Amazon (AMZN.O) shares extend gains to 5%, hitting an intraday high.

June 29 — Baibang Technology shares fell 9.43% to 29.97 yuan at the close, valuing the company at about 3.8 bln yuan. Investors cited sustained losses, a strategic shift toward smaller repair-shop customers that lowered revenue per customer, and higher selling expenses from heavy Douyin online marketing. The company said it has cut some Douyin spending, shifted focus toward franchise expansion while maintaining direct stores, and has closed some loss-making outlets (both franchise and company-owned). It warned closures generate one-off disposal costs and will consider further closures if performance remains weak, citing rent defaults and labor costs; closures were recorded at the period end and the company said half-year results will show subsequent impact.

Australia's S&P/ASX 200 opened 42.00 points higher (+0.48%) at 8,806.20 on Monday, June 29.