Friday Tech Briefing: Tencent Music, Apple, Lenovo
Tencent Music Entertainment Group, the music arm of Tencent, has decided to postpone its IPO until at least November.
Reports suggest Tencent Music was supposed to meet with its underwriting team this week to discuss the price range for the company’s IPO and start its road show next week. However, the market selloff this week in the U.S. and China has forced the team to put the plan on hold.
Tencent Music, China’s largest music streaming company, had filed to raise up to $1 billion in a New York IPO Oct.2. (Wall Street Journal)
Less than two years after becoming one of the world’s 10 most valuable publicly traded companies, social networking giant Tencent Holdings Ltd. has passed a less flattering milestone by crashing out of the same elite club.
The company posted a 10th consecutive day of share price declines, including a large drop on Thursday amid a broader market sell-off that saw China’s two main stock markets plunge by around 6%. That sell-off alone has seen Tencent’s shares fall by nearly 20% over that period, wiping out about $80 billion in market value.
Those declines pushed Tencent’s market cap down to about $320 billion on Thursday, making it the world’s 11th most valuable company. (Caixin)
From visiting students at a middle school in Beijing, to crossing Shanghai’s Huangpu River on a ferry, and catching a yoga class where enthusiasts check their fitness on Apple watches, Apple CEO Tim Cook has so far had a busy week in China.
A source told Caixin on Thursday that the major purpose of Cook’s visit this time was to attend the board meeting of the Tsinghua University School of Economics and Management, as he is a board director.
However, Cook’s trip to China also coincides with lackluster sales of Apple’s latest iPhone series, the XS, which sells for as much as $1,850. Several retailers say the steep prices have resulted in disappointing sales so far. (Caixin)
Micron CEO Sanjay Mehrotra said that the memory-chip company plans to shift production of products intended for U.S. markets from China to its other manufacturing facilities in the U.S., Scotland, Japan, Taiwan and Singapore.
Mehrotra said it will take three to four quarters for Micron to adjust to the tariffs, but the company will be able to accomplish it.
Micron has been heavily affected by the trade tensions between China and the U.S. In July, a local court in East China’s Fujian province barred some Micron memory products from China, as Micron is involved in a patent infringement lawsuit with Fujian Jinhua Integrated Circuit Co. Micron is also suing Fujian Jinhua and its partner Taiwan chip company United Microelectronics Corp. in a U.S. court for stealing trade secrets. (Market Watch)
Lenovo Group Ltd. regained its spot as the world’s largest PC-seller in the third quarter, new data showed on Thursday.
Lenovo controlled 24% of the global PC market during the three months through September, as its sales rose 5.8% from the previous year, according to data tracking firm IDC. That allowed it to surpass previous leader HP Inc., which finished second with 22.8% of the market after its sales grew just 0.3%.
IDC cited Lenovo’s inclusion of the PC business from Japan’s Fujitsu through a joint venture in November as a factor that helped the firm retake the lead. (Caixin)
RoboSense, a 2014 Chinese startup that focuses on the light imaging, detection, and ranging (LIDAR) technology used in autonomous cars and mapping, announced that it has received over $45 million from investors including Cainiao Smart Logistics Network Ltd., Shanghai Automotive Industry Corporation, and Beijing Automotive Industry Holding Co.’s electric vehicle company. Cainiao is the logistics arm of Alibaba Group.
In previous financing rounds, RoboSense also raised money from Haitong Securities, Fosun Group, Oriental Fortune Capital, Kinzon Capital, and Guangdong Investment Pte Ltd. (Company announcement)
Compiled by Zhang Erchi
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