BRIEF NEWS
May 29, 2020 1:20 PM PT

TD Holdings Reports Widened Loss

Shares in TD Holdings, Inc. (Nasdaq: GLG) dropped slightly on Friday as the company posted a widened loss for the fiscal year 2019. 

The Beijing-based company, formerly known as Bat Group, Inc., said in a statement that revenue in the fiscal year 2019 reached $2.49 million, up 411% from one year ago. TD said income from operating lease reached $1.83 million, compared with $490,000 for the fiscal year 2018, representing an increase of $1.34 million or 275%.

GLG reported the increase was mainly driven by an uptick in used luxury car sales from 6 cars as of December 31, 2018, to 11 cars as of December 31, 2019. Also, expansion of its car leasing business extended to more geographic areas such as Shanghai and Chengdu in 2019 which attracted an increased number of contracts from 185 for the fiscal year 2018 to 1,067 for the fiscal year 2019.

Net loss of the company widened from the same period to $6.94 million, or 89 cents per ordinary share, representing an increase of 186%.

"The turnover of China's commodity market has shown a rapid upward trend, and I believe that entering into the commodity trading business will bolster the Company's income and increase shareholder value. We will focus on non-ferrous metal commodities such as aluminum, copper, silver, and gold. We strive to become an emerging platform in the non-ferrous metal e-commerce industry by offering all participants in the non-ferrous metal e-commerce industry a seamless, one-stop transaction experience," Renmei Ouyang, the chief executive officer of the company, said in the statement.

As of December 31, 2019, the company reported it had cash and cash equivalents of $2.45 million, compared with $1.48 million as of December 31, 2018.

Shares in GLG closed at $1.58 per share on Friday.


May 28, 2020 1:00 PM PT

Huami Partners With Top Chinese University

Huami (NYSE: HMI) announced Thursday that it has scored a collaboration with the University of Science and Technology of China.

The cloud-based healthcare service provider said two parties will focus on developing a Brain-computer Interface Joint Laboratory, which will leverage Huami Technology's R&D strength in smart wearables and USTC's research advantages in brain science in an attempt to achieve breakthroughs in key technologies and build a new model for active health.

Earlier of this month, the company announced that in the three months through March its revenue reached $153.7 million, up 36.1% year-over-year. Net income was $2.7 million, or 4 cents per American depositary share, compared with $10.62 million in the same period in 2019.

Based in Beijing, Huami sells its own branded products and Xiaomi's wearable products. That includes Xiaomi-branded smart bands, watches, and scales. 

At this year's CES, the company launched the Amazfit T-Rex, a device with a military certified body ideal for outdoor activity.

The stock in Huami dropped 2.65% in New York by midday, trading at $9.17.


May 27, 2020 1:40 AM PT

IT Tech Packaging Signs Letter of Acquisition

IT Tech Packaging, Inc. (NYSE American: ITP) announced Wednesday that its operating entity in China, Hebei Baoding Dongfang Paper Milling Company Limited, has entered into a letter of intent to acquire 60% equity interest in Baoding Huizhi Ruixing Information Technology Co., Ltd. (HZRX)

The manufacturer and distributor of diversified paper products said in the announcement it will acquire the equity interest in HZRX for total cash consideration of between $1.4 million and $2.8 million, and total equity consideration of 500,000 of the company's restricted common stock.

"We are impressed by the operation capability of the HZRX and optimistic about the intelligent healthcare niche market as we just launched our initiative in healthcare sector to prepare us for the next phase of growth. HZRX anticipates that its total sales revenue and net income will be approximately $17 million and $4 million, respectively, for 2020,” Zhenyong Liu, the chief executive officer and chairman of the company said.

HZRX is a new high technology company  focused on providing intelligent healthcare IT solutions to hospitals, medical institutions, government agencies, enterprises and public institutions in China.

The stock in IT Tech Packaging Inc. closing at 48 cents, up slightly.


May 26, 2020 2:10 PM PT

iClick Announces Sharp Growth of its "Mini-Program"

iClick Interactive Asia Group Limited (Nasdaq: ICLK) announced Tuesday that its mini-program of QiaQia Food Co., Ltd, has achieved monthly GMV average growth of 180% since the mini-program's launch.

The independent online marketing and enterprise data solutions provider said the mini-program launched April 2019, and the total number of visitors was over 12 million for the twelve months ended May 7, 2020, with the number of monthly paying users rising by an average of 30% every month.

Last month, the company reported it has formed an advanced strategic collaboration with Tencent International Business Group.  The company in the three months through March, revenues reached $49 million, up 25% year-over-year. Net loss increased to $8.4 million, or 13 cents per share compared with $2.5 million, or 4 cents per share in the same period in 2018.

Shares of iClick increases by 1.48% today in New York, closing at $5.47.


May 22, 2020 10:30 AM PT

CNOOC Announces Oilfield Phase II Project Commences Production

CNOOC Ltd. (HKEX: 0883, NYSE: CEO) announced Friday that Penglai 19-3 oilfield area 4 adjustment/Penglai 19-9 oilfield phase II project has commenced production.

The Hong Kong-based company said oilfields are located in Bohai with an average water depth of approximately 28 meters. The offshore development is in China’s Bohai Bay and is expected to reach peak production of 15,681 barrels of crude oil per day in 2022, as reported by Reuters.

CNOOC holds 51% interest in the oilfield phase II project and acts as the operator. ConocoPhillips China holds the remaining 49% stake.

Last month, the company reported it achieved a total net production of 131.5 million barrels of oil equivalent for the first quarter of 2020, representing an increase of 9.5% year-over-year. Production from China increased by 9.7%, while overseas production increased by 9.0% from the same period last year.

The oil company may have tough days in the U.S., former U.S. vice president Joe Biden may challenge them in the future if he wins the election in November. The Democratic nominee has said "We should put them in jail," when discussing fossil fuel executives' role in destroying the environment.

The stock in CNOOC dropped 3% on Friday, trading at $112.35 per share.


May 21, 2020 9:50 AM PT

Sunlands Expands Into Online Employee Training

Sunlands Technology Group (NYSE: STG) announced Thursday that it has started providing online employee training services to corporations.

China's online post-secondary and professional education provider said, it targeting medium to large enterprises while leveraging the company's existing teaching resources and online infrastructure, Sunlands helps enterprises train their employees online through providing a customized curriculum tailored to the specific needs of clients.

“We are very excited about this new B2B training opportunity, which is a natural extension of our well-established B2C vertical. The market for corporation employee training is vast, driven by a strong incentive for companies to invest in their employees since the competitiveness of enterprise workforce has become more bottom-up dependent on each employee's individual level of competency given the gradual disappearance of the demographic dividend in China,” Tongbo Liu, the chief executive officer of Sunlands, commented.

Beijing, China-based Sunlands, previously known as Sunlands Online Education Group, was founded in 2003 as a traditional offline education company, making the switch to online in 2014.

Sunlands has created an online tutoring system that provides flexibility and increased chances of passing degree program tests in the postsecondary markets within China.

The firm provides a wide range of test preparation courses, from community college level to professional designations such CPA exams to full MBA curriculums.

Sunlands appears to focus its offerings on the lower end STE market, or Self-taught Higher Education Examinations, which covers 18 majors.

Shares of STG up nearly 5% in New York today, trading at $1.60.


May 20, 2020 10:00 AM PT

Alibaba's Tmall Welcomes Sephora

Tmall, China's largest business to consumer (B2C) platform owned by Alibaba Group (NYSE: BABA; HKEX: 9988), on Wednesday welcomed the Sephora Tmall Global Flagship Store.

The company said the partnership connects China's community to the global beauty trends by bringing together numerous emerging and popular overseas beauty brands and offering the benefit of breaking geographical and time barriers through cross-border e-commerce.

Benjamin Vuchot, the Asia president of Sephora, stated, “Based on our long-term relationships with global beauty brands, we are glad to cooperate with Tmall Global to introduce overseas brands into China market. Through the synergy of online and offline channels, consumers can access overseas brands to fulfill their emerging and evolving needs.”

Among notable foreign brands, Tmall also sells Fenty Beauty founded by Rihanna, Bon Parfumeur, Farmacy, and Dermalogica in China.

Shares in Alibaba were up 1.55% intraday in New York, at $220.56 per ADS.



May 19, 2020 8:55 AM PT

Innovent Biologics Teams Up with MD Anderson

Innovent Biologics, Inc. (HKEX: 01801) announced a strategic collaboration agreement on Tuesday with The University of Texas MD Anderson Cancer Center to co-develop TYVYT, Innovent's anti-PD-1 monoclonal antibody, to treat rare cancers in the United States. The company said the joint development will focus on advancing sintilimab as an effective immune checkpoint inhibitor for patients with rare types of cancer. 

Innovent develops manufactures and commercializes high-quality medicines for the treatment of cancer, autoimmune, metabolic and other major diseases.

Michael Yu, the founder, chairman and chief executive officer of Innovent stated, “We believe TYVYT has great potential in various tumor types, both as a single agent and in combination with other inhibiting agents, and currently we are conducting more than 20 related clinical trials including over 10 registration clinical trials. Through this new co-development collaboration, we will work to advance TYVYT into rare tumors, where we hope it will continue to demonstrate its efficacy across multiple tumor types.”

Last month, the company conducted first patient dosing in a pivotal Phase Two registrational trial of parsaclisib (IBI-376), a novel and selective PI3Kδ inhibitor, in China.

Shares of Innovent closed at HK$43.8 on Tuesday, dropping 3%.


May 18, 2020 7:00 AM PT

Phoenix New Media Sold the Investment in Tadu

Phoenix New Media Limited (NYSE: FENG) announced Monday that it has sold all of its investment in Tadu Apps, which operated by Beijing Yitian Xindong Network Technology Co., Ltd. 

The Beijing-based new media company paid a total price of 288.2 million yuan for the acquisition in December 2018 and March 2019.

Talk about the sale of the investment, the company stated that the competitive landscape of the online reading market has changed substantially since the beginning of 2019 and, given the Covid-19 outbreak and disagreements with the other shareholder of Yitian Xindong, Phoenix considered it a good opportunity to sell the investments and related rights.

For the three months through March, the company said revenues rose 5.5% to $32.2 million. Net loss, meanwhile, was $11.2 million, or 2 cents per American depositary share, compared to the net loss of $16.8 million, or 3 cents per ADS, in the same period last year.

Shuang Liu,  the chief executive officer of Phoenix New Media said, "As the Covid-19 pandemic swept the globe, we continued to leverage our superior content capabilities and further streamline our operating efficiency.”

He added, “Notably, as many businesses have opted to adjust their marketing strategies and reduce their advertising budgets amid Covid-19, we have taken active measures to refine our cost structures, further enhance our operating efficiency and decisively reduce spending on user acquisition channels with low returns, successfully reducing traffic acquisition costs in the quarter by close to 50% on a year-over-year basis.”


May 15, 2020 9:45 AM PT

NetDragon Announces Joint Venture With Two National Research Institutions

NetDragon Websoft Holdings Limited (HKG: 0777) announced Friday that it reached a strategic cooperation agreement on the establishment of a smart education joint venture with China United Network Communications Limited and National Engineering Research Center. 

The joint venture entity will be named Smart Education Technology Company Limited, the company said in today’s announcement.

The HongKong-based company said the joint venture aims to provide education informatization products and services to G-end, B-end, and C-end users across the country, thus fostering education informatization 2.0 and achieving education modernization.

Dejian Liu, the founder and chairman of NetDragon said, "NetDragon has always been committed to providing customers with the best education technologies. With the advent of the 5G era, we expect this cooperation to achieve new breakthroughs with respect to innovation and R&D of education informatization products and services." 

Liu added, "This collaboration among strong hands in the field of education will ensure breakthroughs in terms of innovation and development of education informatization products and services."

Shares of NetDragon closed at HK$20.7 on Friday.



May 14, 2020 7:40 AM PT

IHG Launches Flagship Store On Trip.com

Trip.com(Nasdaq: TCOM) announced a strategic partnership with InterContinental Hotels Group (NYSE: IHG) on Thursdasy to launch the IHG Flagship Store on its platforms.

The Shanghai-based travel provider said the store will allow over 300 million Trip members in Greater China to register with the IHG Rewards Club.

Ray Chen, the chief executive officer of accommodation business at Trip.com said, "We are delighted to work with IHG Group, as part of this win-win collaboration further enriching the travel experience for our customers."

The company said the two entities will connect the membership system and corresponding rights to provide guests with convenient online booking experience as well as the high-quality offline hotel products and services.

As China recovers economically after the Covid-19 lockdown, travel is on the minds of many Chinese citizens. 

On May 8, Trip reported its platform sales volumes of Shanghai Disneyland reached 15,000. Shanghai Disney ranked first in the company’s sales list, beating more than 10,000 destinations worldwide. 

Shares of Trip dropped thus far 3.09% today, trading at $22.61.


May 13, 2020 9:35 AM PT

PLIN Steps Into the Soybean Oil Market

China Xiangtai Food Co., Ltd. (Nasdaq: PLIN) announced Wednesday that its subsidiary, Chongqing Ji Mao Cang Feed Co., Ltd. (JMC) entered into an agreement to sell 10,000 tons of soybean oil to Chongqing Wave Trading Co., Ltd., sending PLIN shares up 10.75%, trading at $2.07 in New York.

The emerging growth company said the contract is worth $8.5 million. And PLIN acquired JMS last month, the company reported in today’s announcement.

JMC specializes in the sale of feed raw material and supplying feed formula solutions; It sold more than 200,000 tons of soybean meal in 2019.

Xiaohui Wu, the president and director of PLIN mentioned the new market, "As we saw the price of soybean contracts raised recently, we believe our recently acquired subsidiary JMC seized a great opportunity and can deliver a better financial result this year." He added, "The need for healthy food ingredient has been instrumental in driving the growth of the soybean oil market. This business expansion will benefit the financial results of both JMC and subsequently Xiangtai this year."

This is not the first time PLIN expanded its business into new markets. Last month, the company said it entered a 10-year joint venture (JV) agreement with Chongqing Fengjie County Rural Ecological Agriculture Development Co., Ltd. (FEA) to expand into the hog breeding sector.


May 12, 2020 12:10 PM PT

Phoenix Tree Explains Why Its App Was Removed From Apple's App Store

Phoenix Tree Holdings Limited (NYSE: DNK) announced Tuesday that the reason the company’s App was banned on Apple Store China has been identified on its official Weibo account.

The Beijing-based company said a software company complained to the Apple App Store, questioning edited pictures of the Phoneix Tree App hat were not effectively authorized. This App was removed from the Apple App Store after the software company’s report was approved.

Phoenix Tree said it deleted the related pictures from the App after receiving the complaint. And the company is discussing with Apple to bring the App back as soon as possible.

(Source: Phoneix Tree Weibo Official Account)

Shares Phoneix Tree were effected, dropping nearly 4%, trading at $6.25 in New York today.

In March, the company reported revenues in the fourth quarter reached $305.9 million, up 113% year-over-year. Net loss in the three months through December hit $132.3 million, or $2.11 per share, an increase of 65% from the previous year. 

The real-estate company added 200,000 apartments in 2019, totaling 438,309 units as the company expanded its business in Suzhou, Wuxi, Xi'an, and Chongqing.


May 11, 2020 8:35 AM PT

Bright Scholar Makes Strategic Investment in Linstitute

Bright Scholar Education Holdings Limited (NYSE: BEDU) announced Monday that it has entered into an agreement to acquire 51% equity interests in Linstitute.

The global premier education service provider said Linstitute offers high-quality and outcomes-focused online training services including Academic Olympiad and other world-wide recognized international courses.

Jerry He, the executive vice-chairman of Bright Scholar said, "The adoption of emerging technology has a profound impact on the education industry and creates huge new opportunities globally for Bright Scholar. This strategic investment expands the offerings of Bright Scholar to online training."

He added, "Accelerating our investment in education technology and broadening of our online offerings will foster continued educator growth and improved student outcomes."

As of Feb. 29, 2020, Bright Scholar reported it had 80 schools across 10 provinces in China and 8 schools overseas, covering all the critical academic needs of its students from K-12. In the six months through February, the company had an average of 51,879 students enrolled at its schools.

Last month, the company reported revenues increased by 72.4% to 877 million yuan for the second fiscal quarter of the fiscal year 2020, while the net income reached 40.5 million yuan, representing an increase of 683%.


May 07, 2020 2:45 PM PT

36Kr Announces Share Repurchase Program

36Kr Holdings Inc. (Nasdaq: KRKR) announced Thursday that its board of directors has approved a share repurchase program, sending the stock up 3.6% to close at $3.78 in New York.

The Beijing-based content platform said the company is authorized to repurchase up to 1,000,000 of its ADSs, each representing 25 Class A ordinary shares. The share repurchase program enables 36Kr to repurchase its shares at currently attractive prices, and demonstrates the company's confidence in its long-term prospects and the potential for China's economy, the company said in today’s announcement.

The company reported that it generated $46.4 million in revenues in the fourth quarter, up 124% year-over-year in March. Net income reached $4.6 million, down 18% from the same period in the previous year.

The company added 186 customers to 506 as of December to its online advertising services,173 clients to enterprise value-added services, and over 18,000 new subscribers.

The company raised $20.3 million in its initial public offering. Since the IPO, 36Kr has traded below its issue price of $14.50 per share.



May 06, 2020 11:45 AM PT

China Rapid Finance Executes Agreements With Yong Bao Two

China Rapid Finance Limited (NYSE: XRF) announced Wednesday the execution of a set of agreements with Yong Bao Two Ltd., the parent company of SOS Information Technology Co., Ltd. via a variable interest entity, the shareholders of YBT, eight sophisticated investors introduced by YBT and True North Financial, LLC.

The company said under the agreements, investors can acquire share amounts previously issued to True North as well as certain additional shares in exchange for the repayment of the Senior Secured Promissory Note issued by True North Financial. YBT shareholders will be contributing the YBT business into XRF. 

And YBT will become a wholly-owned subsidiary of China Rapid Finance. 

"We are excited about the new opportunity and glad to be a part of XRF. Based on our vast resources in the emergency rescue and related industries, we believe this will provide us with meaningful business synergy and create value for XRF's shareholders. We are also looking forward to joining XRF and will remain committed to maintaining the highest standards of transparency and compliance," Yandai Wang, the chief executive officer of SOS said.

The shares of XRF increasing sharply of 78.97%, trading at $1.70 per share.


May 05, 2020 7:00 AM PT

Recon Technology Signed A $2.8 Million Contract

Recon Technology, Ltd. (Nasdaq: RCON) announced Tuesday that it signed a $2.8 million engineering and construction service subcontract with Grand Energy Development Limited on a heavy oil transportation system project in Garraf oilfield in Iraq.

The Beijing-based oil and gas company said it will carry out all the engineering design services, provide the technical support to the procurement, construction, commissioning activities and provide the training services of the heavy oil transportation system project.

"With advanced technique and wide experiences in the automation and digitalization of oil and gas industry, Recon has a relatively competitive advantage in the engineering design and construction businesses in the oilfield segment," Shenping Yin, the co-founder and chief executive officer of Recon said.

Two months prior,  the company reported that in the six months through December revenues were $4.36 million, down 28% year-over-year. Net loss narrowed to $1 million compared with $1.4 million in the same period in 2018. Recon said the decrease in the period was due to a revenue decline in the sectors of automation product and software, equipment and accessories, and oilfield environmental protection projects.

Shares of Recon increased by 2.31% in the early morning, trading at $3.98 per share.



May 04, 2020 11:45 AM PT

MGM China Reports First Quarter Result; Shares Drop

MGM China Holdings Limited (SEHK: 2282) posted significantly impacted results by the Covid-19 pandemic in the first quarter. Shares of MGM closed at HK$9.03 in Hong Kong today, representing a decrease of 6.91%.

The company said in a statement that in the three months through March total revenues reached HK$2.1 billion, and the overall occupancy rate was 36%.

Due to the various travel restrictions and quarantine measures in Mainland China and Hong Kong, Macau's gross gaming revenue in the first quarter declined by 60% year-on-year, that February fell by 88% year-on-year and March down by 80% year-on-year.

Despite a tough market, MGM retains a positive attitude for the future. Grant Bowie, the chief executive officer and executive director of MGM China said, "While we focus to contain our costs, we are building scenarios and maintaining the relationship with our customers. We are preparing for recovery and extremely positive about the prospects of Macau gaming and hospitality market in the longer term."

MGM MACAU and MGM COTAI were reopened on February 20.


May 01, 2020 1:00 PM PT

Hebron Technology Gets $6.5 Million Funding

Hebron Technology Co. Ltd. (Nasdaq: HEBT) announced Friday that it has closed a $6.5 million private placement.

The technology-oriented enterprise group said the company sold to two private investors an aggregate of over 1 million Class A common shares at a price of $6.21 per share.

The company entered into a share purchase agreement with the two private investors for the aforementioned placement offering on December 6. The deal had been delayed because of the Chinse New Year holiday and the outbreak of Covid-19 in China.

Anyuan Sun, the chief executive officer of Hebron, said in a statement, "This represents that investors have a great interest in our business expansion from industrial technology service to financial technology service. We believe that the financing will further strengthen our competitiveness in the marketplace."

HEBT stock ended more than 4% lower on Friday, at $9.30 per share.


Apr 30, 2020 1:00 PM PT

58.com Gets Buyout Offer From Warburg Pincus

58.com Inc. (NYSE: WUBA) announced Thursday that it has received a going-private offer from Warburg Pincus Asia LLC, General Atlantic Singapore Fund, Ocean Link Partners, and Jinbo Yao, its chairman and chief executive officer.

The Chinese marketplace for online classifieds said the group proposed to acquire all of its shares for $27.50 in cash per ordinary share, or $55 per ADS.

The announcement failed to significantly impress the investors and the stock in 58.com closed 15 cents higher on Thursday, at $51.95 per ADS.

58.com will evaluate the offer.

Apr 28, 2020 2:00 PM PT

Innovent Announces First Dosing in Patients With Lymphoma

Innovent Biologics Inc. (HKEX: 1801) announced Tuesday that it conducted first patient dosing in a pivotal Phase 2 registrational trial of parsaclisib (IBI-376), a novel and selective PI3Kδ inhibitor, in China. 

The developer of medicines for the treatment of cancer, autoimmune, metabolic, and other major diseases said the objective of the study is to evaluate the efficacy and safety of parsaclisib in patients with recurrent or refractory follicular lymphoma (FL) or marginal zone lymphoma (MZL) in China.

Weili Zhao, the professor of  Ruijin Hospital, said, "Although FL and MZL are indolent, when developed to relapse or refractory stage, the effective treatment is limited and new therapies are urgently needed. PI3Kδ inhibitors are a new class of therapies emerging in recent years for indolent lymphoma treatment.”

The company is confident about the study. “We believe that if parsaclisib achieves approval to enter the Chinese market, it would be a significant milestone, and we hope that the results of this study will help benefit patients with recurrent or refractory FL/MZL and potentially provide more treatment options to the clinicians that treat them," Hui Zhou, the vice president and head of oncology strategy and medical sciences of Innovent, said.

Based in Hong Kong, Innovent was listed on the Main Board of the Stock Exchange of Hong Kong on October 31, 2018.

The stock in Innovent was up 30 cents, closed at HK$39.5 on Tuesday.


Apr 27, 2020 10:45 AM PT

Recon Announces FGS Joint Operation with CPPEI

Recon Technology, Ltd. (Nasdaq: RCON) announced Monday that its subsidiary Future Gas Station (Beijing) Technology, Ltd ("FGS") signed a joint operation agreement (with China Petroleum Planning and Engineering Institute (CPPEI). 

The Beijing-based oil and gas company the Agreement is signed to facilitate the operation of DT Refuel mobile application functions in Zhejiang. And the company added that CPPEI is the only decision supporting institute of The China National Petroleum Corporation.

Shenping Yin, the co-founder and chief executive officer of Recon said, "The joint operation with CNPC' decision making institution in Zhejiang demonstrates FGS' market value and leading position. As a starting point, it provides a possibility for FGS to expand its solution and experience of gas station efficient operation on a country-across basis and increase its market share.”

Last month, the company reported that in the six months through December revenues were $4.36 million, down 28% year-over-year. Net loss narrowed to $1 million compared with $1.4 million in the same period in 2018. And Recon said the decrease in the period was due to a revenue decline in the sectors of automation product and software, equipment and accessories and oilfield environmental protection projects.

The shares of Recon up 19.12%, trading at $3.63 in New York today.


Apr 24, 2020 2:10 PM PT

Ping An Expanding in the Financial Services Sector

Ping An Insurance (Group) Company of China, Ltd. (HKEX:2318; SSE:601318) announced Friday that it has launched Ping An Consumer Finance Co., Ltd. (PAF) in Shanghai.

The technology-powered retail financial services group said PAF is the first "finance plus technology" consumer finance company in China, and it meets Ping An's "finance plus technology" and "finance plus ecosystem" strategies.

The registered capital of PAF is 5 billion yuan ($700 million); Ping An contributes the majority of the capital base and is a 30% shareholder,  the company reported in a Friday announcement.

Dongqi Chen, the chairman of Ping An Consumer Finance said, "As China's first consumer finance company with a 'technology + finance' positioning, we will realize digital development by driving our business with advanced technologies such as AI and cloud computing to enhance user experience, and bring more convenience to consumers whose consumption habits are rapidly upgrading."

As China's first joint-stock insurance company, it is listed on the stock exchanges in Hong Kong and Shanghai.

Shares of Ping An closed at HK$77.3 in Hong Kong.

Apr 23, 2020 1:30 PM PT

China Telecom Announces 17 Million New 5G Subscribers, Flat Revenues

China Telecom Corporation (NYSE: CHA) announced increased mobile subscribers but decreased revenues and income on Thursday.

The Beijing-headquartered telecom giant said that its operating revenues hit 95 billion yuan ($14 billion) in the first quarter in 2020, down 1.4% year-over-year. 

The company’s current mobile subscribers reached 337 million, up from 315 million one year ago. 

China Telecom added 12 million new 5G package subscribers, with a total of 17 million 5G subscribers by the end of March, according to the company.


Apr 22, 2020 2:00 PM PT

Hailiang Education Group Steps Into Singapore

Hailiang Education Group Inc. (Nasdaq: HLG) announced Wednesday that the establishment of a wholly-owned international education headquarters in Singapore, Hailiang International Education Group Pte. Ltd. (HIEG).

The education and management services provider said HIEG will promote Hailiang Education's K-12 education services for students in 25 countries. Also, HIEG will expand the company’s international business network through implementing the hybrid development strategy, which combines asset-light approach, self-construction, and acquisitions, to meet the demands of our students and parents from different regions for their unique and diverse education needs, Hailiang said in today’s announcement.

"The establishment of HIEG is one of the most important milestones for Hailiang Education to break into the international market and attract overseas capital. It will help promote the development and continued expansion of our various businesses, and will also improve Hailiang education's brand recognition internationally," Ming Wang, the chairman, and chief executive officer of Hailiang Education stated.

Last month, the company reported revenues of 736.7 million yuan, increased by 12.9% from 652.7 million yuan for the first six months of the fiscal year 2020. Net profits were 197.6 million yuan, representing an increase of 52.5% year-over-year.

Shares of Hailiang drop 2.06% in New York today, closing at $48.44 apiece. 

Apr 20, 2020 1:00 PM PT

FinVolution Group Chairman Purchases Company Shares

FinVolution Group (NYSE: FINV) announced Monday that Shaofeng Gu, the chairman and chief innovation officer of the company, purchased 1.02 million of the company's American Depositary Shares.

The fintech platform said the purchases were made during an open window period and in full compliance with all company and legal guidelines.

Gu said in today’s announcement, "In a little more than 18 months, we have successfully transitioned our platform from being primarily funded by individual investors to being fully funded by institutional funding partners while maintaining our profitability. I believe the current share price undervalues the potential of the company and serves as a highly attractive investment opportunity."

The shares of FinVolution increased by 4.53%, trading at $1.73 on Monday.


Apr 17, 2020 12:40 PM PT

PCCW Solutions Announces Strategic Partnership With StarHub

PCCW Solutions, the IT services of PCCW Limited (SEHK:0008) announced Friday that it entered a strategic technology partnership with StarHub.

Hong Kong-based company said under the partnership, two parties will work together and leverage each other's deep industry and technical domain expertise to deliver on customers' evolving needs.

Also, PCCW Solutions was selected as StarHub’s IT technology transformation partner. StarHub is a Singapore company that delivers world-class communications, entertainment and digital solutions to customers.

"We are excited to enter into this strategic partnership to support StarHub in accelerating its digital transformation, business growth and inspiring its digital innovation. I am also confident that the partnership of StarHub and PCCW Solutions will bring telecom technologies and IT closer, the way it should be, and will accelerate innovation and data-driven business decisions to satisfy the ever increasing expectations and needs of StarHub's customers. This collaboration is a blueprint on how telecom operators in the region and beyond ought to transform themselves in the digital world," Ramez Younan, the managing director of PCCW Solutions, said in today’s announcement.

Shares of PCCW rose 1.29%, closing at HK$4.7 on Friday.


Apr 16, 2020 7:00 AM PT

Vitasoy Launches Fully Recycled Bottles

Vitasoy International Holdings Ltd (OTCMKTS: VTSYF) announced Thursday that it launched 100% recycled plastic bottles for its VITA Distilled Water.

The Hong Kong-based beverage company said the bottles are made entirely from recycled polyethylene terephthalate, which aims to promote environmentalism and waste reduction in Hong Kong.

(VITA Distilled Water, Source: Vitasoy)

In addition to the enhancement of product packaging, Vitasoy has been actively supporting the collection and recycling of used beverage packaging. 

Last month, Vitasoy stated that since the outbreak of COVID-19, the product marketing plans and supply chain operations across China have been severely affected, especially in Wuhan city and the Hubei province. Since most of Vitasoy ’s majority business in Mainland China comes from general trade channels, the business was affected when the small retail stores closed during the height of the coronavirus outbreak.

However, In the first six months of the fiscal year 2019 / 2020, Vitasoy’s revenues achieved HK$ 4.684 billion, representing an increase of 5% year on-year. Operating profit increased by 1% to HK$ 721 million.

Apr 15, 2020 2:15 PM PT

Origin Agritech Gets 138 Million Yuan From Beijing Investor

Origin Agritech Ltd. (Nasdaq: SEED) announced Wednesday that it has received 137.66 million yuan from Beijing Changping Technology Innodevelop Group (BC-TID).

The company reported it has entered a definitive framework agreement with BC-TID last month. 

Under the agreement, Origin will contribute to the Origin Life Science Center building in Beijing and two biotech corn traits to the joint venture and BC-TID will fund the joint venture to the tune of 204 million yuan.

According to the announcement, BC-TID is wholly-owned by the local government of Changping District in Beijing and was set up as an industrial investment platform.

Shares of Origin climbed 4.27% on Wednesday, closing at $3.30 per share today in New York.



Apr 14, 2020 1:45 PM PT

Trip.com Releases Scenic Smart Cloud Platform

Trip.com Group Ltd. (Nasdaq: TCOM) has released the solution to provide technical support for buying tickets to visit the park and after-sales service.

The Shanghai-based travel provider said in a statement today that the solution can also comprehensively monitor the places where tourists gather and disperse, and offers solutions for emergency situations including outage and peak passenger flow.

Xiaojiang Yu, the vice president of Trip.com, said, “It is urgent that Chinese scenic spots do the intelligent upgrading of their online reservation system. As one of the online travel companies, Trip.com is willing to further share our platform and service system, work with partners in the travel industry to achieve digital transformation and upgrade, and build the smart scenic spot."

(Scenic Smart Cloud Platform; Source:Trip.com)


Apr 13, 2020 8:30 AM PT

Phoenix Tree Obtains WELL Certification for Co-living Project

Phoenix Tree Holdings Limited (NYSE: DNK) announced Monday that it has received the WELL Silver Certification for its healthy living environment from the International WELL Building Institute. 

The Beijing-based company said its platform is the first co-living platform in the world to obtain the certification for a co-living project.

"The WELL certification is a recognition of Danke's efforts to provide a healthy and comfortable living environment for our residents, we will continue to leverage innovative technology to help people live better, and drive the sustainable growth of the co-living platform industry in China." Jing Gao, the chief executive officer of Danke, said in the statement.

The company said it has developed a complete system and process to provide safe and healthy housing to its residents.

Last month, Phoenix Tree reported revenues for the fourth quarter reached $305.9 million, up 113% year-over-year. Net loss in the three months through December hit $132.3 million, or $2.11 per share, an increase of 65% from the previous year.

Shares in Phoenix Tree were trading at $6.83 per American depositary share midday Monday, up 7.39%. 



Apr 10, 2020 1:40 PM PT

Bilibili Scores $400 Million Contract With Sony

Online digital media content site Bilibili Inc. (Nasdaq: BILI) announced today that it signed a $400 million purchase contract on 4.98% of the outstanding shares with SCA, wholly owned subsidiary of Sony Corp. (NYSE: SNE), according to Kyodo News.

Sony said Bilibili is popular among generation Z, a generation born between 1990 and 2009. Sony intends to launch its own products through cooperation with local companies in China.

Moreover, Sony mentioned it set the Chinese entertainment market as an important strategic target and has reached a consensus with Bilibili on the possibility of exploring cooperation in animation and mobile gaming spaces. 

After the transaction is completed, Sony will hold approximately 4.98% of the total issued shares of Bilibili, Kyodo News added.

Bilibili released the unaudited financial report for the fourth quarter and full year of 2019 last month. The company said its net loss in 2019 was 1.30 billion yuan ($187.2 million), compared with 565 million yuan in the previous year, representing a 130% increase.

In 2014, Bilibili and Aniplex, another subsidiary of Sony, cooperated in the purchase of animation copyrights. In 2016, they released a mobile game "Fate/Grand Order". It contributes considerable revenues for Bilibili, ranking among the company's top 10 best-selling single-generation games.


Apr 09, 2020 1:00 PM PT

Sino-Global Shipping Acquires Stake in Mandarin Ocean

Sino-Global Shipping America Ltd. (Nasdaq: SINO) announced Thursday the signing of a share purchase agreement with Kelin Wu, the 88.5% shareholder of Mandarine Ocean Ltd.

Shanghai-based Mandarine Ocean provides worldwide ocean freight service. It currently has long-term contracts to operate 14 bulk carriers. Mandarine Ocean said it hopes to benefit from lower costs through its relationship with Sino-Global.

Lei Cao, the chief executive officer of Sino-Global, said in a statement today, "This is a milestone agreement for our company, which allows our business to expand when we have begun to see an increased level of economic activity now that challenges and delays created by the Coronavirus have begun to wane in China.”

Wall Street was not impressed with the acquisition. The stock in SINO was trading down 4% on Thursday afternoon, at 38 cents per share.


Apr 08, 2020 9:20 AM PT

Yum China Completes Acquisition of Huang Ji Huang

Yum China Holdings, Inc. (NYSE: YUMC) announced Wednesday that it has completed the acquisition of a controlling interest in the Huang Ji Huang group, sending its stock up 1.41% to $43.96 as of early trading. 

Huang Ji Huang operates a Chinese-style casual dining franchise business mosltly in mainland China, but also internationallly. The group has over 640 restaurants, according to the announcement.

Yum China said it aims to gain a stronger foothold and enhanced know-how in the Chinese dining space. The acquisition is expected to create and capitalize on synergies between Yum China's scale and system capabilities and Huang Ji Huang's track record  of product R&D, franchisee management, and Chinese dining experience. Subsequent to the acquisition, Yum China will establish a Chinese Dining Business Unit comprising three core Chinese dining brands, Little Sheep, East Dawning, and Huang Ji Huang.

Yum China was selected as one of the top 10 innovators on Fast Company's annual list last month.

In the three months through December, Yum China's revenues reached $1.8 billion, up 5% year-over-year.  Net income rose 22% to $90 million, or 23 cents per share compared with $74 million, or 19 cents per share, in the same period last year.



Apr 07, 2020 9:25 AM PT

ZTE Wins Largest Commercial OTN

ZTE Corp. (HKEX: 0763; SZSE: 0063) announced Tuesday that it has secured the western network project in China Mobile's (NYSE: CHL)  phase-13 centralized procurement for inter-provincial backbone transport network equipment.

The Chinese telecom giant said the western network, which covers 19 provinces of China will be the world's largest commercial optical transport network (OTN), with a total link length reaching 53,828 km.

In response to the surge in traffic in the 5G era, China Mobile has focused on building an ultra-high-speed 100G OTN network covering the whole country for many years, according to the announcement.

The company said it has obtained 46 commercial 5G contracts in major markets, including Europe, Asia Pacific, Middle East and Africa. ZTE commits 10% of its annual revenues to research and development and takes leadership roles in international standard-setting organizations.

Apr 06, 2020 11:10 AM PT

Six Fined After Illegal Public Gathering in Hong Kong

Due to the coronavirus epidemdic, the Hong Kong government banned public gatherings of more than four people. On Monday, six chess fans became the first to be fined HK$2,000 ($256) each on breaking the social-distancing laws, according to South China Morning Post.

Hong Kong implemented the measure to stop the spread of COVID-19 on March 29. The SCMP said the six people refused to disperse when they were caught in Kwai Shing East Estate in Kwai Chung shortly before 4 p.m. on Sunday.

“They were issued with fixed penalty tickets for violating the new social-distancing rule as they refused to leave after warning,” a government spokesman said.

Hong Kong reported 43 confirmed cases of COVID-19 on April 3 with a total of 845 people infected. Among the afflicted, 34 confirmed patients had traveled overseas, according to Rfi.



Apr 02, 2020 11:00 AM PT

Future FinTech Stock Jumps 4% on Launch of E-commerce Platform

Future FinTech Group Inc. (Nasdaq: FTFT) announced Thursday that the trial version of its cross-border e-commerce platform NONOGIRL has started its trial operation.

The Xi'an-based company, which provides blockchain services in online retail and sells fruit juice, said in a statement that NONOGIRL is a S2B2C (Supplier-to-business-to-customer) crowdsourcing sales platform, created and managed by FTFT's subsidiary, QR (Hong Kong) Ltd.

(NONOGIRL, Source: Future FinTech)

"Developing the cross-border e-Commerce platform NONOGIRL is an important part of the Company's investment in and establishment of the blockchain-based shared online shopping malls. NONOGIRL and our Chain Cloud Shopping Mall will be the two essential segments of our business. We hope, in the near future, the NONOGIRL cross-border e-commerce platform will become the leading content, live broadcast, and social cross-border e-Commerce platform in China and Asia," Shanchun Huang, the chief executive officer of FTFT, said in the statement.

Huang was appointed to the CEO and disrector position at FTFT last month.

The stock in FTFT was up 4.46% Thursday morning, at $1.17 per share.

Apr 01, 2020 10:25 AM PT

JinkoSolar Australia Signs Credit Agreement with the National Australia Bank

JinkoSolar Holding Co., Ltd. (NYSE: JKS) announced Wednesday that its subsidiary Jinko Solar Australia Holdings Co. Pty Ltd has signed a one-year AU$37 million line of credit agreement with the National Australia Bank.

The company said the financing will be used to expand its subsidiary’s business and provide supplementary working capital of JinkoSolar Australia, according to the announcement.

Charlie Cao, the chief financial officer of JinkoSolar said, “As one of the largest banks in Australia, NAB provides strong financial support for us in very exciting times. We will continue to strengthen our business in Australia to support the enormous growth potential clean energy has in Australia.”

JinkoSolar is a fast-growing, vertically-integrated solar power product manufacturer with low-cost operations based in Jiangxi and Zhejiang Provinces in China and offices in Shanghai, China, Munich, Germany, San Francisco, U.S. Queensland, Australia, Ontario, Canada, Bologna, Italy, Montpellier, France and Switzerland.



Apr 01, 2020 8:30 AM PT

BOQI up 6% on Agreement to Spin-Off Energy Business

BOQI International Medical Inc. (Nasdaq: BIMI) watched its stock rise nearly 6% to $2.62 per American depositary share in early trading Wednesday after reporting it will sell its energy business.

The Chinese-based pharmaceutical provider will spin off its energy business to Yunfei Lu at an aggregate sale price of $10 million.

"The divestiture of the energy business aligns with BOQI International Medical’s growth strategy and allows us to further strengthen our financial position," Tiewei Song, the chief executive officer and president of BOQI, said in statement. 

He added, “Looking ahead, we remain focused on [the] execution of our strategic priorities and integration plans to unleash the full potential of our consumer-centric health care model and create value for our customers and shareholders.”

Formerly known as NF Energy Saving Corp., the company mainly used to provide energy conservation solutions and equipment. Now, the company is focused on the health sector.

The closing of the agreement is expected to take place in May.

Mar 31, 2020 9:45 AM PT

Tencent-Led Consortium Acquires Stake In Universal Music Group

Tencent Holdings Limited (00700.HK) announced Tuesday that a Tencent-led consortium has acquired a 10% equity stake in Universal Music Group from Vivendi SE.

Tencent Music Entertainment Group (NYSE: TME) and other financial co-investors are included in the consortium, according to the announcement.

With the support of Vivendi, Tencent said the company and TME will work together with UMG to further promote a thriving entertainment industry by developing innovative forms of music engagement and broadening opportunities for artists.

Morgan Stanley acted as the exclusive financial advisor to the consortium. Financing banks include Bank of China, ICBC, Bank of America, HSBC and Morgan Stanley.

The stock of Tencent rose nearly 1% to HK$380.2 on Tuesday in Hong Kong; TME has soared  7% to $10.34 in early morning trading in New York. .



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