Chinese stock exchanges finalized the regulations for trading of CDRs last week, paving the road for overseas-listed tech titans to trade their shares domestically, but driving away smartphone maker Xiaomi in the process.
Tianjin's state-owned firms have been particularly hard hit by Beijing's efforts to rein in risky lending and curb bad debts by closing off shadow financing channels such as trusts, among other measures.
ZTE, which makes smart phones and networking gear, agreed to pay a $1 billion penalty and put $400 million in an escrow account as part of a settlement agreement reached on June 7.
Puxin's chief financial officer, Peng Wang, says China's fragmented education industry will transform in the near future with the company becoming a top consolidator.
The shares of iQiyi rose nearly 17 percent in trading after the company, dubbed "Netflix of China," said two additional members were appointed to its board.
According the announcement, the average transaction price was $8.855 per share, which is equivalent to $22.6 million, or 144 million yuan.
China's second-largest online retailer is looking to expand into Thailand this year, to be followed by Vietnam and Malaysia. The company faces fierce competition from Southeast Asia's biggest e-commerce platform owned by Alibaba Group.
The National Statistics Bureau reported that 1,195 companies and 2,775 investment projects inflated their earnings or covered losses in the first four months this year.
Huami, the sole partner of the Chinese smartphone giant Xiaomi, saw its shares fall in early trading Tuesday as much as 11% after Xiaomi announced it would delay offering its CDRs.
China Securities Regulatory Commission said in a separate statement it would suspend the review of Xiaomi’s CDR application.
Net Income attributable to Hexindai quadrupled to $17 million, or 32 cents per fully diluted share, compared with $4.23 million, or 10 cents per share, a year ago.
Following Alibaba's support of ZTO Express last week, the Chinese courier announced today it paid $168 million for a 15 percent stake in e-commerce giant's last-mile delivery service.