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TotalEnergies

TotalEnergies is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2024, it produced 1.5 million barrels of liquids and 5.2 billion cubic feet of natural gas per day. At the end of 2024, reserves stood at 11.1 billion barrels of oil equivalent, 54% of which are liquids. During 2024, it had LNG sales of 39.8 million metric tons. The company owns interests in refineries with a capacity of nearly 1.8 million barrels a day, primarily in Europe, distributes refined products in 65 countries, and manufactures commodity and specialty chemicals. At year-end, its gross installed renewable power generation capacity was 26 gigawatts.

Industrial

TNISF

La española Técnicas Reunidas apuesta por EE. UU. y Norteamérica para ampliar su cartera con proyectos energéticos y de descarbonización.

Técnicas Reunidas activa su ofensiva en EE. UU. para captar 10.200M€ en contratos

Analyst Color

Equities

Government

News

Sector ETFs

Economics

Markets

ETFs

IGPT

iShares Dow Jones US Energy Sector Index Fund

MSFT

NVDA

ORCL

La primera semana de Trump trajo reformas clave en energía, tecnología e inmigración. Descubre cómo podrían afectar a los mercados.

Reformas de Trump: ¿Cómo están reaccionando las acciones tecnológicas y energéticas?

FSNUY

GRPTY

RNMBY

SAPMY

Descubre las seis acciones europeas que Morgan Stanley ha agregado a su lista recomendada por su potencial para superar al mercado.

Morgan Stanley: Seis nuevas acciones europeas con potencial sorprendente

TotalEnergies SE

TTEC Holdings Inc

Tetra Tech Inc

T. Rowe Price Technology ETF

TEST SEC T by Test Comp

TietoEVRY Corp

BULLION GOLD RES ORD by Bullion Gold Resources Corp.

Bullion Gold Resources Corp

JP Morgan analyst Bill Peterson maintains Nucor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>) with a Overweight and raises the price target from $143 to $162.

Price Target

Analyst Ratings

JP Morgan Maintains Overweight on Nucor, Raises Price Target to $162

<a href="https://www.ai.mil/Latest/News-Press/PR-View/Article/4242822/cdao-announces-partnerships-with-frontier-ai-companies-to-address-national-secu/" title="https://www.ai.mil/Latest/News-Press/PR-View/Article/4242822/cdao-announces-partnerships-with-frontier-ai-companies-to-address-national-secu/">https://www.ai.mil/Latest/News-Press/PR-View/Article/4242822/cdao-announces-partnerships-with-frontier-ai-companies-to-address-national-secu/</a>

Macro Economic Events

Contracts

AMZN

GOOG

GOOGL

"CDAO Announces Partnerships with Frontier AI Companies to Address National Security Mission Areas, The awards to Anthropic, Google, OpenAI, and xAI – each with a $200M ceiling" - Chief Digital and Artificial Intelligence Office

JP Morgan analyst Bill Peterson maintains Commercial Metals (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMC#NYSE">CMC</a>) with a Neutral and raises the price target from $52 to $54.

JP Morgan Maintains Neutral on Commercial Metals, Raises Price Target to $54

Truist Securities analyst Bill Chappell maintains Scotts Miracle Gro (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMG#NYSE">SMG</a>) with a Buy and raises the price target from $75 to $80.

Truist Securities Maintains Buy on Scotts Miracle Gro, Raises Price Target to $80

Truist Securities analyst Bill Chappell maintains Celsius Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CELH#NASDAQ">CELH</a>) with a Buy and raises the price target from $50 to $55.

CELH

Truist Securities Maintains Buy on Celsius Holdings, Raises Price Target to $55

Wolfspeed Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NYSE">WOLF</a>) shares are trading sharply higher Monday morning, extending volatility that began last week despite a lack of new company-specific announcements for the session. Monday&#8217;s move follows a series of <a href="https://www.benzinga.com/trading-ideas/movers/25/07/46295652/wolfspeed-stock-continues-to-surge-whats-driving-the-momentum">strategic moves</a> by the company last week.
What To Know: Last week, Wolfspeed initiated a pre-packaged Chapter 11 filing, a move met with strong investor optimism. The company's <a href="https://www.benzinga.com/trading-ideas/movers/25/07/46279362/wolfspeed-wolf-stock-is-exploding-higher-monday-whats-going-on">restructuring plan</a> is set to erase approximately $4.6 billion in debt, a 70% reduction, and slash annual cash interest payments by 60%. This financial overhaul is designed to accelerate the company&#8217;s path to profitability.
Fueling the rally was last Monday&#8217;s announcement of Gregor van Issum as the new Executive Vice President and Chief Financial Officer, effective September 1. Van Issum, a veteran of the semiconductor industry with experience at ams-OSRAM and NXP Semiconductors, is seen as a critical addition to guide Wolfspeed through its transformation.
Wolfspeed expects to emerge from the restructuring process by the end of the third quarter while continuing normal operations and deliveries to its customers.
Price Action: According to data from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, WOLF shares are trading higher by 7.89% to $1.43 Monday morning. The stock has a 52-week high of $25.20 and a 52-week low of $0.39.
Read Also: <a href="https://www.benzinga.com/pressreleases/25/06/b46183949/wolfspeed-takes-next-step-to-implement-restructuring-support-agreement-and-proactively-strengthen-">Wolfspeed Takes Next Step to Implement Restructuring Support Agreement and Proactively Strengthen Capital Structure</a>
<h2 class="wp-block-heading">How To Buy WOLF Stock</h2>
Besides going to a brokerage platform to purchase a share &#8211; or fractional share &#8211; of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument. 
For example, in Wolfspeed&#8217;s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
Image: Shutterstock

WOLF

Wolfspeed (WOLF) Stock Resumes Rally Amid Restructuring Optimism

Truist Securities analyst Greg Miller maintains Booking Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>) with a Hold and raises the price target from $4720 to $5630.

BKNG

Truist Securities Maintains Hold on Booking Holdings, Raises Price Target to $5630

<a href="https://x.com/blueorcainvest/status/1944783917917061578" title="https://x.com/blueorcainvest/status/1944783917917061578">https://x.com/blueorcainvest/status/1944783917917061578</a>

Short Sellers

Legal

Trading Ideas

HSAI

Blue Orca Capital Posts On X "... 10/Hesai promises to appeal, but the legal defeat, in our view, puts Hesai on the path to be delisted. We do not believe that the Trump administration will permit a designated Chinese military company to raise capital from investors on the American stock market"

Offerings

XCUR

Exicure Files For Prospectus Offering 5.2M Common Stock Offered By Selling Stockholders

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="600" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/14081306/Cirrus.jpeg" alt="" class="wp-image-15735" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/14081306/Cirrus.jpeg 900w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/14081306/Cirrus-300x200.jpeg 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/14081306/Cirrus-768x512.jpeg 768w" sizes="(max-width: 900px) 100vw, 900px" /></figure>
The U.S.-based aircraft maker's Chinese parent has offloaded some of its stake, raising nearly HK$700 million and signaling the potential for fresh fundraising
<h4 class="wp-block-heading">Key Takeaways:</h4>
<ul class="wp-block-list">
<li>Shares of Cirrus Aircraft have more than doubled over the past half year, following the company's Hong Kong IPO a year ago</li>
<li>Some investors remain wary of the company due to the U.S. sanctions against its Chinese parent, state-run aviation giant AVIC</li>
</ul>
After failing to gain much lift following its debut a year ago as Hong Kong's first publicly traded aircraft maker,&nbsp;Cirrus Aircraft Ltd.&nbsp;(2507.HK) is drawing new investor attention as its stock takes flight this year. That may have prompted major shareholder, state-run aviation giant&nbsp;Aviation Industry Corp. of China&nbsp;(AVIC), to take advantage of the big gains to sell down some of its stake this month.
Cirrus&nbsp;<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0704/2025070400011.pdf">disclosed</a>&nbsp;that AVIC sold 17.5 million shares at HK$39.98 each on July 3 – representing an 8% discount to the stock's close the previous day. The sale represented 4.78% of Cirrus' outstanding shares and netted AVIC nearly HK$700 million in proceeds, dropping its stake in the aircraft maker to 80.18% from a previous 84.97%.
The disclosure brought the stock back to earth somewhat, as the shares skidded as much as 7.4% the next day before steadying above HK$40 to end down 3% at HK$42.15. Such surprising resilience in the face of a major stake sale piqued investor interest, prompting some to take a closer look at the U.S.-based aircraft maker and its prospects.
<h4 class="wp-block-heading">Cool reception at launch</h4>
Here we should backtrack with some basic corporate history. Cirrus&nbsp;<a href="https://thebambooworks.com/cirrus-aircraft-flying-too-close-to-the-heat-of-u-s-china-tensions/">became</a>&nbsp;a Chinese company in 2011 after AVIC purchased 70% of the company from its founders, the Klapmeier brothers. The company's current products include its piston-engine SR2X series targeting retail buyers and its Vision Jet aimed at retail customers and small-scale charter operators.
The SR2X has become the world's top-selling single-engine piston aircraft for 23 consecutive years, much of that under AVIC's ownership. AVIC was planning to spin off the company for a separate listing when those ambitions hit headwinds after AVIC was placed on a U.S. blacklist in 2021, banning U.S. investors from buying shares in the state-run company. Despite an official carve-out specifically for Cirrus, investors were spooked by the unpredictable move by Washington.
Facing such uncertainty, Cirrus received a cold reception at the time of its listing midway through last year. The company offered 54.9 million shares, accounting for just 15% of its total, with only 5.5 million sold to local Hong Kong investors.
The local portion of the offering was oversubscribed by a scant 0.56 times, while the international placement was only oversubscribed by a similar 0.57 times, even after five cornerstone investors bought 8.5% of the company's shares, equal to more than half of the stock being sold. The shares priced near the bottom of their range at HK$27.50, raising net proceeds of HK$1.39 billion ($177 million).
<h4 class="wp-block-heading">Boarding the fundraising express?&nbsp;</h4>
The small IPO failed to lure major global funds or top-tier Chinese institutional buyers beyond AVIC's five cornerstone investors, including such little-known names as Taicang High-Tech Science and Innovation, Changshu Southeast Industrial Investment and Wuxi Jianfa Xintou Aerospace Investment, which all undoubtedly were AVIC supporters. Excluding the shares they purchased, Cirrus' public float is just 6.5% of its total stock.
The six-month post-IPO mark was a cliffhanger, as investors waited to see if the cornerstone investors might dump their shares with the end of a lockup period. But those investors held firm, even as the stock traded around HK$20 and fell as low as HK$16.72, or nearly 40% below the IPO price. But then the winds suddenly changed and the stock began to soar in February, reaching a high of HK$47.45 last month, tripling from its low and 73% above the IPO price.
That run-up, combined with the share float that was still quite low, hinted at the strong potential for a share placement to raise more money. Such follow-on placements are relatively common after small floats like Cirrus made, providing an entry for other institutional buyers while also boosting the stock's float to draw in other large investors beyond the usual crowd of Hong Kong day traders. And, of course, such fundraising could provide money to fuel Cirrus' next growth stage.
<h4 class="wp-block-heading">Solid earnings, reasonable valuations</h4>
The company's fundamentals look relatively strong over the last few years. Its revenue has been on a steady climb, rising from $738 million in 2021, to $894 million in 2022, and just topping the $1 billion mark in 2023, equating to average annual growth of 20.3%. Its profits also climbed from $72.4 million, to $88.1 million and $91.1 million over that period, equal to a decent 12.2% average growth rate.
The flight continued last year, with revenue climbing 12% year-on-year to $1.2 billion as the company's profit jumped 32.5% to $120 million, aided by the delivery of 731 jets, up by 23 from the previous year. The company's backlog also increased by 114 to 633 jets on order, suggesting another bumper year in 2025.
The U.S. sanctions on its parent and Donald Trump's broader tariff war have yet to deal any material blows to Cirrus, showing the geopolitics that were once a cause of concern are starting to ease. And the absence of any major new risks on the horizon, along with the company's strong operating margins, may have helped to trigger the stock's recent gains.&nbsp;
Comparative benchmarking also seems to work in Cirrus' favor. The company currently trades at a price-to-earnings (P/E) ratio of around 16 times, well below the 19 times for&nbsp;Textron&nbsp;(TXT.US), owner of rival plane maker Cessna. That gap could widen further if Cirrus' profit continues to grow at last year's clip, providing a compelling reason for investors to consider the stock as the winds of controversy surrounding this company continue to calm.

Global

Opinion

Cirrus Aircraft's Resilience After Major Stake Sale Piques Investor Curiosity

Blue Orca Capital Posts On X "1/As we predicted in our report issued three months ago, on Friday Hesai ($HSAI) lost the blacklisting lawsuit against the U.S. Department of Defense designating it a "Chinese military company." ...."

Arthur J. Gallagher (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AJG#NYSE">AJG</a>) has outperformed the market over the past 15 years by 5.77% on an annualized basis producing an average annual return of 18.14%. Currently, Arthur J. Gallagher has a market capitalization of $79.42 billion. 
Buying $1000 In AJG: If an investor had bought $1000 of AJG stock 15 years ago, it would be worth $12,479.56 today based on a price of $310.54 for AJG at the time of writing.
<h3>Arthur J. Gallagher's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1752507912_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much $1000 Invested In Arthur J. Gallagher 15 Years Ago Would Be Worth Today

Jefferies analyst Julien Dumoulin-Smith maintains SolarEdge Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEDG#NASDAQ">SEDG</a>) with a Underperform and raises the price target from $10 to $18.

SEDG

Jefferies Maintains Underperform on SolarEdge Technologies, Raises Price Target to $18

<a href="https://x.com/BarakRavid/status/1944773192402309488" title="https://x.com/BarakRavid/status/1944773192402309488">https://x.com/BarakRavid/status/1944773192402309488</a>

Politics

General

Global Affairs Correspondent for Axios Barak Ravid Posts On X "Two sources told me they had reason to believe the plan was likely to include long-range missiles that could reach targets deep inside Russian territory, including Moscow. However, neither was aware of any final decision"

Big bank earnings season kicks off Tuesday, July 15, with key industry heavyweight JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) and Wells Fargo Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) headlining a crucial reporting day for financials, as Wall Street eyes a rebound in quarterly profits fueled by stronger net interest income and <a href="https://www.benzinga.com/topic/expert-ideas">healthy capital markets activity.</a>
Here's what to expect as the second-quarter 2025 numbers roll in before the bell.
<h3 class="wp-block-heading">Bank Profits Growth Expected </h3>
Wall Street expects a strong quarter for major banks, with JPMorgan Chase &amp; Co. forecast to deliver earnings per share (EPS) of $4.48 in the second quarter, a modest 1.8% increase from $4.40 a year ago. Revenue is projected at $44.17 billion, reflecting a pullback from last year's $50.2 billion.
Citigroup is expected to post more robust growth, with EPS projected to rise 6.6% year over year to $1.62 from $1.52. Revenue is also expected to improve slightly to $20.89 billion, up 3.9% from last year's Q2.
Wells Fargo is forecast to earn $1.40 per share, a 5.3% increase over the prior-year quarter. Revenue is expected to remain flat at $20.78 billion, indicating stable core banking performance despite macroeconomic headwinds.
BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), although not a traditional bank, is poised for a solid performance in asset management, with EPS expected to reach $10.80, representing a 4.2% increase over last year. Revenues are projected to be $5.34 billion, representing an 11% increase.
Other names in focus include Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>), expected to post EPS of $1.76 on $4.83 billion in revenue, and State Street Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>), which is projected to earn $2.37 per share on $3.35 billion in revenue—both reflecting ongoing resilience in custody and asset servicing segments.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th>Bank Name</th>
<th>Estimated EPS</th>
<th>Estimated Revenue</th>
</tr>
</thead>
<tbody>
<tr>
<td>JPMorgan Chase</td>
<td>4.48</td>
<td>$44.17B</td>
</tr>
<tr>
<td>Citigroup</td>
<td>1.62</td>
<td>$20.89B</td>
</tr>
<tr>
<td>Wells Fargo</td>
<td>1.40</td>
<td>$20.78B</td>
</tr>
<tr>
<td>BlackRock</td>
<td>10.80</td>
<td>$5.34B</td>
</tr>
<tr>
<td>Bank of New York Mellon</td>
<td>1.76</td>
<td>$4.83B</td>
</tr>
<tr>
<td>State Street</td>
<td>2.37</td>
<td>$3.35B</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Source: <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a></figcaption></figure>
<h2 class="wp-block-heading">Banks To Step Up Shareholder Returns</h2>
The positive earnings outlook follows banks passing the Federal Reserve's June stress tests with ease, prompting widespread dividend hikes.
The median dividend per share across major banks rose 7%, with standouts like Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) lifting its quarterly payout 33% to $4.00.
JPMorgan raised its dividend by 7% to $1.50 and authorized a massive $50 billion stock buyback program.
Citigroup boosted its dividend by 7% and continues its $20 billion multi-year repurchase plan.
<h2 class="wp-block-heading">Analyst Views: Where's The Opportunity?</h2>
Goldman Sachs analyst Richard Ramsden said Wells Fargo and Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) offer the best earnings upside for investors heading into 2026.
He sees Bank of America's net interest income (NII) growing 7% annually through 2026, outperforming large bank peers, driven by stronger loan growth, favorable asset sensitivity and lower deposit costs. "We view BAC&#8217;s current ~1.5x 2026E price-to-tangible book value as attractive," Ramsden said.
For Wells Fargo, the recent removal of its asset cap opens the door to deposit growth, capital markets expansion and cost savings. Ramsden believes these factors could boost earnings by as much as 19% and push return on tangible common equity (ROTCE) to as high as 17.3%.
Bank of America analyst Ebrahim Poonawala echoed bullish sentiment, saying the sector could see &#8220;positive EPS revisions and further stock re-rating&#8221; if capital expenditures and client activity pick up.
He flagged Citigroup, Wells Fargo, and Goldman Sachs as offering the best risk-reward among money center banks.
<h2 class="wp-block-heading">What's At Stake For Investors?</h2>
With the Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) up more than 8% year-to-date, bank stocks have already benefited from a more stable rate environment and strong capital positions.
However, any surprises in loan demand, expense growth, or trading revenue could quickly swing sentiment.
Tuesday&#8217;s results will set the tone for the rest of earnings season and could determine whether banks still have room to run, or whether Wall Street has already priced in the rebound.
Read now: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/07/46381861/us-stocks-to-buy-in-q3-2025-wall-street">Bank Of America Loves These 8 Stocks For Third Quarter—And Says To Dump These 2 Fast</a></li>
</ul>

Previews

JPMorgan, Citi To Kick Off Bank Earnings As Wall Street Sees Profit Boom

DA Davidson analyst Manuel Navas maintains Civista Bancshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CIVB#NASDAQ">CIVB</a>) with a Buy and lowers the price target from $27 to $26.

CIVB

DA Davidson Maintains Buy on Civista Bancshares, Lowers Price Target to $26

TROO

TROOPS Shares Halted On Circuit Breaker To The Upside, Stock Now Up 246.2%

Reuters Reports White House Official Says President Trump Means He Will Impose 100% Tariffs On Russia, Secondary Sanctions On Other Countries That Buy Oil From Russia If A Deal Isn't Struck In 50 Days

<a href="https://x.com/i/broadcasts/1rmGPygYmaQJN" title="https://x.com/i/broadcasts/1rmGPygYmaQJN">https://x.com/i/broadcasts/1rmGPygYmaQJN</a>

President Trump In A Meeting With The Secretary General Of NATO, Says Trade Is "Great For Settling Wars"; Will Talk To Countries On Tariffs; Open To Trade Talks Including To Europe; EU Coming Over To Discuss Trade; Trade Deals Made

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="600" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/14081604/BlueFocus-0714-900x600-1.png" alt="" class="wp-image-15738" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/14081604/BlueFocus-0714-900x600-1.png 900w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/14081604/BlueFocus-0714-900x600-1-300x200.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/07/14081604/BlueFocus-0714-900x600-1-768x512.png 768w" sizes="(max-width: 900px) 100vw, 900px" /></figure>
China's leading provider of marketing services is joining a growing tide of Shanghai- and Shenzhen-traded companies making second listings in Hong Kong
<h4 class="wp-block-heading">Key Takeaways:</h4>
<ul class="wp-block-list">
<li>BlueFocus has filed for a Hong Kong IPO, boasting its status as China's largest and the world's 10th biggest provider of marketing services</li>
<li>The company gets 80% of its revenue from Chinese firms targeting foreign buyers, but that business is undermining its bottom line due to extremely low margins</li>
</ul>
Who says only manufacturers can make IPOs in Hong Kong to complement their current listings on China's domestic A-share markets in Shanghai and Shenzhen?
Such dual listings have become some of Hong Kong's biggest IPOs this year, led by names like electric vehicle battery (EV) giant CATL, which raised $35.3 billion ($4.5 billion) in May, and top condiment maker Haitian, which raised HK$10.1 billion in June. But now, leading marketing services provider&nbsp;BlueFocus Intelligent Communications Group Co. Ltd.&nbsp;(300058.SZ) is aiming to break that monopoly with its own planned Hong Kong IPO.
BlueFocus is one of China's oldest providers of marketing services, set up in 1996. It's also the world's 10th&nbsp;biggest provider of such services, making it the lone Chinese company among the global top 10, which includes such powerhouses as&nbsp;WPP&nbsp;(WPP.L) and&nbsp;Omnicom&nbsp;(OMC.US), according to its Hong Kong&nbsp;<a href="https://www1.hkexnews.hk/app/sehk/2025/107472/documents/sehk25062501329.pdf">listing document</a>&nbsp;filed last week.
The company's financials reveal some notable trends, including the huge amounts of money that Chinese companies are spending on campaigns targeting overseas customers. Such spending accounted for 80% of BlueFocus' revenue last year, and that part of the business is growing far faster than its business for marketing services aimed at domestic consumers.
The company is also notable for its razor-thin margins that are well below its global peers, which it attributes to its growing focus on the intensely competitive global marketplace. As a result of that operating model, BlueFocus has been drifting back and forth between the red and the black in the last four years – a trend that looks likely to continue unless it can figure out how to operate its global marketing services business more efficiently.
The company is quite well known in Chinese advertising and PR circles, becoming one of the first to list on the Nasdaq-style ChiNext board in Shenzhen in 2010, just a year after the board's launch. Anyone savvy enough to buy those early shares has done quite well, with the stock up nearly five times since then, currently valuing the company at 23 billion yuan ($3.2 billion).
But even after such gains, BlueFocus' Shenzhen-listed shares currently trade at a price-to-sales (P/S) ratio of just 0.39 – quite anemic for this kind of industry leader and high-growth company that has averaged nearly 30% revenue growth in each of the last three years. That lack of investor enthusiasm is global, with WPP trading at an even lower 0.31, and Omnicom higher, though still not very impressive at 0.92.
BlueFocus' fundraising is unlikely to break the $1 billion mark, but could still raise hundreds of millions of dollars, judging from its current market cap and trio of relatively large underwriters including Huatai International, Guotai Junan and China Renaissance.
The company will use part of the funds to accelerate its recent global expansion that has given it offices in U.S., Vietnam, Thailand, Indonesia and Singapore. It will likely use those offices not only to serve its Chinese clients, but also to look for local business as it tries to compete with the global majors. That could become increasingly important as Chinese companies continue to rein in their spending due to a weak domestic economy.
<h4 class="wp-block-heading">Revenue starts to decline</h4>
Despite its less attractive margins and bottom line, there's no question that BlueFocus' top line revenue has posted strong growth over the last three years. That includes a 15.6% rise last year to 60.8 billion yuan from 52.6 billion yuan in 2023. But we should point out that rate was down sharply from the 43% growth it reported in 2023. And in a similarly worrisome sign, BlueFocus' revenue began to contract in the first quarter of this year, falling nearly 10% to 14.3 billion yuan from 15.8 billion yuan a year earlier, according to&nbsp;<a href="https://www.szse.cn/disclosure/listed/bulletinDetail/index.html?8c2df248-c0bf-4473-98f1-cc02c233054c">its filing</a>&nbsp;with the Shenzhen Stock Exchange.
The company didn't provide any explanation for the decline in its report. But much of the weakness probably came from its home China market, where companies have been curbing their spending as their growth stalls and consumer demand weakens. Reflecting that, the company's revenue from domestic marketing services tumbled nearly 30% last year to 8.1 billion yuan, though that was partly offset by a slight rise in revenue from domestic advertising services.
BlueFocus' global revenue breakdown provides an interesting snapshot of what markets Chinese companies are targeting, and helps to explain why Beijing may be eager to avoid an escalation of its trade war with the U.S. BlueFocus said that 42% of its customer spending targeting global markets last year was aimed at the U.S., while the second-largest market was Europe with a far smaller 15%.
The company's recent slip into revenue contraction is worrisome when you consider BlueFocus' extremely thin margins, giving it very little wiggle room to operate profitably. Its cost of revenue, mostly from payments to platforms like Google, Facebook and TikTok, equaled 97.5% of its revenue last year, giving it a gross margin of just 2.5% for the year. What's more, that figure has been coming down steadily lately, falling from 4.7% in 2022 to 3.4% in 2023.
The company blamed the high cost of advertising on major internet platforms for its thin margins. It said the problem was especially acute outside China, where it had very little bargaining power to negotiate better prices with giants like Google and TikTok. Still, we should point out the company's gross margins are still well below the roughly 17% for WPP and even higher 19% for Omnicom.
The bottom line is that BlueFocus needs to find a way to operate more profitably, though it could have trouble squeezing more money from its core Chinese clients due to the nation's weakening economy. It could potentially offset some of that weakness by looking for customers outside China, which explains the recent move to open new global offices. But its chances for success in those markets seem relatively small, since it will have to compete against both the global majors and many smaller local players who are far more familiar with local conditions.

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