP by UBS Group AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>) and JP Morgan &amp; Chase Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) to 5.2% for this year.

Still, consumer names were marred by the larger credit rout that is weighing on investor&rsquo;s minds Thursday. Alibaba Group Holdings Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) and Tencent Holdings Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) were both off 2.3% by the end of trading while JD.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) continued to fall harder by 5% after downgrades earlier this week.

Regional banks face a 2.2 trillion RMB ($301 billion) capital shortfall as Local Government Financing Vehicles (LGVFs) struggle to repay portions of their borrowing due to rapidly-slowing land sales.

LGVFs are a mechanism by which local governments in China attempted to provide a cushion to plunging land prices in 2022, and the $9 trillion they have under management now looks to be under threat, according to S&amp;P Global Ratings. &nbsp;

Three banks in particular, Bank of Hangzhou Co, Bank of Chonquing Co and Bank of Chengdu Co are the most exposed to potential LGVF defaults, which analysts expect to be as high as 74% now according to Bloomberg. The defaults are on the way due to a lack of demand for land and new housing in provinces across China, which puts constraints on the cashflows of the government financing vehicles. &nbsp;

Bank of China Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BACHF#OTC">BACHF</a>) and China Construction Bank Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CICHF#OTC">CICHF</a>) both fell 2% while Hong Kong lender HSBC plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSBC#NYSE">HSBC</a>) was down 2.4% on the day.

New data from the US Treasury Department Wednesday showed that Chinese investors offloaded around $21 billion of US securities in August, which were mostly sales of Treasury Bills, the highest amount in four years. Chinese investors sold an all-time record of $5.1 billion of US equities in August. &nbsp;

Maquarie Group Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MQBKY#OTC">MQBKY</a>) analyst Gareth Berry said the large sale of US securities was down to China liquidating US dollar assets in the event it needed to intervene in its currency markets.

The Chinese yuan renminbi is currently trading at 7.32 RMB vs. the dollar, its lowest level in 15 years. Low domestic currency prices vs the dollar is good for companies that derive a big chunk of their income from overseas exports but bad for imports which China is increasingly reliant on.

EV makers plunged on headwinds from an upside earnings surprise announcement by BYD Company Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) Tuesday night in addition to disappointing earnings for Q3 from Tesla Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NYSE">TSLA</a>).

Wednesday night, Tesla <a href="https://www.benzinga.com/news/earnings/23/10/35318136/tesla-q3-earnings-highlights-revenue-miss-eps-miss-cybertruck-launch-set-for-november-and-more" style="color:#0563c1">reported adjusted earnings per share</a> of $0.66 vs. $0.73 expected and revenue of $23.35 billion vs. $24.1 billion expected, citing margin pressures associated with developing cheaper vehicle in the face of rising competition. CEO Elon Musk <a href="https://www.benzinga.com/news/23/10/35322048/tesla-ceo-elon-musk-details-enormous-challenges-in-reaching-volume-production-for-cybertruck-we-dug" style="color:#0563c1">also said the company would face &ldquo;enormous challenges&rdquo;</a> in delivering volume sales of its Cybertruck.

Days earlier, Tesla&rsquo;s main Chinese rival BYD <a href="https://www.benzinga.com/markets/asia/23/10/35308641/byd-leaps-on-record-sales-that-value-the-chinese-ev-maker-at-66-discount-to-tesla" style="color:#0563c1">said that it would report record sales and income for Q3</a> after increasing its global market presence.

Nio Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) and XPeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) both dropped over 8%, while Li Auto Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) was 4% lower on the day. BYD gave back 3% after strong performance the day before on the back of its pre-earnings statement.

Hong Kong Stocks Tumble Over Ugly Chinese Housing Data; EV Makers Plunge After Tesla's Earnings Disappointment

Stocks in Hong Kong and China closed the week out lower Friday as weak consumer sentiment and property market jitters resurfaced.

The Hang Seng Index ended a three-day winning streak to end down 2.2% at 17,813.45 while China&rsquo;s CSI 300 Index closed 1.1% lower at 3,663.41.

Consumer Price Inflation (CPI) in China <a href="https://www.bloomberg.com/news/articles/2023-10-13/china-s-consumer-prices-flatline-as-economic-concerns-persist?cmpid=BBD101323_CAS&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=231013&amp;utm_campaign=closeasia" style="color:#0563c1">slowed</a> to just half the expected amount, at 0.1%, while export growth slowed less than expected. The weakness in consumption demand hit consumer stocks Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) and Tencent Holdings Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) more than 3% in the Hong Kong trading session.

JD.com, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) plunged 10% after Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), Daiwa Securities Group Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DSECF#OTC">DSECF</a>) and Jefferies Financial Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JEF#NYSE">JEF</a>) all <a href="https://finance.yahoo.com/news/jd-com-shares-hit-record-092031381.html" style="color:#0563c1">cut</a> price and revenue targets for the company citing slower-than-expected retail growth in China and rumors that a businessman with the same surname as the company&rsquo;s Chairman had been arrested.

Consumer and asset prices are in a death-spiral now with deflation on the cards in mainland China, prompting stimulus proposals to shore up growth in the world&rsquo;s second largest economy to have been sent to Beijing this week.

One such proposal that is reportedly being considered by policymakers is a multi-billion RMB fund that will buy up depressed stock prices. Lower equity prices in China are one of the main reasons for a lack in consumption confidence as households worry they will continue to have less money to spend, according to local reports.

In the property sector, Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) analysts Praveen Choudhary&nbsp;and&nbsp;Jeffrey Mak revised previous estimates for the Hong Kong property market, calling their previous expectations for a rebound this year &ldquo;too optimistic&rdquo;. The bank says it now foresees a trifecta of declines in property prices on the island continuing from 2022 into this year and next.

Last year was one of the Hong Kong housing market&rsquo;s worst on record, with declines of 16%. The bank&rsquo;s analysts expect there to be another 5%-10% decline in 2024 in property values in Hong Kong on top of this year&rsquo;s 10% fall. That will push about 5% of all mortgages into negative equity territory, according to Bloomberg Analytics data. &nbsp;

Morgan Stanley <a href="https://www.bloomberg.com/news/articles/2023-10-12/morgan-stanley-now-sees-hong-kong-home-price-slump-through-2024?cmpid=BBD101323_CAS&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=231013&amp;utm_campaign=closeasia" style="color:#0563c1">downgraded</a> Wharf Holdings Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/WARFF#OTC">WARFF</a>), a property development firm, to &ldquo;underweight&rdquo; from &ldquo;overweight&rdquo; and the property market overall to &ldquo;in-line&rdquo; from &ldquo;attractive&rdquo;. Wharf Holdings finished nearly 1% lower.

Sino-Ocean Group Holding Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SIOLY#OTC">SIOLY</a>) became the latest in a long line of Chinese property developers to default on its bond repayments after <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/1013/2023101300047.pdf" style="color:#0563c1">asking</a> its creditors to wait a further two months for scheduled interest payments Friday. The announcement <a href="https://www.scmp.com/business/article/3234657/sino-ocean-freezes-payments-us4-billion-bonds-other-offshore-debt-pursue-restructuring-chinas" style="color:#0563c1">follows</a> a freezing of $4 billion of offshore debt by the company last month. Sino Ocean bucked the trend of most property developers, up 2.2%, as investors bet that the company&rsquo;s creditors would approve the delay at the meeting next Monday.

Among other notable Hong Kong real estate stocks, Country Garden Holdings Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CTRYF#OTC">CTRYF</a>) was 1.3% lower by the end of the day&rsquo;s trading and beleaguered Sunac China Holdings Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SNCNQ#OTC">SNCNQ</a>) fell over 3%.

In IPOs, Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-10-13/didi-plans-2024-hong-kong-listing-in-comeback-bid-that-would-benefit-softbank?cmpid=BBD101323_CAS&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=231013&amp;utm_campaign=closeasia" style="color:#0563c1">reported</a> that Didi Global Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DIDIY#OTC">DIDIY</a>), China&rsquo;s largest ride-hailing company, is planning a Hong Kong Stock Exchange listing in what is one of the exchange&rsquo;s worst years for new listings in a decade and a half. The company has been buying back stock from former and current employees in preparation for the listing, according to insiders.

Sluggish Retail Growth In China & More Headwinds For Hong Kong's Property Markets Drag Stocks Down

Shares of bank stocks lifted Hong Kong markets Thursday as China&rsquo;s sovereign fund went on a bank buying spree.

State-owned fund Central Huijin Investment Ltd. snapped up $65.7 million in Bank of China Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BACHY#OTC">BACHY</a>), China Construction Bank Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CICHY#OTC">CICHY</a>), Agricultural Bank of China Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ACGBF#OTC">ACGBF</a>) and Industrial &amp; Commercial Bank of China Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/IDCBY#OTC">IDCBY</a>). The fund said that it would continue with the purchases over the next 6 months, although declined to specify to what extent.

Huijin raised its stake in each bank by ten basis points. The investment fund now owns 64.03% of Bank of China, 40.04% of Agricultural Bank of China, 57.12% of China Construction Bank and 34.72% of ICBC, according to Caixin. All the four banks were up between 4-5% in Hong Kong trading.

<a href="https://www.benzinga.com/markets/penny-stocks/23/10/35199032/these-6-chinese-stocks-are-paying-a-dividend-of-over-10-right-now" style="color:#0563c1">With Chinese dividend yields currently near historic highs</a>, share purchases of stocks by DChinese state funds are expected to be highly profitable over the medium term, according to the region&rsquo;s investment managers. &nbsp;

More measures are being taken by Beijing to lift flagging confidence in the Chinese mainland. The Chinese government is now expected to raise the deficit as it puts in 1 trillion RMB ($137 billion) to shore up the local economy, although some analysts say this won&rsquo;t be enough.

Property developer stocks were sharply down on more gloomy data from the home market in Hong Kong. (<a href="https://www.benzinga.com/markets/penny-stocks/23/10/35128718/is-there-a-real-estate-bubble-in-hong-kong-thats-about-to-burst" style="color:#0563c1">See this recent article on the Hong Kong housing bubble</a> at Benzinga for more.)

Hong Kong negative equity mortgages <a href="http://www.aastocks.com/en/stocks/news/aafn-news/NOW.1299308/3" style="color:#0563c1">may</a> be about to hit a 19-year high after succumbing to a 10% drop in home prices this year, according to new data. With expectations for another 10% fall in home prices on the island, that means that over 5% of all homes will enter negative equity territory. Negative equity mortgages are where the total sum of the mortgage held exceeds the value of the property.

Country Garden Holdings Company Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CTRYF#OTC">CTRYF</a>) was down 1.3% while Sunac China Holdings Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SNCNQ#OTC">SNCNQ</a>) fell 0.95%. China Evergrande Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/EVGRF#OTC">EVGRF</a>) plunged 9% by the end of the day&rsquo;s trading.

EV names fared better on sentiment that bailouts would add to increased purchases for automobiles and recovering deliveries. NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) was up 1.1%, XPeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) gained 0.4%, Li Auto Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) rose 1.6% and BYD Company Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) jumped 3.1%

A <a href="https://asia.nikkei.com/Business/Markets/China-s-appetite-for-U.S.-IPOs-shows-little-sign-of-roaring-back?utm_campaign=GL_asia_daily&amp;utm_medium=email&amp;utm_source=NA_newsletter&amp;utm_content=article_link" style="color:#0563c1">report</a> by Nikkei said that Chinese companies are gradually coming back to list on US exchanges, although at a much slower pace that in 2021. Year-to-date, 17 Chinese companies have debuted on US exchanges, raising $405 million vs. 14 Chinese firms for the whole of 2022 which raised $468 million. That&rsquo;s still far off the $12.6 billion raised by 34 Chinese companies in 2021.

The report said that the Chinese companies that went public in the US between 2018 and 2021 have so far showed investors a -65% return from offer vs. just -16% for returns on non-Chinese IPOs in the US. Of the Chinese IPOs that have gone public this year, only one, Hesai Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HSI#NASDAQ">HSI</a>) has raised more than $50 million and that is currently trading at half the value it was in its February debut.

The report added that tighter accounting regulations for companies wanting to list stateside, by both Chinese and American authorities, as well as political tensions between the two countries were hampering a strong return to US markets for new China listings. &nbsp;

The report cited Alibaba Group Holding Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) as an example of the sort of stock that has fallen out of favor among investors in recent years due to these extenuating circumstances.

Alibaba rose in value in Hong Kong along with other big consumer names JD.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) and Tencent Holdings Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) on the market&rsquo;s broader bullish bailout sentiment.

The Hang Seng Index rose 1.9% to 18,283.21 while the CSI 300 finished the day 1% higher at 3,702.38.

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Comments

Sunac China Hldgs

News

Latest news for Sunac China Hldgs (OTC:SNCNQ) Stock

Thursday, October 19, 2023

Friday, October 13, 2023

Thursday, October 12, 2023