On Breakingviews: Beijing and ByteDance are killing a video-app star, says mak_robyn
, and provoked a massive market selloff. Last week watchdogs unveiled more draft rules targeting the live-streaming sector, barring anyone under 16 years old from marketing products plus directives for web influencers to “dress appropriately” and speak Mandarin. A separate data privacy law will likely restrict companies from collecting user information or using recommendation algorithms. State media are lambasting "low-brow content".
This all bodes ill for Kuaishou, which has been looking to e-commerce and advertising to monetise its massive user base. And Beijing might not be the biggest problem. In the second quarter, monthly and daily active users on Kuaishou's main apps fell slightly from the previous three-month period, according to analysts at Morgan Stanley, while ByteDance's competing Douyin app gained. The bank reckons Kuaishou had to spend a whopping $1.
Analysts’ mean price target has fallen from over HK$400 per share to roughly HK$250 today, according to Refinitiv. The lowest is at HK$75 - where the stock currently trades. Kuaishou, which must keep spending to fend off ByteDance, is fading quickly to obscurity.- Chinese video-streaming app Kuaishou Technology will report financial results in the three months to end-June on Aug. 25.
- The company is expected to make an adjusted net loss, excluding share-based compensation and other one-offs, of 4.8 billion yuan on revenue of 19 billion yuan in the period, analysts at Morgan Stanley estimate. Full-year adjusted net loss is forecast to be 18 billion yuan. - Separately, China's Ministry of Commerce on Aug. 18 published detailed guidelines for the live-streaming market, including requirements that hosts speak Mandarin and dress appropriately when they market products online.Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day.
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