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Toshiba says it received interest from 10 potential partners

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© Reuters. FILE PHOTO: Toshiba logos are pictured at Toshiba Corp’s annual general meeting with its shareholders in Tokyo, Japan, June 25, 2021. REUTERS/Kim Kyung-Hoon

TOKYO (Reuters) -Toshiba Corp said on Friday that it has received interest from 10 potential partners after the Japanese conglomerate said it would solicit potential buyout offers.

Toshiba (OTC:TOSYY) has been locked in a years long battle with some of its major shareholders over its direction. It set up a special committee last month to solicit potential offers after shareholders voted down a management-backed restructuring plan.

The conglomerate has hired JPMorgan Chase & Co (NYSE:JPM) and Mizuho Financial Group Inc as financial advisors in addition to Nomura Holdings (NYSE:NMR).

Separately, Toshiba said it had delayed board director nominations ahead of the annual shareholders meeting in June as it needed more time to finalise candidates.

Toshiba is in the process of ascertaining whether there were any conflict-of-interest issues for some candidates, a source familiar with the matter said.

Investors are waiting for the company to reveal its nominee for the board’s new chair to replace interim chairman Satoshi Tsunakawa.

Tsunakawa has been in the position on a temporary basis after shareholders last year rejected the re-election of the then chairman, angered by a finding that the company’s management colluded with the Japanese government to put pressure on foreign investors.

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Tencent Music’s Q1 revenue underwhelms as competition heats up

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© Reuters. FILE PHOTO: The logo of China’s Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. REUTERS/Florence Lo/Illustration

(Reuters) -China’s Tencent Music Entertainment Group (NYSE:TME) posted quarterly revenue in line with Wall Street estimates on Monday, as the audio streaming service struggles with easing demand amid stiff competition.

As part of a broader clampdown on the country’s internet giants, Chinese regulators stripped Tencent Music of its exclusive contracts with big music labels in 2021, spurring competition from rivals such as Cloud Music and Bytedance-owned short video sharing platform Douyin.

Tencent Music said revenue fell 15.1% to 6.64 billion yuan ($979.03 million) in the first quarter ended March 31, in line with expectations, partly due to lower ad sales after a fresh bout of COVID-19 cases in China.

The company reported that online music paying users increased by 4 million from the prior quarter. The company had added about 5 million paying users in the fourth quarter.

Net income attributable to equity holders of the company fell 34.2% to 609 million yuan.

The firm’s biggest revenue driver, social entertainment services, saw a 20.6% fall in the quarter. Meanwhile, paying users in the segment fell to 8.3 million from 9 million in the previous quarter.

U.S.-listed shares of Tencent Music rose 2.2% to $4.24 in extended trading, as the company reported adjusted earnings per American Depository Share (ADS) of 0.54 yuan, which scraped past estimates of 0.53 yuan per ADS.

($1 = 6.7822 Chinese yuan renminbi)

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Tiger Global raised stakes in some tech names battered by year’s rout -filing

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© Reuters. FILE PHOTO: A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., May 5, 2022. REUTERS/Andrew Kelly

2/4

By Svea Herbst-Bayliss

BOSTON (Reuters) – Investment firm Tiger Global, which has lost billions of dollars in this year’s technology stock meltdown, increased its stakes during the first quarter in several companies that have been especially hard hit by the selloff, a regulatory filing shows.

Tiger Global boosted its holding in consumer internet company Sea Limited by 18% to own 13.5 million shares on March 31, according to a filing made on Monday. Sea Limited’s stock price has tumbled nearly 69% since January.

The New York-based firm also upped its investment in cybersecurity technology company CrowdStrike Holdings (NASDAQ:CRWD) by 16% to own 8.8 million shares at the end of the first quarter. The stock price has fallen 27% since January.

Both CrowdStrike and Sea Limited are listed among Tiger Global’s top five holdings in its 13-F report which details what investment managers owned at the end of the last quarter.

While the information is dated, the quarterly filings are closely watched for possible investment trends. These particular filings may be analyzed for what happened at a number of large investment firms now nursing heavy losses in the wake of the tech rout. Stocks in general but technology names in particular have been hurt by news of more aggressive interest rate hikes designed to rein in surging inflation.

The S&P 500 is down nearly 16% year-to-date while the tech heavy Nasdaq Composite has tumbled more than 25%.

Tiger Global also increased its investment in financial services company Block Inc which used to be Square Inc (NYSE:SQ), by 97% during the first quarter. The stock price has tumbled 51% since January.

Tiger Global also liquidated its position in electric vehicle maker Rivian Automotive Inc, whose shares debuted in the public markets to great fanfare last year but have tumbled around 80% since their initial public offering.

A Tiger Global spokeswoman declined to comment.

Tiger Global told investors it lost 44% during the first four months of the year, according to an investor in the fund. The firm, which makes public and private investments and recently managed total assets of roughly $90 billion, made an estimated $25 billion in gains since its launch in 2001 and late last year, according to data from LCH, a fund of hedge funds run by the Edmond de Rothschild Group.

LCH estimates Tiger Global has lost $17 billion so far this year, making it one of the biggest-ever declines in the hedge fund industry.

The first-quarter filing shows that Tiger Global cut some investments in stocks that went on to tumble more.

The firm slashed its stake in Amazon.com Inc (NASDAQ:AMZN) by 58% in the first quarter before the stock tumbled 32% since April 1.

It also cut its stake in exercise equipment maker Peloton (NASDAQ:PTON) by 88% to 1.2 million shares as the company changed chief executives and faces pressure from an activist investor to sell itself.

It reduced its stake in Uber Technologies (NYSE:UBER) Inc by 93% to 1.2 million shares as the ride hail company’s stock price has tumbled 46% since January.

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Rocket Lab USA Shares Gain 5% on Q1 Earnings Beat and Raise

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© Reuters. Rocket Lab USA Shares Gain 5% on Q1 Earnings Beat and Raise

Rocket Lab USA, Inc. (RKLB) shares were trading more than 5% higher after-hours following the company’s reported Q1 results, with EPS of ($0.06) coming in worse than the consensus estimate of ($0.04).

Revenue grew 124% year-over-year to $40.7 million, beating the consensus of $27.48 million, with Space Systems contributing 84% of total quarterly revenue, growing 1,873% year-over-year.

The company provided its Q2/22 outlook, expecting revenue in the range of $51-54 million, compared to the consensus of $41 million, with expected Launch Services revenue of approximately $19 million and expected Space Systems revenue of $32-$35 million.

The company also announced that the CAPSTONE spacecraft has arrived at the launch site Rocket Lab in New Zealand and begin the preparation for the launch to lunar orbit using the Electron launch vehicle and Lunar Photon spacecraft bus.

By Davit Kirakosyan

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