Kuaishou Technologies may be coming out of its larger rival ByteDance's long shadow. China's $50 billion short-video streaming app has been stuck in a regulatory firestorm are emerging.
Xing Jin wants to put the plastic-surgery app he co-founded and runs under the financial knife. On Monday he offered to buy the 84% he doesn’t own of So-Young which matches online users with providers of so-called medical-aesthetic services. There may well be good reasons for shareholders to accept his deal valuing the company at $556 million. But it will aggravate the existing angry governance scar of supervoting stock.
Moderna’s shares crashed nearly 20% on Thursday, costing it $25 billion in market capitalization, after it cut its sales forecast for this year to $15 billion-$18 billion from $20 billion previously. It’s a reminder both of the success of boss Stéphane Bancel’s company and of its challenges.
Two executives at Hong Kong-based Snow Lake Capital have quit amid bad bets including Chinese stocks, the Financial Times reported, forcing it to liquidate one fund and retrench. The turmoil spotlights the hedge fund’s disastrous position in MGM China .
Japan might be said to have invented stakeholder capitalism. Its companies have long proclaimed an allegiance to the “five joys” – namely employees, customers, suppliers, society, and last of all, shareholders. The relatively poor returns from Japanese stocks in recent decades stem largely from this disdainful attitude toward equity owners. By contrast, American companies put shareholder interests first and delivered far superior returns. Now that the United States is leaning towards a form of stakeholder capitalism, Japan is moving in the opposite direction.