PGJ

Invesco Golden Dragon China ETF

Baidu’s digital advertising revenue has been dropping for the past four quarters, and the company is hoping the changes will reengage its user base and reverse the slump.

While China competition remains strong, the firm says June quarter deliveries guidance is stronger with 2025 model year refreshes and brands Onvo and Firefly continuing to ramp, Mizuho said, while adding that it sees Nio as fairly valued.

For the second quarter, Nio expects to deliver between 72,000 and 75,000 vehicles, representing a year-on-year growth of 25.5% to 30.7%.

AI and cloud gains offset ad declines, while adjusted EPS and non-marketing revenue outperformed expectations.

Bloomberg reported that Nio is now set to launch its Firefly brand in Europe between June and August, later than its initial plan of launching the brand in the region in the first half of the year.

In tit-for-tat moves, China announced 34% tariffs on U.S. imports to the country, and the U.S. bumped the additional tariff rate to 84% on Chinese goods.

A source told Reuters that Nio Power was valued at over RMB 10 billion ($1.37 billion) during a fundraising round in 2024.

The company said it will offer 136.8 million Class A ordinary shares at a price of HK$29.46. Hong Kong-listed shares of NIO closed 5% lower on Thursday at HK$32.55, which is still 10% higher than the offering price.