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Market Chatter: Baidu, Geely to Help Resolve Problems at Joint Venture
Market Chatter: EV Maker Jiyue to Downscale Operations
Geely and Baidu issued a joint statement regarding Jiyue Autos: they will address the issues of employee social security contributions and compensation for departing employees as soon as possible.
Jingwu Finance | On December 13, Geely and Baidu issued a joint statement regarding Ji Yue Autos, and as Shareholders, will actively assist the management of Jidu in properly handling related matters: promptly resolving employee social security contributions, and compensation issues for departing employees; maintaining users' normal vehicle use, after-sales service, and maintenance; promoting reasonable and legal resolutions for Other matters. Geely and Baidu completed the transfer process internally on the evening of December 12, paying social security for Ji Yue employees for November. Jidu Automotive Co., Ltd. is a startup company established by Geely Holding and Baidu Holding, exploring innovative products for the intelligent transformation of Autos. Ji Yue Autos production.
Express News | China's Geely, on Ji Yue Auto:Baidu and Geely Are Solving Employees' Social Insurance Payment Issues
Unilumin Group (300232.SZ): Collaborating with Microsoft, Tencent, Baidu, Iflytek Co.,ltd., ByteDance Volcano, and Doubao on the self-developed UniAvatar digital human system.
On December 13, according to GeLong Hui, Unilumin Group (300232.SZ) stated on the investor interaction platform that it is collaborating with Microsoft, Tencent, Baidu, Iflytek Co.,ltd., ByteDance's Volcano, and Doubao on its self-developed UniAvatar digital human system. In May 2024, the Unilumin digital human will integrate the TTS capability of the Volcano Engine and the large model question-answering ability of Doubao, suitable for applications such as digital human dialogue systems.
[Brokerage Focus] CMB International points out the trend of revenue growth from AI application starting in 2025.
Jinwu Financial News | CEB International released the 2025 outlook for the Software & IT Services Industry. Against the backdrop of economic cycle dislocation, the stock price performance of the Software Sector in China and the United States is expected to show a divergent trend in 2024. However, the investment volume related to AI, its short-term impact on profits, and the potential outlook for monetization are common points of concern for both markets. Looking ahead to 2025, the bank believes that the investment theme related to AI will continue its benefit transmission path from chips to public cloud to infrastructure software and then to Application software from a fundamental perspective. The Infrastructure Cloud Sector is focusing on the trend of increasing cloud business growth as supply constraints gradually ease and AI-related investment.
A year-on-year increase of 32%! Global electric vehicle sales have set historical highs for three consecutive months, with China accounting for 70% of the market.
The performance of the China market is impressive, with sales in November growing by 50% year-on-year to reach 1.27 million vehicles, accounting for about 70% of Global total sales. Overall Auto sales in China for November increased by 16.6% compared to the previous year, marking the highest growth rate since January this year. BYD is expected to exceed the annual Global sales target and surpass Ford and Honda.
It is reported that Baidu and Geely are currently processing the transfer in order to pay the overdue social security for November for Extreme Yue employees.
Jinwu Financial News | According to reports, on the evening of December 12, Jiyue CEO Xia Yiping held a closed-door meeting with the two major Shareholders, Geely and Baidu (09888). After multiple rounds of communication, Baidu and Geely are currently processing the transfer to pay the overdue social insurance for Jiyue employees for November. The Shareholders, Geely and Baidu, have formed an emergency team to participate remotely. It is understood that Jiyue employees have listed a list of demands, including the request for payment of the five insurances and one fund and individual income tax for all employees for November and December, N+1 compensation to be credited before December 31 this year, settlement of December's employment salary, etc., which also involves pregnant employees, employees involved in aftermath work, employees with work-related injuries, and residency matters.
The Nasdaq fell to 0.02 million points, Adobe plummeted more than 13%, the China concept Index rose against the trend, and Bitcoin dropped below 0.1 million dollars.
In November, USA PPI inflation exceeded expectations, with the market betting on a pause in interest rate cuts in January next year. The Dow has fallen for six consecutive days, with NVIDIA experiencing the largest drop of 2.5%. Tesla, Meta, Google, and Amazon have moved away from their highs, uranium mining stocks have declined, but Apple reached a new high. Broadcom rose nearly 5% in after-hours trading, and Chinese stocks Baidu and PDD Holdings increased by over 1%. Bond yields in Europe and the USA have risen significantly, and after the European Central Bank cut interest rates, the euro fell to a one-week low, before rebounding. The dollar reached a two-week high, while the offshore yuan once rose over 200 points, breaking through 7.26 yuan. Commodities generally fell, with spot gold down over 2% and spot silver down over 4% during the session.
U.S. stock market close: The Nasdaq has fallen from historic Top Reversal, while the Dow has declined for the sixth consecutive day.
① The Nasdaq China Golden Dragon Index rose by 0.18%, with China Concept Stocks showing mixed performance; ② Google is collaborating with Samsung to develop a headset device, with the first product expected to be launched next year; ③ Apple is reportedly set to start producing a key wireless chip currently supplied by Broadcom next year; ④ Adobe fell nearly 14%, as the company's full-year performance guidance was below expectations.
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The critical moment for Extreme Auto: store closures, suppliers demanding debts, currently seeking support from Baidu | Frontline
① The management team led by CEO Xia Yiping is seeking support from the major shareholder Baidu, but insiders from Jiyue Autos revealed that the senior executives at Baidu are not answering calls. ② After the stores stopped operating, a large number of employees from Jiyue Autos started "laying flat" live broadcasts and looked for jobs online. ③ Suppliers came to Jiyue Autos to demand payment, but did not have the opportunity to meet with Xia Yiping.
Market Chatter: Ji Yue Auto to Overhaul Business Strategies to Stay Afloat
The NASDAQ broke through 0.02 million points for the first time, Tesla led a group of tech giants to a new high, and Bitcoin climbed to 0.1 million dollars
The Dow and Apple fell, the Nasdaq rose nearly 2%, Tesla and Google rose nearly 6%, while Meta, Amazon, and Netflix all reached new highs. NVIDIA rose over 3%, Broadcom rose nearly 7%, Super Micro Computer once dropped over 8%, the decline of Chinese concepts narrowed, and Fangdd Network turned to rise over 11%. The U.S. November CPI confirms interest rate cut bets for next week, with a pause on rate cuts expected in January next year. The dollar and U.S. Treasury yields rebounded in a V-shape, while spot Gold reached its highest level in five weeks. The yen plunged below 152, while the offshore yuan once dropped over 300 points, falling below 7.29 yuan. After a significant interest rate cut by the Bank of Canada, the Canadian dollar and Canadian bond yields turned to rise, and oil prices increased by about 2%.
Express News | China's Baidu-Backed Ji Yue Auto: It Is Coordinating Various Resources to Address Challenges, Actively Advancing Fundraising Efforts
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Hong Kong stock morning report on December 11: Citic Lyonn claims to be Bullish on the KUAJINGZIJIN flow and IPO recovery of the Hong Kong Stock Exchange, with SenseTime's share placement financing nearly 2.8 billion Hong Kong dollars directed towards cor
① CITIC Securities is Bullish on the flow of KUAJINGZIJIN and the recovery of IPOs at the Hong Kong Stock Exchange. ② SenseTime's share placement financing of nearly 2.8 billion yuan is used for the development of core Business. ③ HUA HONG SEMI's 12-inch production line at the Wuxi base has been completed and is in production. ④ The Shanghai Stock Exchange will review Guolian Securities' additional share issuance and acquisition matters next week.
U.S. stocks closed: The Dow Jones fell for four consecutive days, Chinese concept stocks plummeted over 4%, as the market focused on the CPI report.
① The Nasdaq China Golden Dragon Index fell 4.34%, as China Concept Stocks collectively declined; ② Apple is reportedly planning to equip its smartwatches with satellite communication capabilities; ③ Google A rose 5.62%, as the company launched its latest quantum chip "Willow," achieving significant technological breakthroughs; ④ Microsoft shareholders voted against the Bitcoin investment proposal.