Nio EC6 to Be Unveiled July 24
Nio Inc. (NYSE: NIO) announced Tuesday that its EC6 will be officially released at the Chengdu Auto Show on July 24 with expected deliveries to start in September.
The vehicle, Nio's third, was first revealed at NIODay in December 2019. Bin Li, the founder of Nio, positioned this car as a competitor to Tesla's Model Y.
Earlier this month, Nio said that in the second quarter it delivered 10,331 vehicles, up 191% year-over-year. In June, Nio set its monthly record with 3,740 vehicle deliveries—representing a surge of 179% from the same month last year. Its five-passenger SUV, the ES6, generated 2,476 deliveries while the six- and seven-seater model, the ES8, reached 1,264 deliveries.
For the first quarter, Nio posted $193.8 million in revenue on losses of $238.9 million. As of March, it had cash and cash equivalents, restricted cash, and short-term investments of $338.6 million.
Shares of Nio Inc. dropped 9 cents intraday Tuesday, trading at $12.73 per share.
Wanda Sports Group Completes Sale of The IRONMAN Group
Wanda Sports Group Company Limited (Nasdaq: WSG) announced Monday that it has completed the previously announced sale of The IRONMAN Group to Advance, reflecting an enterprise value of $730 million.
Wanda said it used a portion of the net proceeds to repay the principal amount of $240 million and related interest and fees outstanding under its existing 364-day facility and intends to repay $50 million outstanding under a promissory note issued to Wanda Sports & Media (Hong Kong) Holding Co. Limited.
"The successful completion of this transaction within the anticipated time frame was a priority for us. We believe that through this completion, we achieved one of the critical steps towards increasing our financial stability and reducing debt leverage, ” Hengming Yang, the president and chief executive officer of Wanda Sports Group stated.
He added, “I am pleased that The IRONMAN Group will continue to work with us to further expand our mass participation business, in China, for the benefit of all of our stakeholders. We remain committed to growing our Mass Participation segment globally and driving further growth in the Chinese market."
The Beijing-based company reported last month that revenue in the first quarter was $180.3 million, down 25% year-over-year. Net loss in the three months through March amounted to $26.5 million, or 13 cents per share, up 179% from the previous year.
Shares in Wanda Sports were trading at $2.16 apiece intraday Monday, up slightly.
Kuaishou Forms Strategic Partnership With Formula E
Tencent Holdings Ltd. (HKEX: 00700; OTC TCEHY)-backed Chinese short video platform Kuaishou announced Friday that it entered a strategic alliance with Formula E, the FIA-backed single-seater motorsport championship.
Beijing Kuaishou Technology was reportedly valued at $28.6 billion as of December after tech conglomerate Tencent Holdings poured $2 billion in the app's latest fundraising.
"We are glad to establish such win-win strategic cooperation with Formula E and looking forward to seeing Kuaishou's coverage and penetration in China to effectively help global IPs such as Formula E to expand their brand influence in China," said Yan Qiang, the senior vice-president of Kuaishou.
Founded in 2011, Kuaishou is a short video platform with over 300 million daily active users browsing a content archive of over 20 billion videos, according to the data announced by the company in January 2020.
Eary of this year, Kuaishou sued TikTok, asking 5 million yuan ($706,000) in damages, accusing TikTok of diverting potential customers away from its rival on Qihoo 360's app store by listing "Kuaishou" as one of its search keywords.
Future FinTech Announces Acquisition
Future FinTech Group Inc. (Nasdaq: FTFT) announced Thursday that it has entered into a Share Exchange Agreement with Joy Rich Enterprises Limited ("Joy Rich") to acquire 90% of the issued and outstanding shares of Nice Talent Asset Management Limited, a Hong Kong-based asset management company, from Joy Rich.The blockchain e-commerce and financial technology company said, The acquisition is worth HK$54 million ($7 million), yhe blockchain e-commerce and financial technology company said.
NTAM is licensed under the Securities and Futures Commission of Hong Kong to carry out regulated activities in 'Type 4：Advising on Securities' and 'Type 9: Asset Management.'
"We are passionate about identifying and pursuing a competitive partner in the field of fintech and boutique financial services. This acquisition marks a significant step forward in Future FinTech's ongoing global expansion into innovative financial services,” stated by Shanchun Huang, the chief executive officer of Future FinTech.
He added, “The Company will further explore and develop the new platform to offer asset management and investment consulting services for corporate customers and high net-worth professional investors in Hong Kong."
Earlier of this month, The Beijing-based Fintech company said revenue in the first quarter reached $0.2 million, up 25% year-over-year. Net income hit $117.2 million, or $3.46 per share, compared to a net loss of $1.89 million, or 5 cents per share in the same period last year.
Shares in Future FinTech closed at $2.94 per share, up 10% Thursday.
AGM Group Launches FXSC Platform
AGM Group Holdings Inc. (NASDAQ: AGMH) announced Tuesday that its wholly-owned subsidiary AGM Technology Limited entered into a Memorandum of Understanding with GMTK Global Pty Ltd. to jointly promote the company's newly launched online trading education and social trading network platform FXSC in the Australian market.
Wenjie Tang, the chief executive officer of AGMH said, "FXSC is a virtual trading education and social trading platform that we launched at the beginning of the month. With innovative features, such as tiered trading contest with prizes and incentives, and real-time multi-party interaction, FXSC offers enhanced experience for all levels of users."
He added, "We are thrilled to have the opportunity to penetrate the Australian market through a potential partnership with GMTK and looking forward to firming up the relationship with GMTK in the coming weeks."
The application software company providing accounting and ERP software, fintech software, and trading education software and website service said the binding contract or partnership agreement is expected to be negotiated on or before August 15.
Shares of AGM closed at $16.00 on Tuesday, dropping 7 cents.
ZhongAn to Raise $600 Million for Bonds Sale in Hong Kong
ZhongAn Online P & C Insurance Co. Ltd. (HKEX: 06060) announced Friday it will sell $600 million in five-year bonds, expected to be listed on the Stock Exchange of Hong Kong.
The online InsureTech company said the bookrunners on the issuance are J.P. Morgan, Credit Suisse, China International Capital Corporation and Morgan Stanley.
The move marked ZhongAn's inaugural public bond issuance in the offshore capital markets. Moody's Investors Service has assigned a Baa1 insurance financial strength rating (IFSR) with a "stable" outlook and a Baa2 rating to the notes.
ZhongAn reported a narrowed net loss of 454.1 million yuan last year compared with 1.74 billion yuan in 2018, driven by a 30% year-on-year increase in gross written premium (GWP) for 2019. In particular, ZhongAn's GWP realized a year-on-year growth of 146.4% from its core products, namely Personal Clinic Policy and Healthcare Ecosystem of Alipay Insurance.
The stock in ZhongAn closed at HK$52.8 on Friday in Hong Kong.
The bonds will carry a 3.125% interest growth per annum.
Blue Hat Raises $6 Million in Private Placement
Blue Hat Interactive Entertainment Technology (Nasdaq: BHAT) is to raise more than $6 million in bonds and warrants sale.
The Xiamen-based augmented reality (AR) games developer said it will sell senior secured convertible notes in a private placement to certain investors, in the aggregate principal amount of $3.3 million, together with the issuance of warrants to acquire up to 784,000 ordinary shares for an aggregate cash purchase price of $2.8 million.
The company said it will use the funds for working capital and general corporate purposes.
FT Global Capital, Inc. is acting as the exclusive placement agent in the private placement.
Last month, the company announced that it has teamed up with the Chinese multi-channel network Xiamen Xing Meng Wei Lai Culture Media Co. LTD to construct a Direct-to-Consumer model through live streaming and short videos.
Blue Hat produces toys and games including AR Racer, AR Need a Spank, AR 3D Magic Box, and AR Dinosaur.
In the three months through December, Blue Hat's revenue reached $11.8 million, up 18% year-over-year. Net income increased by 26% to $6.2 million, as compared to $4.9 million for the same period in the previous year.
The stock in Blue Hat traded 1.52% lower Thursday, at $1.30 per share.
Viomi And Kugou Music Reach Strategic Cooperation
The stock of Viomi Technology Co. Ltd. (Nasdaq: VIOT) trading at $6.38 per American depositary share, up 5.63%, after the company reported its announced a strategic cooperation agreement with Kugou Music on Wednesday.
The company reported that users can use Kugou Music service on its products, including playing music with voice activated technology.
The Guangzhou-based company, which makes IoT at-home technology products, said the cooperation enables it whole-house Internet home appliances to step out of the household consumption scene and provide intelligent services for more users through various channels.
The company added that the cooperation will facilitate the creation of more products for the ever-expanding at-home consumption segment, as well as products that satisfy other customers needs.
The company may also improve the ecological layout of 5G IoT products, and lead the development of the home appliance industry from intelligent to whole house interconnection.
With China's smartphone maker Xiaomi Corp. (HKEX: 1810) as its main partner, Viomi provides home appliances enabled with Internet connectivity and powered with artificial intelligence. Viomi's products, including dishwashers and water purifiers, can be controlled through a mobile platform, while some devices, like refrigerators, recognize voice commands.
Luokung Announces Cooperation with Changjiang Yuntong
Luokung Technology Corp. (Nasdaq: LKCO) announced Monday that it has established a cooperative partnership with Changjiang Yuntong Group Co., Ltd., sending its shares up 9.41% today, closing at 70 cents per American depositary share.
Under the agreement, two parties will carry out comprehensive and in-depth cooperation based on the strength of the respective superior resources, including but not limited to multi-level cooperation in technologies, products, and marketing in the fields of digital city construction, smart city data operations, transportation and other public industry smart service solutions.
Through the partnership, Loukung expects to obtain a series of smart city projects in Wuhan City and Hubei Province
Last week, Luokung announced a deal to sell 15 million of its shares to Daci Haojin Foundation Ltd.
Based in Beijing, Luokung provides location services in China through its spatial-temporal big data PaaS, SaaS and DaaS intelligent services, which can be used for Mobile Internet LBS, Internet Travelling, Intelligent Transportation, Automatic Drive, Smart City, Intelligent IoT, Natural Resources Exploration and Monitoring.
In 2019, Luokung posted $18.78 million in revenue versus $21.04 million in the prior year. Net loss widened to $31.95 million compared with $11.93 million in 2018.
Luokung will now look to ride today's momentum and regain compliance with Nasdaq.
Fuwei Films Announces Majority Ownership Transfer
Share of Fuwei Films Co. Ltd. (Nasdaq: FFHL) traded 4% higher on Thursday afternoon, at $5.72 per share, after it announced that Shanghai Meicheng Enterprise Management Co. Ltd., is acquiring a 52.9% stake in the company from
Fuwei Films, a manufacturer and distributor of BOPET plastic films in China, said in an announcement today that SNTON Group transferred its equity in Hongkong Ruishang to Shanghai Meicheng on June 23 due to SNTON Group's asset reorganization.
Shanghai Meicheng is a diversified investment management company located in the Yuhaitang Science and Technology Park of Chongwen District in Shanghai. Its area of investment includes new material, smart city, new energy, culture, and entertainment, as reported by Fuwei Films.
Last month, Fuwei Films reported that in the three months through March its sales hit $11.76 million, up 3% year-over-year. Net income was $1.83 million, in contrast to a net loss of $503,582 for the same period in the preceding year.
The company attributed the growth to an increased sales price for its specialty films products; they accounted for 48% of the company's revenue.
Established in 2004, Fuwei uses its BOPET films to package food, medicine, cosmetics, tobacco, and alcohol, as well as in the imaging, electronics, and magnetic products sectors. The company exports its products to customers and distributors in the U.S., Canada, Japan, and Southeast Asia.
Weibo Proposes Senior Notes Offering
Weibo Corp. (Nasdaq: WB) has filed a preliminary prospectus supplement, proposing to sell senior notes.
Weibo, also known as the Twitter of China, said it intends to use the net proceeds from the offering for general corporate purposes.
The sole sponsor on the deal is Goldman Sachs (Asia) L.L.C. The co-manager of the offering is China International Capital Corporation Hong Kong Securities Ltd.
Last month, the company posted revenues of $323.4 million for the first quarter, a 19% year-over-year decrease on an EPS of 23 cents. Meanwhile, analysts expected revenues of $312.52 million on an EPS of 31 cents.
Gaofei Wang, the chief executive officer of Weibo, talked about the influences during the pandemic period, "On monetization, we have seen a gradual recovery trend since March for most brands and merchants from the trough in February, although there are still uncertainties brought forth by the pandemic."
For March, Weibo recorded 241 million average daily active users, representing a net addition of 38 million users compared to the same month in 2019.
Shares in Weibo closed at $33.60, up 27 cents in New York Tuesday.
Huazhu Group to Collaborate With Energy Monster
Huazhu Hotels Group Ltd. (Nasdaq: HTHT) announced today that it reached cooperation with Energy Monster, the Internet of Things and life service platform in China, according to jrj.com.
The Shanghai-based hotel operator said in a statement that two parties will carry out in-depth cooperation at various levels such as power-continuity services, membership rights and brand marketing.
Energy Monster has more than 200 million users in 1600 cities in China. According to Euromonitor International’s report on the development of the shared charging industry, Energy Monster ranks the top in the market with a 36.4% market share.
Under the cooperation, Energy Monster’s “three lines in one” sharing charger which can use for mobile phones, laptops, e-books and other smart devices, fully meet the demands of the guests in hotels.
Huazhu said, “In terms of bilateral cooperation, we did not choose the fast access way of page jumping but invested a lot of research and development resources to do interface docking. We provide different levels of members with different length of free time each month and added redeem points system on it."
In March, the company reported that in the three months through December its revenue reached $418 million, up 9% year-over-year. Net income hit $89 million in the quarter, in contrast to a net loss of $61.17 million in the same period in 2018.
Huazhu schedules its first quarter of 2020 earnings release on June 30. Shares of the company traded at $35.56, slightly down as of midday.
People's Bank of China Fines Sina 18.84 Million Yuan
SinaPay, the wholly-owned subsidiary of Sina Corp. (Nasdaq: SINA) was fined 18.84 million yuan for nine illegal acts by the operation management department of the People's Bank of China, as reported by Beijing Youth Daily.
Youth Daily added, Jiang Bian, the general manager of SinaPay, was fined 350,000 yuan.
People’s Bank of China announced it confiscated the illegal income of 16.59 million yuan, and imposed a fine of 17.18 million yuan, with a total fine of 18.84 million yuan.
Founded on September 5, 2011, SinaPay granted the People's Bank payment license in 2013.
To date, a number of payment services providers have received fines. On April 29, AllScore Payment service was fined a total of 116 million yuan for 16 violations including misappropriation of provisions and direct provision of payment and settlement services for illegal fund-raising platforms.
Since 2011, the People's Bank of China has issued 270 third-party payment licenses to the market, but with the strengthening of supervision, the current valid licenses are less than 240.
Shares of Sina closing at $35.11, dropping 1.29% on Friday in New York.
HyperSKU Successfully Completes Series A Financing
HyperSKU, an up-and-coming B2B solution provider for eCommerce businesses, announced Thursday that it completed its $4 million Series A round of financing.
The Hong Kong-based company has also named Simon de Raadt as the new head of business development to focus on the brand's global expansion into the European market.
IDG Capital and GGV Capital led the round. IDG Capital's investments include Wish, Farfetch (NYSE: FTCH), and Shein, while GGV Capital's portfolio includes Alibaba (NYSE: BABA; HKEX:09988), Wish, Xiaohongshu and Fordeal.
The company announced it continues the European expansion with this financing.
Shawn Zhao, the chief executive officer of HyperSKU stated, "We have seen tremendous uptake in demand and having the support of two premier investors with such strong expertise in eCommerce is proof positive of HyperSKU's viability and market potential."
Founded in August 2018, HyperSKU provides backend infrastructure sourcing and fulfillment. HyperSKU supports its expansion by offering easier access to goods sourced from China and more reliable shipping and delivery to locations across the globe.
The company mentioned that a new eCommerce trend, social shopping (in which shoppers' purchasing decisions are heavily influenced by social media), is also dramatically driving new demand.
Ping An Group Member Lufax Holding Obtains Critical Financial Business Licenses
Ping An Insurance Company of China, Ltd. (HKEX:2318; SSE:601318) announce Tuesday that its member Lu International (Hong Kong) Limited, the subsidiary of Lufax Holding, obtained a Type 1 (Dealing in Securities) license. And Lufax granted Type 4 (Advising on Securities) and Type 9 (Asset Management) licenses previously.
Lufax can officially provide online investment and wealth management services for all customers in Hong Kong with these three licenses, the company reported.
The Type 1 license allows Lufax to provide individual investors with services for account opening, transactions and asset holding. The Type 4 and 9 licenses allow LUI HK to offer investment advice and provide professional investors with asset management services.
Lufax added that the LUI HK app, an online wealth management platform for Hong Kong residents, is expected to go live in August.
“Lufax's advanced digital wealth management model is in great demand, not only in mainland China, but also other markets. These licenses enable us to directly operate in Hong Kong,” Cai Hua, the head of Lufax said, “After the launch of the LUI HK app, we will introduce more Hong Kong dollar and US dollar wealth management products. The app will enable Hong Kong clients to access online investment and wealth management services, a diverse product portfolio and a great customer experience unmatched by offline services."
Founded in 2011, Lufax aims to democratize wealth management by making highly sought-after products more accessible to investors through an award-winning investment app enhanced by Ping An Tech. As of 2015, the company is 43% owned by Ping An Insurance.
Shares of Ping An closed at HK$79.05 on Tuesday, up slightly.
Ping An Announces China-Specific Rating System
Ping An Insurance Company of China, Ltd. (HKEX:02318; SSE:601318) announced Monday that it launched a responsible investment system to facilitate Environmental, Social and Governance (ESG) investing and promote long-term value creation in China's capital market.
The technology-powered retail financial services group said Chinese companies got off to a late start in ESG information disclosure, compared to companies in other major capital markets. Though disclosure in China has increased over the years, the scope and quality of disclosure still lag compared to other countries.
Moreover, standards of disclosure from different regulatory bodies and assessment by rating agencies are not aligned, resulting in different ratings for the same company.
The company said Chinese companies lack actionable insights to improve their ESG ratings or guide their investment decisions.
ESG investing has demonstrated strong resilience and has been increasingly favored by investors, even though the continued toll of Covid-19 on the global capital markets, Ping An added.
Richard Sheng Ruisheng, the board secretary and brand director of Ping An Group said, "ESG is emerging in China. As a pioneer of ESG in China, by tapping on our experience and technology, Ping An has established its proprietary methodology, investment know-how, and product toolkit in the ESG space. These first-mover advantages have enabled us to create an ESG system with unique Chinese characteristics for the industry."
In April, the company launched Ping An Consumer Finance Co., Ltd. in Shanghai.
Shares of Ping An closed at HK$78.85 in Hong Kong on Monday.
Happiness Biotech Obtained Certification of Covid-19 Testing Kits
Happiness Biotech Group Limited (Nasdaq: HAPP) announced Friday that it has obtained the CE Certification for the company's Covid-19 antibody testing kits on June 5, 2020. The announcement was released after the market closed on Thursday, sending shares of HAPP to $3.00 today before closing at $2.88 per share.
The China-based nutraceutical and dietary supplements producer said the samples of these testing kits have been shipped to countries including Uganda, Malaysia, and Canada since last week.
Xuezhu Wang, the chief executive officer of the Happiness Biotech stated, "We know our investors are keen to receive updated information about our COVID-19 anti-body testing kits and we are proud to announce today what we have accomplished in the past two months.”
He added, “The first batch of 10,000 COVID-19 anti-body testing kits is ready for shipment to any clients in the European countries and we will continue to apply for the required approvals in more countries and areas. We hope the orders will start to come soon.”
As reported in an article by CapitalWatch's Jennifer Chan, the company announced to develop a Covid-19 testing kit with Fuzhou University in March; Happiness Biotech has been working on a way to develop a more affordable testing kit since January.
Last month, the company reported that sales of 75% alcohol disinfectant and disposable hand sanitizer have exceeded 9 million bottles as of April. Also, sales of daily protective masks have surpassed 2 million pieces.
Wins Finance Shares Drop on Nasdaq Warning
Shares in Wins Finance Holdings Inc. (Nasdaq: WINS) dropped 6% on Friday after the company received a non-compliance letter from Nasdaq for the resignation of its board member.
The Beijing-based investment and asset management company said in the statement that the company got a non-compliance letter on June 18 from the Listing Qualifications Department of Nasdaq. The letter noted that the Shihai Wang’s resignation from the company’s board of directors and audit committee triggered the listing rule 5605.
The financing solutions provider said it is searching for a new director to meet the requirements of Nasdaq.
The company also received a delisting notice from Nasdaq for not filing its financial report in time in May.
Shares in Wins Finance closed at $27.24 per share, down 6% on Friday.
Innovent Announces First Patient Dosed in Clinical Trial of IBI362 in China
Innovent Biologics, Inc. (HKEX: 01801) announced Thursday that the first subject has been successfully dosed in a Phase 1b/2 clinical trial (CIBI362B101) of dual glucagon-like peptide 1 receptor (GLP-1R) and the glucagon receptor (GCGR) agonist (IBI362) in China.
CIBI362B101 is a multiple-dose, safety and tolerability, pharmacokinetics and pharmacodynamics clinical study of IBI362 conducted in overweight or obese subjects in China, said the company in a statement.
The primary objectives of the study are to evaluate the safety and tolerability of IBI362 in overweight or obese subjects after multiple subcutaneous injections and determine a safe dose range for its clinical use, the company added.
Innovent Biologics, Inc is a biopharmaceutical company that develops, manufactures and commercializes high-quality medicines for the treatment of cancer, metabolic, autoimmune and other major diseases.
“As an OXM analogue, IBI362 is a new drug with best-in-class potential worldwide. Based on previous research and development data, we believe this innovative molecule may have the potential to provide better outcomes than current GLP-1 drugs in treating metabolic conditions including obesity, fatty liver disease, and lipid metabolism," stated by Qian Lei, the head of medical sciences and strategies of special diseases of Innovent.
Innovent recently announced a strategic collaboration agreement 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.
Shares of Innovent closed at HK$48.95 on Thursday, up 3%.
Color Star Announces Strategic Partnership with Bole Information Technology
Color Star Technology Co., Ltd. (Nasdaq CM: HHT) announced Wednesday that its wholly-owned subsidiary, Color China Entertainment Limited, entered into a strategic partnership agreement with Shenzhen Bole Information Technology Co., Ltd.
The company that engaged in the business of providing education services said the collaboration aims to provide advanced technologies for the company's online education platform Color World.
Color Star mentioned the outbreak of the global epidemic brings great challenges to traditional offline industries, opening up more opportunities for online services delivery, which has expanded rapidly. The company plans on deploying proprietary research and development with support from professional software development teams, aiming to break through the traditional education model and offer online educational services in an innovative way.
Sean Liu, the chief executive officer of Color Star Technology stated, “We believe that the introduction of AR technology into our Color World platform will be a breakthrough for us and for the online education industry.”
He added, “AR technology will provide vivid live experiences and further encourage virtual interactions. We look forward to joining other top tier education companies in providing truly innovative and valuable education to students.”
ZTE Strengthens Resource Integration for 5G
ZTE Corp. (HKEX: 0763; SZSE: 0063) announced Tuesday that it has named Fei Ni as its President of Mobile Devices.
The Chinese telecom giant said Ni is to take full charge of ZTE's mobile devices business, utilizing his rich experience in terminal products, the domestic open market and overseas markets.
The company said Ni will lead the team to grasp the medium-term and long-term opportunities of 5G and IoT, to address the changes and challenges in global terminal markets.
ZTE reported it has been committed to developing a series of diversified 5G terminal devices portfolio to satisfy the diverse requirements of operators, enterprise users, and consumers in multiple service scenarios. Oriented towards the consumer market, ZTE said it will adhere to the quality strategy and explore the market requirements brought by new technologies and experiences, so as to seek a breakthrough, with the focus on the domestic open market of mobile phones.
In July 2019, ZTE released the Axon 10 Pro 5G, the first 5G commercial mobile phone in China. In 2020, the company launched a variety of 5G mobile phones which are thin, light in weight, and offer video.
ZTE also revealed that it will launch nearly 10 5G mobile phones with a price range between 1,000 yuan to 3,000 yuan in 2020.
Shares of ZTE closed at HK$23.40 on Tuesday in Hong Kong, up 15.27%.
CLPS Incorporation Signs Partnership Agreement
CLPS Incorporation (Nasdaq: CLPS) announced Friday that it has signed a Memorandum of Cooperation with a Chinese well-known financial IT listed company.
Under the agreement, CLPS said both parties have agreed to leverage one another's advantages and resources, including advanced technology research efforts, new product development and promotion, information technology and management talent training initiatives, domestic and overseas market business development, and financial IT project delivery.
The company added that both parties will explore joint investment opportunities going forward.
"We hope to continuously expand our globally competitive business through industry cooperation and mutual promotion with market leaders. The complementary advantages of this partnership will enable us to achieve further growth in the financial IT field," Raymond Lin, the chief executive officer of CLPS, stated.
Last month, the company had an interview with Capital Watch, CLPS' COO, Henry Li talked about the impact of Covid-19. He said, “We are able to based on our global footprint to support customer business. We see the impact is not that significant, but we are closely working with our staff and our customers to eventually be able to overcome the situation.”
The stock of CLPS increased 13.19% today, closing at $2.66 in New York.
Trip.com: Business Travel Deals for SMEs Rebound 36%
Trip.com Group Ltd. (Nasdaq: TCOM) announced Thursday that the total business travel turnover of SMEs has recovered 36%.
According to the company, 360,000 small- and medium-sized enterprises (SMEs) are registered on its business travel platform. In 2019, the turnover of SMEs exceeded 4 billion yuan, according to the company.
Jiqin Fang, the senior vice president of Trip said, “When the epidemic broke out in China, the travel market shrank by about 90%. However, since March, the travel market has gradually recovered. More and more companies have resumed business travel, the current recovery is around 20%-30%.”
In addition, according to the specific city data of current travel distribution, enterprises in Beijing are the most willing to spend money on travel, exceeding 2,000 yuan, followed by enterprises in Shenzhen and Guangzhou, while enterprises in Shanghai spend about 1,500 yuan on average.
Shares in Trip.com dropped 5% Thursday, closing at $26.54 apiece.
ReneSola Stock Up 7% on Solar Project in France
ReneSola Ltd. (NYSE: SOL) announced Wednesday that it will participate in a consortium to develop a large-scale ground-mounted solar plant in the south of France.
The Chinese solar project developer said the plant is expected to produce 46 GWh and supply electricity to approximately 10,000 households per year.
Yumin Liu, the chief executive officer ReneSola stated, "This project validates that our business in France is strong and growing.”
He added, “Europe focuses on the development of social responsibility, and various governments across the region support the deployment of solar power. Both France and other European countries are exactly the type of markets in which we are focusing our business development efforts."
The consortium is led by Tenergie, the second-largest independent power company in France. Other members of the consortium include a leading power consulting company and a recognized leader in project crowdfunding.
The stock in ReneSola was trading up 7.14% intraday, at $1.28 per share.
Alphamab Oncology and Sanofi Enter Collaboration on Breast Cancer
Alphamab Oncology (HKG: 9966) announced Tuesday that it wholly-owned subsidiary Jiangsu Alphamab Biopharmaceuticals Co., Ltd. signed an agreement with Sanofi (Nasdaq: SNY).
The clinical-stage biopharmaceutical company said the agreement is to establish strategic collaboration to advance clinical studies to investigate KN026 in combination with Taxotere® (Docetaxel) in HER2+ breast cancer. Sanofi is granted an exclusivity period to negotiate the in-licensing of KN026 subject to the achievement of certain clinical milestones.
Current clinical trials shown promising preliminary efficacy and excellent safety profile in late-stage breast cancer patients who have failed multiple treatments in China, laying a solid foundation for future development of combination therapies in multiple front line settings, the company reported.
"KN026 is a core candidate of our innovative bispecific antibody pipeline and has shown convincing advantages in safety and efficacy from current clinical studies. There is a significant unmet need for the treatment of HER2-positive breast cancer,” Ting Xu, the founder, chairman, and chief executive officer of Alphamab Oncology stated.
He added, “We hope, through the collaboration with Sanofi, a global biopharmaceutical leader, to further drive KN026's China and global development strategy, to provide a superior therapeutic solution to Her-2 positive patients.”
Shares of Alphamb dropped slightly on Tuesday at HK$ 18.9 and Sanofi trading at $50.97 in early trading.
Reach New Holdings Limited Announces Development of Mini-Program
Reach New Holdings Limited (HKG:8471) announce Monday that it’s non-wholly owned subsidiary Guangzhou Banchengyun Information Technology Co. Ltd.(GBIT) will concentrate on developing a mini-program for small businesses.
The labeling solution provider said the mini-program follows further improvements in the company's information technology layout, which will help cultivate a new engine for the company's performance growth.
The Hong Kong-based company mentioned in the announcement today that it entered into a cooperation agreement with GBIT to jointly establish GBIT last month. GBIT is primarily engaged in providing one-stop digital solutions for online businesses' customer operations, from building domain traffic to sales conversion, as reported by Reach New Holdings.
Lam Kai Yuen, the chief executive officer of Reach New Holdings Limited said, "Facing the new realities of the post-pandemic economy and Chinese government's policies strongly advocating the 'Nationwide Business Opportunity Creation,' China's information technology industry is positioned for a period of rapid development, and it is the high time to deploy mini-programs for the nation's small businesses.”
Founded in 2001, Reach New Holdings mainly engages in three types of products: printed products, woven labels and printed labels.
Shares of Reach New Holdings were up 6% on Monday in Hong Kong, closing at HK$0.35.
Color Star Technology Announces Closing Of Acquisition
Color Star Technology Co., Ltd. (Nasdaq CM: HHT) announced the completion of the acquisition of Color China Entertainment Limited on June 3.
The company that engaged in the business of providing education services said it issued 4,633,333 ordinary shares to Color China in exchange for all of Color China's issued and outstanding shares. Following the completion of the acquisition, Color China has become a wholly-owned subsidiary of Color Star.
"We are thrilled about the acquisition of Color China's business which holds significant resources in the music performance and entertainment sector," Yang Sean Liu, the chief executive officer of Color Star said.
Liu added, "The Color China founders have unique experience in working with renowned artists, and the current market conditions reveal a tremendous opportunity for our online education business. We believe that we will be able to provide truly innovative and unique online education services that strengthen our product offerings and develop a sustainable long term profitable business."
Founded in 2002, the holding company's primary business is offering both online and offline innovative education services.
Shares if Color Star up 1.36% on Friday, closing to 41 cents.
Trip.com Signs Global Distribution Agreement With Hotelbeds
Trip.com Group Ltd. (Nasdaq: TCOM) announced Thursday that it has entered into a global distribution agreement for play products with the hotel accommodation distributor Hotelbeds Group.
The Shanghai-based online travel provider said in a statement today that after the deal is confirmed, two parties will build the direct connection system through API.
As reported by the company, Hotelbeds is a hotel accommodation distributor headquartered in Palma, Spain. It currently provides services for 180,000 hotels in 140 global markets.
Zhifeng Zhang, the managing director of Hotelbeds Group in China, said, “China's online travel market is the largest in the world and growing rapidly. Trip.com owns the market share by more than 43%. We believe the partnership will bring significant sales growth to our global supplier partners, thereby enhancing their influence in the tourism industry.”
The company said Hotelbeds Group’s product, Beyond the Bed, will be launched on major brands on Trip.com’s platform.
Last month, the company reported that in the three months through March that revenue plunged 42% year-over-year to $669 million. However, the figures were still better than expected, beating Zacks' Consensus Estimate by nearly 15%.
Shares of Trip.com up 15 cents today, closing at $28.1.
Maoyan Says 90% of Chinese Cinephiles Eager to Return to Theaters
Maoyan Entertainment (HKG: 1896) announced Wednesday that it found in its latest market survey that nearly 90% of China's moviegoers are eager to return to cinemas when they reopen, and 70% said they believe June would be an appropriate time to do so.
The platform that is providing innovative Internet-empowered entertainment services in China said it conducted three surveys to learn the impact of the COVID-19 pandemic and movie fans' willingness to return to theaters after reopening. According to the latest survey, the portion of movie lovers keen to return to cinemas rose to 88% in May, up from 72% in March, and 54% in February.
The company reported about 80% of respondents have already resumed normal work routines at their offices, and 13% were working in rotating shifts in their place of work or entirely from home.
Maoyan has grown from an online movie ticketing service provider to an innovative one-stop platform for entertainment services. the company claims to have a comprehensive strategy to become a leading platform, servicing the entire entertainment industry in China.
Shares of Maoyan rose nearly 8% in HongKong on Wednesday, closing at HK$12.96.
Activation Announces Joint Venture With Guangzhou Yuerun Information Technology
Activation Group Holdings Limited (HKG: 9919) announce Tuesday that it entered into a memorandum of understanding with Guangzhou Yuerun Information Technology Co., Ltd.(GYIT)
The provider of integrated marketing solutions in Greater China said, under the memorandum, the company and GYIT agree to form a joint venture company in Shanghai to jointly develop and operate an online cycling mobile application and build the first online cycling community based on world-renowned sports IP in China.
Activation Sports and GYIT will hold 51% and 49% of the equity interest of the Joint Venture, reported by the company.
Steve Lau Kam Yiu, the joint-chairman and chief executive officer of Activation Group, stated, “Activation is honored to cooperate with GYIT to apply the successful operation model of Joyrun to the online cycling community, coupled with Activation's rich resources in the field of sports IP and the advantage of holding the exclusive rights of world-renowned sports IP, the prospects for this cooperation are very promising.”
He added, “As China's middle class continues to grow and the need to improve personal health management continues to rise, the Group is expected to further expand into other sports segments, continue to promote the transformation of sports IP development business into digitalization in an effort to fully grasp market opportunities.”
Shares of Activation dropped 1.15%, closed at HK$0.89 on Tuesday.
NetDragon and KONKA Team Up On Smart Education Panel
NetDragon Websoft Holdings Limited (HKG: 0777) announced Monday that its subsidiary, Fujian Huaying Education Technology Co., Ltd. and Shenzhen KONKA E-Display Co., Ltd. introduced a new smart education product – KONKA-Promethean Smart Education Panel.
The smart education panel is well-equipped with a strong set of hardware, which is supported by KONKA's strong R&D and manufacturing prowess, as well as NetDragon's outstanding interactive teaching software resources while integrating functions such as lesson preparation and delivery, in-class exercise, AI teaching assistant, and also millions of education resources, the company said in today’s announcement.
“The introduction of KONKA-Promethean Smart Education Panel embodies both parties' passion in education and aspiration of technology enhancement. With an aim to bring users a better learning experience, NetDragon believes that this new product will be a great success in China. We are excited to promote 'Intelligent Manufacturing in China' and 'China Solutions' in smart education to the world," Dejian Liu, the founder and chairman of NetDragon, stated.
Shares of NetDragon up nearly 2% on Monday in Hong Kong, closing at HK$19.58.
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.
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.
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.
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.
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.
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.
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.
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%.
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.”