Apple and Hyundai in talks over electric vehicle partnership
Hyundai Motor (OTCPK:HYMLF) is up more than 20% in Seoul trading after the company confirmed that it is in early stage talks with Apple (NASDAQ:AAPL) about working together to develop a self-driving car, without any firm plan in place yet.
Reports suggest both electric vehicle production and battery development have been discussed on an initial basis about a car that could potentially be released in 2027.
Wedbush Securities analyst Dan Ives thinks Apple is looking at a handful of strategic EV partnerships and collaborations globally with existing automakers, including Hyundai.
Baidu may raise $3.5B in Hong Kong listing – Bloomberg
Baidu (NASDAQ:BIDU) +2.7% pre-market following a Bloomberg report that it plans to raise at least $3.5B in a Hong Kong listing.
Baidu plans to sell shares in Hong Kong as soon as this year’s H1, and could sell 5%-9% of its share capital, meaning the offering could raise at least $3.5B based on its latest market value of nearly $70B, according to the report.
The company reportedly has selected CLSA and Goldman Sachs as two of the banks handling the listing, although more banks could be added and the size and timing of the offering are subject to change.
It remains unclear how the incoming Biden administration will deal with China, but a second listing in Hong Kong allows Chinese firms to expand their investor base and acts as a hedge against potential delisting.
3D Systems up nearly 30% after strong preliminary Q4 numbers
3D Systems (NYSE:DDD) expects Q4 revenue of $170M-$176M vs. estimates of $140M. Non-gaap operating income is expected to be $11M-$19M vs. $5.6M earned in Q4 one year ago.
CEO Jeffrey Graves: “Our Team’s ability to deliver over 20% consecutive-quarter revenue growth in both business units, while executing large scale restructuring, was particularly gratifying to see.”
The company also announces the close of the sale of its non-core software business for cash proceeds of about $64M. Roughly $21M of this was used to pay down debt.
ZW Data Action Technologies +30% on strategic partnership with Yujun Capital
ZW Data Action Technologies (NASDAQ:CNET) partners with Yujun Capital and its subsidiary Yujun Digital Technology Co., Ltd. According to the terms, Yujun Digital will provide online branding and management service to the Company’s merchant clients.
Handong Cheng, Chairman and Chief Executive Officer of CNET: “ZW Data and Yujun Capital will build a five-dimensional platform with digital product selection, brand content marketing, digital growth, private domain traffic operation, and brand digital intelligence. Through integration of capital, strategy, brand, private domain, data and intelligent solutions, we strive to assist our clients in their brand building with blockchain technology. In particular, we hope to promote growth of national brands in the post-pandemic era when China’s economic policy shifts to domestic consumption.”
Duke Energy buys Texas solar project from Canadian Solar
Duke Energy (NYSE:DUK) is expanding its solar energy portfolio by acquiring the 144 MW Pflugerville Solar project from Canadian Solar (NASDAQ:CSIQ) subsidiary Recurrent Energy; financial terms are not disclosed.
Pflugerville is under construction in Travis County, Texas and is expected to achieve commercial operation in mid-2021. The energy generated from the project will be sold to Austin Energy under a 15-year power purchase agreement.
Duke already has retired 51 coal-fired plants, replacing coal with natural gas reduces CO2 emissions by ~40%, and has achieved a 39% reduction in CO2 vs. 2005 levels, ISTJ Investor writes.