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Hong Kong-listed Yaojie Ankang-B (02617.HK) continued to rise, surging 117% in late trading and now trading at HK$420 per share.On September 15th, the Dongguan Municipal Development and Reform Bureau and other departments jointly issued the "Several Measures to Support the High-Quality Development of the Low-Altitude Economy in Dongguan." The measures mention accelerating the expansion of low-altitude equipment manufacturing. They promote the implementation of complete aircraft R&D, manufacturing, and operation projects, and vigorously cultivate and introduce companies that develop low-altitude core components and key equipment. The city will focus on key areas such as fixed-wing aircraft, helicopters, new energy drones, flying cars, and eVTOL complete aircraft, as well as key equipment, core components, material development, energy and power systems, flight control systems, heavy-duty payloads, and drone countermeasures. Support will be provided for the development of R&D, manufacturing, and operation projects in the city. For complete aircraft projects and component projects with construction investments (excluding land prices) exceeding 100 million yuan and 50 million yuan, respectively, a one-time subsidy of 10% of the actual project investment will be provided, with a maximum cumulative subsidy of 10 million yuan per enterprise.On September 15th, the Dongguan Municipal Development and Reform Bureau and other departments jointly issued the "Several Measures to Support the High-Quality Development of the Low-Altitude Economy in Dongguan." The measures mention the creation of low-altitude demonstration transportation routes and support for the expansion of drone logistics applications. A one-time subsidy of 150,000 yuan, 300,000 yuan, and 500,000 yuan will be provided for each intra-city route, inter-city route, and Dongguan-Hong Kong cross-border route (with at least one starting or ending point in Dongguan, a distance of at least 10 kilometers, and at least 100 flights per year), respectively.On September 15th, the Dongguan Municipal Development and Reform Bureau and other departments jointly issued the "Several Measures to Support the High-Quality Development of the Low-Altitude Economy in Dongguan." The measures mention support for the construction of low-altitude takeoff and landing infrastructure. They support private investment in new general airports, providing subsidies of 10% of the actual construction investment after completion, with a maximum subsidy of 5 million yuan per project. They also accelerate the construction of supporting ground facilities for helicopters, eVTOLs, and unmanned aerial vehicles. Subsidies of 10% of the actual construction investment after completion will be provided for new or expanded low-altitude takeoff and landing infrastructure with private investment. For small takeoff and landing sites and intelligent takeoff and landing kiosks, subsidies will be provided up to 100,000 yuan per project, with an annual maximum of 3 million yuan per enterprise. For medium- and large-scale takeoff and landing sites, eVTOL landing sites, helicopter landing platforms, and test sites (which must have been in operation for at least one year), subsidies will be provided up to 2 million yuan per project, with an annual maximum of 5 million yuan per enterprise.Hesai (HSAI.O) U.S. stock price rose more than 6% in the night trading. The company signed a lidar order worth more than US$40 million with a Robotaxi company.

The CEO of Robinhood refuses a merger while the company's stock price rises

Aria Thomas

Aug 04, 2022 10:51


Wednesday, the CEO of Robinhood Markets Inc. (NASDAQ:HOOD) downplayed the likelihood that the company may be acquired following the news of job cuts to reduce expenses and reverse a decline in trading activity on its platform.


In response to a smaller-than-anticipated quarterly loss and the announcement of a 23 percent employee cut, shares of Robinhood rose almost 12 percent at Wednesday's close.


During an earnings call, Robinhood CEO Vlad Tenev ruled out a potential acquisition, claiming that the retail trading platform has around $6 billion available to acquire companies "that would help us accelerate our roadmap."


Analysts questioned whether Robinhood would strike a deal with rival retail brokerage Charles Schwab (NYSE:SCHW) or crypto trading platform FTX, whose founder Samuel Bankman-Fried acquired a 7.6 percent stake in Robinhood in May. Robinhood's share price has been under pressure in recent months due to falling equity and cryptocurrency markets.


Robinhood, headquartered in Menlo Park, California, reported a 44 percent fall in second-quarter revenue, as trading volumes fell from the previous year's frenetic pace, when regular customers utilized its program to invest in so-called "meme stocks."


Despite this, investors praised Robinhood's effort to reduce expenses through layoffs, which follows a 9 percent cut in full-time employees earlier this year. In addition, the company indicated that it will modify its organizational structure in order to foster more cost discipline.


During the conference, Tenev also emphasized that a potential recession, which would be the first experienced by the company's primarily young clientele, might potentially depress platform activity.


"This excessive inflation is accompanied by high interest rates, bear markets, and low stock prices, as well as a crypto winter. Consequently, there is less money available for consumption, savings, and investment "He asserted.


Tuesday, Robinhood posted a second-quarter net loss of $295 million. Analysts predicted a loss of 37 cents per share, according to data from Refinitiv IBES, while the business recorded a loss of 32 cents per share.


Analysts commended Robinhood's efforts to reduce its expenditure, saying that the move might be advantageous for the company's faltering stock price.


Analysts at Goldman Sachs (NYSE:GS) noted in a research note, "We expect that these expenditure reductions will likely lead the company to profitability in the near future, which might boost the stock price."


Investors have shied away from high-growth technology businesses so far this year due to a risk-off environment, increased finance costs, and slow e-commerce expansion, with Robinhood and other fintech firms taking the brunt of the loss.


In its initial public offering last year, Robinhood's shares were priced at $38 a share. Since the company's NASDAQ debut, the price per share has plummeted by more than 70 percent.


Similar to other high-growth technology businesses, Robinhood has not generated a profit since its market debut; yet, Tuesday's revelation was viewed by some analysts as an indication that the company is on an upward trajectory.


"Once the market digests the'shock' from the sheer volume of the layoffs, we think that investors' focus will shift to fundamentals and the path to profitability," Mizuho analysts wrote in a research note.


In the wake of last year's meme-stock scandal, which spurred many federal and state probes, Robinhood has been subject to intense scrutiny. Beginning in October 2021, U.S. Wednesday, Robinhood said that the Securities and Exchange Commission was examining the company's compliance with short selling regulations.

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