Technology Roundup – Facebook slaps labels on state-controlled media, NetEase, JD.com seek secondary listings closer to home

科技精选——脸书对国有媒体加标签,网易和京东计划在香港二次上市
Published on: June 5, 2020
Author: Amy Liu

Facebook slaps labels on state-controlled media

Facebook (NASDAQ:FB) has begun labeling state-controlled media organizations like Russia’s Sputnik, Iran’s Press TV, and China’s Xinhua News to alert users whether content may be under the influence of a state.

“State-controlled media outlets rarely advertise in the U.S. Nevertheless, later this summer we will begin blocking ads from these outlets in the US out of an abundance of caution to provide an extra layer of protection against various types of foreign influence in the public debate ahead of the November 2020 election.”

Facebook will not label any U.S.-based news organizations, as it determined that even U.S. government-run outlets have editorial independence.

NetEase, JD.com seek secondary listings closer to home

Two of China’s most valuable U.S.-listed companies progressed toward listings in Hong Kong amid recent tensions over U.S. listing requirements.

Online gaming firm NetEase (NASDAQ:NTES) plans to sell stock at HK$123 ($15.87) a share, which could raise about 21.1B Hong Kong dollars ($2.7B). Shares are set to begin trading on June 11 under stock code 9999.HK.

E-commerce giant JD.com (NASDAQ:JD) meanwhile filed a preliminary prospectus, though it didn’t say when it plans to list or how much it seeks to raise.

JD +2% premarket

States favoring breakup of Google ad tech – CNBC

State attorneys general who are probing Google (GOOG, GOOGL) are leaning toward the idea of breaking up the company’s advertising technology business, CNBC reports.

That comes after widespread reports that Google is facing lawsuits from both the states and the federal government within the next few months.

For now, those suits remain on separate tracks, CNBC says, and they cover not only ad tech but also the company’s Android business.

And the states could yet push for business restrictions through a consent decree on ad tech, but for now notably are pushing to break up the unit – which would be a challenge considering its integration into Google as a whole, and with its key deals (for DoubleClick and AdMob) many years in the rear-view mirror.

Google is paring gains today (GOOG +1.7%, GOOGL +1.7%).

JD.Com files for 133M ADR offering

JD.Com (NASDAQ:JD) +3% files to offer ADRs, which include 126.35M shares offered in the U.S. and 6.65M shares in Hong Kong.

The maximum offer price for the Hong Kong public offering is HK$236.00, or US$30.45, per Class A ordinary share (equivalent to US$60.89 per ADS).

Net proceeds from the global offering will be used to invest in key supply chain-based technology initiatives to further enhance customer experience while improving operating efficiency.

Wedbush sees 5G feeding Apple bull case, heavy upside

Wedbush has raised its price target on Apple (AAPL +1.3%), pointing to Services as the spur behind a potentially even bigger bull case.

It’s boosted its target to $375 from $350, amid easing headwinds. That target now implies 15% upside.

But with a second-half macro “snapback” ahead, a bull case for $425 is within sight, the firm says, and by the end of 2021, “Apple has potential to be the first $2T valuation given the 5G tailwinds and services momentum potential over the coming years.”

Shares have ticked up to their all-time high today.

While Wall Street Analysts and Seeking Alpha authors are Bullish on Apple, it has a Quant Rating of Very Bullish.

Technology