share Archives - Gizmochina

Samsung has sold its $1.3 billion stake in China’s BYD

Sean — Mon, 06 Sep 2021 09:38:19 +0000

Samsung Electronics has just sold its 1.6 percent stake in China’s BYD, which is worth around 1.5 trillion Won (roughly 1.3 billion US Dollars). The move arrives as a surprise considering how many consumer electronic brands are racing to develop electric and self driving cars.

According to a KedGlobal report, the South Korean tech giant has stated that its remaining stake at the Chinese automobile maker is now at 0.3 percent as of the end of the first quarter. In other words, it previously held a total 1.9 percent stake that was worth 1.7 trillion won at the time. The world’s largest smartphone brand had bought the stake back in 2016 as an effort to strengthen its bond with the Chinese electric car and battery manufacturer.

Furthermore, it was also to boost its automotive chip business as well. Although, the company selling its stake has puzzled many since various tech giants are moving towards next generation vehicles. So selling its stake at an established automobile brand would seem like a step in the opposite direction. As per some, the company decided to sell the BYD share to make profit as BYD’s shares have risen significantly in the past few years.

Although other stated that Samsung doesn’t have any major reason to sell off its BYD stake since the company already has a sizeable cash reserve of its own that amounts to around 100 billion US Dollars. On the other hand, the firm is also currently aiming on investing 17 billion US Dollars to build a new chip plant close to its existing factory in Austin, Texas.

RELATED:

The post Samsung has sold its $1.3 billion stake in China’s BYD appeared first on Gizmochina.

Xiaomi awards 70.23m shares to 3,904 participants worth HK$1.84 billion

Jeet — Mon, 05 Jul 2021 04:50:36 +0000

The China-based tech giant known for making value-for-money smartphones — Xiaomi, has announced that the company will award a total of 70.23 million shares to selected 3,904 participants under a share award scheme.

The shares awarded by the company shall be vested between July 2, 2021, to July 2, 2025, which is in line with the usual vesting period of four years. The cost of the shares awarded by the company stands over HK$1.84 billion at a share price of HK$26.20.

These 3,904 shares allotted by the company stand at about 0.28 percent of the total issued shares of Xiaomi, according to the exchange filing. The total under the share award scheme is capped at around 1.12 billion shares, subject to an annual limit of 3 percent of the total number of issued shares. So far, the company has granted a total of 323.49 million shares under the scheme.

A couple of months ago, Xiaomi announced its financial results for the last year. The numbers reveal a strong year for the company, which marked a notable growth of 17.5 percent year on year over 2019, reaching 146.4 million shipments in total.

The rise of its handset shipments in 2020 helped the company climb the list to become the third-largest smartphone manufacturer in the world, while Huawei saw a sharp decline during the same time.

Tesla sees bump in shares after record electric car sales in Q1 2021

Sean — Mon, 05 Apr 2021 11:32:22 +0000

Tesla Inc‘s shares surged by almost 8 percent in pre market trading earlier today (5th April 2021) after the company witnessed a record shipments of its electric cars, which saw great demand in the first quarter of this year.

According to a Reuters report, the popular electronics car maker posted record sales in Q1 2021, despite the world suffering from a global shortage of chips that are used in these vehicles. The automobile manufacturer also announced earlier this month that it was encouraged by the strong demand of its Model Y crossover in China, which was quickly progressing to full production capacity in the region.

Notably, Tesla’s ability to produce about the same amount of vehicles in the first quarter of this year in comparison to the fourth quarter “stands out relative to the trend in global light vehicle production”, as per a J.P. Morgan analysts’ note. During the first quarter, the company shipments 184,800 vehicles across the globe, which is higher than the previously estimated 177,822 vehicles deliveries.

This, in turn, caused the shares of Tesla to rise by nearly 8 percent, arriving in at 714 US Dollars in trading. On the other hand, other electric vehicles like NIO Inc and Workhorse Group also saw a rise as well. Although, both firms only saw a increase of just 1 percent to 4 percent respectively.

Xiaomi Founder Lei Jun acquires controlling stake in AI chip developer CVITEK

Sean — Wed, 03 Feb 2021 09:13:52 +0000

Earlier today (3rd February 2021), a new report surfaced that revealed that the Founder and CEO of Xiaomi has acquired stakes in a Chinese artificial intelligence development based firm called CVITEK. This led to a business change within the company with the smartphone maker’s senior official having a controlling stake within the AI developer.

As per new information from QCC, the Chinese tech giant has officially become CVITEK’s largest shareholder, with a shareholding ratio and a final benefit ratio of 20.7 percent. Furthermore, the information has also revealed that the most prominent position of the company has now been changed to Lei Jun, Xiaomi’s Chairman, Founder, and CEO. The senior official now has a total equity ratio of 3.07 percent.

For those unaware, CVITEK is a company that focuses on the design and development of aritificial intelligence based SoC chips. Unfortunately, we have no means on knowing what the company aims on achieving by acquiring majority stake in the business. Although, Xiaomi is a technology based brand, so we can assume that this is one of its attempt to broaden its horizon and deepen its research and development into the artificial intelligence field.

In other words, the smartphone manufacturer might be looking to have this company help develop future technology that might even be integrated into its own product offerings. However, that is just speculation at this point so take it with a pinch of salt and stay tuned for more, as we will be providing more updates if there are any interesting development regarding this matter.