TikTok owner ByteDance sees $1 billion in player spend on its games

ByteDance has been investing in its mobile gaming business through key acquisitions and is finding success outside of China. Omar Marques | Sopa Images | Lightrocket | Getty Images Chinese internet giant ByteDance’s nascent foray into gaming is showing signs of promise with spending across its mobile titles growing over the past year as it … Read more

Immortal in China; shares fall

The NetEase Games booth at the China Joy conference in Shanghai on July 30, 2021. Arjun Kharpal | CNBC On China’s Twitter-like service Weibo, the official account of Diablo Immortal is banned from posting for “violating relevant laws and regulation.” It’s unclear which rules the account has broken. NetEase declined to comment further on the … Read more

Asia stocks continue sliding after Monday losses; Alibaba drops more than 5%

Risk assets have plummeted with recession risk rising given the surge in yields and expectations of the Fed doing a Volcker. Tapas Strickland Director of Economics, National Australia Bank Mainland Chinese stocks also declined as the Shanghai Composite fell 0.87% and the Shenzhen Component fell 1.41%. South Korea’s Kospi dipped 1.59%. Australia’s S & P … Read more

Asia-Pacific stocks rise; India’s central bank hikes key rate by 50 basis points, as expected

SINGAPORE – Shares in Asia-Pacific were mixed in Wednesday trade as the Reserve Bank of India’s raised a key interest rate. The RBI will raise the policy repo rate by 50 basis points to 4.9% with immediate effect, Governor Shaktikanta Das said. The repo rate refers to the rate at which the central bank lends … Read more

Stocks head for another potentially treacherous week, after S&P 500 falls into bear market territory

Traders work on the floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, US, March 7, 2022. Andrew Kelly | Reuters If there’s more bad news from retailers in the coming week, that could be a negative catalyst for an already cranky stock market. Market pros are watching for more signs … Read more

JPMorgan upgrades its view on China’s Alibaba, Tencent and Meituan

This photo from September 25, 2020 shows Jack Ma, founder of Alibaba Group, attending the opening ceremony of the 3rd All-China Young Entrepreneurs Summit in Fuzhou, Fujian Province of China. Alibaba is among the Chinese technology stocks recently upgraded by JPMorgan analysts. Lyu Ming | China News Service via Getty Images JPMorgan has upgraded Chinese … Read more

Tech stocks in Asia fall dragging down Hong Kong’s Hang Seng by nearly 3%

SINGAPORE – Shares in Asia-Pacific fell during Tuesday morning trade after heavy losses overnight on Wall Street that saw the tech-heavy Nasdaq Composite dropping more than 4%. Hong Kong’s Hang Seng index, returning to trade following a Monday holiday, fell 3% in early trade on Tuesday morning. Hong Kong-listed shares of Chinese tech firms dropped, … Read more

Chinese regulator approves new games after freeze; gaming stocks rise

China’s gaming industry became caught up in broader regulatory tightening across the technology sector. Regulators became increasingly concerned about gaming addiction amongst children. The approval of the first batch of games since July 2021 could indicate China’s gaming sector headwinds will start to subside. Greg Baker | AFP | Getty Images Chinese regulators have approved … Read more

Twitter, Starbucks, Tesla and more

Andrew Burton | Getty Images News | Getty Images Check out the companies making headlines in midday trading. Twitter – The social media company soared 26.6% after a filing revealed that Elon Musk has taken a 9.2% passive stake in the firm, worth about $ 2.9 billion. The purchase came weeks after the Tesla CEO … Read more

Twitter, Tesla, Starbucks and more

Take a look at some of the biggest movers in the premarket: Twitter (TWTR) – Twitter shares soared 26.1% in the premarket after a Securities and Exchange Commission filing showed that Tesla CEO Elon Musk had taken a 9.2% passive stake in Twitter. Tesla (TSLA) – Tesla delivered just over 310,000 vehicles during the first … Read more