Reuters Asia Business

Hedge fund Monolith returns 53% year to date on AI, data centre and China bets

5 Dec 2024

By Summer Zhen HONG KONG (Reuters) – Monolith Management, a Hong Kong-based tech-focused hedge fund, has returned 53% so far this year, benefiting from investments in semiconductors, data centres and a rally in Chinese investments in September. With $300 million in assets under management currently, Monolith will launch a new fund in January, growing its …

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Shopee-owner Sea surpasses quarterly revenue estimates

12 Nov 2024

(Reuters) – Southeast Asian technology firm Sea Ltd beat estimates for third-quarter revenue on Tuesday, helped by steady growth in its e-commerce, entertainment and financial services businesses. Revenue rose 30.8% to $4.33 billion in the third quarter, above analysts’ consensus estimate of $4.08 billion, according to data compiled by LSEG. (Reporting by Akash Sriram in …

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Taiwanese mostly happy to keep capital at home despite China tensions, says Cathay executive

12 Nov 2024

(Clarifies wording in second bullet point to refer to company’s private banking unit) By Faith Hung TAIPEI (Reuters) -Taiwan’s ultra wealthy are keeping their assets in their home market despite escalating tensions with China, betting that the island’s tech industry will continue to bring in robust returns, a senior Cathay Financial executive said. Robert Fuh, …

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China’s newest refiner Yulong ups first crude unit’s output to 90%, sources say

12 Nov 2024

By Trixie Yap and Chen Aizhu SINGAPORE (Reuters) – China’s newest refiner Shandong Yulong Petrochemical is operating its newly started 200,000 barrel per day (bpd) crude unit at around 90% and aims to start trial runs at a second unit of the same size in January, trade sources said. The start of full operations at …

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Zhuhai air show opens with orders for COMAC and a glimpse of a future spaceplane

12 Nov 2024

By Sophie Yu and David Kirton ZHUHAI, China (Reuters) – China’s aerospace ambitions took centre stage on the first day of the Zhuhai air show, with COMAC announcing Air China as the first customer for its C929 widebody jet, while a model of the country’s first commercial uncrewed spaceplane was on display. China’s Bayi aerobatics …

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Loss-making EV firm VinFast to get $3.4 billion more funding from founder, parent company

12 Nov 2024

(Reuters) – Nasdaq-listed electric vehicle maker VinFast said on Wednesday it will get a fresh round of funding worth 85 trillion dong ($3.35 billion) from its founder and its parent firm, Vingroup by 2026, when it expects to break even. VinFast began operations in 2019 and has been expanding aggressively into global markets, but the …

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SoftBank books $7.7 billion quarterly gain as Vision Fund finds its feet again

12 Nov 2024

By Anton Bridge TOKYO (Reuters) -Japan’s SoftBank Group swung to a 1.18 trillion yen ($7.7 billion) net profit in the three months to September, as the tech giant benefitted from higher share prices of listed companies in its Vision Fund investment vehicles. The results handsomely beat expectations for a 287 billion yen ($1.87 billion) profit …

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Tencent Music misses quarterly revenue estimates as social entertainment unit drags

12 Nov 2024

(Reuters) -Tencent Music Entertainment missed estimates for quarterly revenue on Tuesday, as Beijing’s crackdown on online gambling continues to impact its social entertainment segment. U.S.-listed shares of the company fell 5.6% in premarket trading. The China-based company had removed certain live-streaming features in August last year to comply with anti-gambling regulations. Revenue from the company’s …

Tencent Music misses quarterly revenue estimates as social entertainment unit drags Read More »

China’s AVIC reveals uncrewed cargo spaceplane at Zhuhai air show

12 Nov 2024

By Gerry Doyle SINGAPORE/ZHUHAI, China (Reuters) – State-owned aerospace company AVIC unveiled China’s first commercial uncrewed spaceplane at the country’s biggest air show in Zhuhai on Tuesday, with a mission of supplying the Chinese space station. A model of the craft, dubbed Haoloong-1, or Sky Dragon, was on display at the company’s air show exhibition …

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Indonesia’s Adaro Energy to raise $292 million with listing of coal unit

12 Nov 2024

By Gayatri Suroyo and Rishav Chatterjee (Reuters) – Indonesia’s Adaro Energy, the world’s sixth-largest coal miner, will spin off its unit PT Adaro Andalan (AAI) in an initial public offer worth up to 4.594 trillion rupiah ($291.6 million), the company said on Tuesday. It will offer as much as 778.7 million shares, or 10% of …

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