Shares of China's Qutoutiao rises after Alibaba's investment of 171 mln USD

          Source: Xinhua| 2019-03-28 23:39:55|Editor: yan
          Video PlayerClose

          NEW YORK, March 28 (Xinhua) -- Shares of Qutoutiao extended solid gains in Thursday's morning sessions, after the Chinese mobile content platform announced a convertible loan of 171 million U.S. dollars from China's e-commerce giant Alibaba.

          Before market open, Qutoutiao announced the investment from Alibaba Investment Limited, an affiliate of Alibaba Group, pushing its stock price up over 10 percent once in premarket trade.

          The convertible loan will be convertible into Class A ordinary shares of Qutoutiao at Alibaba's option at a conversion price of 60 dollars per share, equivalent to 15 dollars per American deposit share (ADS), the company said in a statement.

          An ADS is a U.S. dollar-denominated equity share of a foreign-based company for purchase on a U.S. stock exchange.

          With an interest rate of 3 percent per year, the loan will mature in three years, unless previously repaid or converted in accordance with their terms prior to such date.

          Once fully converted, the mobile content provider will issue new shares to Alibaba, representing approximately 4 percent of its share capital.

          Shares of Qutoutiao and Alibaba increased nearly 0.7 percent and over 0.6 percent respectively as of 10:33 a.m. EST (1433 GMT).

          Launched in June 2016, Qutoutiao, or "fun headlines" in Chinese, provides fun and entertainment-oriented articles, short videos and customized feeds to users, driven by artificial intelligence-based algorithms.

          The company issued its initial public offering on the Nasdaq on Sep. 14, 2018, under the ticker symbol QTT.

          It has been one of the largest mobile content aggregators in China in terms of monthly average users and daily average users, many of which are from lower-tier cities in China, according to the company.

          TOP STORIES
          EDITOR’S CHOICE
          MOST VIEWED
          EXPLORE XINHUANET
          010020070750000000000000011105521379314461
          无码人妻一区二区三区四区av_亚洲精品911在线永久观看_精品一区二区国产在线观看_日韩不卡一区二区视频在线

                  日本中文一区二区三区亚洲 | 伊人网国产一本高清 | 精品国产午夜理论片不卡 | 亚洲污码欧美激情h动漫在线 | 亚洲一线免费观看 | 亚洲乱码中文字幕综合69堂 |