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Fly News Breaks for February 19, 2020
Feb 19, 2020 | 12:36 EDT
KeyBanc analyst Hans Chung noted that Alibaba (BABA) reported in a 13-F filing last Friday that the company purchased about 2.58M ADS shares of CooTek (CTK) during the fourth quarter. He sees positive implications from Alibaba having accumulated about 4% of CooTek's shares outstanding, including the fact that this is further validation of the business model and overseas market position. Also, this could potentially open up a new opportunity as Alibaba "typically invests in companies with strategic value or potential synergy to its ecosystems," Chung tells investors. He maintains an Overweight rating on CooTek shares.
News For CTK;BABA From the Last 2 Days
Oct 19, 2020 | 09:02 EDT
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump and his administration with this weekly recap compiled by The Fly: 1. NY POST STORY... To see the rest of the story go to See Story Here
Oct 18, 2020 | 20:08 EDT
Alibaba announced it will invest approximately $3.6B in respect of Sun Art Retail Group that will raise its aggregate direct and indirect stake to approximately 72%. As part of the transaction, Alibaba will acquire 70.94% of equity interest in A-RT Retail Holdings from Auchan Retail and its subsidiary valued at approximately $3.6B. A-RT holds approximately 51% of the equity interest in Sun Art. Following the transaction, Alibaba will consolidate Sun Art in its financial statements. Additionally, Peter Huang has been appointed Chairman of Sun Art in addition to his current role as Chief Executive Officer.