Qihoo 360 Technology Co Ltd
George Soros has been criticized by the Chinese government. He commented that the Chinese economy is headed for a “hard landing.”
The SSE Composite Index fell by 3.9% for the week ending April 22. Investors feared that the government might roll back the fiscal stimulus.
NCEAX fell by 1.3%. Weak PMI data, lower commodity prices, and uncertainty regarding the Fed’s interest rate hike contributed to negative investor sentiment.
Cheetah Mobile (CMCM) has a market cap of $2.6 billion. After the earnings report for 3Q15, it rose by 5.7% as of November 17, 2015.
In a sluggish global economy, China has been trying hard to maintain a positive balance of trade, in which its total exports are greater than its total imports.
Company & Industry Overviews
Baidu is the most popular search engine in China, followed by Qihoo 360. Google holds around 60% of the market share in ad revenue.
Similar to the rise of US Internet stocks 15 years ago, shares in China’s tech sector have seen a massive rise in share prices affected by macro factors.
Since June 2015, stock markets in China have seen a downward spiral. This was due to concerns over the longevity of the stimulus.
The Global X NASDAQ China Technology ETF (QQQC) tracks a cap-weighted index of Chinese technology firms.
Maverick Capital lowered its position in Baidu, Inc. in 3Q14. The position accounts for 0.36% of the fund’s total portfolio in the third quarter.
Maverick Capital sold its position in Ralph Lauren in 3Q14. The position accounted for 1.67% of the fund’s total portfolio in 2Q14.
Despite continued growth, Twitter is still a small player in the online advertising market. Twitter needs the support of as many advertisers as possible to become a major player in the digital advertising world.
In its latest amended filing to SEC, JAT Capital revealed it has an activist stake equal to 9.36% of the company’s shares outstanding. It upped its stake to 5.96 million shares, pushing the company’s management harder to consider strategic alternatives.
Zillow, Inc. operates the leading real estate and home-related marketplaces on mobile and the Web. Zillow reported quarterly revenue of $88.6 million, up 66% over 3Q 2013.
Ctrip.com International, Ltd., or Ctrip, is a leading travel service provider of accommodation reservations, transportation ticketing, packaged tours, and corporate travel management in China.
Tiger Global Management disposed of a large position in Carter’s Inc. (CRI) that accounted for 6.84% of the fund’s 1Q14 portfolio. Carter’s is based in Atlanta, Georgia. Carter’s is the largest branded marketer of apparel and related products exclusively for babies and young children. The company owns the Carter’s and OshKosh B’gosh brands.