In the afternoon session, both indices kept fluctuate. Till market closed, Non-ferrous Metal and Household Appliance led the gains; Coal and Construction led the falls. In total, both markets traded 355.68 billion RMB, up 2.5% dod.
|Open||Close||% Change||(bn yuan)|
|Sector||Top 1||Led by||Top 2||Led by|
|Upward-leading||Household Appliance||000603||Electronic Component||300317|
*Alibaba Given Green Light to Sell an Additional 75 Million Shares for $1.68 billion
Alibaba has been given the nod to raise an additional HK$13.17 billion ($1.68 billion) by fully exercising an over-allotment option after its landmark listing in Hong Kong last month, the company said in a notice filed to the Hong Kong Stock Exchange on Tuesday. (Caixin)
*China’s Major Internet Firms See 10-Month Revenue Grow 21% Year-on-Year
From January to October, the Chinese internet sector and its related services industry achieved a combined revenue of 990.2 billion yuan ($140 billion), representing a year-on-year increase of 21%, while their R&D spending was up 23.6% to 39.93 billion yuan, according to statistics released by the Ministry of Industry and Information Technology (MIIT) on its public WeChat account Tuesday. The companies surveyed refer to those with annual revenues of more than 5 million yuan in the previous year. (Caixin)
*Shares in Tencent-Backed News Aggregator Plunge After Unconvincing Q3 Report
Despite chalking up surges in revenue and active users in its third-quarter earnings report, Tencent-backed content aggregator Qutoutiao saw its stock price plummet Tuesday as investors blanched at its continued losses. (Caixin)
*Oppo Could Be the Smartphone Maker to Watch in 2020 on Surging Low-End Sub-Brand
As 2019 winds down, former smartphone superstars Huawei and Xiaomi are struggling. The former has retreated from the world stage, weighed down by U.S. sanctions that have cut it off from many of its key suppliers. While the latter is struggling in its key home China market, as it faces stiff competition from Huawei and other domestic brands. (Caixin)
*Blackstone CEO Stephen Schwarzman Opens Up About China
More than a year after trade tensions began in earnest, the will-they-or-won’t-they story of a “phase-one” deal between the United States and China remains unresolved. For Stephen Schwarzman, chairman and CEO of the global private equity group Blackstone, deeper cultural ties between the two sides may hold the key to positive future relations. (Caixin)
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