58.com Gets Buyout Offer From Warburg Pincus
58.com Inc. (NYSE: WUBA) announced Thursday that it has received a going-private offer from Warburg Pincus Asia LLC, General Atlantic Singapore Fund, Ocean Link Partners, and Jinbo Yao, its chairman and chief executive officer.
The Chinese marketplace for online classifieds said the group proposed to acquire all of its shares for $27.50 in cash per ordinary share, or $55 per ADS.
The announcement failed to significantly impress the investors and the stock in 58.com closed 15 cents higher on Thursday, at $51.95 per ADS.
58.com will evaluate the offer.
Innovent Announces First Dosing in Patients With Lymphoma
Innovent Biologics Inc. (HKEX: 1801) announced Tuesday that it conducted first patient dosing in a pivotal Phase 2 registrational trial of parsaclisib (IBI-376), a novel and selective PI3Kδ inhibitor, in China.
The developer of medicines for the treatment of cancer, autoimmune, metabolic, and other major diseases said the objective of the study is to evaluate the efficacy and safety of parsaclisib in patients with recurrent or refractory follicular lymphoma (FL) or marginal zone lymphoma (MZL) in China.
Weili Zhao, the professor of Ruijin Hospital, said, "Although FL and MZL are indolent, when developed to relapse or refractory stage, the effective treatment is limited and new therapies are urgently needed. PI3Kδ inhibitors are a new class of therapies emerging in recent years for indolent lymphoma treatment.”
The company is confident about the study. “We believe that if parsaclisib achieves approval to enter the Chinese market, it would be a significant milestone, and we hope that the results of this study will help benefit patients with recurrent or refractory FL/MZL and potentially provide more treatment options to the clinicians that treat them," Hui Zhou, the vice president and head of oncology strategy and medical sciences of Innovent, said.
Based in Hong Kong, Innovent was listed on the Main Board of the Stock Exchange of Hong Kong on October 31, 2018.
The stock in Innovent was up 30 cents, closed at HK$39.5 on Tuesday.
Recon Announces FGS Joint Operation with CPPEI
Recon Technology, Ltd. (Nasdaq: RCON) announced Monday that its subsidiary Future Gas Station (Beijing) Technology, Ltd ("FGS") signed a joint operation agreement (with China Petroleum Planning and Engineering Institute (CPPEI).
The Beijing-based oil and gas company the Agreement is signed to facilitate the operation of DT Refuel mobile application functions in Zhejiang. And the company added that CPPEI is the only decision supporting institute of The China National Petroleum Corporation.
Shenping Yin, the co-founder and chief executive officer of Recon said, "The joint operation with CNPC' decision making institution in Zhejiang demonstrates FGS' market value and leading position. As a starting point, it provides a possibility for FGS to expand its solution and experience of gas station efficient operation on a country-across basis and increase its market share.”
Last month, the company reported that in the six months through December revenues were $4.36 million, down 28% year-over-year. Net loss narrowed to $1 million compared with $1.4 million in the same period in 2018. And Recon said the decrease in the period was due to a revenue decline in the sectors of automation product and software, equipment and accessories and oilfield environmental protection projects.
The shares of Recon up 19.12%, trading at $3.63 in New York today.
Ping An Expanding in the Financial Services Sector
Ping An Insurance (Group) Company of China, Ltd. (HKEX:2318; SSE:601318) announced Friday that it has launched Ping An Consumer Finance Co., Ltd. (PAF) in Shanghai.
The technology-powered retail financial services group said PAF is the first "finance plus technology" consumer finance company in China, and it meets Ping An's "finance plus technology" and "finance plus ecosystem" strategies.
The registered capital of PAF is 5 billion yuan ($700 million); Ping An contributes the majority of the capital base and is a 30% shareholder, the company reported in a Friday announcement.
Dongqi Chen, the chairman of Ping An Consumer Finance said, "As China's first consumer finance company with a 'technology + finance' positioning, we will realize digital development by driving our business with advanced technologies such as AI and cloud computing to enhance user experience, and bring more convenience to consumers whose consumption habits are rapidly upgrading."
As China's first joint-stock insurance company, it is listed on the stock exchanges in Hong Kong and Shanghai.
Shares of Ping An closed at HK$77.3 in Hong Kong.
China Telecom Announces 17 Million New 5G Subscribers, Flat Revenues
China Telecom Corporation (NYSE: CHA) announced increased mobile subscribers but decreased revenues and income on Thursday.
The Beijing-headquartered telecom giant said that its operating revenues hit 95 billion yuan ($14 billion) in the first quarter in 2020, down 1.4% year-over-year.
The company’s current mobile subscribers reached 337 million, up from 315 million one year ago.
China Telecom added 12 million new 5G package subscribers, with a total of 17 million 5G subscribers by the end of March, according to the company.
Hailiang Education Group Steps Into Singapore
Hailiang Education Group Inc. (Nasdaq: HLG) announced Wednesday that the establishment of a wholly-owned international education headquarters in Singapore, Hailiang International Education Group Pte. Ltd. (HIEG).
The education and management services provider said HIEG will promote Hailiang Education's K-12 education services for students in 25 countries. Also, HIEG will expand the company’s international business network through implementing the hybrid development strategy, which combines asset-light approach, self-construction, and acquisitions, to meet the demands of our students and parents from different regions for their unique and diverse education needs, Hailiang said in today’s announcement.
"The establishment of HIEG is one of the most important milestones for Hailiang Education to break into the international market and attract overseas capital. It will help promote the development and continued expansion of our various businesses, and will also improve Hailiang education's brand recognition internationally," Ming Wang, the chairman, and chief executive officer of Hailiang Education stated.
Last month, the company reported revenues of 736.7 million yuan, increased by 12.9% from 652.7 million yuan for the first six months of the fiscal year 2020. Net profits were 197.6 million yuan, representing an increase of 52.5% year-over-year.
Shares of Hailiang drop 2.06% in New York today, closing at $48.44 apiece.
FinVolution Group Chairman Purchases Company Shares
FinVolution Group (NYSE: FINV) announced Monday that Shaofeng Gu, the chairman and chief innovation officer of the company, purchased 1.02 million of the company's American Depositary Shares.
The fintech platform said the purchases were made during an open window period and in full compliance with all company and legal guidelines.
Gu said in today’s announcement, "In a little more than 18 months, we have successfully transitioned our platform from being primarily funded by individual investors to being fully funded by institutional funding partners while maintaining our profitability. I believe the current share price undervalues the potential of the company and serves as a highly attractive investment opportunity."
The shares of FinVolution increased by 4.53%, trading at $1.73 on Monday.
PCCW Solutions Announces Strategic Partnership With StarHub
PCCW Solutions, the IT services of PCCW Limited (SEHK:0008) announced Friday that it entered a strategic technology partnership with StarHub.
Hong Kong-based company said under the partnership, two parties will work together and leverage each other's deep industry and technical domain expertise to deliver on customers' evolving needs.
Also, PCCW Solutions was selected as StarHub’s IT technology transformation partner. StarHub is a Singapore company that delivers world-class communications, entertainment and digital solutions to customers.
"We are excited to enter into this strategic partnership to support StarHub in accelerating its digital transformation, business growth and inspiring its digital innovation. I am also confident that the partnership of StarHub and PCCW Solutions will bring telecom technologies and IT closer, the way it should be, and will accelerate innovation and data-driven business decisions to satisfy the ever increasing expectations and needs of StarHub's customers. This collaboration is a blueprint on how telecom operators in the region and beyond ought to transform themselves in the digital world," Ramez Younan, the managing director of PCCW Solutions, said in today’s announcement.
Shares of PCCW rose 1.29%, closing at HK$4.7 on Friday.
Vitasoy Launches Fully Recycled Bottles
Vitasoy International Holdings Ltd (OTCMKTS: VTSYF) announced Thursday that it launched 100% recycled plastic bottles for its VITA Distilled Water.
The Hong Kong-based beverage company said the bottles are made entirely from recycled polyethylene terephthalate, which aims to promote environmentalism and waste reduction in Hong Kong.
(VITA Distilled Water, Source: Vitasoy)
In addition to the enhancement of product packaging, Vitasoy has been actively supporting the collection and recycling of used beverage packaging.
Last month, Vitasoy stated that since the outbreak of COVID-19, the product marketing plans and supply chain operations across China have been severely affected, especially in Wuhan city and the Hubei province. Since most of Vitasoy ’s majority business in Mainland China comes from general trade channels, the business was affected when the small retail stores closed during the height of the coronavirus outbreak.
However, In the first six months of the fiscal year 2019 / 2020, Vitasoy’s revenues achieved HK$ 4.684 billion, representing an increase of 5% year on-year. Operating profit increased by 1% to HK$ 721 million.
Origin Agritech Gets 138 Million Yuan From Beijing Investor
Origin Agritech Ltd. (Nasdaq: SEED) announced Wednesday that it has received 137.66 million yuan from Beijing Changping Technology Innodevelop Group (BC-TID).
The company reported it has entered a definitive framework agreement with BC-TID last month.
Under the agreement, Origin will contribute to the Origin Life Science Center building in Beijing and two biotech corn traits to the joint venture and BC-TID will fund the joint venture to the tune of 204 million yuan.
According to the announcement, BC-TID is wholly-owned by the local government of Changping District in Beijing and was set up as an industrial investment platform.
Shares of Origin climbed 4.27% on Wednesday, closing at $3.30 per share today in New York.
Trip.com Releases Scenic Smart Cloud Platform
Trip.com Group Ltd. (Nasdaq: TCOM) has released the solution to provide technical support for buying tickets to visit the park and after-sales service.
The Shanghai-based travel provider said in a statement today that the solution can also comprehensively monitor the places where tourists gather and disperse, and offers solutions for emergency situations including outage and peak passenger flow.
Xiaojiang Yu, the vice president of Trip.com, said, “It is urgent that Chinese scenic spots do the intelligent upgrading of their online reservation system. As one of the online travel companies, Trip.com is willing to further share our platform and service system, work with partners in the travel industry to achieve digital transformation and upgrade, and build the smart scenic spot."
(Scenic Smart Cloud Platform; Source:Trip.com)
Phoenix Tree Obtains WELL Certification for Co-living Project
Phoenix Tree Holdings Limited (NYSE: DNK) announced Monday that it has received the WELL Silver Certification for its healthy living environment from the International WELL Building Institute.
The Beijing-based company said its platform is the first co-living platform in the world to obtain the certification for a co-living project.
"The WELL certification is a recognition of Danke's efforts to provide a healthy and comfortable living environment for our residents, we will continue to leverage innovative technology to help people live better, and drive the sustainable growth of the co-living platform industry in China." Jing Gao, the chief executive officer of Danke, said in the statement.
The company said it has developed a complete system and process to provide safe and healthy housing to its residents.
Last month, Phoenix Tree reported revenues for the fourth quarter reached $305.9 million, up 113% year-over-year. Net loss in the three months through December hit $132.3 million, or $2.11 per share, an increase of 65% from the previous year.
Shares in Phoenix Tree were trading at $6.83 per American depositary share midday Monday, up 7.39%.
Bilibili Scores $400 Million Contract With Sony
Online digital media content site Bilibili Inc. (Nasdaq: BILI) announced today that it signed a $400 million purchase contract on 4.98% of the outstanding shares with SCA, wholly owned subsidiary of Sony Corp. (NYSE: SNE), according to Kyodo News.
Sony said Bilibili is popular among generation Z, a generation born between 1990 and 2009. Sony intends to launch its own products through cooperation with local companies in China.
Moreover, Sony mentioned it set the Chinese entertainment market as an important strategic target and has reached a consensus with Bilibili on the possibility of exploring cooperation in animation and mobile gaming spaces.
After the transaction is completed, Sony will hold approximately 4.98% of the total issued shares of Bilibili, Kyodo News added.
Bilibili released the unaudited financial report for the fourth quarter and full year of 2019 last month. The company said its net loss in 2019 was 1.30 billion yuan ($187.2 million), compared with 565 million yuan in the previous year, representing a 130% increase.
In 2014, Bilibili and Aniplex, another subsidiary of Sony, cooperated in the purchase of animation copyrights. In 2016, they released a mobile game "Fate/Grand Order". It contributes considerable revenues for Bilibili, ranking among the company's top 10 best-selling single-generation games.
Sino-Global Shipping Acquires Stake in Mandarin Ocean
Sino-Global Shipping America Ltd. (Nasdaq: SINO) announced Thursday the signing of a share purchase agreement with Kelin Wu, the 88.5% shareholder of Mandarine Ocean Ltd.
Shanghai-based Mandarine Ocean provides worldwide ocean freight service. It currently has long-term contracts to operate 14 bulk carriers. Mandarine Ocean said it hopes to benefit from lower costs through its relationship with Sino-Global.
Lei Cao, the chief executive officer of Sino-Global, said in a statement today, "This is a milestone agreement for our company, which allows our business to expand when we have begun to see an increased level of economic activity now that challenges and delays created by the Coronavirus have begun to wane in China.”
Wall Street was not impressed with the acquisition. The stock in SINO was trading down 4% on Thursday afternoon, at 38 cents per share.
Yum China Completes Acquisition of Huang Ji Huang
Yum China Holdings, Inc. (NYSE: YUMC) announced Wednesday that it has completed the acquisition of a controlling interest in the Huang Ji Huang group, sending its stock up 1.41% to $43.96 as of early trading.
Huang Ji Huang operates a Chinese-style casual dining franchise business mosltly in mainland China, but also internationallly. The group has over 640 restaurants, according to the announcement.
Yum China said it aims to gain a stronger foothold and enhanced know-how in the Chinese dining space. The acquisition is expected to create and capitalize on synergies between Yum China's scale and system capabilities and Huang Ji Huang's track record of product R&D, franchisee management, and Chinese dining experience. Subsequent to the acquisition, Yum China will establish a Chinese Dining Business Unit comprising three core Chinese dining brands, Little Sheep, East Dawning, and Huang Ji Huang.
Yum China was selected as one of the top 10 innovators on Fast Company's annual list last month.
In the three months through December, Yum China's revenues reached $1.8 billion, up 5% year-over-year. Net income rose 22% to $90 million, or 23 cents per share compared with $74 million, or 19 cents per share, in the same period last year.
ZTE Wins Largest Commercial OTN
ZTE Corp. (HKEX: 0763; SZSE: 0063) announced Tuesday that it has secured the western network project in China Mobile's (NYSE: CHL) phase-13 centralized procurement for inter-provincial backbone transport network equipment.
The Chinese telecom giant said the western network, which covers 19 provinces of China will be the world's largest commercial optical transport network (OTN), with a total link length reaching 53,828 km.
In response to the surge in traffic in the 5G era, China Mobile has focused on building an ultra-high-speed 100G OTN network covering the whole country for many years, according to the announcement.
The company said it has obtained 46 commercial 5G contracts in major markets, including Europe, Asia Pacific, Middle East and Africa. ZTE commits 10% of its annual revenues to research and development and takes leadership roles in international standard-setting organizations.
Six Fined After Illegal Public Gathering in Hong Kong
Due to the coronavirus epidemdic, the Hong Kong government banned public gatherings of more than four people. On Monday, six chess fans became the first to be fined HK$2,000 ($256) each on breaking the social-distancing laws, according to South China Morning Post.
Hong Kong implemented the measure to stop the spread of COVID-19 on March 29. The SCMP said the six people refused to disperse when they were caught in Kwai Shing East Estate in Kwai Chung shortly before 4 p.m. on Sunday.
“They were issued with fixed penalty tickets for violating the new social-distancing rule as they refused to leave after warning,” a government spokesman said.
Hong Kong reported 43 confirmed cases of COVID-19 on April 3 with a total of 845 people infected. Among the afflicted, 34 confirmed patients had traveled overseas, according to Rfi.
Future FinTech Stock Jumps 4% on Launch of E-commerce Platform
Future FinTech Group Inc. (Nasdaq: FTFT) announced Thursday that the trial version of its cross-border e-commerce platform NONOGIRL has started its trial operation.
The Xi'an-based company, which provides blockchain services in online retail and sells fruit juice, said in a statement that NONOGIRL is a S2B2C (Supplier-to-business-to-customer) crowdsourcing sales platform, created and managed by FTFT's subsidiary, QR (Hong Kong) Ltd.
（NONOGIRL, Source: Future FinTech)
"Developing the cross-border e-Commerce platform NONOGIRL is an important part of the Company's investment in and establishment of the blockchain-based shared online shopping malls. NONOGIRL and our Chain Cloud Shopping Mall will be the two essential segments of our business. We hope, in the near future, the NONOGIRL cross-border e-commerce platform will become the leading content, live broadcast, and social cross-border e-Commerce platform in China and Asia," Shanchun Huang, the chief executive officer of FTFT, said in the statement.
Huang was appointed to the CEO and disrector position at FTFT last month.
The stock in FTFT was up 4.46% Thursday morning, at $1.17 per share.
JinkoSolar Australia Signs Credit Agreement with the National Australia Bank
JinkoSolar Holding Co., Ltd. (NYSE: JKS) announced Wednesday that its subsidiary Jinko Solar Australia Holdings Co. Pty Ltd has signed a one-year AU$37 million line of credit agreement with the National Australia Bank.
The company said the financing will be used to expand its subsidiary’s business and provide supplementary working capital of JinkoSolar Australia, according to the announcement.
Charlie Cao, the chief financial officer of JinkoSolar said, “As one of the largest banks in Australia, NAB provides strong financial support for us in very exciting times. We will continue to strengthen our business in Australia to support the enormous growth potential clean energy has in Australia.”
JinkoSolar is a fast-growing, vertically-integrated solar power product manufacturer with low-cost operations based in Jiangxi and Zhejiang Provinces in China and offices in Shanghai, China, Munich, Germany, San Francisco, U.S. Queensland, Australia, Ontario, Canada, Bologna, Italy, Montpellier, France and Switzerland.
BOQI up 6% on Agreement to Spin-Off Energy Business
BOQI International Medical Inc. (Nasdaq: BIMI) watched its stock rise nearly 6% to $2.62 per American depositary share in early trading Wednesday after reporting it will sell its energy business.
The Chinese-based pharmaceutical provider will spin off its energy business to Yunfei Lu at an aggregate sale price of $10 million.
"The divestiture of the energy business aligns with BOQI International Medical’s growth strategy and allows us to further strengthen our financial position," Tiewei Song, the chief executive officer and president of BOQI, said in statement.
He added, “Looking ahead, we remain focused on [the] execution of our strategic priorities and integration plans to unleash the full potential of our consumer-centric health care model and create value for our customers and shareholders.”
Formerly known as NF Energy Saving Corp., the company mainly used to provide energy conservation solutions and equipment. Now, the company is focused on the health sector.
The closing of the agreement is expected to take place in May.
Tencent-Led Consortium Acquires Stake In Universal Music Group
Tencent Holdings Limited (00700.HK) announced Tuesday that a Tencent-led consortium has acquired a 10% equity stake in Universal Music Group from Vivendi SE.
Tencent Music Entertainment Group (NYSE: TME) and other financial co-investors are included in the consortium, according to the announcement.
With the support of Vivendi, Tencent said the company and TME will work together with UMG to further promote a thriving entertainment industry by developing innovative forms of music engagement and broadening opportunities for artists.
Morgan Stanley acted as the exclusive financial advisor to the consortium. Financing banks include Bank of China, ICBC, Bank of America, HSBC and Morgan Stanley.
The stock of Tencent rose nearly 1% to HK$380.2 on Tuesday in Hong Kong; TME has soared 7% to $10.34 in early morning trading in New York. .
Huitao Technology to Provide Online Music Courses
Huitao Technology Co., Ltd. (Nasdaq CM: HHT) announced Monday that its wholly-owned subsidiary, CACM Group NY, Inc. has entered into a cooperation agreement with Color China Entertainment Co., Ltd.
The Beijing-based company said the cooperation will allow the company's platform to give students all over the world a chance to connect with renowned music artists.
Color China is an integrated media company based in Hong Kong and operating in multiple segments of the entertainment sector, according to the announcement.
Yang Liu, the chief executive officer of HHT said, "We are pleased to partner with Color China to roll out the new online learning initiative as we share the same vision and excitement to move our strategy forward together. With our collective resources, the collaboration will help bring our online course offerings to the next level and benefit our students over the long-term."
Earlier of this month, the company reported CACM Group and Baydolphin Inc. have established a joint venture company, BayTao, which provides afterschool tutoring for students from kindergarten to eighth grade in New York.
Last month, the company completed the acquisition of Sunway Kids International Education Group Ltd.
Computime Appoints Bernard Auyang as CEO
Computime Group Ltd. (HKEX: 320) announced Friday that Bernard Auyang has been re-designated as its executive director and chief executive officer.
This announcement represents the group's ongoing and thoughtful planning in management organization, which ensures a smooth transition for computing as the company continues to deliver specialized and innovative solutions in the electronics manufacturing and Internet of Things service space, the company said.
"I am deeply honored and humbled to have been selected as the next Chief Executive Officer of Computime and I look forward to working closely with Dr. King, the Board, and the Company's truly-exceptional staff to continue on bringing Computime to the global stage," Bernard Auyang said in today's announcement.
China Xiangtai Acquires Controlling Stake in Feed Company
China Xiangtai Food Co. Ltd. (Nasdaq: PLIN) announced Thursday that its subsidiary, Chongqing Jinghuangtai Enterprise Management Consulting Co. Ltd., will buy a 51% controlling interest in Chongqing Ji Mao Cang Feed Co. Ltd. (JMC).
JMC is a private enterprise specializing in feed raw material sales and providing feed formula solutions.
Zeshu Dai, the chairwoman and CEO of China Xiangtai Food, said in a statement today, “We are enthusiastic about partnering with JMC to continue accelerating the growth of the Company. This move is in line with our growing strategy of solidifying our industry position by gaining additional market share and expanding our product portfolio. With JMC's capability in feed raw material and formula solutions, we can improve our industrial chain and our competitiveness to position well for the expansion.”
The company said it has launched an online ordering service with Casin Smart Service Group Co. Ltd. (CSSG) to accommodate communities in Chongqing last month.
The share of PLIN soared nearly 27%, trading at $2.22 in New York intraday.
IQiyi Launches Service Experience Testing Stations
IQiyi, Inc. (Nasdaq:IQ) announced Wednesday that it recently launched its service experience testing stations in multiple international markets.
The online entertainment service provider said the first station started its trial in Singapore at the end of 2019, and similar testing stations in other markets including Thailand, Vietnam, the Philippines and Indonesia.
Ye Tao, the vice president of iQiyi said, “Setting up service experience Testing Stations in local markets allow us to better adapt to local network and technological environments.”
He added, “These Testing Stations will not only help iQiyi better understand the local market, but it will also strengthen our experience in dealing with area-specific scenarios or issues, an essential component in the further localization of our services.”
The company said it officially launched the international version of the platform in June last year. IQiyi initiated global operations through establishing localized teams and partnerships, and adopting SaaS models that empower its operating systems.
The share of iQiyi closing to $18.55, drop 16 cents.
ZTE Partners With Japan's KDDI on 5G Smartphones
ZTE Corp. (HKEX: 0763; SZSE: 0063) announced Tuesday that it will unveil the new product series ZTE a1 in Japan with the local operator KDDI.
The Chinese telecom giant said the new 5G smartphone will be compatible with both SA and NSA modes, featuring a 6.5-inch display, AI quad shooting system and a 32MP selfie camera.
(ZTE a1, Source: ZTE)
Under the cooperation, the two parties will aim to meet the demands of Japanese users and pair the new phones with the 5G network, expected to be deployed this year. ZTE plans to launch 10 5G smartphones worldwide, as well as 15 5G terminal devices.
Shares in ZTE rose more than 10% on Tuesday in Hong Kong, closing at HK$22.8 apiece.
A week ago, shares in ZTE dove nearly 30% over two days on news that U.S. authorities are investigating the telecom giant for possible bribes of foreign officials.
IT Tech Packaging's Stock Jumps on Earnings, but Plunges After-hours
The stock of IT Tech Packaging Inc. (NYSE American: ITP) plunged 20% to 50 cents per share in after-hours trading Monday after gaining 10% on the day following its earnings release.
The Baoding-based company, formerly known as Orient Paper Inc., reported Monday morning that its revenue reached $33.6 million in the three months through December, representing a 34.5% increase from the corresponding period in 2018. The company said its net income in the second quarter of 2019 was $2.16 million, or 10 cents per share, in contrast to $5.16 million net loss, or 24 cents per share, a year ago.
ITP, which sells diversified paper products, said it was pleased with its second-quarter results.
"Our revenues and profitability continued to improve in 2019 as we shook off the effects of the 2018 production suspensions resulting from air-pollution controls, in part due to our 2018 equipment upgrades," Zhenyong Liu, the chairman and chief executive officer of ITP, said in the statement.
He added, "Despite a short delay in production resulting from Covid-19 in China in early 2020, the stabilization of orders in recent months gives us reason to be optimistic for stable growth in 2020."
JinkoSolar Chairman Completes Purchase of 200,000 ADSs
JinkoSolar Holding Co., Ltd. (NYSE: JKS) announced Thursday that Xiande Li, the chairman of JinkoSolar's board of directors, has completed his purchase of 200,000 JinkoSolar American depositary shares.
Last week, China's National Energy Administration (NEA) has confirmed the cuts in solar subsidies for 2020. The total budget allocated for solar projects will be 1.5 billion yuan ($214 million) this year, as reported by Smart Energy on Friday. The company reported better-than-expected revenue but a miss on earnings for the fourth quarter.
According the the company, JinkoSolar is a fast-growing, vertically-integrated solar power product manufacturer with low-cost operations based in Jiangxi and Zhejiang Provinces in China and offices in Shanghai, China, Munich, Germany, San Francisco, U.S. Queensland, Australia, Ontario, Canada, Bologna, Italy, Montpellier, France and Switzerland.
Shares of JinkoSolar rose 4.08%, closing at $13.02 on Thursday.
Tencent Music Enters Strategic Agreement With China Literatiure
Tencent Music Entertainment Group (NYSE: TME) announced on Wednesday that it reached a strategic cooperation agreement with China Literature (HKEX: 0772).
Based on the agreement, Tencent Music can produce literary works on the reading platform as long audio audiobooks, and the two parties can distribute these audio works on their respective platforms.
The penetration rate of China's long audio market is currently still low, representing significant growth potential, the company said in the announcement.
Tencent Music has a diversified content system and heavyweight support resources to continue to release the core value of audio content in the entire field, according to the company.
Shares of Tencent Music dropped 5%, closing at $10 per share on Wednesday.
Phoenix Tree Strikes Deal With Local Authorities
Phoenix Tree Holdings Ltd. (NYSE: DNK) announced Wednesday that has struck an investment and cooperation deal with the local government of the Huaqiao Economic Development Zone Jiangshu Province, China.
Based on the agreement, Phoenix will establish a wholly-owned subsidiary in the Huaqiao EDZ.
The Huaqiao Subsidiary will make a capital contribution of 625 million yuan in exchange for 51.02% equity interest in the joint venture while Kunshan Yinqiao will make a capital contribution of 600 million yuan in exchange for the remaining 48.98% stake, Phoenix said in today’s announcement.
The local government expects to provide certain benefits and support to the local Phoenix entities, including but not limited to assist with bank financing, offer talent retention incentives, and provide government awards.
Shares of Phoenix Tree were trading at $8 on Wednesday, down 8.47%.
IQiyi Unveils Innovative 360-Degree VR Panoramic Video Solution
IQiyi, Inc. (NASDAQ: IQ) announced Monday that, in coorperation with Peking University and Microsoft Research, it has jointly published a paper on EPASS360.
The online entertainment service provider said the paper is about a newly-developed panoramic video streaming media system based on AI technology; the paper was accepted by IEEE Transactions on Mobile Computing.
Under current home broadband and WiFi environments, this new system solution will predict the allocation rate according to the user's visual field to ensure that the user sees a clear and smooth picture when watching panoramic videos, the company said in the announcement.
IQiyi's R&D expenditure in the fiscal year 2019 was 2.7 billion yuan, representing an increase of 34% compared with the same period in 2018.
Shares of IQiyi dropped 4% on Monday, trading at $17.94.
China SXT Pharmaceuticals Secures Grant From City Government
China SXT Pharmaceuticals, Inc. (Nasdaq: SXTC) announced Monday that a fund granted to the company for the key techniques incorporated into advanced Directly-Oral TCMPs derived from agriculture.
The company said the grant was funded by the Scientific and Technologic Development Program of Hailing District and supported by the Hailing District government.
"This grant supported by the local government can contribute to our continuous effort in leading research and development of new advanced TCMPs and chase of higher quality of the products. We believe it will further strengthen our R&D capabilities in our new Advanced TCMPs, which is expected to eventually help expanding our market share in our advanced Directly-Oral TCMP products," Jing-Zhen Deng, the chief scientific officer and chief operating officer of China SXT, said.
China SXT Pharmaceuticals, founded in 2005 and based in Taizhou City of Jiangsu Province, is a pharmaceutical company focusing on the research, development, manufacturing, marketing, and sales of traditional Chinese medicines.
Shares of China SXT traded at 54 cents in New York today, down 8.93%.
Henkel, Covestro Partner Up to Promote E-mobility
Henkel (OTCMKTS: HENOY) and Covestro announced Friday that they have developed a solution enabling the efficient fixation of cylindrical li-ion battery cells inside a plastic cell holder.
The company, which operates globally with a well-balanced and diversified portfolio, said the solution is based on a UV-curing adhesive from Henkel and a UV-transparent polycarbonate blend from Covestro.
Frank Kerstan, the head of e-Mobility Europe at Henkel, said in a statement, "High-volume manufacturing operations with short cycle times and process flexibility are essential, the Loctite OEM-approved adhesive designed to secure cylindrical li-ion cells into a carrier is a one-part, cure-on-demand formulation. After high-speed dispensing, the material's long open time inherently builds adaptability into the process by allowing for any unexpected production interruption. Once all cells are placed into the adhesive and secured in the holder, curing is activated with ultra-violet (UV) light and takes place in less than five seconds."
Shares of Henkel closed at $19.44, up nearly 2% on Friday.
NetEase Cloud Music Forms Digital Music Distribution Agreement With Studio Ghibli
NetEase Cloud Music, a freemium music streaming service developed and owned by Chinese gaming giant NetEase Inc. (Nasdaq: NTES), announced Friday that it has signed a digital music distribution agreement with Studio Ghibli.
Based on the agreement, NetEase Cloud Music will be the digital music distributor for Studio Ghibli's music catalog, including albums and soundtracks from its sought-after animated feature films in the Chinese mainland.
Launched in 2013, the platform was removed from the app store on June 29 due to changes made to audio industry guidelines by the Cyberspace Administration of China. It has returned to Chinese app stores after 30 days offline on July 29.
In August of last year, the chief executive officer of NetEase Cloud Music announced that the countdown for its initial public offering has begun.
Bat Group Changes Name to TD Holdings Inc.
Bat Group Inc. (Nasdaq: GLG) announced its new name, TD Holdings Inc., with an estimated marketplace effective date of March 13, 2020.
This is the company's second name change; it had changed its name last year from China Commercial Credit Inc. to Bat Group Inc. to better reflect its business as a used luxury car leasing operator in China after it disposed of its micro-lending business in July 2018.
In November 2019, the company said it began the process of expanding its business to include commodities trading; TD Holdings officially entered into the commodities trading business in January 2020.
Shares of GLG were up 3.65%, to close to $1.42 on Thursday.
Huitao Tech, Baydolphin Form Joint Venture
Huitao Technology Co. Ltd. (Nasdaq: HHT) announced Thursday that subsidiary, CACM Group NY Inc., and Baydolphin Inc. have established a joint venture company, BayTao.
The new JV will provide afterschool tutoring for students from kindergarten to eighth grade in New York. BayTao will leverage Baydolphin's expertise in academic and art education for the youth in conjunction with CACM's business management skills and access to capital to create an innovative learning platform in New York, according to the agreement.
"This is another milestone of our company to grow its presence in the education service space. We are delighted to partner with Baydolphin to establish a joint venture to focus on providing the quality education support that students and parents are seeking. We are excited to re-position the Company to be a high-tech education service provider serving customers in both China and the U.S.," Yang Liu, the chief executive officer of HHT, said in the statement.
Among the few gainers on Thursday, HHT stock rose more than 7% to close to $1.02 per share.
The9 Received a Minimum Bid Price Letter From Nasdaq
The9 Limited (Nasdaq: NCTY) announced Wednesday that it received a minimum bid price letter from the Listing Qualifications Department at Nasqaq on March 6.
The letter notified the company that failed to meet the minimum bid price per American depositary share of $1 for a period of 30 consecutive business days, a requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules.
Based on the rules, the company has a compliance period of 180 calendar days, or until September 2, 2020, to regain compliance with Nasdaq's minimum bid price requirement.
Shares of The9 were trading at 60 cents per share as of midday Wednesday in New York.
Concord Medical Cheers 700 Million Yuan Investment
Concord Medical Services Holdings Limited (NYSE: CCM) announced Wednesday that CITIC Industrial Investment Group Limited will make an investment in Concord Medical's subsidiary, Meizhong Jiahe Hospital Management Group Co., Ltd.
The healthcare provider said the total investment will be approximately 700 million yuan.
Meizhong Jiahe, the most important operating platform of Concord Medical, is focusing on the development and management of comprehensive cancer hospitals and the standalone radiotherapy and diagnostic imaging center network in China.
"We are excited and honored to have such a strong partner to make a significant investment in Meizhong Jiahe, which can support the opening of our Guangzhou Cancer Hospital this year and the operation of our other medical institutions,” Jianyu Yang, the chairman and chief executive officer of Concord Medical, said.
“We are very confident that Meizhong Jiahe will continue to take this opportunity to invest in the healthcare industry in China and to introduce more state-of-the art medical technologies to our hospitals. We also believe that Meizhong Jiahe will offer the high-quality clinical outcomes and the world-class cancer care services to our patients."
Reported by Concord, as of June 30, 2019, the company operates a network of 30 standalone radiotherapy and diagnostic imaging centers under a long-term operation and management agreements with 20 states-owned hospitals, spanning over 20 cities across 13 provinces and municipalities.
China Yuchai Launches New High-Powered Marine Engine
China Yuchai International Limited (NYSE: CYD) announced Tuesday that its subsidiary, Guangxi Yuchai Machinery Company Limited has introduced an advanced high-powered marine engine.
The automotive manufacturer and distributor of engines for on and off-road applications said the new engine is to address the growing demand of the domestic marine industry, particularly vessels in the yacht class.
"We are again using our extensive engine expertise and broad product breadth to fill a domestic Chinese market opportunity. The YC6MJ engine will deliver to our customers advanced yacht-class engine performance," Ming Hoh Weng, the president of China Yuchai, commented.
China Yuchai International Limited was established in 1993, and is currently headquartered in Singapore. The firm has two components: Guangxi Yuchai Machinery Company Limited ("GYMCL"), which engages in engine manufacturing, and HL Global Enterprises Limited ("HLGE"), which operates in the hospitality industry. The firm also owns a 12.2% interest in Thakral Corporation a distributor of consumer electronic products and investor in property and equity.
Future FinTech Appoints Shanchun Huang as New CEO
Future FinTech Group Inc. (NASDAQ: FTFT) announced Tuesday that its board of directors appointed Mr. Shanchun Huang as the chief executive officer and a director of the Board, effective March 4.
The Xi'an-based company said Xue Yongke resigned as the chief executive officer of the company on March 4, 2020, but will remain as the Chairman of the Board of Directors of the company.
Future FinTech announced last week that it has sold HeDeTang Holdings (HK) Ltd. to New Continent International Co. Ltd.
Formerly known as SkyPeople Fruit Juice Inc., Future FinTech delved into blockchain technology in 2017 and began to develop applications and digital asset systems for financial and retail businesses. Since 2018, Future FinTech has changed its business strategy and shifted its source of revenue to the blockchain-based global e-commerce, as well as financial and management consulting.