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PDD

Pinduoduo

$19.42

0.42 (2.21%)

, TCEHY

Tencent

$0.00

(0.00%)

11:11
08/06/18
08/06
11:11
08/06/18
11:11

Tencent discloses 33.4% stake in Pinduoduo

In a regulatory filing, Tencent (TCEHY) disclosed that prior to Pinduoduo's (PDD) initial public offering on July 25, Tencent Mobility, a Cayman Islands limited liability company controlled by Tencent Holdings, and a British Virgin Islands limited liability wholly-owned subsidiary of Tencent Holdings collectively held 27,781,280 Series B-2 preferred shares, 75,240,240 Series C-2 preferred shares, 241,604,260 Series C-3 preferred shares and 410,261,960 Series D preferred shares of Pinduoduo. Immediately prior to the completion of the IPO, all Series B-2 preferred shares, Series C-2 preferred shares, Series C-3 preferred shares and Series D preferred shares held by Tencent Mobility, TPP and Chinese Rose were re-designated and re-classified as Class A Ordinary Shares on a one-for-one basis. On July 25, Tencent Mobility acquired 7,894,737 American Depositary Shares, representing 31,578,948 Class A Ordinary Shares, as part of the IPO at a price per American Depositary Share of $19. The shares were acquired with working capital funds from Tencent Holdings.

PDD

Pinduoduo

$19.42

0.42 (2.21%)

TCEHY

Tencent

$0.00

(0.00%)

PDD Pinduoduo
$19.42

0.42 (2.21%)

TCEHY Tencent
$0.00

(0.00%)

05/16/18
05/16/18
DOWNGRADE

Sector Weight
Vipshop downgraded to Sector Weight at KeyBanc
As previously reported, KeyBanc analyst Hans Chung downgraded Vipshop (VIPS) to Sector Weight from Overweight as he sees uncertainties around Tencent (TCEHY) and JD.com (JD) contributions ahead, which drove high expectations for the top-line growth and multiple expansion, and sees margin pressure likely to continue driven by sector competition and the company's hike in marketing expenses to grow new customer organically.
05/16/18
BNCH
05/16/18
NO CHANGE
Target $19
BNCH
Buy
Vipshop price target lowered to $19 from $24 at Benchmark
Benchmark analyst Fawne Jiang lowered her price target on Vipshop shares to $19 from $24 to reflect a more gradual revenue contribution from the company's partnership with Tencent (TCEHY)and JD.com (JD). Along with the company's Q1 report, Vipshop noted the trial-and-error process and natural learning curve of working with new platforms, leading to its soft Q2 guidance and reservations regarding an accelerated partnership ramp-up, noted Jiang, who keeps a Buy rating on Vipshop shares.
06/13/18
NEED
06/13/18
INITIATION
Target $41
NEED
Buy
HUYA initiated with a Buy at Needham
Needham analyst Jinjin Qian initiated HUYA (HUYA) with a Buy rating and a price target of $41, citing the company's platform as a leader in live game streaming in China with 92.9M monthly active users. The analyst also points to "strong secular trends" in e-sports and live streaming, along with its close ties with YY (YY) and Tencent (TCEHY), supporting the company's position. Jinjin Qian calls HUYA a "solid" investment based on its "strong user metrics and scalable business model".
06/19/18
WELS
06/19/18
NO CHANGE
Target $53
WELS
Outperform
JD.com price target raised to $53 from $47 at Wells Fargo
Wells Fargo analyst Ken Sena raised his price target for JD.com (JD) to $53 from $47 after the company and Google (GOOG; GOOGL) announced that the latter will invest $550M in cash in JD.com as part of a strategic partnership. The analyst believes this partnership adds to JD's strong list of existing data and strategic partnerships with Tencent (TCEHY), Walmart (WMT), Baidu (BIDU), Qihoo 360 and Vipshop (VIPS). Sena reiterates an Outperform rating on JD.com shares.

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WU

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GPX

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MIK

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NVDA

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MEOH

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HDS

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HDS

HD Supply

$43.09

0.09 (0.21%)

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HDS

HD Supply

$43.09

0.09 (0.21%)

19:52
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CASA

Casa Systems

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CCI

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ARPO

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LIVX

LiveXLive Media

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AKBA

Akebia

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HYMTF

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AAPL

Apple

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WP

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, FIS

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ERIC

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