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Week in Review
- Asian equities were mostly lower for the week, following global equities south amid a broad selloff in risk assets following China’s softer-than-expected economic releases this week.
- Tencent and JD.com both reported their Q2 results, which were mixed but offered positive surprises in net profits.
- Chindata (CD), one of the largest operators of cloud data centers in China, announced reaching a go-private deal with Bain Capital Monday. CD and Bain had been in talks, but the final deal values the company at +8% more than originally offered.
- A surprise rate cut from the People’s Bank of China (PBOC) confirmed economic support measures are not all talk, but the market’s reaction indicates that investors still want more.
Bilibili Q2 Earnings Overview
Pre-profit short video, gaming, and streaming platform Bilibili released its Q2 results yesterday. While the company beat estimates on revenue, it guided lower on forward-year revenues due to some delays in new game releases and sluggish growth in new businesses. However, like Tencent, advertising came out on top with year-over-year (YoY) growth of +36%, above most estimates.
Non-GAAP (Adjusted)
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