Baidu Inc. (NASDAQ:BIDU) shares are trading higher in premarket today. The tech company unveiled an upgraded version of its AI model, Ernie 4.0 Turbo, on Friday as part of its strategy to stay competitive in China’s rapidly evolving AI market. The launch follows the release of Ernie 4 in October 2023, which Baidu claimed was on par with OpenAI’s GPT-4 in terms of capabilities, reported Reuters. The new model will be available to the public through web and mobile app interfaces. Developers can integrate the technology through Baidu’s Qianfan AI platform, Wang Haifeng, Baidu’s Chief Technology Officer, stated at a corporate event. Since its launch, Ernie has amassed 300 million u

DouYu International Holdings Limited (NASDAQ: DOYU) reported a fiscal first-quarter 2024 revenue decline of 29.9% to $144 million year-on-year, missing the analyst consensus estimate of $184 million. The Chinese game-centric live streaming platform’s adjusted earnings per ADS loss of $(0.37) compared to $1.10 Y/Y. The stock price declined after the results. Segments: DouYu’s Livestreaming revenues decreased by 41.5% Y/Y to $110.9 million due to the soft macroeconomic environment. Advertising and other revenues increased by 109.3% Y/Y to $33.1 million, primarily attributable to the increase in other revenues contributed by other innovative business. Gross margin declined from 11.9

Trip.com Group Limited (NASDAQ:TCOM) shares are trading lower after the company announced a proposed offering of $1.3 billion of convertible senior notes. The convertible senior notes will mature on June 15, 2029, unless repurchased, redeemed, or converted per their terms before such date.  The holders of the note have the right to demand that the company buy back all or a portion of their notes for cash on June 15, 2027, or upon the occurrence of certain fundamental changes. The company intends to use the net proceeds from the Notes offering to repay existing financial debt, expand its overseas operations, and meet working capital requirements. Simultaneously with the pricing of

NIO Inc. (NYSE:NIO) shares are trading lower in the premarket session on Wednesday. According to Benzinga Pro, NIO stock has lost over 30% in the past six months. BofA Securities analyst Ming Hsun Lee maintained a Neutral rating on NIO and lowered the price target from $6.5 to $5.9. Investors can gain exposure to the stock via KraneShares MSCI China Clean Technology Index ETF (KGRN) and Invesco Golden Dragon China ETF (NASDAQ:PGJ). The company is currently in the headlines for adding a new NIO House in the Netherlands as it moves ahead with efforts to expand in Europe. Following the Rotterdam opening on March 23, 2023, the NIO House in the Netherlands becomes NIO's second esta

NIO Inc. (NYSE:NIO) shares are trading higher in the premarket session on Tuesday. According to Benzinga Pro, NIO stock has lost over 34% in the past year.  Over the weekend, the company reportedly achieved a milestone by delivering its 200,000th ES6, coinciding with the one-year anniversary since the launch of the model’s second generation, CnEV Post reported. Nio, the electric vehicle (EV) manufacturer, recently delivered the vehicle to a customer in Shanghai, the report read, citing an announcement made on its mobile app. Nio has sold over 31,000 units of the ES6 in Shanghai since 2019. By the end of April, sales figures showed that over 127,000 units of the first-generatio

NIO Inc. (NYSE:NIO) shares are falling on Thursday. According to Benzinga Pro, NIO stock has lost over 45% in the past year.  The company’s founder, William Li, disclosed intentions to pursue European expansion despite uncertainty regarding potential tariffs on Chinese EVs by the European Union, Reuters reported. “Electric vehicles are very important for positive development of the environment, they should never be used as a political target,” Li told reporters as NIO opened a showroom in Amsterdam, the report added. NIO’s new showroom is located in the heart of Amsterdam, on a corner where a bridge crosses one of the city’s famous canals, per the report. He mentioned that in

NIO Inc.’s (NYSE:NIO) shares are trading higher on Tuesday. The company’s office campus in Shanghai reportedly received a visit from  Xiaomi Corp. (OTC:XIACY) founder, chairman, and CEO Lei Jun to check out the L60, the first model from NIO’s sub-brand Onvo. Nio’s founder, chairman, and CEO William Li disclosed the news today on Douyin, China’s TikTok equivalent, with a video showcasing him and Lei Jun beside an Onvo L60, CnEV Post reported. Later on Weibo, Lei stated that he led his team to visit Nio’s Li to express gratitude for his assistance in the launch of Xiaomi’s debut model, the SU7, the report added. Additionally, as per local automotive media outlet Auto Home, a delega

In a major move, Alibaba Group Holding Ltd (NYSE:BABA) slashed prices on its artificial intelligence services by up to 97%, prompting immediate reactions from competitors Baidu Inc (NASDAQ:BIDU) and ByteDance Ltd.  This aggressive pricing strategy is expected to ignite a price war in China's emerging AI sector. Baidu responded soon with free services based on its Ernie AI models, shortly after Alibaba announced price cuts on nine products utilizing its Tongyi Qianwen technology.  ByteDance had already set the stage last week by offering AI services at prices 99% lower than industry norms, benchmarking against Ernie and Alibaba's Qwen, reported Bloomberg. These actions signal the

Alibaba Group Holding Ltd’s (NYSE:BABA) Taobao and Tmall Group are collaborating with ByteDance-owned Douyin to draw users from the Chinese short video platform, aiming to boost their presence in the mainland’s annual midyear shopping festival.  Recently, Alibaba’s domestic e-commerce unit teamed up with Douyin, also known as the Chinese version of TikTok, to assist merchants on the Taobao and Tmall platforms in gaining customers from Douyin’s user base.  The collaboration revealed on Monday, introduced the “Star Cube Plan,” a joint initiative by Alibaba’s digital marketing platform Alimama and Douyin’s marketing tool Xingtu, SCMP reports.  This plan facilitates marketing on Douyin

Sohu.com Limited (NASDAQ: SOHU) reported a revenue decline of 14% year-over-year to $139.4 million for the fiscal first quarter of 2024. Revenue was down by 1% Q/Q. The Chinese internet company's adjusted loss per ADS was $(0.65), missing the analyst consensus loss estimate of $(0.49).  Brand advertising revenues declined 29% Y/Y to $16 million. Online game revenues decreased 9% Y/Y to $118 million. The adjusted gross margin improved by 200 bps Y/Y to 77% and by 100 bps Q/Q. The adjusted gross margin for online games was 88% versus 85% last year and 87% in the prior quarter. Sohu held $1.3 billion in cash and equivalents as of March-end. Average monthly active user accounts f