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중국 전기 자동차 제조사 니오(NYSE:NIO)는 이달 말까지 대중 시장을 겨냥한 새로운 모델을 출시할 예정이며, 내년에 유럽에서 30,000달러 미만의 가격으로 판매될 소형 EV도 선보일 예정이라고 한다. 니오는 테슬라(NASDAQ:TSLA)의 모델 Y를 겨냥한 새로운 EV를 출시하기 위해 하위 브랜드 온보(Onvo)를 설립했다고 최고경영자(CEO)인 윌리엄 리(William Li)가 확인했다고 로이터 통신이 보도했다.

테슬라의 경쟁 기업 니오, 5월에 대중 시장용 전기차 브랜드 출시 예정: 보도

INVSC GOLDEN DRAGON ETF

NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) stock is trading higher on Tuesday after the company reported a year-over-year increase in<a href="https://www.benzinga.com/movers" target="_blank" rel="noreferrer noopener"> September and third-quarter delivery results.</a>
The company reported delivering 21,181 vehicles in September 2024, reflecting<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/g41111742/nio-inc-provides-september-and-third-quarter-2024-delivery-update" rel="noreferrer noopener"> a year-over-year increase of 35.4%</a>. This total included 20,349 vehicles from its premium smart electric vehicle brand, NIO, and 832 vehicles from its family-oriented brand, ONVO. As of September 30, 2024, cumulative deliveries reached 598,875.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, NIO stock has lost over 23% in 2023. Investors can gain exposure to the stock via&nbsp;Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41114350/chinese-ev-trio-nio-xpeng-li-auto-surge-higher-in-tuesdays-premarket-whats-going-on" rel="noreferrer noopener">Chinese EV Trio Nio, XPeng, Li Auto Surge Higher In Tuesday&#8217;s Premarket: What&#8217;s Going On</a>
Last month, Monolith, a provider of artificial intelligence (AI) software for cutting-edge engineering teams, had been <a target="_blank" href="https://www.monolithai.com/press-release/nio-europe-collaboration" rel="noreferrer noopener">selected </a>by NIO to collaborate on AI-driven anomaly detection in electric vehicle batteries.
The company will implement Monolith&#8217;s Anomaly Detector AI software to monitor battery performance using data collected from the field.
This information will serve as a foundation for comparing test-bench results and will be integrated into further verification efforts. With the Anomaly Detector, engineers from NIO and Monolith can identify abnormalities in cross-channel data relationships at an unprecedented speed.
&#8220;By combining our expertise in battery performance with Monolith&#8217;s advanced laboratory capabilities, we&#8217;re setting new standards in battery monitoring, ensuring unparalleled efficiency and reinforcing NIO&#8217;s dedication to innovation and quality,&#8221; said Frank Kindermann, Head of Battery System Europe at NIO.&nbsp;
Price Action: NIO shares are trading higher by 2.33% to $6.83 at last check Tuesday.
Photo by Sundry Photography on Shutterstock
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What's Going On With NIO Stock Tuesday?

Alibaba Group Holding&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) cloud computing services unit tapped&nbsp;Nvidia&nbsp;Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) to boost the&nbsp;autonomous driving&nbsp;experience for Chinese smart vehicle owners like Li Auto Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>),&nbsp;Great Wall Motor Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GWLLY#OTC">GWLLY</a>),&nbsp;Geely Auto&#8217;s&nbsp;ZEEKR Intelligent Technology Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZK#NYSE">ZK</a>)&nbsp;and the EV unit of&nbsp;Xiaomi Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/XIACY#OTC">XIACY</a>).
China is currently grappling with U.S. advanced semiconductor sanctions, which have restricted its access to Nvidia and other chipmakers&#8217; sophisticated artificial intelligence chips.
The U.S. chip companies opposed the U.S. move, citing the importance of China as a key semiconductor market. Alibaba has also voiced how the embargo has affected its AI endeavors.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/09/40923879/chinas-ymtc-makes-strides-in-chip-production-substitutes-asml-lam-research-tech-as-us-sanctions-bite" rel="noreferrer noopener">China&#8217;s YMTC Makes Strides in Chip Production; Substitutes ASML, Lam Research Tech As US Sanctions Bite: Report</a>
Alibaba Cloud showcased a large multimodal model (LMM) solution for automotive applications that it co-developed with its intelligent cockpit solution provider Banma Network Technology and Nvidia at the&nbsp;Apsara Conference, SCMP <a target="_blank" href="https://www.scmp.com/tech/big-tech/article/3279428/alibaba-nvidia-collaborate-advanced-autonomous-driving-solution-computing-services" rel="noreferrer noopener">reports</a>.
Alibaba Cloud integrated Qwen&#8217;s portfolio of proprietary large language models (LLMs) with Nvidia&#8217;s Drive AGX Orin platform for autonomous vehicles. The new LMM solution will enable in-car voice assistants to offer recommendations, and execute voice commands SCMP cites Alibaba Cloud.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23042244/newplot-17.png" alt="" class="wp-image-560553" style="width:920px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23042244/newplot-17.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23042244/newplot-17-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Nvidia and Alibaba Cloud look to Qwen LLMs to Nvidia&#8217;s Drive Thor, a centralized car computing platform.
Last week, Alibaba kicked off its <a target="_blank" href="https://www.benzinga.com/government/24/09/40936014/whats-going-on-with-chinese-tech-stocks-like-alibaba-pdd-on-thursday" rel="noreferrer noopener">Aspara Conference 2024</a>, showcasing 100 open-source AI models catering to applications and sectors ranging from automobiles to gaming and science research.
Chinese e-commerce juggernaut Alibaba Group Holding&#8217;s stock has risen over 1% in the last 12 months as the weak domestic economy and geopolitical tensions bite.
Investors can gain exposure to the stock through the Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) and the Trust for Professional Managers ActivePassive International Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APIE#NYSE">APIE</a>).
Price Actions: BABA stock is up 0.85% at $89.04 premarket at last check Monday.
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Photo by Fooksou Lamimo via Wikimedia Commons

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Alibaba Teams Up With Nvidia to Supercharge EVs for Chinese Automakers: Report

Chinese EV manufacturer NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares are trading lower in<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener"> the premarket session on Tuesday.</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, NIO stock has lost over 46% in the past year. Investors can gain exposure to the stock via Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) and&nbsp;KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>).
Today, Chinese automotive powerhouse Chery has joined Nio&#8217;s charging network, becoming the 13th company to do so, <a target="_blank" href="https://cnevpost.com/2024/09/10/chery-plugs-into-nio-charging-network/" rel="noreferrer noopener">reported </a>CnEV Post. On September 10, Wuhan Nio Energy Co Ltd (NIO Power) and Anhui Chery Green Energy Ecological Technology Co Ltd formalized their partnership through a charging service cooperation agreement.
NIO Power&#8217;s charging network is now accessible to brands such as Chery, Exceed, and Jetour, offering a broad range of efficient and convenient charging services, the report read.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40761185/teslas-ambitious-fsd-roadmap-nio-accelerates-with-strong-guidance-faraday-future-ge" rel="noreferrer noopener">Tesla&#8217;s Ambitious FSD Roadmap, Nio Accelerates With Strong Guidance, Faraday Future Gets Lifeline And More: Biggest EV Stories Of The Week</a>
This partnership adds another company to the list of those collaborating with Nio to share its charging facilities, as they aim to leverage one of China&#8217;s largest and most extensive charging networks, the report noted.
NIO&#8217;s charging network has consistently been accessible to other EV brands.
As of today, NIO boasts one of the largest public charging networks among Chinese car brands, featuring 2,339 supercharging stations with 10,669 charging piles and 1,638 destination charging stations with 12,613 chargers across China.
Additionally, the company operates 2,510 battery swap stations in the country, 843 of which are situated along highways.
Chery&#8217;s partnership with NIO to charge network sharing is the second such announcement this month. On September 5, Dongfeng Motor&#8217;s premium electric off-road brand, M-Hero, also announced it would access NIO&#8217;s charging network, CnEV Post added.
Price Action: NIO shares are trading lower by 1.80% to $5.47 premarket at last check Tuesday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

KARS

What's Going On With NIO Shares Tuesday?

NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares are trading marginally higher in the <a href="https://www.benzinga.com/premarket" target="_blank" rel="noreferrer noopener">premarket session on Friday.</a>
The company reported Thursday fiscal second-quarter revenue of 17.45 billion yuan ($2.4 billion), up 98.9% year-over-year and 76.1%%<a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener"> from the previous quarter.</a>
Analysts, on average, estimated revenue of&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/g40724888/nio-inc-reports-unaudited-second-quarter-2024-financial-results" rel="noreferrer noopener">$2.44 billion&nbsp;for the quarter</a>.
Excluding share-based compensation expenses, the company reported an adjusted loss per share/ADS of 2.21 yuan or 30 cents compared to a loss of 3.28 yuan in the year-ago quarter and 2.39 yuan in the first quarter of 2024.
Analysts had called for a <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">loss of 31 cents per share</a>. The stock price gained after the print.
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/09/40726231/nio-q2-earnings-eps-beat-deliveries-growth-strong-q3-outlook-and-more" target="_blank" rel="noreferrer noopener">NIO Q2 Earnings: EPS Beat, Deliveries Growth, Strong Q3 Outlook And More</a>
JPMorgan analyst Nick Lai upgraded the stock from Neutral to Overweight, raising<a href="https://www.benzinga.com/quote/NIO/analyst-ratings" target="_blank" rel="noreferrer noopener"> the price target from $5.3 to $8</a>.
Meanwhile, NIO co-founder and president Qin Lihong recently disclosed that the electric vehicle manufacturer aims to deliver 220,000 vehicles in 2024. This is the first time the company&#8217;s management has publicly announced a specific delivery target, <a href="https://cnevpost.com/2024/09/06/nio-aims-to-deliver-220000-cars-2024/" target="_blank" rel="noreferrer noopener">reported</a> CnEV Post.
Qin shared this goal during an interview with local automotive media outlet Auto Home at the Chengdu auto show.
NIO announced on Sept. 1 that it delivered 20,176 vehicles in August, marking the fourth consecutive month of deliveries exceeding 20,000 units.
According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>, NIO stock has lost over 54% in the past year. Investors can gain exposure to the stock via KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) and Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>).
Price Action: NIO shares are trading higher by 1.24% to $4.90 premarket at last check Friday.
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</ul>
Image: Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

What's Going On With NIO Shares Today?

NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares are trading higher <a target="_blank" href="https://www.benzinga.com/quote/NIO" rel="noreferrer noopener">in the premarket session on Wednesday.</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, NIO stock has gained over 6% in the past month. Investors can gain exposure to the stock via&nbsp;KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) and&nbsp;Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>).
Last month, the electric vehicle (EV) manufacturer increased the number of battery swap stations by 40 in China, as documented on the Nio App today, <a target="_blank" href="https://cnevpost.com/2024/09/04/nio-adds-40-swap-stations-aug-2024/" rel="noreferrer noopener">reported</a> CnEV Post.
This figure represents a significant rise from the 19 stations added in July, although it remains lower than last year.
The report read that 35 of the battery swap stations added last month were the latest fourth-generation models. This indicates that NIO also introduced five older-generation stations in August.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40646699/teslas-china-woes-just-got-worse-xpengs-model-3-killer-receives-over-30k-orders-in-48-hours-of-l" rel="noreferrer noopener">Tesla&#8217;s China Woes Just Got Worse: XPeng&#8217;s Model 3 Killer Receives Over 30K Orders In 48 Hours Of Launch</a>
NIO revealed its fourth-generation swap stations during Nio Day 2023 on December 23, 2023, and began operating the first of these new stations on June 13, 2024.
At NIO Day 2023, the company announced plans to add 1,000 battery swap stations in 2024. However, in July, NIO founder, chairman, and CEO William Li suggested that this target might be postponed.
By the end of 2023, NIO had 2,316 battery swap stations in China. As of the end of August, this number had risen to 2,498, and it currently stands at 2,504.
At its Power Up 2024 event on August 20, the company detailed its progress and new infrastructure plans, aiming for its battery swap station network to cover over 2,300 counties by December 31, 2025.
NIO has already begun implementing its Power Up Counties plan, with five county-level regions seeing their first Nio battery swap station go live in August, as reported today.
In August, NIO performed 2.37 million battery swap services, averaging 76,680 per day. This equates to approximately one battery swap service completed every 1.13 seconds.
On average, each NIO user utilized the battery swap service four times in August, with each swap taking about three minutes, the report highlighted
Price Action: NIO shares are trading higher by 2.65% to $4.26 premarket at last check Wednesday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

What's Going On With NIO Shares Wednesday?

NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares are<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener"> trading lower on Tuesday in the premarket session.</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, NIO stock has lost over 62% in the past year. Investors can gain exposure to the stock via&nbsp;KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) and Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>).
The company is set to adjust its charging model for its flagship battery swap service in China, aiming to balance cost with user experience as the service gains traction, CnEV Post reported.
A user briefing on these changes will be held on Friday, September 6, at 7 pm Beijing time, as announced on the NIO App today, the report read.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/best-electric-vehicle-stocks" rel="noreferrer noopener">Best EV Stocks</a>
Additionally, as stated in the company&#8217;s announcement on August 22, Nio will release its unaudited financial results for the second quarter on Thursday, September 5, 2024, <a href="https://www.benzinga.com//node/40501940" target="_blank" rel="noreferrer noopener">prior to the opening of U.S. markets.</a>
Nio inaugurated its first battery swap station in Shenzhen on May 20, 2018. As of yesterday, the company has expanded to 2,500 such stations in China and operates 54 stations in Europe, CnEV Post added.
On August 5, Nio achieved a cumulative total of 50 million battery swap services.
In August 2024, NIO delivered 20,176 vehicles, including 11,923 premium smart electric SUVs and <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/g40668125/nio-inc-provides-august-2024-delivery-update" rel="noreferrer noopener">8,253 premium smart electric sedans.</a> As of August 31, 2024, NIO&#8217;s total cumulative deliveries reached 577,694 vehicles.
Price Action: NIO shares are down 0.51% at $4.02 premarket at the last check Tuesday.
Photo via Shutterstock
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<li><a href="https://www.benzinga.com/markets/equities/24/09/40669363/teslas-china-rivals-report-steady-august-sales-performance-amid-intense-price-competition-what-i" target="_blank" rel="noreferrer noopener">Tesla&#8217;s China Rivals Report Steady August Sales Performance Amid Intense Price Competition: What Investors Should Know</a></li>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

What's Going On With NIO Stock Today?

Bank of America is bullish on <a href="https://www.benzinga.com/markets/equities/24/07/39701760/nvidia-alibaba-jumia-technologies-chipotle-tesla-why-these-5-stocks-are-on-investors-radars-toda">Alibaba Group Holding</a> Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) and expects a 6% spike in year-over-year revenue when the Chinese e-commerce company reports first-quarter earnings Thursday.
The expected a 6% increase in revenue to 248 billion yuan is in line with analyst consensus.
Analyst Joyce Ju said Alibaba&#8217;s customer management revenue in the Chinese market is expected to rise 2.3% to 81.5 billion yuan ($114 billion). Gross merchandise value is forecasted to rise by a single-digit percentage after Alibaba overhauled its Taobao e-commerce platform in an initiative carried out by Taobao and Tmall, Alibaba&#8217;s domestic e-commerce unit, the analyst said. 
&nbsp;&#8220;We believe TT managed to slightly outgrow the industry as physical online goods sales reported by NBS was only 6.4% in 2Q24,&#8221; she wrote in a note.
Ju reiterated an Outperform rating on Alibaba and raised the price target from $103 to $106.
Alibaba revamped its webpage<a href="https://www.benzinga.com/news/24/05/38670543/alibabas-to-overhaul-taobao-in-strategic-move-to-reclaim-e-commerce-dominance"> earlier this year</a> in its most significant update in seven years to improve the shopping experience ahead of China's major 618 shopping festival in late May.
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The upgrade focused on streamlining the layout and simplifying the search and buying process for users and merchants.&nbsp;
Alibaba&#8217;s full-year revenue is expected to grow to 125 billion yuan by 2025, according to BofA. 
BABA Price Action: Shares of Alibaba were down 1.8% to $79.60 at the time of publication Wednesday.
This decline was mirrored across several related ETFs:
<ul>
<li>Invesco Golden Dragon China ETFProShares Online Retail ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) fell 1.91%.</li>
<li>ProShares Online Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ONLN#NYSE">ONLN</a>) slipped 0.24%.</li>
<li>Global X E-commerce ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBIZ#NASDAQ">EBIZ</a>) decreased 1.09%.</li>
<li>ProShares Long Online/Short Stores ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLIX#NYSE">CLIX</a>) dropped 0.65%.</li>
<li>Matthews Pacific Tiger Active ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASIA#NYSE">ASIA</a>) slid 0.85%.</li>
</ul>
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</ul>
Photo courtesy Alibaba.

Asia

Analyst Ratings

ASIA

CLIX

EBIZ

ONLN

Alibaba's Taobao Overhaul Boosts Growth: Analyst Expects 6% Quarterly Revenue Spike

Yum China Holdings, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUMC#NYSE">YUMC</a>) shares are trading higher after the company reported second-quarter results yesterday. Revenue&nbsp;increased 1% year over year to&nbsp;$2.68 billion, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/n40172102/yum-china-reports-second-quarter-results" rel="noreferrer noopener">missing the consensus of $2.77 billion</a>.
Total system sales rose 4% Y/Y, excluding currency effects, due to an 8% increase of in net new units.
Same-store sales were at 96% of last year&#8217;s level, with same-store transactions up 4% Y/Y in the quarter. Delivery sales increased 11% YoY, continuing Yum China&#8217;s decade-long double-digit growth trend.
Digital sales hit $2.2 billion in the quarter, with digital ordering comprising about 90% of total company sales.
KFC&#8217;s system sales grew 5% YoY, driven by an 8% contribution from new units, while Pizza Hut&#8217;s system&nbsp;sales rose 1% YoY, also boosted by an 8% increase from new units.
Core operating profit grew 12% Y/Y to $275 million, with a margin of 10.0% vs. 9.3% a year ago quarter. EPS $0.55 surpassed<a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener"> the street view of $0.47</a>.
As of June 30, 2024, the total store count was 15,423, comprising 10,931 KFC and 3,504 Pizza Hut locations. The company added 401 net new stores in the quarter, with 99 opened by franchisees.
In the second quarter, Yum China returned $249 million to shareholders through share repurchases and cash dividends.
Joey Wat, CEO of Yum China, said, &#8220;We achieved our most profitable second quarter since the spin-off, with core operating profit growing by 12% despite challenging industry dynamics. Our sharp focus on value-for-money and innovative new products worked well, driving robust same-store transaction growth.&#8221;
Outlook: Yum China reiterated FY24 targets and plans to open 1,500 to 1,700 new stores, invest $700 million to $850 million in capital expenditures, and return $1.5 billion to shareholders through <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">dividends and share repurchases</a>.
Apart from this, Yum China disclosed that Chief Financial Officer Andy Yeung will resign for personal reasons, effective September 30, 2024. Adrian Ding will serve as <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/n40172088/yum-china-board-announces-cfo-transition-and-welcomes-new-board-member" rel="noreferrer noopener">Acting CFO starting October 1, 2024</a>.
Yum China&nbsp;also announced the appointment of&nbsp;Mikel Durham to the Board of Directors, effective&nbsp;August 12, 2024. In connection with the&nbsp;appointment, the&nbsp;size of the&nbsp;Board was increased to&nbsp;12&nbsp;directors, ten of whom are independent.
Investors can gain exposure to YUMC via Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) and Global X MSCI China Consumer Discretionary ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHIQ#NYSE">CHIQ</a>).
Price Action: YUMC shares are up 8.39% at $32.30 premarket at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by aleks-dorohovich- for Unsplash

Earnings

Guidance

Buybacks

CHIQ

YUMC

Restaurant Company Yum China Posts Mixed Q2 Results, Announces CFO Change

Baidu Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) shares are trading <a href="https://www.benzinga.com/premarket">higher in premarket today</a>.
The tech company unveiled an upgraded version of its AI model, Ernie 4.0 Turbo, on Friday as part of its strategy to stay competitive in China&#8217;s rapidly evolving AI market. 
The launch follows the release of Ernie 4 in October 2023, which Baidu claimed was on par with OpenAI&#8217;s GPT-4 in terms of capabilities, reported Reuters.
The new model will be available to the public through web and mobile app interfaces. Developers can integrate the technology through Baidu&#8217;s Qianfan AI platform, Wang Haifeng, Baidu&#8217;s Chief Technology Officer, stated at a corporate event. 
Since its launch, Ernie has amassed 300 million users. Baidu also announced enhancements to its PaddlePaddle AI ecosystem, which now supports 14.65 million developers and serves 370,000 businesses and institutions.
Also Read: <a href="https://www.benzinga.com/news/24/06/39502578/openais-china-exit-sets-stage-for-local-ai-surge-with-baidu-alibaba-as-potential-gainers">OpenAI&#8217;s China Exit Sets Stage For Local AI Surge With Baidu, Alibaba As Potential Gainers</a>
OpenAI recently announced it would block access to its API from <a href="https://www.benzinga.com/news/24/06/39476585/chatgpt-maker-openai-to-restrict-access-to-ai-tools-in-china-amid-rising-tensions-report">China and other countries starting July 9</a>. 
This decision is likely to impact many Chinese startups that rely on OpenAI&#8217;s technology. In response, Baidu, Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), and other domestic AI firms have launched initiatives to attract these users by offering free migration services and incentives.
The upgraded Ernie 4.0 Turbo aims to provide users with a powerful AI tool that can rival international counterparts. 
Baidu stock has lost more than 38% in the last 12 months. Investors can gain exposure to the stock via Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) and Global X Social Media ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOCL#NASDAQ">SOCL</a>).
Price Action: BIDU shares are trading higher by 0.42% at $87.40 in premarket at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: 
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</ul>

BIDU

SOCL

What's Happening With Baidu's Shares On Friday?

DouYu International Holdings Limited&nbsp;(NASDAQ:&nbsp;DOYU) reported a fiscal first-quarter 2024 revenue decline of 29.9% to $144 million year-on-year, missing the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/n39177624/douyu-international-holdings-limited-reports-first-quarter-2024-unaudited-financial-results" rel="noreferrer noopener">analyst consensus estimate of $184 million</a>.
The Chinese game-centric live streaming platform&#8217;s adjusted earnings per ADS loss of $(0.37) <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">compared to $1.10 Y/Y</a>. The stock price declined after the results.
Segments: DouYu&#8217;s Livestreaming revenues decreased by 41.5% Y/Y to $110.9 million due to the soft macroeconomic environment.
Advertising and other revenues increased by 109.3% Y/Y to $33.1 million, primarily attributable to the increase in other revenues contributed by other innovative business.
Gross margin declined from 11.9% to 10.5% Y/Y, attributable to decreased livestreaming revenues.
DouYu held $936.6 million in cash and equivalents as of March-end.
Drivers: DouYu&#8217;s quarterly average mobile MAUs fell to 45.3 million, down from 50.2 million a year ago.&nbsp;The quarterly average paying user count decreased to 3.4 million from 4.5 million a year ago.
Hao Cao, Vice President of DouYu, commented, &#8220;While we shore up our fundamentals, we continue to face revenue pressures from soft macroeconomic conditions and ongoing adjustments to the livestreaming business, as well as operating uncertainties.&#8221;
The stock gained over 42% in the last six months. Investors can gain exposure to it via the&nbsp;Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>)&nbsp;and&nbsp;the SPDR S&amp;P China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GXC#NYSE">GXC</a>).
Price Action: DOYU shares traded lower by 4.15% at $9.70 premarket at the last check Wednesday.
Photo via Shutterstock

DOYU

DouYu's Q1 Performance Falters: CEO Highlights Soft Market Challenges

Trip.com Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCOM#NASDAQ">TCOM</a>) shares are trading lower after the company announced a proposed offering of <a target="_blank" href="https://www.benzinga.com/wiim/24/06/39155010/trip-com-shares-are-trading-lower-after-the-company-announced-a-proposed-offering-of-1-3-billion-of" rel="noreferrer noopener">$1.3 billion of convertible senior notes</a>.
The convertible senior notes will mature on&nbsp;June 15, 2029,&nbsp;unless repurchased, redeemed, or converted per their terms before such date.&nbsp;
The holders of the note have the right to demand that the company buy back all or a portion of their notes for cash on June 15, 2027, or upon the occurrence of certain fundamental changes.
The company intends to use the net proceeds from the Notes offering to repay existing financial debt, expand its overseas operations, and meet working capital requirements.
Simultaneously with the pricing of the Notes Offering, the company plans to repurchase a number of its ADSs for up to $400 million, which will be carried out under its existing share repurchase plans through off-market privately negotiated transactions.
The company anticipates that the purchase price for the concurrent repurchase will be the last reported sale price per ADS on the NASDAQ as of June 4, 2024.
Investors can gain exposure to the stock via Tidal Trust II CoreValues Alpha Greater China Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CGRO#NYSE">CGRO</a>) and Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/05/38939261/these-analysts-raise-their-forecasts-on-trip-com-group-after-upbeat-results" rel="noreferrer noopener">These Analysts Raise Their Forecasts On Trip.com Group After Upbeat Results</a>
Price Action: TCOM shares are down 3.85% at $49.75 premarket the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Unsplash/ Charlotte Noelle

Large Cap

Offerings

CGRO

TCOM

Trip.Com Stock Is Trading Lower Tuesday: What's Going On?

NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares are trading lower in the premarket session on Wednesday.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, NIO stock has lost over 30% in the past six months.
BofA Securities analyst Ming Hsun Lee maintained a Neutral rating on NIO and <a target="_blank" href="https://www.benzinga.com/quote/NIO/analyst-ratings" rel="noreferrer noopener">lowered the price target from&nbsp;$6.5&nbsp;to&nbsp;$5.9.</a>
Investors can gain exposure to the stock via KraneShares MSCI China Clean Technology Index ETF (KGRN)&nbsp;and Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>).
The company is currently in the headlines for adding a new NIO House in the Netherlands as it moves ahead wit<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/39008880/whats-going-on-with-nio-shares-on-friday" rel="noreferrer noopener">h efforts to expand in Europe.</a>
Following the Rotterdam opening on March 23, 2023, the NIO House in the Netherlands&nbsp;becomes&nbsp;NIO's&nbsp;second establishment&nbsp;in the country.
Meanwhile, China reportedly allocates around RMB6 billion yuan ($830 million) for research and development in all-solid-state batteries.
Six companies, namely CATL, BYD Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>), China FAW Group, SAIC Motor Corp, Beijing WeLion New Energy Technology, and Geely Auto Group, are poised to receive foundational R&amp;D assistance from the government, CnEV Post <a target="_blank" href="https://cnevpost.com/2024/05/29/china-may-devote-830-m-support-solid-state-battery/" rel="noreferrer noopener">reported</a>, citing local media.
Notably, Chinese EV manufacturer NIO introduced its 150-kWh semi-solid-state battery during the unveiling of its ET7 sedan at the Nio Day 2020 event on January 9, 2021, marking a significant milestone for this emerging battery technology.
Local startup WeLion supplies the cells for Nio&#8217;s semi-solid state battery, delivering 360 Wh/kg lithium battery cells since June 30, 2023, CnEV Post added.
Despite its innovation, the 150-kWh battery pack is currently expensive, with Nio&#8217;s president mentioning it would cost similar to an ET5 sedan. The trial operations for the 150-kWh battery pack commenced this month, with full operations scheduled to commence on June 1.
Related: <a target="_blank" href="https://www.benzinga.com//node/39061399" rel="noreferrer noopener">China&#8217;s Pumping Big Money Not Just Into Chip Sector But Also EV Batteries: Key Tesla, Nio Suppliers Among Those Eligible To Get $830M R&amp;D Funding</a>
Price Action: NIO shares traded lower by 1.22% at $4.85 premarket at last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/39021107/donald-trump-floats-idea-of-bringing-back-adviser-peter-navarro-for-potential-second-term-despit" target="_blank" rel="noreferrer noopener">Donald Trump Floats Idea Of Bringing Back Adviser Peter Navarro For Potential Second Term Despite Prison Sentence: &#8216;I Would Absolutely Have Peter Back&#8217;</a>
Photo via Shutterstock

BYDDF

BYDDY

What's Going On With NIO Stock Wednesday?

NIO Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares are trading higher in the&nbsp;<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">premarket session on Tuesday.</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, NIO stock has lost over 34% in the past year.&nbsp;
Over&nbsp;the weekend, the company reportedly achieved a milestone by delivering its 200,000th ES6, coinciding with the&nbsp;one-year&nbsp;anniversary&nbsp;since&nbsp;the launch of the&nbsp;model&#8217;s&nbsp;second generation, CnEV Post&nbsp;<a target="_blank" href="https://cnevpost.com/2024/05/27/nio-delivers-200000th-es6/" rel="noreferrer noopener">reported</a>.
Nio, the electric vehicle (EV) manufacturer, recently delivered the&nbsp;vehicle&nbsp;to a customer in Shanghai, the report read, citing an announcement made on its mobile app.
Nio has sold over 31,000 units of the ES6 in Shanghai since 2019.
By the end of April, sales figures showed that over 127,000 units of the first-generation ES6 had&nbsp;been delivered.&nbsp;Additionally, in the past year, the second-generation ES6 has seen impressive sales, with more than 73,000 units sold, CnEV Post added.
NIO recently said it will hold an&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/g39002653/nio-to-hold-annual-general-meeting-on-june-25-2024" rel="noreferrer noopener">annual general meeting of shareholders on June 25, 2024</a>. The company will publish its&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">first-quarter results on June 6</a>.&nbsp;
The company is currently in the headlines for adding a new NIO House in the Netherlands as it moves ahead wit<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/39008880/whats-going-on-with-nio-shares-on-friday" rel="noreferrer noopener">h efforts to expand in Europe.</a>
Following the Rotterdam opening on March 23, 2023, the NIO House in the Netherlands&nbsp;becomes&nbsp;NIO&#8217;s&nbsp;second establishment&nbsp;in the country.
Investors can gain exposure to the stock via&nbsp;KraneShares MSCI&nbsp;China Clean Technology Index ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGRN#NYSE">KGRN</a>) and&nbsp;Invesco Golden&nbsp;Dragon China ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>).
Price Action:&nbsp;NIO shares are trading higher by 3.73% to $5.02 premarket at last check Tuesday.
Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/39021107/donald-trump-floats-idea-of-bringing-back-adviser-peter-navarro-for-potential-second-term-despit" rel="noreferrer noopener">Donald Trump Floats Idea Of Bringing Back Adviser Peter Navarro For Potential Second Term Despite Prison Sentence:&nbsp;&#8216;I Would&nbsp;Absolutely&nbsp;Have Peter Back&#8217;</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Sundry Photography on Shutterstock

NIO +4% On Tuesday - What's Going On?

NIO Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares<a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">&nbsp;are falling on Thursday.</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, NIO stock has lost over 45% in the past year.&nbsp;
The company&#8217;s founder, William Li, disclosed intentions to pursue European expansion despite uncertainty regarding potential tariffs on <a href="https://www.benzinga.com/markets/equities/24/05/38960792/whats-going-on-with-nio-stock-today" target="_blank" rel="noreferrer noopener">Chinese EVs by the European Union, Reuters reported.</a>
&#8220;Electric vehicles are&nbsp;very important&nbsp;for positive development of the environment,&nbsp;they&nbsp;should never&nbsp;be used&nbsp;as a political target,&#8221;&nbsp;Li told reporters as NIO opened a showroom in Amsterdam, the report added.
NIO&#8217;s new showroom is located in the heart of Amsterdam, on a corner where a bridge crosses one of the city&#8217;s famous canals, per the report.
He mentioned that in the event of substantial tariffs imposed by the EU, the company would make the most reasonable business decision.
As of today, Nio has 43 battery swap stations in Europe, 15 of which&nbsp;are located&nbsp;in Germany, data monitored by<a target="_blank" href="https://cnevpost.com/2024/05/23/nio-to-continue-european-expansion-tariff-uncertainties/" rel="noreferrer noopener">&nbsp;CnEV Post</a>&nbsp;show. The company has 2,420 such stations in China.
Nio&#8217;s Dutch expansion coincides with Chinese EV manufacturers&#8217; broader entry into&nbsp;Europe,&nbsp;while the EU contemplates increased tariffs on imported EVs.&nbsp;
However, European carmakers&#8217; executives express concerns over the potential ramifications of EU plans, arguing that higher tariffs may offer minimal protection to the industry, Reuters noted.
In March, the European Commission initiated customs registration for Chinese EV imports, potentially subjecting them to tariffs pending an ongoing investigation on unfair state subsidies.&nbsp;
Investors can gain exposure to the stock via&nbsp;KraneShares MSCI&nbsp;China Clean Technology Index ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGRN#NYSE">KGRN</a>) and&nbsp;Invesco Golden&nbsp;Dragon China&nbsp;ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>).
Price Action:&nbsp;NIO shares are trading lower by 8.69% to $4.784&nbsp;at last check Thursday.
Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/asia/24/05/38842756/nios-mass-market-ev-brand-will-be-led-by-former-disney-exec-whose-name-literally-means-will-surely-s" rel="noreferrer noopener">Nio&#8217;s Mass-Market EV Brand Will&nbsp;Be Led&nbsp;By Former Disney Exec Whose Name&nbsp;Literally&nbsp;Means &#8216;Will Surely Succeed&#8217;</a>
Disclaimer: This content was partially produced&nbsp;with the help of&nbsp;AI tools and&nbsp;was&nbsp;reviewed and published by Benzinga editors.

NIO Down Over 8% On Thursday - What's Going On?

NIO Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares&nbsp;<a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">are trading higher on Tuesday</a>.
The company&#8217;s office campus in Shanghai reportedly received a visit from&nbsp;&nbsp;Xiaomi Corp.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/XIACY#OTC">XIACY</a>) founder, chairman, and CEO&nbsp;Lei Jun&nbsp;to check out the L60, the<a target="_blank" href="https://www.benzinga.com/news/24/05/38913123/nio-xpeng-take-twice-as-long-as-tesla-to-pay-suppliers-whats-ailing-chinese-ev-makers" rel="noreferrer noopener">&nbsp;first model from NIO&#8217;s sub-brand Onvo.</a>
Nio&#8217;s founder, chairman, and CEO&nbsp;William Li&nbsp;disclosed&nbsp;the news&nbsp;today on Douyin, China&#8217;s TikTok equivalent, with a video showcasing him and Lei Jun beside an Onvo L60,&nbsp;<a target="_blank" href="https://cnevpost.com/2024/05/20/xiaomi-ceo-visits-nio/" rel="noreferrer noopener">CnEV Post reported.</a>
Later&nbsp;on Weibo, Lei stated that he led his team to visit Nio&#8217;s Li to express gratitude for his assistance in&nbsp;the launch of&nbsp;Xiaomi&#8217;s debut model, the SU7, the report added.
Additionally, as per local automotive media outlet Auto Home, a delegation from Xiaomi&#8217;s car-making division, Xiaomi EV, comprising Hu Zhengnan (Head of Vehicles), Yu Liguo (Head of Product), Li Xiaoshuang (Head of Marketing), and Huang Zhenyu (Head of Supply Chain), accompanied Lei during his visit to Nio and examined the L60, CnEV Post added.
However, neither Li&#8217;s short video nor Yiche&#8217;s report provided additional details regarding Lei&#8217;s visit, the report read.
Reportedly, Lei proposed a unified in-vehicle ecosystem concept during a meeting attended by Nio&#8217;s Li and Onvo President Ai Tiecheng, as seen in a leaked video obtained by CnEV Post.
Lei&#8217;s initiative was interpreted as an attempt to integrate Xiaomi ecosystem products into interiors of other brands&#8217; vehicles, not solely Xiaomi EV models, the report stated.&nbsp;
Xiaomi introduced the SU7, a rival to&nbsp;Tesla, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)&nbsp;Model 3, on March 28, aiming to deliver 100,000 units in 2024.&nbsp;
Nio debuted its Onvo sub-brand on May 15, unveiling the L60, a competitor to Tesla&#8217;s Model Y.
According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>, NIO stock has fallen over 41% in the past year. Investors can gain exposure to the stock via KraneShares MSCI China Clean Technology Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGRN#NYSE">KGRN</a>) and Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>).
Price Action: NIO shares are down 1.05% to $5.17 at last check Tuesday.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/equities/24/05/38941348/whats-going-on-with-ibm-shares-on-tuesday" target="_blank" rel="noreferrer noopener">What&#8217;s Going On With IBM Shares On Tuesday?</a>&nbsp;
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy of Nio.

Why NIO Shares Are Gaining Tuesday?

In a&nbsp;major&nbsp;move,&nbsp;Alibaba Group Holding Ltd&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) slashed prices on its artificial intelligence services by up to 97%, prompting immediate reactions from competitors&nbsp;Baidu Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) and&nbsp;ByteDance Ltd.&nbsp;
This aggressive pricing strategy&nbsp;is expected&nbsp;to ignite a price war in China's emerging AI sector.
Baidu responded soon with free services based on its Ernie AI models, shortly after Alibaba announced price cuts on nine products utilizing its Tongyi Qianwen technology.&nbsp;
ByteDance had already set the stage last week by offering AI services at prices 99% lower than industry norms, benchmarking against Ernie and Alibaba's Qwen, reported&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-21/alibaba-sparks-china-ai-price-war-with-spate-of-steep-discounts?srnd=technology-ai&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>.
These actions signal the beginning of fierce competition driven by pricing within the AI industry. The sector has attracted massive investments from startups and major tech firms like&nbsp;Tencent Holdings Ltd.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>).&nbsp;
The influx of capital has led to the creation of numerous AI models and&nbsp;a variety of&nbsp;consumer and enterprise products, all vying for a critical user base essential for advancing AI technologies.
For years, Chinese tech companies have used aggressive discount strategies across various markets, including e-commerce and ride-hailing.&nbsp;
Earlier this year, Alibaba triggered widespread price cuts in cloud computing by offering discounts of up to&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/03/37453606/alibaba-and-jd-com-engage-in-aggressive-price-cutting-intensifying-cloud-services-competition" rel="noreferrer noopener">55% on over 100 domestic services in March.&nbsp;</a>
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38892364/alibaba-boosts-e-commerce-edge-with-ai-despite-shrinking-market-share" rel="noreferrer noopener">Alibaba Boosts E-Commerce Edge with AI, Despite Shrinking Market Share</a>
This move was swiftly matched by&nbsp;JD.com Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>), showcasing the highly competitive nature of the market.
Like their Silicon Valley counterparts, Chinese tech giants like Alibaba are heavily investing in generative AI. Besides developing proprietary AI models, they&nbsp;are also funding&nbsp;promising ventures such as Baichuan and Zhipu AI, aligning themselves with the global trend led by companies like&nbsp;Microsoft Corp.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>).
Amid these developments, Alibaba&nbsp;has undergone a major&nbsp;restructuring to reclaim users for its cloud business, which is integral to its AI operations.&nbsp;
The company recently surprised investors by canceling plans to spin off this segment into an independent, publicly traded entity.&nbsp;
Now under CEO&nbsp;Eddie Wu, Alibaba is concentrating on expanding its public cloud services, particularly those targeting enterprise clients, as it battles for market share against traditional rivals like Baidu and Tencent, as well as&nbsp;state-backed newcomers like&nbsp;Huawei Technologies Co.
BABA stock&nbsp;has gained over&nbsp;2% in the last 12 months.&nbsp;Investors can gain exposure to the stock via&nbsp;Invesco Golden&nbsp;Dragon China ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) and&nbsp;ProShares Online&nbsp;Retail ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ONLN#NYSE">ONLN</a>)
Price Action: BABA shares were trading lower by 2.55% at $86.03 in premarket at the last check on Tuesday.
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/38809034/china-urges-tech-giants-to-shift-away-from-nvidia-and-other-foreign-chip-makers-boost-domestic-a" target="_blank" rel="noreferrer noopener">China Urges Tech Giants To Shift Away From Nvidia And Other Foreign Chip Makers, Boost Domestic AI Chip Purchases: Report</a>
Photo by Fooksou Lamimo via Wikimedia Commons

MSFT

TCEHY

Alibaba Sparks AI Price War With Massive Discounts: Report

Alibaba Group Holding Ltd&#8217;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>)&nbsp;Taobao&nbsp;and&nbsp;Tmall&nbsp;Group are collaborating with&nbsp;ByteDance-owned Douyin&nbsp;to draw users from the Chinese short video platform, aiming to boost their presence in the mainland&#8217;s annual midyear shopping festival.&nbsp;
Recently, Alibaba&#8217;s domestic e-commerce unit teamed up with Douyin, also known as the Chinese version of TikTok, to assist merchants on the Taobao and Tmall platforms in gaining customers from Douyin&#8217;s user base.&nbsp;
The collaboration revealed on Monday, introduced the &#8220;Star Cube Plan,&#8221; a joint initiative by Alibaba&#8217;s digital marketing platform Alimama and Douyin&#8217;s marketing tool Xingtu, SCMP&nbsp;<a target="_blank" href="https://www.scmp.com/tech/big-tech/article/3263396/alibabas-taobao-tmall-platforms-work-douyin-attract-new-users-ahead-midyear-shopping-festival" rel="noreferrer noopener">reports</a>.&nbsp;
This plan facilitates marketing on Douyin and transactions on Taobao, allowing merchants to advertise on Douyin and track user engagement and purchases on Taobao and Tmall.
Alibaba has previously established partnerships with over 200 online platforms, including a notable agreement with Tencent Holdings to link WeChat&#8217;s Channels to Taobao and Tmall shops.
Ahead of China&#8217;s second-largest online sales event, the 618 shopping festival, Alibaba&#8217;s Taobao and Tmall Group are implementing several strategies to boost merchant and consumer participation.&nbsp;
The group has allocated over 200 billion yuan for a rapid settlement program to aid merchants, particularly small and medium enterprises, and&nbsp;has joined forces with Alibaba&#8217;s logistics arm Cainiao and fintech affiliate Ant Group to offer logistics subsidies and shipping insurance deals.
<a target="_blank" href="https://www.benzinga.com/news/24/05/38892364/alibaba-boosts-e-commerce-edge-with-ai-despite-shrinking-market-share" rel="noreferrer noopener">Prior reports indicated</a>&nbsp;Alibaba leveraging artificial intelligence to boost its e-commerce moat in China. Wenwen chatbot on Alibaba&#8217;s Taobao platform provides personalized shopping recommendations.&nbsp;
Alibaba also tapped generative AI to simplify tasks like photo editing and virtual model creation.&nbsp;
CEO Eddie Wu reported double-digit growth in gross merchandise value for Taobao and Tmall platforms in the&nbsp;year&#8217;s first quarter.&nbsp;Analysts attributed Alibaba&#8217;s&nbsp;double-digit year-on-year&nbsp;growth in GMV to discounts.
BABA stock&nbsp;has gained over 18% year-to-date.&nbsp;Investors can gain exposure to the stock via&nbsp;Invesco Golden&nbsp;Dragon China ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) and&nbsp;ProShares Online&nbsp;Retail ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ONLN#NYSE">ONLN</a>).
Price Action:&nbsp;BABA shares traded lower by 2.06%&nbsp;at&nbsp;$86.46 premarket&nbsp;at the last check on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by BEAUTY STUDIO via Shutterstock

Alibaba and Douyin Partner In Strategic Move to Dominate China's Midyear Shopping Craze

<div class="wp-block-group is-layout-constrained wp-block-group-is-layout-constrained">
Sohu.com Limited&nbsp;(NASDAQ:&nbsp;SOHU) reported a revenue decline of 14% year-over-year to $139.4 million for the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/n38911581/sohu-com-reports-first-quarter-2024-unaudited-financial-results" rel="noreferrer noopener">fiscal first quarter of 2024</a>. Revenue was&nbsp;down by 1% Q/Q.
The Chinese internet&nbsp;company's&nbsp;adjusted loss per ADS was $(0.65), missing the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus loss estimate of $(0.49)</a>.&nbsp;
Brand advertising revenues declined 29% Y/Y to $16 million. Online game revenues decreased 9% Y/Y to $118 million.
The adjusted gross margin improved by 200 bps&nbsp;Y/Y&nbsp;to 77% and by 100 bps&nbsp;Q/Q. The adjusted gross margin for online games was 88%&nbsp;versus&nbsp;85% last year and 87% in the prior quarter.
Sohu held $1.3 billion in cash and equivalents as of March-end.
Average&nbsp;monthly active user accounts for Changyou&nbsp;PC games increased by 5%&nbsp;Y/Y&nbsp;to 2.3 million. The&nbsp;average MAU for Changyou&nbsp;mobile games grew by 71%&nbsp;Y/Y&nbsp;to 2.8 million.
Under the&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/03/37453839/why-is-sohu-com-stock-sliding-today" rel="noreferrer noopener">previously-announced&nbsp;share repurchase program</a>, Sohu had repurchased ADSs worth $17 million.
Charles Zhang, Chairman and CEO of&nbsp;Sohu.com&nbsp;Limited, commented,&nbsp;&#8220;For Sohu Media and Sohu Video, we continued to enhance user experience by refining products and optimizing algorithms.&#8221;
Outlook: Sohu expects second-quarter brand&nbsp;advertising revenue of $18&nbsp;million&nbsp;&#8211;&nbsp;$20&nbsp;million, an annual&nbsp;decrease of 16%&nbsp;–&nbsp;25%&nbsp;Y/Y.
It projects quarterly online game revenues growth by 12% – 21% to $133 million &#8211; $143 million. Sohu estimates a quarterly adjusted net loss of $27 million – $37 million.
Sohu stock&nbsp;gained 22% year-to-date. Investors can gain exposure to Sohu via&nbsp;Invesco Golden&nbsp;Dragon China ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>)&nbsp;and&nbsp;SPDR S&amp;P&nbsp;Emerging Markets Small Cap ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWX#NYSE">EWX</a>).
Price Action:&nbsp;SOHU shares traded lower by 0.38% at $11.89&nbsp;at last check&nbsp;Monday.
</div>

SOHU

What's Going On With Chinese Internet Company Sohu Stock After Q1 Print?

Alibaba Group Holding Ltd&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), confronted by a fierce e-commerce market in China, is leveraging artificial intelligence to enhance its competitiveness.&nbsp;
On Alibaba&#8217;s Taobao platform, shoppers can utilize Wenwen, an AI chatbot, for personalized product recommendations, such as a Sony Group Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) camera priced at approximately $650, tailored to the user&#8217;s specifications, the Nikkei Asia&nbsp;<a target="_blank" href="https://asia.nikkei.com/Business/China-tech/Alibaba-taps-AI-to-defend-Chinese-e-commerce-crown" rel="noreferrer noopener">reports</a>.
Introduced in 2023, Wenwen&nbsp;is powered&nbsp;by Tongyi Qianwen, or Qwen, a large language model developed by Alibaba&#8217;s cloud division.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/05/38814985/alibaba-stock-dips-as-huge-investment-losses-in-q4-overshadow-revenue-growth-and-dividend" rel="noreferrer noopener">Alibaba Stock Dips as Huge Investment Losses In Q4 Overshadow Revenue Growth and Dividend</a>
In addition to aiding shoppers, Alibaba employs generative AI to streamline merchant operations, simplifying tasks like photo editing and virtual model creation.&nbsp;
Despite these innovations, Alibaba reported a net profit increase of 10% to 79.7 billion yuan ($11 billion) for the fiscal year ending March, with revenue growing 8% to 941.1 billion yuan.&nbsp;
Although Alibaba&#8217;s Taobao and Tmall platforms have seen their market share drop from 80% in 2017 to 37% in 2023, CEO Eddie Wu reported double-digit growth in gross merchandise value for these segments in the first quarter of the year.&nbsp;
Analysts flagged Alibaba&#8217;s&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38849242/alibaba-analysts-look-for-signs-of-q4-rebound-cloud-business-could-double-digit-gro" rel="noreferrer noopener">double-digit year-on-year</a>&nbsp;growth in GMV thanks to discounts. They expect cloud business to record double-digit growth in the back half of fiscal 2025.
BABA stock&nbsp;has lost over&nbsp;4% in the last 12 months.&nbsp;Investors can gain exposure to the stock via&nbsp;Invesco Golden&nbsp;Dragon China ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) and&nbsp;ProShares Online&nbsp;Retail ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ONLN#NYSE">ONLN</a>).
Price Action:&nbsp;BABA shares traded higher by 1.18% at $87.72 premarket at the last check on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Alibaba Photo Via Shutterstock

Sony Group Corporation American Depositary Shares

SONY

Alibaba Boosts E-Commerce Edge with AI, Despite Shrinking Market Share

Baidu, Inc&nbsp;(NASDAQ:&nbsp;BIDU) reported a fiscal first-quarter 2024 revenue growth of 1% year-on-year to $4.37 billion, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/n38866198/baidu-announces-first-quarter-2024-results" rel="noreferrer noopener">analyst&nbsp;consensus estimate of $4.32 billion</a>.&nbsp;
Baidu's adjusted earnings per ADS&nbsp;of $2.76 beat the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus estimate of $2.30</a>.
Segments:&nbsp;Baidu's Core revenue increased 4% year over year to $3.30 billion; Online marketing revenue improved 3% year over year to $2.36 billion. Non-online marketing revenue&nbsp;grew 6% year over year to&nbsp;$935 million, driven by the AI Cloud business.&nbsp;
Revenue from&nbsp;IQIYI, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IQ#NASDAQ">IQ</a>)&nbsp;decreased 5% year over year to $1.10 billion, beating the analyst consensus estimate of $1.08 billion.&nbsp;
Baidu's SG&amp;A expenses were $745 million. R&amp;D expenses declined 1% Y/Y to $742 million.&nbsp;&nbsp;
Baidu's adjusted EBITDA margin remained firm at 26%, and its Core adjusted EBITDA margin&nbsp;remained steady at 30%.
As of March 31, 2024, Baidu had $26.56 billion in cash and equivalents and generated $579 million in free cash flow.&nbsp;
Robin Li, Co-founder and CEO of Baidu. "As a new era of Gen-AI unfolds in&nbsp;China, foundation models like ERNIE will serve as the underlying infrastructure, infusing various facets of people's lives. We are making our ERNIE family of models increasingly affordable and efficient."
Baidu&nbsp;stock lost 17% in the last 12 months.&nbsp;Investors can gain exposure to the stock via&nbsp;Invesco Golden&nbsp;Dragon China ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) and&nbsp;Global X&nbsp;Social Media ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOCL#NASDAQ">SOCL</a>).
Price Action: BIDU shares traded higher by 2.03% at $113.00 in the premarket session at the last check Thursday.
Photo via Shutterstock

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