Bilibili plunges 16% at open after reporting second-quarter loss
Hong Kong-listed shares of Chinese video and gaming company Bilibili plunged more than 16% at the open after reporting a miss on its second-quarter earnings overnight.
The company reported a net loss of more than $300 million — almost double the amount of loss reported for the same period a year ago.
Citi Research’s vice president of China internet and media Brian Gong, however, was optimistic and said regulatory concerns over the country’s gaming industry are easing.
Pointing to the government’s resuming of gaming licenses, Gong said “although their number is less than expected, it shows the environment is improving,” he said on CNBC’s “Squawk Box Asia,” adding that “the worst is behind us.”
CNBC Pro: Citi just upgraded eight Chinese stocks
China’s “economic recovery looks to be slower than market expectations,” Citi’s stock analysts said in a Sept. 2 report.
They downgraded 12 China stocks — but upgraded eight. Here are three stocks from their updated list of top Hong Kong and mainland-traded Chinese stocks to buy.
Pro subscribers can read more here.
— Evelyn Cheng
U.S. stock futures open little changed
U.S. stock futures opened little changed following a choppy session in the major averages as Wall Street considered the pace of future interest rate hikes.
Dow Jones Industrial Average futures rose by 23 points, or 0.07%. S&P 500 and Nasdaq 100 futures climbed 0.08% and 0.13%, respectively.
— Sarah Min