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May 25, 2018 11:46 AM PT

Citigroup Upgrades Best Inc. Rating and Lowers Price Target; Shares Jump 4%

The shares of Best Inc. (NYSE: BSTI) jumped 4 percent to $11.71 per American depositary share Friday afternoon after Citigroup raised it recommendation to “buy” from “neutral.”

Despite the positive upgrade, the bank cut its price target of the Alibaba-backed Chinese supply chain servicer by 7 cents to $13.24 per ADS.

Citigroup said its prior downgrade of the company was based on a formula error, according to a StreetInsider.com article.

In its quarterly financials released earlier this month, Best reported its net loss narrowed 24 percent to $54.1 million and revenue increased 54 percent to $797.7 million thanks to strong growth across all segments of Best's business.

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The stock of Best Inc. was trading at $11.71 per ADS, up 4 percent intraday Friday.

(Source: Thomson Reuters Eikon)

May 24, 2018 1:30 PM PT

CLPS Debuts on Nasdaq, Ends First Day Up Nearly 5%

Shares of CLPS Inc. (Nasdaq: CLPS), in its first day of trading in New York, closed up nearly 5 percent today at $5.51 per share, up 26 cents above its IPO price of $5.25 per share. The company had started the day opening at $5.76 per American depositary share.

The Shanghai-based information technology and consulting company sold 2 million shares, raising $10.5 million from the offering.

The Benchmark Co. and Cuttone & Co. acted as underwriters at the IPO. They may exercise over-allotment to purchase 300,000 additional shares of CLPS.


May 24, 2018 8:27 AM PT

Bilibili Stock Soars Thursday Morning After Strong Quarterly Results

Shares of Bilibili Inc. (Nasdaq: BILI) soared nearly 25 percent in early trading today to $15.49 per American depositary share after the company reported Wednesday evening that revenue in the first quarter more than doubled while its net loss slimmed to $9.2 million. 

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The stock of the company retreated intraday to $14.40 per share, up nearly 16 percent.

China's popular platform for streaming Japanese animation, Bilibili has more than 77 million monthly average users.

May 23, 2018 10:48 AM PT

Fanhua Announces New Record and Payout Dates for Dividend

Fanhua Inc. (Nasdaq: FANH), a Guangzhou-based insurance and financial services provider, said today that it changed the record date for its upcoming quarterly cash dividend from May 30 to June 4. The payment date for the cash dividend was also changed from on and around June 10 to on or around June 11. The dividend amount of 25 cents per ADS, or 1.25 cents per ordinary share, remains unchanged. The dividends to be paid to the ADS holders through the depositary bank will be subject to the terms of the deposit agreement, including the fees and expenses payable thereunder, the company said.

May 23, 2018 10:41 AM PT

ReneSola Names New Chief Financial Officer

ReneSola Ltd. (NYSE: SOL), a solar project developer and operator, announced the appointment today of Xiaoliang Liang as chief financial officer, effective June 1.

Liang, who previously worked at ReneSola from 2012 to 2013, has served as an executive at various companies within the renewable energy industry, including Gamesa Energy China, Hanergy and Dongxu Azure New Energy Corp. He holds a master's degree in International Project Management from North China Hydro & Water Conservation College and a bachelor's degree in Hydroelectric Engineering from Tsinghua University.

"We are excited to have Mr. Liang back at the Company to lead the critical functional areas, including financing, financial operations and internal control. He brings solid financing capability and a keen strategic business mind to our leadership team," Xianshou Li, ReneSola's chief executive officer, said in a statement. "We expect that he will strengthen our finance and accounting operations and be instrumental in our efforts to improve ReneSola's operating performance."

May 23, 2018 8:26 AM PT

China's ZTE Estimates at Least $3.1 Billion Loss from U.S. Sanctions

China's ZTE Corp. is estimating losses of at least $3.1 billion due to Washington's ban on U.S. firms supplying the telecommunications firm, Bloomberg reported on Wednesday, citing unnamed sources.

The report also said ZTE is hopeful that the United States and China will be able to soon reach a deal that would remove the ban and has a plan in place allowing the telecoms firm to "swing idled factories into action within hours" of the ban being officially lifted.


May 22, 2018 11:30 AM PT

JD.com Announces New Board Member, to Chair Nominating and Corporate Governance Committee

JD.com Inc. (Nasdaq:JD), China’s top e-commerce company, announced that Dingbo Xu, an accounting professor and associate dean at China Europe International Business School, has been elected to serve on the audit committee of JD.com’s board of directors and as the chairperson of the board’s nominating and corporate governance committee, effective immediately.  Xu  will replace David Daokui Li who is retiring after having completed his second two-year term on the board since the company’s initial public offering in May 2014.

In addition to his academic positions, Xu serves as the executive director of the editorial board of China Management Accounting Review, the founding chairman of Charted Global Management Accountant 100 North Asia Leaders Think Tank, and the chairman of the expert panel of China Social Poverty Alleviation Network.

May 22, 2018 8:40 AM PT

China to Study New Measures to Draw Foreign Investment: Premier Li

Chinese Premier Keqiang Li said on Monday that China will study new measures to attract foreign investment and will revise a negative list for foreign investment as soon as possible, state radio reported on Tuesday.

China will lower market barriers to entry and improve intellectual property rights protection, Li said in visits to the Ministry of Commerce and General Administration of Customs on Monday.

May 18, 2018 10:22 AM PT

Alibaba Group Founder Jack Ma Received Honorary Degree

Jack Ma, founder and CEO of China's e-commerce giant Alibaba Group, received an honorary doctoral degree from the University of Hong Kong on Friday.

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“Real businesspeople make money by solving social problems for others,” Ma said after receiving the degree from Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor. 

In the speech, he urged young people in Hong Kong to look beyond problems in Hong Kong and think about how to make a change for the world. 

“People say Hong Kong’s young people have problems. Any young person has problems.” He said he was confident Hong Kong would “solve these problems.”



May 18, 2018 9:54 AM PT

Xunlei's COO Huang Resigns for 'Personal Reasons'

Xunlei Ltd. (Nasdaq: XNET) announced today the resignation of Peng Huang as chief operating officer of the company, a cloud-based acceleration technology firm that released its quarterly results this week and pledged to launch a new and improved blockchain ecosystem.

Huang's term will end on May 31 for "personal reasons," according to the company. Huang will continue to support Xunlei as strategic consultant, the company said.

The chief executive officer of Xunlei, Lei Chen, said in a statement: "I would like to thank Mr. Peng Huang for his contributions to the Company with his professionalism and outstanding technical expertise, and wish him well and continued success in his future endeavor."

Huang joined Xunlei in 2009 as vice president, and became the general manager of the member subscription department in 2011. In 2013, he began overseeing business operation and strategic cooperation as COO. Previously, Huang served as director of Shenzhen Huawei Technology Co. Ltd. and general manager of Shanghai Huawei Co.

May 18, 2018 9:23 AM PT

Shares of 21Vianet Down 6%, Despite Higher Earnings Report

Shares of 21Vianet Group Inc. (Nasdaq: VNET) fell 6 percent to $6.62 per American depositary share by midday, after the company released its financial report on Thursday evening.

The earnings of the Chinese data-center service provider in the first quarter swung to a profit of $5.5 million, compared to a loss of $18.6 million year-over-year.

However, the fourth quarter of 2017 showed higher gains, at $127.7 million, from the sale of 21Vianet’s managed network services businesses.

The stock of the company jumped 33 cents to $7.34 per share in the morning, then dropped to $6.62 per share by noon Friday. 

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May 16, 2018 12:49 PM PT

China Denounces Trade Unilateralism, Defends Free Trade

PARIS (Reuters) - China's foreign minister on Wednesday took a swipe at the United States' trade policy and defended international free trade on the basis of World Trade Organisation regulations.

"Trade unilateralism goes against the current of history," Wang-Yi said alongside his French counterpart Jean-Yves Le Drian speaking through an interpreter. "We must preserve international free trade on the basis of WTO rules."

The two foreign ministers also agreed to the need to maintain the Iran nuclear deal.


May 16, 2018 8:39 AM PT

Borqs Stock Jumps 17% in Early Trading on Sales Growth and Analysts' Estimates

Shares of Borqs Technologies Inc. (Nasdaq: BRQS) jumped 17 percent in early trading after the company reported strong sales growth and a swing to per share gain in the first quarter.

Analysts anticipate profit of 6 cents per share for Borqs in the second quarter.

The Software peer group issued an average consensus recommendation of a “buy.”

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Responding to strong results, the stock of Borqs jumped 17 percent in early trading to $8.14 per American depositary share. (Source: Thomson Reuters Eikon)

In its financial statement released after the New York markets closed, the software company said its revenue soared 87 percent, and shared its progress in finalizing a deal with Kadi, a maker of software for electric vehicle modules. Borqs is set to take a 60 percent ownership in the company by mid-May.


May 15, 2018 3:16 PM PT

21Vianet Appoints New Director to Compensation Committee, Strategic Advisory Board

21Vianet Group Inc. (Nasdaq: VNET), an Internet data center services provider in China, announced today it had appointed Yao Li as an independent director and a member of the company’s compensation committee, as well as chairman of the strategic advisory board, which the company has set to establish to utilize its members’ experience in the internet infrastructure industry.

Li has worked for over 23 years in finance and investment industry, and currently serves as the chief investment officer of Asia for the International Finance Corporation of the World Bank Group.

The chief executive officer of 21Vianet, Shiqi Wang, said: “Dr. Li’s extensive knowledge of corporate strategies and capital investment makes him the ideal addition to our board. Moving forward, we expect our special Strategic Advisory Board to further strengthen our decision-making process and help guide our future growth.”

May 15, 2018 10:13 AM PT

Vipshop Stock Drops 22% on Profit Miss in First Quarter

Shares of Vipshop Holdings Ltd. (NYSE: VIPS) fell 22 percent to $11.81 in early trading today, continuing last night's after-hours slide.


One of the top online discount retailers in China, reported Monday night in its quarterly financials that its income grew less than expected.

Vipshop saw stagnant active users growth and little effect from partnerships with e-commerce giants JD.com (Nasdaq: JD) and Tencent Holdings Ltd. in the first three months.

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May 14, 2018 3:01 PM PT

Phoenix New Media Reports First Quarter Results

Phoenix New Media Ltd., (NYSE: FENG), a new media company based in Beijing, said revenue for its first quarter fell slightly compared with a year earlier as it reported a decline in paid service revenue. 

For the three months ended March 31, the company announced after the New York markets closed Monday that it had revenue of $45.3 million. That compared with revenue of $47 million a year ago. Net advertising revenue remained flat at $38.7 million, the company said, while revenue for paid service fell 22 percent to $6.6 million.

The company's net loss increased to $9.2 million, or 13 cents per American depositary share, compared with a loss a year earlier of $5.1 million, or 7 cents per ADS. Each ADS represents eight Class A ordinary shares.

In its report, the company cited the use of new accounting standards, adopted Jan. 1, for the lower results. Under the old accounting system, the company said, its mobile advertising revenue would have increased 46.3 percent. while total revenue would have increased 5.2 percent year-over-year.

Even so, the company's gross margin in the first quarter of 2018 increased to 54.9 percent under the new accounting standard of ASC606 from 44.8 percent in the first quarter of 2017.

"We are delighted to start the year 2018 with solid financial and operating performance, and pleased to see that our mobile advertising remained a strong growth driver in the first quarter," Shuang Liu, CEO of Phoenix New Media, said in a statement. "Our strong media DNA and our mission to provide high-quality, professional and unbiased news content allows us to stay at the forefront of the media space in the long run. During the quarter, we further enhanced our artificial intelligence solutions by adding editorial recommendations. In doing so, we have not only improved the efficiency of our content distribution and the accuracy of our audience targeting, but also enriched with humanity and value into digital media, thus further differentiating ourselves from peers."

Phoenix New Media provides content on an integrated Internet platform, including PC and mobile. Having originated from Chinese language TV network based in Hong Kong, Phoenix TV, the company provides access to news, information, and user-generated content. Phoenix New Media's platform includes its PC channel, consisting of ifeng.com website, a mobile channel, and other content provided through telecom operators.

May 14, 2018 9:38 AM PT

In Baidu's Footsteps, Tencent Obtains License to Test Smart Cars in Shenzhen

China’s southern city of Shenzhen gave the green light to tech giant Tencent Holdings Ltd. to test its self-driving car on some public roads as the country seeks to bolster its position in the global race for autonomous vehicle technology, according to Xinhua news agency.

China is making a major push into autonomous vehicles to develop national champions to compete with global leaders such as Waymo, the self-driving arm of Google parent Alphabet Inc., and Tesla Inc.

Beijing, Shanghai and other Chinese cities previously announced local guidelines for self-driving tests.

Internet giant Baidu Inc. (Nasdaq: BIDU) already has approval to test self-driving vehicles in Beijing, while SAIC Motor Corp Ltd. and electric vehicle start-up NIO have licences to test autonomous cars in Shanghai.



May 14, 2018 7:14 AM PT

Trump to Help ZTE Get into Business; China Thankful for Reconsideration

China's Foreign Ministry expressed appreciation for Washington's change of position on ZTE Corp. after President Donald Trump pledged on Sunday to help the company to "get back into business, fast."

Foreign Ministry spokesman Lu Kang said China is in close communications with the United States on ZTE, which suspended its main operations after the U.S. Commerce Department banned American firms from supplying technology to the Chinese telecom equipment maker for seven years.

Trump’s unexpected announcement was a stunning reversal, given Washington’s tough stance on Chinese trade practices that have put the world’s two largest economies on course for a possible trade war.

May 11, 2018 5:51 PM PT

Bernstein Raises Target Price of Baidu to $305 per Share

Bernstein raised target price of Baidu Inc. (Nasdaq: BIDU) to $305 per American depositary share from $240 per share with a "market perform" rating.

Shares in the company, China's search engine giant that has been investing heavily into smart car development, closed at $269.91 per ADS, $1.23 up Friday.

The company recently announced that it would sell a majority stake in Baidu Financial Services Group (FSG) for $1.9 billion to a consortium led by TPG Capital Management LP and Carlyle Group LP, as it looks to further its push into the FinTech industry.

The investment would give Baidu the push to narrow the lead that Alibaba Group Holding Ltd. (NYSE: BABA) and Tencent Holdings Ltd. have taken in financial services, and also to find revenue streams outside its internet search business.


May 11, 2018 11:52 AM PT

Gridsum Considers Buyout Bid; Forms Special Committee

Gridsum Holding Inc. (Nasdaq: GSUM) announced the formation of a special committee of independent directors to evaluate a buyout offer which came earlier this week from FutureX Capital Ltd., a Chinese private equity firm.

Shares of Gridsum were trading intraday at $6.25 per American depositary share, up 2 percent. The bid from FutureX came at $8.70 per share, representing a 39 percent increase.

Last week, Gridsum, a Beijing-based provider of analytics and artificial intelligence services, announced that FutureX Innovation SPC, an affiliate of FutureX Capital, purchased a $40 million note in the company, convertible to ordinary shares at $6.50 per share.

Gridsum said today in a statement that no decisions have been made on the buyout, and no timetable has been set for the completion of the evaluation by the committee.

May 11, 2018 11:28 AM PT

AirMedia Announces Receipt of Minimum Bid Price Notice From Nasdaq

AirMedia Group Inc. (Nasdaq: AMCN), an operator of out-of-home advertising platforms in China, today announced that it received a notice from Nasdaq on May 8, 2018 that the minimum bid price per American depositary share, each representing two ordinary shares of the company, was below $1 per share for a period of 30 consecutive business days. 

In the event that the AirMedia does not regain compliance by November 5, 2018, the company may transfer to the Nasdaq Capital Market which has less stringent listing requirements.

May 11, 2018 8:37 AM PT

After Passenger Killing, Didi Halts Hitching Service for Driver Checks

China's biggest ride-sharing service, Didi Chuxing, said on Friday it would halt its ride-hitching service for a week to conduct driver checks, after the killing of a 21-year-old flight attendant last week raised concerns about passenger safety.

After the incident, the company apologized and said it would suspend one of its domestic services from Saturday nationwide "for self-inspection and rectification,” as it said in a statement.

Zhengzhou police is looking for the suspected killer.

Didi said the male suspect had used a driver account that belonged to his father, who had passed the company’s verification process, criminal background screening, and other security measures.

“The suspect borrowed his parent’s account to take orders, in violation of terms of our services,” the company said.

Didi said its facial recognition system, which matches the driver’s face with registration information, was not triggered before the suspect took the customer’s order.

The company said it would review drivers across all its services “to exclude any cases involving mismatch of drivers and vehicles."


May 10, 2018 9:40 AM PT

Analysts Forecast 77-cent Profit for Sina in Second Quarter

Analysts forecast profit in the second quarter for Sina Corp. (Nasdaq: SINA), ranging between 68 cents and 87 cents per American depositary share, with a consensus of $0.77 per share, according to Thomson Reuters.

The shares of Sina are trading at $3.67 per ADS, 4 percent up intraday.

Sina, China's Internet company, announced its earnings for the first quarter declined 25 percent year-over-year, attributable to the company's increased investments. After the release of the report on Wednesday, shares of the company dropped 10 percent.

A "buy" was the average consensus recommendation from Thomson Reuters analysts on Thursday.


May 10, 2018 9:22 AM PT

IQiyi Shares Soar 24% on Announcement of Deal with FilmNation

Shares of iQiyi Inc. (Nasdaq: IQ) soared 24 percent to $23.15 per American depositary share in early trading on Thursday after the company announced at the Cannes Film Festival that it has acquired exclusive rights to all FilmNation Entertainment films for three years in mainland China.

"We are thrilled to have this exclusive partnership with iQIYI, China's most exciting and innovative content streaming platform," said FilmNation's Robert Carney. "Through this partnership, more Chinese movie fans than ever before will be able to experience many of the best independent films from some of the world's most exciting directors."

IQiyi, China's online streaming service, said the partnership "supports iQiyi's vision of bringing the world's finest film content to its Chinese users while promoting cultural exchange and mutual understanding."

May 10, 2018 7:26 AM PT

Didi Apologizes After Killing of Passenger

China’s ride-sharing giant Didi Chuxing apologized on Thursday over the killing of a passenger in Zhengzhou last week, apparently by her driver, and said it had to win back the trust of users after the “tragedy."

Didi was “deeply saddened by and sorry about the tragedy," the company said in a statement. 

The company had previously apologized to the family of the 21-year-old female flight attendant killed en route from the city’s airport hotel to downtown.

“We need to step up to win the trust of our users. Our responsibilities in this case are undeniable,” Didi said in a statement to Reuters.

Didi said police were looking for the person suspected to have killed the woman and it would work closely with law enforcement authorities on the case.

Didi, valued at $50 billion, is looking to make a big push outside China’s borders. Last year, the company completed more than 7.4 billion rides, nearly double Uber’s count.


May 09, 2018 3:57 PM PT

Future FinTech Appoints New Director

Future FinTech Group Inc. (Nasdaq: FTFT) announced the appointment of Yiliang Li as independent director, after Guolin Wang resigned from the company on April 25.

"Mr. Li's expertise in finance makes him an ideal addition to the Future FinTech's board of directors. We are proud to welcome him," chairmand and chief executive officer of Future FinTech, Yongke Xue, said. 

"I believe Mr. Li will significantly strengthen our board and help guide our future growth with his broad range of experience and industry knowledge," Xue added.

Li previously served as chairman of Dagong (Beijing) International Fund Management Co. Ltd., and was head of the preparation committee for its establishment. Li has also served as chairman of China Consumer Economy Association. 

May 09, 2018 8:51 AM PT

China's Vice Premier DC-bound to Continue Talks on Trade

China's commerce ministry said on Wednesday Vice Premier Liu He has accepted an invitation from U.S. Treasury Secretary Steven Mnuchin to visit Washington to continue negotiations on trade.

Beijing’s top economic adviser is to visit Washington at an appropriate time, said the ministry.

A former commerce ministry official, now a senior fellow at the Center for China and Globalization, He Weiwen, said: “It will be the second leg of the high-level consultation, showing that both sides hope to keep on the momentum of consultation.”

May 09, 2018 7:30 AM PT

ZTE Halts Main Operations, Asks U.S. to Reverse Supply Ban

Last month, Washington banned U.S. firms to supply technology to ZTE Corp., China’s second biggest telecom equipment maker, after it was found to have violated U.S. export restrictions. This week, ZTE has suspended its main business operations and is awaiting a response to its request to the U.S. Commerce Department for the reversal of the ban.

“As a result of the Denial Order, the major operating activities of the company have ceased,” ZTE said in the filing.

“As of now, the company maintains sufficient cash and strictly adheres to its commercial obligations subject to compliance with laws and regulations,” it said.

The threat to ZTE’s supply chain came amid heightened tension over a possible U.S.-China trade war. The Chinese government raised the ZTE issue last week with a visiting U.S. trade delegation.


May 08, 2018 4:56 PM PT

Ossen Innovation Announces Termination of Share Exchange Agreement

Ossen Innovation Co., Ltd. (Nasdaq: OSN), a China-based manufacturer of steel materials, today announced the termination of the share exchange agreement with America-Asia Diabetes research foundation. The foundation and its shareholders failed to satisfy the closing conditions set forth in the agreement dated July 19, 2017. As a result, the company terminated the exchange agreement. 

Under terms of the original agreement, Ossen said in July of last year that it would purchase the foundation in exchange for up to 81.4 million of the company's shares. After completion of the purchase, the company said it planned to spin off its existing steel operation subsidiary and sell it to a company associated with Ossen's chairman, Liang Tang.  

May 08, 2018 3:05 PM PT

Vipshop to Announce First Quarter 2018 Financial Results

Vipshop Holdings Limited (NYSE: VIPS), an online discount retailer for brands in China today announced that it plans to release its first quarter 2018 financial results on Monday, May 14, 2018 after market close. The company will hold a conference call on Tuesday, May 15, 2018 at 8:00 am Eastern Time or 8:00 pm Beijing Time to discuss the financial results. 

Listeners may access the call by dialing the following numbers:

United States:

+1-845-675-0438

International Toll Free: 

+1-855-500-8701

China Domestic: 

400-1200-654

Hong Kong: 

+852-3018-6776

Conference ID: 

#1856707


May 08, 2018 12:02 PM PT

The9 Limited Announces ADS Ratio Change

As a way to regain compliance, The9 Limited (Nasdaq: NCTY) today announced that it will change the ratio of its American Depositary Share ("ADS") to ordinary shares from one ADS representing one ordinary share to one ADS representing three ordinary shares, effective May 9, 2018.

The change in the ADS ratio will have the same effect as a one-for-three reverse ADS split. Increasing the number of underlying, ordinary shares for each ADS is a common method for attempting to bolster the trading price of an ADS. 

The ADS ratio change will have no impact on The9's underlying ordinary shares. 


May 04, 2018 8:18 AM PT

China Prepares to Open Futures Brokerages to Foreign Shareholders

China’s securities regulator said on Friday that overseas shareholders of futures brokerages must be reputable institutions with outstanding performance, as it prepares to open the sector to majority foreign ownership.

The rules come after China said in April that it would deregulate its financial industry, raising the foreign ownership ceiling to 51 percent in securities firms, mutual fund houses, life insurers, and futures brokerages. All ownership restrictions will be scrapped in three years’ time.

Senior managers of foreign-invested futures brokerages must also be based in China, while at least one third should be Chinese nationals, the China Securities Regulatory Commission (CSRC) told a news conference in Beijing, citing newly-published draft rules.

Currently, several foreign banks, including Royal Bank of Scotland Group and JPMorgan Chase & Co., own minority stakes in Chinese futures brokerage ventures.

CSRC also published draft rules on Friday to better regulate overseas expansion by Chinese brokerages and asset managers.

Some companies have been expanding their businesses blindly, while others have complicated structures that make internal management difficult, CSRC said, urging them to streamline their overseas businesses.


May 04, 2018 7:40 AM PT

Morning Watch: Gainers & Losers

51job Inc. (Nasdaq: JOBS) continued its climb on the market this morning after reporting high revenue and income growth in the first quarter. The company’s shares rose another 4 percent to $88.60 per American depositary share.

Biostar Pharmaceuticals Inc. (Nasdaq: BSPM) rose as high as 84 percent in early trading, up to $4.07 per ADS. The company has not announced any news.

The shares of China Recycling Energy Corp. (Nasdaq: CREG) rose 37 percent in premarket trading, falling to 16 percent on Friday morning, at $2.85 per ADS.

Euro Tech Holdings Company Ltd. (Nasdaq: CLWT) released a statement on Thursday evening, saying it would delay filing annual report until May 15. The company’s shares briefly rose 27 percent up to $7.30 per share this morning, before Nasdaq halted its trading, bringing its stock 25 percent down to $4.30 per ADS.

Hailiang Education Group Inc. (Nasdaq: HLG) was also one of the biggest decliners among 150 Chinese ADSs monitored by CapitalWatch, falling 7 percent down to $74.05 per share in early trading.


May 04, 2018 6:20 AM PT

U.S. Delegation Leaves Beijing; Talks to Be Continued

The first two days of discussions on trade disputes concluded on Friday in Beijing, with the United States and China committed to continuing dialogue and exchanging opinions.

Months of escalating conflict on trade including threats and counter threats between the United States and China over trade practices led to this week’s discussions in Beijing led by U.S. Treasury Secretary Steven Mnuchin and China’s Vice Premier He Liu.

Among the raised concerns was Washington’s ban on American companies selling goods and software to Chinese telecommunication equipment maker ZTE Corp. ZTE faced the seven-year ban after the U.S. said it failed to keep to an agreement it made after breaching U.S. sanctions.

According to Xinhua news agency, U.S. negotiators agreed to bring up the question with U.S. President Donald Trump.

Although consensus was reached on some aspects of the countries’ trade row, disagreements over other issues remain.

China’s foreign ministry said on Friday it understood that trade talks with visiting senior U.S. officials were ongoing.


May 03, 2018 5:40 PM PT

Guangshen Railway Reports Declining Income; Shares Drop 2%

Guangshen Railway Co. Ltd. (NYSE: GSH), China’s railway network linking Guangzhou and Shenzhen, announced its annual results today, showing its income declined 12 percent to $156 million. 

Earnings per American depositary share amounted to $1.10 last year, compared with $1.26 per ADS in 2016. Revenue inched up 5 percent to $1.2 billion.

Shares of Guangshen closed at $28.67 per share Thursday, down nearly 2 percent.

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May 03, 2018 8:57 AM PT

U.S. Delegation Arrives in Beijing; Trump Praises China's Xi

The U.S. delegation arrived in Beijing today to start peace talks on trade war. The discussions, led by U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier He Liu, are expected to cover a wide range of U.S. complaints about China’s trade practices, from accusations of forced technology transfers to state subsidies for technology development.

In a tweet this morning, U.S. President Donald Trump said: “I look forward to being with President Xi in the not too distant future. We will always have a good (great) relationship!”

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May 03, 2018 7:57 AM PT

Morning Watch: Gainers & Losers

The biggest winner in early trading among the 150 Chinese ADSs monitored by CapitalWatch was Euro Tech Holdings Company Ltd. (Nasdaq: CLWT), up 38 percent to $3.10 per American depositary share. The company has not shared any news.

JMU Ltd. (Nasdaq: JMU), which had just announced two members resigned from its board of directors and two came onboard, was next, up 13 percent to 66 cents per share.

Third from the top was China Jo-Jo Drugstores Inc. (Nasdaq: CJJD), which was up nearly 5 percent to $1.37 per ADS.

 

The biggest decliner this morning was China Customer Relations Centers Inc. (Nasdaq: CCRC), down nearly 11 percent to $16.11 per ADS. 

Bonso Electronics International Inc. (Nasdaq: BNSO) took a big loss as well, down nearly 8 percent to $2.91 per share.

Sunlands Online Education Group (NYSE: STG) was third from the bottom, down 7 percent to $8.56 per share.


May 02, 2018 11:27 AM PT

JMU Announces Change to Board of Directors, Resignation of Co-Chairman

JMU Ltd. (Nasdaq: JMU), a B2B online e-commerce platform for the foodservice industry, said today Hua Zhou and Xiaoyu Li have joined the board effective immediately. At the same time, Maodong Xu, the company's co-chairman, and Shayla Suen have resigned from the board for personal reasons effective April 30. 

Xiaoxia Zhu, JMU's chairperson and CEO, saidm "On behalf of the Board, I would like to thank Mr. Xu and Ms. Suen for their services to JMU. We wish them the best in their future endeavors. At the same time, we are pleased to welcome Ms. Zhou and Ms. Li and believe they will be valuable assets to JMU as we continue to sustainably grow our business and deliver long-term shareholder value."

Zhou has over 10 years of experience in client and partner relationship management, M&A and marketing, having served as the company's Sales Manager from 2011 to 2015 and as Vice President of Strategic Partnership at Beijing Galaxy Fintech Group. Li, who worked in JMU's investor relations department from 2012 to 2013, is Investor Manager in Galaxy Internet, an online investment platform for entrepreneurs. 


May 02, 2018 11:25 AM PT

Chairman of Lianluo Smart Increases Stake

The chairman of Lianluo Smart Ltd. (Nasdaq: LLIT), a smart service and products provider in China, has purchased an additional 360,000 shares of the Beijing-based company. Zhitao He said, "I am extremely confident in Lianluo Smart's future and looking forward tremendous opportunities ahead." With the additional shares, He currently owns 12.5 million common shares in Lianluo, representing a 67.1 percent stake in the company, according to a filing with the Securities and Exchange Commission.

May 01, 2018 4:31 PM PT

BeiGene Names New President and China GM

BeiGene Ltd. (Nasdaq: BGNE), a biotech company based in Beijing and Cambridge, Mass., announced it appointed Xiaobin Wu as General Manager of China and President of BeiGene. Wu will report to John Oyler, founder, CEO and chairman, the company said. Before joining BeiGene, Wu served as Country Manager at Pfizer China since 2009. He was previously President and Managing Director of Wyeth China and Hong Kong. With more than 1,100 employees in China, the U.S., and Australia, BeiGene focusses on developing immuno-oncology cancer therapies.