Baidu Inc-Class A (9888.HK)

Polar Capital Holdings Plc grew its holdings in Baidu, Inc. by 24.0% in the 2Q, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 714,283 shares of the information services provider's stock after buying an additional 138,061 shares during the quarter. Polar Capital Holdings Plc owned about 0.21% of Baidu worth US$97.8m at the end of the most recent quarter.

Highland Capital Management LLC now owns 6,830 shares of the information services provider's stock worth US$935,000 after purchasing an additional 100 shares during the last quarter. 21.22% of the stock is owned by institutional investors and hedge funds.

BYD Co Ltd-H (1211.HK)

China’s electric vehicle maker BYD surpassed Nissan Motor in global sales volume for October, eclipsing its Japanese counterpart in monthly sales for the first time. BYD's sales in October grew 39% YoY to 301,833 units, topping Nissan's 5% gain to 279,102 vehicles.

BYD is going on the offensive in all price ranges. The company in September released the U8 sport utility vehicle under the luxury brand Yangwang. The Chinese company is embarking on a worldwide expansion, establishing a foothold in Southeast Asia where Japanese-made autos enjoy high market shares.

CNOOC Ltd (883.HK)

CNOOC is nearing the mechanical completion of six giant LNG storage tanks at its Binhai LNG import terminal in Jiangsu. The state-owned energy giant is building the 270,000 cbm tanks under the Phase I expansion project of its “Yancheng Green Energy Port” and these are the world’s largest LNG storage tanks, such as those five at CNOOC’s Zhuhai LNG import terminal in Guangdong.

The six tanks at CNOOC’s LNG terminal located in Yancheng Binhai Port Industrial Park add to the already four existing tanks with a capacity of 220,000 cbm. CNOOC Gas & Power said it will now test the rest of the tanks ahead of their mechanical completion, but it did not provide and other details regarding the completion.

Meituan-Class B (3690.HK)

China’s food delivery giant Meituan on Wednesday confirmed it had authorised a share buyback of up to US$1bn in value, a day after its chief executive expressed the board's intention to do so.

"The Board believes that the current financial resources of the company would enable it to implement the share repurchase while maintaining a solid financial position," Meituan said in an exchange filing.

Tencent Holdings Ltd (700.HK)

Tencent Holdings has denied a media report that its subsidiary MoreFun Studios will license Blizzard Entertainment's games, Yicai Global. A source close to Tencent reportedly told Yicai that MoreFun was simply testing the live streaming of Blizzard's World of Warcraft on the Chinese video platform Bilibili and that the company has no plans to endorse or license any of Blizzard's products.

Tencent's denial comes as Blizzard has been negotiating with potential partners, including NetEase and Tencent, to bring its games back to China. Blizzard has expressed its desire to return to the Chinese market, with President Mike Ybarra stating at BlizzCon 2023 that “there are millions of players in China who love Blizzard games" and that the company wants to be "in every single country around the globe, and China included."

Source: Rakuten Research - 6 Dec 2023

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