Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Company

Shares of China's Qutoutiao rises after Alibaba's investment of 171 mln USD

March 29, 2019


Abstract : Shares of Qutoutiao extended solid gains in Thursday's morning sessions, after the Chinese mobile content platform announced a convertible loan of 171 million U.S. dollars from China's e-commerce giant Alibaba.

NEW YORK, March 28 (Xinhua) -- Shares of Qutoutiao extended solid gains in Thursday's morning sessions, after the Chinese mobile content platform announced a convertible loan of 171 million U.S. dollars from China's e-commerce giant Alibaba.

Before market open, Qutoutiao announced the investment from Alibaba Investment Limited, an affiliate of Alibaba Group, pushing its stock price up over 10 percent once in premarket trade.

The convertible loan will be convertible into Class A ordinary shares of Qutoutiao at Alibaba's option at a conversion price of 60 dollars per share, equivalent to 15 dollars per American deposit share (ADS), the company said in a statement.

An ADS is a U.S. dollar-denominated equity share of a foreign-based company for purchase on a U.S. stock exchange.

With an interest rate of 3 percent per year, the loan will mature in three years, unless previously repaid or converted in accordance with their terms prior to such date.

Once fully converted, the mobile content provider will issue new shares to Alibaba, representing approximately 4 percent of its share capital.

Shares of Qutoutiao and Alibaba increased nearly 0.7 percent and over 0.6 percent respectively as of 10:33 a.m. EST (1433 GMT).

Launched in June 2016, Qutoutiao, or "fun headlines" in Chinese, provides fun and entertainment-oriented articles, short videos and customized feeds to users, driven by artificial intelligence-based algorithms.

The company issued its initial public offering on the Nasdaq on Sep. 14, 2018, under the ticker symbol QTT.

It has been one of the largest mobile content aggregators in China in terms of monthly average users and daily average users, many of which are from lower-tier cities in China, according to the company.

Scan the QR code and push it to your mobile phone

Keyword: Alibaba shares Qutoutiao

Reading:

China's major textile manufacturer Ruyi posts drastic net profit growth

Chinese online video platform iQIYI issues convertible bonds to raise over 1 bln USD

GF Securities net profit down 50 pct in 2018

Weichai Power net profit up 27 pct in 2018

BYD partners with Huawei in IoV, intelligent driving

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial