Fuling Global Launches Manufacturing Facility in Indonesia
Fuling Global Inc. (Nasdaq: FORK) announced Tuesday that it has officially launched production at its new manufacturing facility in Indonesia. At nearly 194,000 square feet, the facility is based in Semarang City, Central Java.
The manufacturer and distributor of environmentally friendly plastic and paper foodservice disposable products said the facility launched the production of straws, sauce cups, take-out boxes, and paper cups. It is the company's third factory outside China.
Xinfu Hu, the chief executive officer of Fuling Global, said in the announcement, “Completion of our factory in Indonesia represents an important milestone in Fuling Global's strategy to become a global supplier of foodservice disposable products, offering innovative research and development and high-quality products, with international sourcing capability.”
He added, “It is also by far our largest production plant outside of China and will enable us to provide our international clients with a comprehensive line of products.”
Looking forward, the company said it expects to install 64 production lines of manufacturing equipment in two phases in 2020.
Shares of Fuling traded at $2.12 in New York on Tuesday.
Longevity Extends Acquisition Deadline to May
Longevity Acquisition Corp. (Nasdaq: LOACU) announced Tuesday that it has extended the period of time to execute on a planned business acquisition by three months to May 28, 2020.
Whale Management Corp., Longevity’s sponsor, has deposited into Longevity's trust account an aggregate of $400,000, representing $0.10 per public share, the company added in today’s announcement.
Based in Shanghai, Longevity operates as a blank check company. The company aims to acquire one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization, according to the company.
iClick Gets Tencent Ads Awards; Stock Jumps 4%
iClick Interactive Asia Group Ltd. (Nasdaq: ICLK) announced Monday that its subsidiary OptAim Information Technology Co. Ltd won three major annual awards from Tencent Ads for the second half of 2019, sending its shares up nearly 4% to $4.50 apiece in New York.
Jian "T.J." Tang, the chief executive officer and co-founder of iClick, said in the announcement today, “We feel honored to receive these accolades from our long-term strategic partner Tencent Ads, this success reflects the strength of iClick's data capabilities and is a testament to our competitive position in the market.”
The independent online marketing and enterprise data solutions provider said these three awards including "Outstanding Contribution of the Year", "Best Technology & Data Application Award" and "Best Branding Awards."
LvYue Expands In India
Strategically invested in by Trip.com Group Ltd. (Nasdaq: TCOM), LvYue Group announced on Monday that the average occupancy of the company’s first BeU hotel reached over 80% since its opening on September 2019.
The company said more BeU hotels are in the process of renovation and BeU will open hotels in the main regions of India, including Delhi, Bangalore, Hyderabad, Chennai, Mumbai this year.
BeU said it mainly provides services for domestic customers in India. Most of its employees are Indian, which enables LvVue to make the 'soft landing' (consumer-friendly intriduction) of its Chinese brand in the Indian market.
LvYue Group's foray into the Indian market is a part of its overall global strategy, the company said in the announcement.
LvYue positioned BeU hotel as an Indian business hotel chain with fully standardized products, targeting business travelers.
Highway Holdings’ Stock Inches Higher on Interim Dividend
The stock in Highway Holdings Ltd. (Nasdaq: HIHO) inched 1% higher on Monday afternoon after the company declared an interim dividend.
In a statement today, the Hong Kong-based company said it will pay out 8 cents per share on April 6 to stockholders of record as of March 31.
In response to the news, shares in Highway Holdings rose 2 cents intraday on Monday, to $2.09 apiece.
Highway Holdings makes machine components and electronics for various brands. Last week, the company, which has factories in Shenzhen and Yangon, posted improved financials for the year-end quarter.
SMIC Announces $600 Million Bond Issue
Semiconductor Manufacturing International Corporation (HKEX: 0981; OTC: SMICY) announces yesterday that the company has entered into an agreement with a group of lead managers to issue $600 million 2.693% bonds that is due 2025.
Joint lead managers of this deal includes J.P. Morgan, ICBC International, Barclays, UBS, SPDB International, ICBC MACAU, Silk Road International and BNP Paribas.
The semiconductor giant said it intends to use the net proceeds from the issue of the bonds, approximately $596.5 million, for capital expenditure for capacity expansion and other general corporate purposes.
Approval in-principle has been received for the listing of and quotation for the bonds on the SGX-ST.
SMIC announced improved revenues and profit in its fourth-quarter financials early this month. In the three months through December its revenues reached $839.4 million, up 7% year-over-year. The company attributed the growth to its China business, which accounted for 65% of its revenues.
China XD Plastics Regains Compliance on Shareholder Meeting Requirement
China XD Plastics Co. Ltd. (Nasdaq: CXDC) announced Tuesday that it has complied with Listing Rule 5620 from Nasdaq, which requires CXDC to hold an annual meeting of shareholders within 12 months after the end of the company's financial year.
Nasdaq notified CXDC at the beginning of January; the company held its annual meeting of shareholders on February 11.
The Harbin-based chemical company, which specializes in polymer composite materials for the auto market, announced its subsidiary has signed a loan agreement of $135 million with a group of banks in October of last year.
The stock of CXDC fell 3.18% to $1.52 per share on Wednesday.
Huitao Completes Acquisition of Sunway Kids Education
Huitao Technology Co. Ltd. (Nasdaq CM: HHT) announced on Friday that it has completed the acquisition of Sunway Kids International Education Group Ltd.
The Beijing-based company struck a deal with Sunway Kids in November under which the education provider became a wholly-owned subsidiary of Huitao.
"The closing of this acquisition represents a significant milestone to diversify our business and maximize our shareholder value," Yang Liu, the chief executive officer of Huitao, said in a statement today.
He added, "Demand for smart education in China is rapidly increasing. We see enormous opportunities for value creation through the combination of Huitao's advantage as a public company and Sunway Kids' expertise in early childhood education with AI and robotic technologies. Our vision is to use Sunway Kids' platform to expand our business horizons."
Shares in Huitao soared nearly 30% on Friday to 95 cents apiece.
TCL TV and Tencent Launch Free Learn-at-Home Program
TCL Electronics (HKEX: 1070) announced Wednesday that its subsidiary, Falcon Network Technology, and tech giant Tencent (OTCBB: TCEHY; HKEX: 0700) have jointly launched a Learn-at-Home program on TCL TV.
The company said the broadcast provides educational content for free for a limited time, including classes led by top tutors. On Day One of the program, the number of viewers reached more than 120,000, as reported by Chinese news media CSDN.
TCL, a partially state-owned company, sells consumer electronics on a multinational level. It operates factories in Mexico, Brazil, Vietnam, Poland, and India and boasts of a production capacity that exceeds 15 million sets per year.
The sales volume of TCL TV in China reached 32 million sets in 2019, representing a 12% increase year-over-year. The sales volume in overseas markets increased by 26% year-on-year to 13.46 million sets, according to CSDN.
Youdao Among Few Gainers on Coronavirus, Seeing Stock Soar 29% Friday
Youdao Inc. (NYSE: DAO), the online education arm of NetEase Inc. (Nasdaq: NTES), saw its shares soar 29% on Friday to close at $21.15 apiece in New York.
The national-level new media platform launched by Youdao and China Central Video, operated by China Central Television, announced this week the launch of "First Class of the Epidemic Prevention and Control."
In the program, Meng Wang, a well-known biology teacher, will provide students with knowledge on the prevention and control of coronavirus. Weihua Wang, a senior teacher of active psychology at Tsinghua University, was invited to provide psychological counseling to students, Youdao said.
On January 24, the company announced that the online course will be provided to primary and middle school students in Wuhan free of charge.
Next week, Youdao plans to broadcast the courses live on the new platform.
Xinyuan Has 'Ample Liquidity' to Repay Bonds in March
Xinyuan Real Estate Co. Ltd. (NYSE: XIN) announced on Wednesday that it will pay the principal and interest on $200 million in bonds when they mature on March 19.
"We currently have ample liquidity and unimpeded cross-border funding channels. We understand there is some concern about the slowdown in business activity in China due to the health situation. We want to assure bondholders and investors that Xinyuan is operating in a fine condition and all financial obligations will be met on time and in full," Yong Zhang, the chairman of Xinyuan, said in the statement.
The senior notes were issued on March 19, 2018.
Founded in 1997, Xinyuan operates real estate projects in more than 10 cities in China, including Beijing and Shanghai. The company claims it was one of the first Chinese real estate developers to enter the U.S. market and has been active in New York City.
On Thursday, XIN shares closed up 2 cents, at $3.29 per American depositary share.
DingTalk Overtakes WeChat Work
With more and more workers staying home due to coronavirus fears, the demand for the online working application has sharply increased.
DingTalk said the 200 million users working from home and the demand for video conferencing have brought huge pressure on the company's back-end systems. After the emergency expansion of 10,000 servers through Alibaba Cloud on March 3, DingTalk expanded another 10,000 cloud servers on March 4.
Su Yi, the chief technology officer of DingTalk said, “This morning, the functions of DingTalk video conference and group live broadcast are very smooth. However, the data we saw in the background is still rising rapidly. We and Alibaba Cloud have established a special team to work around the clock to ensure the stability of the platform,” as reported by Sina Finance on Friday.
As of Wednesday morning, DingTalk’s download volume jumped to the top of the free chart.
China's Karma Auto Opens a U.S. Design Studio
Karma Automotive, a Chinese multinational automotive parts manufacturing company, has launched a design studio in Irvine, California, on Friday.
The luxury electric vehicle automaker, backed by Wanxiang Group, said the studio will promote Karma Design to provide design services to Karma and other partners.
Lance Zhou, the chief executive officer of Karma, said in the announcement today, "Karma Design plays an important role in Karma's diversification efforts as we embrace new market opportunities and evolve toward the next phase of our future, our dedicated in-house design team will lend their expertise to other OEMs, startups and those seeking to leverage our luxury- lifestyle design services beyond automotive."
The new design studio is part of its wider investment of more than $10 million in new infrastructure, the company added.
Wanxiang bought the assets of Fisker Automotive in 2014 and renamed it to Karma Automotive. The company provides engineering, design, customization and manufacturing resources to companies looking to speed up product development, access new technologies, or upgrade their products to luxury level.
BlackRock Increases Stake in PetroChina to 8.02%
BlackRock Inc. has acquired an additional 7.5 million shares in China's largest oil and gas company, PetroChina Co. Ltd. (NYSE: PTR; HKEX: 00857), at about HK$3.73 per share.
Now, BlackRock, a global investment manager that offers a range of solutions for institutions, financial professionals and individuals in multiple global markets, owns a stake of 8.02% in PetroChina, a total of 1.69 billion shares
Newly-listed Phoenix Tree Shares Hit Bottom
Phoenix Tree Holdings Ltd. (NYSE: DNK), a Chinese co-living space rental platform that became publicly traded on January 17, saw its stock price hit bottom this week, at $12.37 per ADS.
The outbreak of coronavirus is expected to freeze the real estate market in China. Housing sales in the country are currently blocked and payment collection has slowed, which is bound to weigh on the money flow in the industry. This has certainly challenged investors’ confidence.
Phoenix Tree operates one of the largest co-living platforms in China known as "Danke." As of September, Phoenix Tree managed 406,746 apartments. In its initial public offering earlier this month, the company sold 9.6 million American depositary shares at $13.50 apiece.
On Wednesday, the stock in Phoenix Tree closed at $12.50 per share - at a 2% drop on the day.
JinkoSolar Joins Tesla to Sponsor San Diego Solar Games
The lineup of competitors participating in the three-day solar games installer competition, set to kick off next week in San Diego, California, was announced on Wednesday.
On Feb 4., four teams from across the United States will compete side-by-side on two rooftops to build a residential solar and storage system. The systems will each total 4 kilowatts. The next day, two finalists will battle for the title of 2020 Solar Games Champion and a $5,000 cash prize. JinkoSolar Holding Co. (NYSE: JKS) will serve as one of the judges.
The solar games will be held by Intersolar North America at the San Diego Convention Center. Intersolar North America said it’s the first major solar and energy storage event of 2020 in its announcement Wednesday.
Wes Doane, the event director of Intersolar North America, said the organizers wanted to create a dynamic, live event for the show floor that highlights the segment of installers as well as the commercializing innovative solutions.
One of the sponsors of the event is JinkoSolar, which will offer equipment together with Tesla, Everest Solar Systems, Rolls Battery Engineering and AIMS Power.
The Shanghai-based solar energy company, which makes solar modules, partnered with the Shanghai Institute of Space Power-Sources to help develop space-based photovoltaic cells earlier in January. The company also announced its new chief technology officer Hao Jin on Jan. 20.
After beginning December trading at $18.47 per ADS, JinkoSolar's stock has closed as high as $24.35 apiece in early this year and then cooled down by mid-January.
On Wednesday, shares in JinkoSolar were trading at $19.58 apiece, down a slight 0.41% intraday.
China Unicom Provides Service Without Downtime to Hubei Province
China Unicom (Hong Kong) Ltd. (NYSE: CHU) announced service without downtime for customers in Hubei province, as Beijing Daily reported.
China Unicom said the company’s O & M team is trying to ensure communication between Hubei province and outside of the province. At present, it has strengthened the monitoring of mobile network indicators such as the three major railway stations and airports. The city's hospitals in Hubei are the key monitoring indicators.
Meanwhile, China Unicom's 10010 customer service hotline has been activated for 24/7, which can deal with various issues in a timely manner.
Mainland China Extends Market Closure to Monday
The stock market exchanges in Shanghai and Shenzhen announced that they will extend the Lunar New Year holiday closure, reopening the markets on Monday; typically the exchanges reopen Friday, the day after the end of the lunar holiday.
In a statement, the exchanges said that all business originally scheduled for Friday will be implemented on Monday.
The Hong Kong Stock Exchange, however, is keeping its usual schedule, opening on Wednesday.
Stock Connect in Hong Kong will be closed this week due to mainland public holidays. It will open next Monday according the Hong Kong and Shenzhen exchanges. Stock Connect allows international and mainland Chinese investors to trade over 2,000 equities in each other's markets through their home exchange.
(Trading calender of Hong Kong Stock Exchange, Source:HKEX)
Also, the Hong Kong Stock Exchange announced Monday that the opening ceremony of the first trading day of Lunar New Year on Wednesday will be cancelled due to the increased risk of coronavirus infection.
Baidu Launches Migration 3.0 Update Aiming to Help Avoid Coronavirus
Baidu Inc. (Nasdaq: BIDU) has launched a new migration trend chart in its Baidu Migration 3.0.
The upgrade includes the introduction of a designated city migration trend chart function, after selecting a city's "Move Out" or "Move In", people can view the migration trend of the target city's first day of the Chinese New year to the current day, as Sina reported.
(Baidu Migration 3.0)
Baidu said this platform can help check the migration status of all cities except Hong Kong, Macao and Taiwan. As well as the popular routes, popular cities, and popular starting points during the Chinese New Year. The company hopes the change can help people avoid going into populated areas during the SARS-like virus spreading period.
Gulf Resources Regains Compliance With Nasdaq
The Shouguang, China-based manufacturer of bromine, crude salt and specialty chemical products, Gulf Resources, Inc. (Nasdaq: GURE), announced that it had regained compliance, receiving a letter dated Jan. 23 from the Nasdaq Stock Market Listing Qualifications Staff stating its having met the shareholder approval requirements articulated in Nasdaq Listing Rule 5635(c).
The rule is focused on shareholder approval requirements with respect to equity compensation.
The company had disclosed the back on September 19 in a Form 8-K filing that it was notified by Nasdaq on September 13 that that it did not comply with Nasdaq's shareholder approval requirements and that it had to submit a plan of compliance by October 28, 2019.
After Nasdaq’s review of the submitted materials, the company has met those requirements related to shares it had issued a consultant.
On the news, shareholders issued a collective sigh of relief and the stock jumped 10%.
Huazhu Group Takes Measures Amid SARS-like Virus in Wuhan
Huazhu Hotels Group Ltd. (Nasdaq: HTHT) announced today that it decided to suspend the alliance fee and central reservation fee for franchises in the city of Wuhan as of January 23. Jiemian reported this measure to aim to reduce the burden of operation during the outbreak of SARS-like virus in this area.
In addition, Huazhu said it will provide catering and other services for stranded guests in Wuhan to ensure the configuration of various anti-epidemic materials, including masks, temperature measuring instruments, disposable hand sanitizers, alcohol, disinfectant and daily guest supplies.
According to The New York Times, Wuhan announced to be sealed off at midnight today. All transportation including airplanes trains and long-distance bus are shut. The city's bus, subway, and ferry operations are suspended. On Weibo, a Chinese social media site similar to Twitter, the hashtag “Wuhan is sealed off” was on the top with more than 1.6 million views.
To prevent and control the virus in the city of Wuhan, Huazhu added it placed a guest book in all rooms to remind people of epidemic prevention.
Huazhu's stock was influenced by this fast spreading virus, dropping nearly 2% on Thursday, trading at $33.24 per share
ANE Logistics Completes Round F in Pre-IPO Financing
ANE Logistics has received a $300 million pre-IPO round of F financing backed by centurium capital.
The less than truckload (LTL) franchise company said it will use the new capital to improve its operating efficiency and expand its market share.
Founded in 2010, ANE Logistics grew to ship an average daily volume of 40,000 tons as of December 2019. It has more than 20,000 outlets and stores in China.
ANE had completed six rounds of financing and is anticipated to pursue an initial public offering.
JD Logistics Launches Sales of Fresh Produce on Jingxianfang
The Jingxianfang flagship online store, created by the logistics arm of JD.com Inc. (Nasdaq: JD), has officially launched today with the sales of three products.
Jingxianfang is a new attempt by JD Logistics to delve into sales of agricultural products, as reported by various local media on Wednesday.
All products in the online shop are fresh and will be delivered on the same day. JD Logistics vowed to ensure the timeliness and quality of the deliveries.
GDS to Offer $7.9 Million Worth of ADRs; Stock Drops 2%
Shares in GDS Holdings Ltd. (Nasdaq: GDS) dropped nearly 2% on Tuesday, to $51.58 apiece, on reports that the company is offering a $7.9 million block of American depositary receipts.
The data center company has priced its ADRs at between $51 and $52 each through Morgan Stanley, Bloomberg reported.
CNOOC's Business Plan Shows Up to $13.8 Billion in Expenses
CNOOC Ltd. (NYSE: CEO) China's giant state-owned energy company, reported its business strategy and development plan for the year 2020.
The Hong Kong-based company is targeting net production for 2020 at 520 million to 530 million barrels of oil. China production would account for 64%, according to the announcement.
The total capital expenditure for 2020 is budgeted at $12.3 billion to $13.8 billion. CNOOC said it expects to spend 20% on exploration, 58% on development, 20% on production and 2% for other purposes.
The company plans to drill 227 exploration wells and collect approximately 27 thousand square kilometers of 3D seismic data this year.
Weizhi Xie, the chief financial officer of CNOOC, said in the announcement, “The company will continue to maintain cost competitiveness, maintain prudent investment decision-making, and ensure the effective implementation of the capital expenditure plan to fully promote the Company to a new phase of high-quality development.”
The stock of CNOOC closed up nearly 4% on Monday, at $180.77 per share.
CLPS Stock Rises 7% on Innovation Lab Upgrade
CLPS Inc. (Nasdaq: CLPS) announced on Friday that it has renamed its research center to CLPS Innovation Lab to better represent its information technology (IT) services, sending its stock soaring 7% to $4.90 per American depositary share.
The Shanghai-based company said in a statement today that its lab will aim to deliver innovative technology, including distributed application systems, cloud computing, micro services, open API, robotic process automation (RPA), blockchain and big data.
"CLPS Innovation Lab adheres to our strategy of promoting our products and solutions based on new technology and new research, application innovations, and our leading talent pool, while improving our technological innovation capability and market competitiveness. As the center of our research and development efforts, it will continue to be one of the most important drivers of CLPS's growth,” Henry Li, the chief operating officer of CLPS, said in the statement.
Raymond Lin, the co-founder and chief executive officer of CLPS, told CapitalWatch last month that it was planning to open a San Francisco location, starting with 10 employees.
CLPS now operates 18 delivery research and development centers in mainland China and globally.
Xiaomi Appoints Lenovo's Cheng as VP of Handset Unit
Xiaomi Corp. (HKEX: 1810) has lured a former senior manager of Lenovo China as its vice president amid the smartphone giant’s push into 5G development.
Chang Cheng will help oversee Xiaomi’s handset products department in China, as reported by Caixin on Thursday. Cheng resigned from Lenovo just two days ago.
In response to the news, the stock in Hong Kong-listed Xiaomi rose 4% on Thursday, to HK$11.22 per share.
The news agency cited Xiaomi’s founder and chief executive, Lei Jun, as saying in a letter this week that Xiaomi plans to invest at least 50 billion yuan ($7.18 billion) in 5G, artificial intelligence and the Internet of Things (IoT) over the next five years.
In November, Xiaomi’s Redmi released a budget 5G smartphone.
Chinese Social Media Platform YY Changes Name
JOYY Inc. (Nasdaq: YY) is celebrating its reincarnation after abandoning the name YY Inc.
The company, based in Guangzhou, is one of China’s largest social media and entertainment platforms. Established in 2005, it also operates game livestreaming platform Huya Inc. (NYSE: HUYA).
Its new corporate name will appear in trading on Dec. 30, JOYY said in a statement on Tuesday. Shares in the company closed at $55.49 apiece on Christmas Eve, down nearly 2%.
China Recycling Energy Announces Return of Former CFO
China Recycling Energy Corp. (Nasdaq: CREG) announced on Thursday the return of Jackie Shi as its chief financial officer.
“Jackie brings financial, strategic, management and executive leadership skills that will be a tremendous asset to CREG as we drive our next phase of growth and profitability,” Guohua Ku, the chief executive officer of China Recycling Energy, said in the statement.
The Xi’an-based company offers industrial waste-to-energy solution, recycling industrial byproducts for steel mills, cement factories and coke plants in China.
“Smart power storage solutions are revolutionizing the global energy landscape. With CREG’s recent strategic transition, the company is well poised to lead this industry transformation in China and abroad,” Shi said.
Shi served as an advisor to the board since September 28, 2016, and served as the CFO of the China Recycling Energy in 2015 and 2016.
Shares in China Recycling Energy closed at 29 cents apiece, up nearly 2% on Thursday.
Qudian Stock Up 4% on Share Lockup
Qudian Inc. (NYSE: QD) has announced on Monday that it plans to lock up its shares owned by an investment company, sending its stock nearly 4% higher to $4.58 per American depositary share by midday.
Under the agreement, Qudian will lock up 12.8 million Class A ordinary shares owned by Guosheng (Hong Kong) Investment Ltd., a Xiamen company, according to the report. That accounts for around 5% of Qudian's issued and outstanding shares, it said.
Qudian also said today that it has appointed Yingming Li, who serves as the director and deputy general manager of Guosheng Financial Holding Inc. (SHE: 002670) to its board of directors.
Founded in 2014, the small credit platform enables data technology, including artificial intelligence and machine learning, to provide consumer finance in China. As of September, the company had 6.3 million borrowers, according to its third-quarter financials.
In the three months through September, Qudian said its revenue reached $362.5 million, up 34% year-over-year. Net income rose to $146 million, or 46 cents per ADS compared $99.7 million, or 31 cents per ADS, a year ago.
The lockup period will last for 360 days from the date it begins, the company said.
JD Chairman Steps Down From Leading Logistics, Cloud, Health Units
The chairman and chief executive officer of JD.com Inc. (Nasdaq: JD), Richard Liu, no longer heads a number of the giant's key subsidiaries, including JD Logistics.
Holding about 45% of JD's shares indirectly, Liu is no longer acting as the general manager of its shipment, hospitality, health and cloud businesses, as reported by various Chinese media. He stepped down last month as the general manager of JD Pharmacy and of JD’s two cloud units, with Xiaobo Wang succeeding as its executive director and manager. Earlier this year, in June, Liu resigned as the representative of JD Digits.
Pingtan Appoints New CFO After Resignation
Pingtan Marine Enterprise Ltd. (Nasdaq: PME) announced it has appointed a new chief financial officer.
The move follows the resignation of Roy Yu, Pingtan’s former CFO, which went into effect on Thursday, the Fuzhou-based company said in a statement yesterday. The company's senior vice president since 2015, LiMing Yung (Michael), will assume the role as the CFO for Pingtan, the report said.
“On behalf of the Board of Directors of Pingtan, I would like to thank Roy for his hard work and contributions during the past several years. During his time, Roy made great efforts in our exploration for business expansion and extension along the industry chain,” Xinrong Zhuo, the chairman and chief executive officer of Pingtan, said in a statement yesterday.
According to Pingtan, Yung has background in business and banking, which includes serving as the vice president for Citicorp Investment, a senior vice president role for UBS Paine Webber and operating as the Managing Director of Terra Nova Natural Resources.
Last month, Pingtan reported its third quarter financials and said that in three months through September its revenue was $11.2 million, down 24% year-over-year. Net income slipped to $4.4 million, or 5 cents per American depositary share, compared with $13.7 million, or 16 cents per ADS, a year ago, the company said.
Shares in Pingtan remained flat on Friday, at $1.38 per ADS.
Huya Announces New CFO, Formerly With Qihoo 360
Huya Inc. (NYSE: HUYA) has announced the appointment of a new chief financial officer on Friday in place of Henry Dachuan Sha, who is leaving the company “for family reasons.”
The game livestreaming platform’s new CFO, Catherine Xiaozheng Liu, came from the same position at Hong Kong-listed Yixin Group (HKEX: 2858). Previously, she served as chief strategy officer of Qihoo 360 Technology Co. Ltd., one of China’s top internet security providers. She had also held senior management roles at China Technology Investment Banking Division at Credit Suisse (Hong Kong) Ltd. and China Investment Banking Division at Citigroup Global Markets Asia Ltd.
"We are pleased to welcome Catherine to join Huya as Chief Financial Officer. With her strong track records in capital markets, corporate finance and management, we believe Catherine will be a great addition to our management team and will bring rich experience for Huya's future development," Huya’s chief executive, Rongjie Dong, said in a statement today.
IT Tech Skyrockets 10% on Expanded Partnership With Paper Supplier
The stock in IT Tech Packaging Inc. (NYSE American: ITP) was trading up 10% on Tuesday afternoon, at $1.03 American depositary share, after the company announced that it has expanded its partnership with its pulp paper supplier.
IT Tech, which distributes paper products in North China, said in a statement today that the new agreement with Asia Symbol (Shandong) Pulp and Paper Co. Ltd. will involve technology exchanges between the two companies on a regular basis.
"We believe the partnership with Asia Symbol which has world-leading technologies of pulp and paper manufacturing will not only benefit the sustained supply of pulp paper as raw materials to our tissue paper products, but also enhance our technologies and product quality. " Zhenyong Liu, the chairman and chief executive officer of IT Tech, said in a statement today.
Leading up to the agreement, IT Tech said in August that Liu visited Asia Symbol and held a meeting with its senior management team to help strengthen the company’s tissue paper business.
Earlier this year, IT Tech said it acquired Tengsheng Paper Co. Ltd.
According to Asia Symbol’s website, it operates as one of the world’s leading producers of pulp and paper and is an affiliate of Royal Golden Eagle Group.
Vipshop Partners With SF Express; Stock Rises 4%
Vipshop Holdings Ltd. (NYSE: VIPS), a Chinese e-commerce company, announced it is collaborating with SF Express, sending its stock 4% higher on Monday, to $12.66 per American depositary share.
Vipshop has been delivering its products through its own-brand, Pinjun Express, since 2013. The change to one of China's largest logistics providers will decrease its expenses, as reported by Sina News.
SF Express has taken on Vipshop's package distribution and return/exchange services as a third-party logistics provider before the formal partnership is reached, Sina reported.
Alibaba Raises Stake in Cainiao Holdings, Pushes Growth
Alibaba Group Holding Ltd. (NYSE: BABA) announced today that it has boosted Cainiao Smart Logistics Network Ltd. with new funds to continuously improve intelligent logistics and strengthen the infrastructure of its business operation system.
Alibaba has invested 23.3 billion yuan ($3.3 billion) in the way of capital raising and buying old stock, as reported by various media. Its stake in Cainiao increased from 51% to 63% with this move. Cainiao's other existing shareholders also participated in the new round of financing, expressing the long-term prospects and strong support for Cainiao, as reported by various local media.
As cited by Sina News, the chairman and CEO of Alibaba, David Zhang, said, "Logistics is the core element of Alibaba's business operation system, and also the guarantee that we can provide customers with the best service and effectively promote the new retail strategy. Whether in China or in the global market, Cainiao gives full play to their technological advantages to bring better services and experiences to businesses and consumers. We firmly support the sustainable development of Cainiao, to create greater chemical reactions for the entire Alibaba digital economy, and also help promote the digital process of the logistics industry."
IQiyi Teams up With Malaysia’s Astro
IQiyi Inc. (Nasdaq: IQ) announced Wednesday its strategic partnership with Astro, expanding into local markets in Malaysia.
The Beijing-based entertainment company, dubbed "China's Netflix," said it will be cooperating with Astro on marketing and localization of iQiyi's services.
Astro is a major pay-television service provider in Malaysia and now iQiyi's first app partner outside China. The company covered 5.7 million households in Malaysia, which accounts for 76% of the households in the country, according to the company statement.
“The partnership is timely in an era of streaming services where consumers are able to enjoy abundant choices in entertainment. The demand for fresh and compelling content, great experience and services matters as consumers become increasingly savvier,” Henry Tan, the chief executive officer of Astro, said in the statement.
Founded in 2009 and backed by internet giant Baidu Inc. (Nasdaq: BIDU), iQiyi provides content such as television dramas, movies and variety shows through its platform.
On Wednesday morning, ahead of its anticipated earnings for the third quarter, shares in iQiyi were trading down 10 cents, at $17.69 apiece.
Phoenix Tree Could Raise Up to $300 Million - Renaissance Capital
Phoenix Tree Holdings Ltd. could raise as much as $300 million in its New York offering, said Renaissance Capital after the co-living platform in China filed its preliminary prospectus this week.
In its filing, Phoenix Tree said it may raise up to $100 million, though the exact amount of the offering, the pricing and the number of shares have yet to be determined. In a statement on Monday, Renaissance Capital said, “the deal size is likely a placeholder for an IPO that we estimate could raise closer to $300 million.”
The housing rental platform, called Danke, operated nearly 407,000 apartments in 13 cities in China as of September, according to the prospectus.
The company posted revenue of $374.3 million for the full year 2018 and $699.5 million for the first nine months of 2019. Losses were $191.6 million last year, Phoenix Tree stated, and $352 million in the first three quarters of 2019.
Underwriters on the expected IPO are Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC.
Two other platforms in China's real estate are scheduled to debut on Wall Street in the next few days. Fangdd Network Group Ltd., China's largest online real estate marketplace, prepares to lift off on Friday in a deal worth up to $105 million, while Q&K International Group Ltd., a long-term apartment rental, is expected to raise up to $98.8 million in its IPO on Tuesday.
Ctrip Becomes Trip.com; New Ticker Symbol "TCOM"
Ctrip.com International Ltd. (Nasdaq: CTRP) has officially changed its name to Trip.com Group Ltd. on the 20th anniversary of the company that has grown to be Asia's largest booking platform.
Ctrip will start trading under its new company name on Nov. 5 and its ticker symbol will be changed to "TCOM," as reported by various local media this week.
At the beginning of its establishment in 1999, Ctrip's annual order number per capita was about two and the average order price was about 750 yuan. By 2018, the annual order number per capita exceeded 14 and the average order price was more than 1,600 yuan. After 20 years in operation, the amount of tourism consumption increased 10 times, as reported by Sina News.
As of September 2019, the number of overseas travelers using Ctrip has exceeded 100 million. They were mainly from Japan, South Korea, the United States, Singapore and the United Kingdom.
Now, Ctrip makes globalization a key of its strategy, its founder and chairman, Jianzhang Liang, said at the anniversary celebration.
"Today, together with the implementation of the G2 [great quality and globalization] strategy in the future, we are confident to become the largest international tourism enterprise in Asia in three years, the largest international tourism enterprise in the world in five years and the most valuable and respected online tourism enterprise in ten years," Liang said, as cited by Sina.
China Mobile Appoints New Executive Director
China Mobile Ltd. (NYSE: CHL) announced that it has appointed Yuhang Wang as its new executive director after earlier this month Yue Li resigned as executive director and chief executive officer.
Wang, 58 years of age, holds a degree in Marine Engineering from Dalian Maritime University. Prior to March 2019, Wang worked in the shipping industry for more than 30 years and gained experience in human resources and enterprise operation management. Currently, he is a director and deputy secretary of the CPC Committee of China Mobile Communications Group, the controlling shareholder of China Mobile, and a director of China Mobile Communication. He is also an executive director and the chairman of COSCO Shipping International (Hong Kong).
It is worth mentioning that at present, China Mobile is facing the worst performance dilemma since its listing. In August 2019, China Mobile announced its performance in the first half of 2019, with revenue down 0.6% year-on-year and net profit down 14.6% year-on-year. It was the first time since Li took office in 2010 that the revenue and net profit of the company in the half of the year fell by nearly 15%, as reported by Zaker.