HKBN Enterprise Solutions Brings Fibre Connectivity Rail Stations Across Hong Kong
HKBN Enterprise Solutions (SEHK: 1310) announced Monday that it will bring high-speed end-to-end fibre broadband and Metro Ethernet connectivity access to retailers in MTR stations across Hong Kong.
The integrated telecom and technology solutions provider said the end-to-end fibre access will give MTR retailers internet connectivity options as fast as 1Gbps or above. The connectivity is expected to reach MTR retailers along the Island Line and the Tsuen Wan Line within the coming month.
Billy Yeung, the co-owner and chief executive officer of HKBNES & JOS Group said, "We are happy to help retailers in MTR stations leverage business efficiency through our high-speed fibre network and our portfolio of flexible and secure retail solutions."
Euro Tech Holdings Company Limited Declares Cash Dividend; Shares Climb 5%
Euro Tech Holdings Company Limited (Nasdaq: CLWT) announced Monday that its Board of Directors has authorized a special dividend of approximately $0.42 per ordinary share payable on March 30, 2020 to shareholders of record as of March 20, 2020.
The Hong Kong-based company makes water treatment equipment and develops products for the environmental protection industry. The company is exploring the Chinese and Southeast Asia markets to sell its newly developed port solution system in the local ports to prevent ecological imbalance.
The company said the special dividend is being made from the $1.45 million of profits derived on the company's recent disposal of a real property that it had held in Hong Kong.
Shares of Euro Tech rose 5.1%, trading at $2.06 in New York.
So-Young International COO Resigns
Chinese plastic surgery promoter So-Young International Inc. (Nasdaq: SY) announced Friday that its chief operating officer Xiao Liu officially resigned on March 6, 2020 for personal reasons, according to the company.
Her duties will be assumed by the company's chief executive officer and chairman, Xing Jin.
The announcement of today sent shares of So-Yoto drop nearly 5%, closing at $11.65 on Friday.
In other management news, Rui Cai was appointed vice president of commercial products.
Prior to joining So-Young, Cai held senior positions in product commercialization at Autohome(NYSE: ATHM), Opera Software and Shanda Group. Cai has more than 15 years of working experience in the fields of advertising, product development and data commercialization, the company said.
Jin added in the announcement, “We would like to thank Xiao Liu for her valuable contribution to the company. We wish her to enjoy success in her future career.”
Luokung Newly Acquired eMapgo Starts a Partnership
Luokung Technology Corp. (Nasdaq: LKCO) announced Friday that is in the process of the closing of the100% acquisition of eMapgo Technologies (Beijing) Co., Ltd.
Moreover, eMapgo Technologies (Beijing) Co., Ltd. has entered into a strategic partnership with Continental Holding (China) Co., Ltd., the subsidiary of Continental AG (FWB: CON), Luokung reported.
The Beijing-based company, which provides location services, said the partnership leveraging each other's respective advantages, promote in-depth cooperation in the areas of China's smart city, smart mobility, and connected vehicle services.
Under the agreement, EMG said it will provide Continental with legally compliant map data in China, a variety of general and customized functional services, including a fleet visualized management solution for its connected vehicle platform.
The cooperated solutions developed by both parties will also serve for various applications in the fields involving connected vehicle platforms and smart mobility, Luokung added.
Future FinTech Closes Sale of HeDeTang
Future FinTech Group Inc. (Nasdaq: FTFT) announced Thursday that it has sold HeDeTang Holdings (HK) Ltd. to New Continent International Co. Ltd.
The announcement sent the shares in Future FinTech down 7% on Thursday, to 81 cents per share, though its stock recovered 5% in after-hours trading.
The Xi'an-based company said it has obtained shareholder approval according to the listing requirements of the Nasdaq Capital Market.
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.
Delvaux Scores Partnership With JD.com
Delvaux, a maker of luxury leather goods, announced Wednesday its cooperation with JD.com Inc. (Nasdaq: JD).
Under the partnership, Delvaux’s first official online flagship store will be launched on JD.com.
“We are always looking for opportunities to create extraordinary shopping experiences for our customers and strive to provide unique and high-quality services,” Marco Probst, the chief executive officer of Delvaux, said in a statement
He added, "We look forward to consolidating this high-quality cooperative relationship while expanding the Chinese e-commerce market."
Since launching its luxury business in 2017, JD said it has established partnerships with more than 200 luxury brands worldwide.
Delvaux was founded in Brussels in 1829 and is known for its innovative know-how, outstanding leather craftsmanship, and rich historical value, JD said.
Innovent Biologics Achieves First Patient Dosing in Registrational Trial
Innovent Biologics Inc. (HKEX: 01801), a provider of high-quality cancer medicines, announced Wednesday that it achieved first patient dosing in a pivotal phase 2 registrational trial of pemigatinib (IBI375), a FGFR1/2/3 inhibitor, in China.
The study's objective is to "evaluate the efficacy and safety of pemigatinib in patients with advanced cholangiocarcinoma with FGFR2 fusions or rearrangements who have progressed from at least one prior systemic therapy in China," according to an Innovent press release.
"The intrahepatic cholangiocarcinomas (iCCAs) account for approximately 15~20% of all liver tumors with a significant uptrend. Most patients with iCCAs are not amenable to surgical resection with curative intent due to local invasion and metastasis at initial visit," said Jian Zhou, the vice president of Zhongshan Hospital, Fudan University, regarding the announcement.
He added, “Currently, the chemotherapy of gemcitabine combined with cisplatin is recommended as a first-line treatment for patients with advanced cholangiocarcinoma, with 15~26% overall response rate ("ORR"). Unfortunately, most patients will develop resistance to this chemotherapy, and the effective alternative therapies are limited.”
According to the company, pemigatinib, is a potent, selective, oral inhibitor of FGFR isoforms 1, 2 and 3 which, in preclinical studies, has demonstrated selective pharmacologic activity against cancer cells with FGFR alterations.
Bonfire Announces New Program Schedule
Bonfire Media Limited, announces Tuesday that it launched off the upcoming 2020 class schedule, offering the globally recognized Certified Digital Marketing Professional courses from the DMI.
Patrick Tam, the principal lecturer of Bonfire Media said, "Digital capabilities are now a prerequisite for almost any roles within any business organization. Our pragmatic delivery of this standardized CDMP course will equip you with the proper mindset and skillset to excel in your career or to digitally transform your business."
Founded in 2015, Bonfire offering face-to-face classroom style digital marketing training in Hong Kong and the Greater China region, the company added.
Bonfire said, Content Marketing, Social Media Marketing, Search engine optimization (SEO), Paid Search (SEM), Display & Video Advertising, Email Marketing, Website Optimisation, Analytics and Digital Strategic Planning are the topics included in this program.
Bonfire Media, founded in 2015 as the authorized education partner of the Digital Marketing Institute in Hong Kong and Greater China, specializes in face-to-face classroom style digital marketing training.
The Digital Marketing Institute has certified over 20,000+ professionals to date.
Origin Agritech Gets Deal With State Investment Platform
Origin Agritech Ltd. (Nasdaq: SEED), an agriculture technology and rural e-commerce company, announced Tuesday that it has entered a definitive framework agreement with Beijing Changping Technology Innodevelop Group (BC-TID).
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. The company will restructure Beijing Origin and transfer the unrelated assets to Beijing Origin State Harvest Biotechnology Ltd., its wholly-owned subsidiary. Subsequently, BC-TID will inject the cash investment into Beijing Origin, thus holding 51% of equity in Beijing Origin. BC-TID will provide a loan of 137.66 million yuan to Beijing Origin prior to the finalization of the investment.
BC-TID is wholly owned by the local government of Changping District in Beijing and was set up as an industrial investment platform, Origin added.
With over 10 billion yuan in assets, BC-TID mostly invests in the companies in the industrial parks of Changping District, where the Origin Life Science Center building is located.
OneConnect Fights COVID-19 With Artificial Intelligence
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT), announced an effort to support digital transformation at financial institutions that are grappling with operational challenges revealed by coronavirus disruption.
The Shenzhen-based cloud technology solutions company said in a statement today there are three series of products and services in artificial intelligence product solutions including intelligent deposits, online retail loans and loans for small and medium-sized enterprises that will improve operational efficiency and customer services during the ongoing crises.
The outbreak of coronavirus has highlighted the need for financial institutions to upgrade their range of online products and trading tools to serve their corporate and retail customers who are turning to online services without leaving home, OneConnect added.
Last month, the company reported its revenue in the three months through December reached $110.5 million, up 51% year-over-year. Net loss attributable to shareholders in the quarter was $88.5 million compared with $88.7 million in the corresponding period of 2018.
Shares of OneConnect plunged 9% to $12.26 per American depositary share in trading Monday.
TAL Education Cuts Revenue Outlook for Fourth Quarter
The stock of TAL Education (NYSE: TAL) rose 4 cents to $4.39 per American depositary share in after-hours on Friday after the company announced its preliminary revenue results for the fourth quarter.
Due to the coronavirus outbreak in China, the Beijing-based K-12 afterschool tutoring services provider lowered its fourth-quarter revenue outlook to between $850.1 million and $871.9 million, representing year-over-year growth in the range of 17% to 20%, respectively.
The company previously announced its outlook which estimated the total net revenues for the fourth quarter to be in the range of $959.1 million and $980.9 million.
Tricor Scores Partnership With Farseer for Marketing Platform
Tricor Hong Kong announced Friday that it had entered into a strategic partnership with Farseer.
The company said that under the cooperation, Tricor will provide its business advisory and registry services with Farseer's artificial intelligence (AI) platform. Together, the two will build a platform aiming to help companies gain visibility into marketing.
Joe Wan, the chief executive officer of Tricor, said in a statement, “The Tricor-Farseer partnership is a powerful combination. Farseer's AI-driven business monitoring tool will help our clients to be in the know. With first-hand understanding of how their brand is being perceived by their target audience, our clients will be able to respond accurately to social engagement for improved investor relations and customer experience, this partnership will also allow us to build a more comprehensive e-Investor Relations intelligence suite that will drive far more business impact for our clients.”
NetEase and Blizzard to Launch Diablo: Immortal
Chinese tech giant NetEase (Nasdaq: NTES) is cooperating with Blizzard Entertainment on the development of new games and is planning to release the next edition of Diablo.
Diablo: Immortal is based on the world of Diablo. The background of the game is set between Diablo 2 and Diablo 3 and occurs five years after the World Stone is destroyed. Although the launch date has not been announced, NetEase said that the new game has entered the upcoming release queue.
NetEase released its financial report for the year-end quarter on Wednesday evening, saying its revenues rose 9% year-over-year to $2.3 billion in the fourth quarter. That was a significant beat of analysts' forecasts of a 24% revenue drop.
In addition to Diablo: Immortal, Netease is planning to release Onmyouji: Yokaikoya, Harry Potter: Magic Awakening, EVE: Echoes, Hidden World of the Ghost Story Recording, Teana mobile games and Pokémon Adventure.
Farmmi Wins Big U.S. Customer
The stock in Farmmi Inc. (Nasdaq: FAMI) up 1% to $0.72 per American depositary share in trading Thursday after the company announced it won a new U.S. customer who signed a contract to purchase more than six tons of Farmmi's specialized shiitake mushroom products, including flower mushrooms.
Yefang Zhang, the chairwoman and chief executive officer of Farmmi said in today’s announcement, “This new customer was referred by one of our existing customers based on their high satisfaction with our products. This is a significant order for us and reflects the continued demand growth we are benefitting from as we leverage our increased investments in sales and marketing, while building upon Farmmi's strong brand recognition and existing customer relationships.”
Zhang added, “Importantly, we have been able to operate our business with minimal disruptions in the current environment due to our inventory sourcing system, inherent stability of the dried mushrooms we sell and our coordination with the government in Lishui to minimize any potential transportation delays.”
The Lishui-based agricultural products supplier reported its sales volume for January, which has increased by 42% compared to the same month last year. The number of orders was up 44% year-over-year in January.
Sogou Unveils Upgraded AI-powered Pens
Sogou, Inc (NYSE: SOGO) unveiled its upgraded voice recording pens on Wednesday. Now, they integrate voice recording, transcription, editing, storage and sharing, Sina reported.
Sogou released its pens C1 and C1 Pro last year. The new recording pen S1 features AI noise reduction and uses NLP engine intelligent summary technology, which can organize paragraphs through intelligent semantics and intelligently extract keywords to form tags.
The stock in the tech company closed nearly 4% higher on Wednesday, at $4.05 per American depositary share.
Origin Agritech Reports Non-compliance With Nasdaq Rules
Origin Agritech Ltd. (Nasdaq: SEED) announced Wednesday that it has received a letter from the Nasdaq Stock Market stating that the company is not compliant with the listing rules as it has not filed its financials for the fiscal year ended September 30, 2019.
The company has 60 calendar days to submit a plan to the exchange to regain compliance and if such plan is accepted. Origin Agritech may then be granted an exception until August 17, 2020, to regain compliance.
The agriculture technology and rural e-commerce company said its management is pursuing options to address the deficiency. It said it plans to file Form 20-F as soon as possible or submit a compliance plan on or before the deadline set by the capital market.
The company’s shares dropped 3% on Wednesday, closing at $6.06 apiece.
Fuling Global Launches Manufacturing Facility in Indonesia
Fuling Global Inc. (Nasdaq: FORK) announced Tuesday that it has officially launched production at its new manufacturing facility in Indonesia. At nearly 194,000 square feet, the facility is based in Semarang City, Central Java.
The manufacturer and distributor of environmentally friendly plastic and paper foodservice disposable products said the facility launched the production of straws, sauce cups, take-out boxes, and paper cups. It is the company's third factory outside China.
Xinfu Hu, the chief executive officer of Fuling Global, said in the announcement, “Completion of our factory in Indonesia represents an important milestone in Fuling Global's strategy to become a global supplier of foodservice disposable products, offering innovative research and development and high-quality products, with international sourcing capability.”
He added, “It is also by far our largest production plant outside of China and will enable us to provide our international clients with a comprehensive line of products.”
Looking forward, the company said it expects to install 64 production lines of manufacturing equipment in two phases in 2020.
Shares of Fuling traded at $2.12 in New York on Tuesday.
Longevity Extends Acquisition Deadline to May
Longevity Acquisition Corp. (Nasdaq: LOACU) announced Tuesday that it has extended the period of time to execute on a planned business acquisition by three months to May 28, 2020.
Whale Management Corp., Longevity’s sponsor, has deposited into Longevity's trust account an aggregate of $400,000, representing $0.10 per public share, the company added in today’s announcement.
Based in Shanghai, Longevity operates as a blank check company. The company aims to acquire one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization, according to the company.
iClick Gets Tencent Ads Awards; Stock Jumps 4%
iClick Interactive Asia Group Ltd. (Nasdaq: ICLK) announced Monday that its subsidiary OptAim Information Technology Co. Ltd won three major annual awards from Tencent Ads for the second half of 2019, sending its shares up nearly 4% to $4.50 apiece in New York.
Jian "T.J." Tang, the chief executive officer and co-founder of iClick, said in the announcement today, “We feel honored to receive these accolades from our long-term strategic partner Tencent Ads, this success reflects the strength of iClick's data capabilities and is a testament to our competitive position in the market.”
The independent online marketing and enterprise data solutions provider said these three awards including "Outstanding Contribution of the Year", "Best Technology & Data Application Award" and "Best Branding Awards."
LvYue Expands In India
Strategically invested in by Trip.com Group Ltd. (Nasdaq: TCOM), LvYue Group announced on Monday that the average occupancy of the company’s first BeU hotel reached over 80% since its opening on September 2019.
The company said more BeU hotels are in the process of renovation and BeU will open hotels in the main regions of India, including Delhi, Bangalore, Hyderabad, Chennai, Mumbai this year.
BeU said it mainly provides services for domestic customers in India. Most of its employees are Indian, which enables LvVue to make the 'soft landing' (consumer-friendly intriduction) of its Chinese brand in the Indian market.
LvYue Group's foray into the Indian market is a part of its overall global strategy, the company said in the announcement.
LvYue positioned BeU hotel as an Indian business hotel chain with fully standardized products, targeting business travelers.
Highway Holdings’ Stock Inches Higher on Interim Dividend
The stock in Highway Holdings Ltd. (Nasdaq: HIHO) inched 1% higher on Monday afternoon after the company declared an interim dividend.
In a statement today, the Hong Kong-based company said it will pay out 8 cents per share on April 6 to stockholders of record as of March 31.
In response to the news, shares in Highway Holdings rose 2 cents intraday on Monday, to $2.09 apiece.
Highway Holdings makes machine components and electronics for various brands. Last week, the company, which has factories in Shenzhen and Yangon, posted improved financials for the year-end quarter.
SMIC Announces $600 Million Bond Issue
Semiconductor Manufacturing International Corporation (HKEX: 0981; OTC: SMICY) announces yesterday that the company has entered into an agreement with a group of lead managers to issue $600 million 2.693% bonds that is due 2025.
Joint lead managers of this deal includes J.P. Morgan, ICBC International, Barclays, UBS, SPDB International, ICBC MACAU, Silk Road International and BNP Paribas.
The semiconductor giant said it intends to use the net proceeds from the issue of the bonds, approximately $596.5 million, for capital expenditure for capacity expansion and other general corporate purposes.
Approval in-principle has been received for the listing of and quotation for the bonds on the SGX-ST.
SMIC announced improved revenues and profit in its fourth-quarter financials early this month. In the three months through December its revenues reached $839.4 million, up 7% year-over-year. The company attributed the growth to its China business, which accounted for 65% of its revenues.
China XD Plastics Regains Compliance on Shareholder Meeting Requirement
China XD Plastics Co. Ltd. (Nasdaq: CXDC) announced Tuesday that it has complied with Listing Rule 5620 from Nasdaq, which requires CXDC to hold an annual meeting of shareholders within 12 months after the end of the company's financial year.
Nasdaq notified CXDC at the beginning of January; the company held its annual meeting of shareholders on February 11.
The Harbin-based chemical company, which specializes in polymer composite materials for the auto market, announced its subsidiary has signed a loan agreement of $135 million with a group of banks in October of last year.
The stock of CXDC fell 3.18% to $1.52 per share on Wednesday.
Huitao Completes Acquisition of Sunway Kids Education
Huitao Technology Co. Ltd. (Nasdaq CM: HHT) announced on Friday that it has completed the acquisition of Sunway Kids International Education Group Ltd.
The Beijing-based company struck a deal with Sunway Kids in November under which the education provider became a wholly-owned subsidiary of Huitao.
"The closing of this acquisition represents a significant milestone to diversify our business and maximize our shareholder value," Yang Liu, the chief executive officer of Huitao, said in a statement today.
He added, "Demand for smart education in China is rapidly increasing. We see enormous opportunities for value creation through the combination of Huitao's advantage as a public company and Sunway Kids' expertise in early childhood education with AI and robotic technologies. Our vision is to use Sunway Kids' platform to expand our business horizons."
Shares in Huitao soared nearly 30% on Friday to 95 cents apiece.
TCL TV and Tencent Launch Free Learn-at-Home Program
TCL Electronics (HKEX: 1070) announced Wednesday that its subsidiary, Falcon Network Technology, and tech giant Tencent (OTCBB: TCEHY; HKEX: 0700) have jointly launched a Learn-at-Home program on TCL TV.
The company said the broadcast provides educational content for free for a limited time, including classes led by top tutors. On Day One of the program, the number of viewers reached more than 120,000, as reported by Chinese news media CSDN.
TCL, a partially state-owned company, sells consumer electronics on a multinational level. It operates factories in Mexico, Brazil, Vietnam, Poland, and India and boasts of a production capacity that exceeds 15 million sets per year.
The sales volume of TCL TV in China reached 32 million sets in 2019, representing a 12% increase year-over-year. The sales volume in overseas markets increased by 26% year-on-year to 13.46 million sets, according to CSDN.
Youdao Among Few Gainers on Coronavirus, Seeing Stock Soar 29% Friday
Youdao Inc. (NYSE: DAO), the online education arm of NetEase Inc. (Nasdaq: NTES), saw its shares soar 29% on Friday to close at $21.15 apiece in New York.
The national-level new media platform launched by Youdao and China Central Video, operated by China Central Television, announced this week the launch of "First Class of the Epidemic Prevention and Control."
In the program, Meng Wang, a well-known biology teacher, will provide students with knowledge on the prevention and control of coronavirus. Weihua Wang, a senior teacher of active psychology at Tsinghua University, was invited to provide psychological counseling to students, Youdao said.
On January 24, the company announced that the online course will be provided to primary and middle school students in Wuhan free of charge.
Next week, Youdao plans to broadcast the courses live on the new platform.
Xinyuan Has 'Ample Liquidity' to Repay Bonds in March
Xinyuan Real Estate Co. Ltd. (NYSE: XIN) announced on Wednesday that it will pay the principal and interest on $200 million in bonds when they mature on March 19.
"We currently have ample liquidity and unimpeded cross-border funding channels. We understand there is some concern about the slowdown in business activity in China due to the health situation. We want to assure bondholders and investors that Xinyuan is operating in a fine condition and all financial obligations will be met on time and in full," Yong Zhang, the chairman of Xinyuan, said in the statement.
The senior notes were issued on March 19, 2018.
Founded in 1997, Xinyuan operates real estate projects in more than 10 cities in China, including Beijing and Shanghai. The company claims it was one of the first Chinese real estate developers to enter the U.S. market and has been active in New York City.
On Thursday, XIN shares closed up 2 cents, at $3.29 per American depositary share.
DingTalk Overtakes WeChat Work
With more and more workers staying home due to coronavirus fears, the demand for the online working application has sharply increased.
DingTalk said the 200 million users working from home and the demand for video conferencing have brought huge pressure on the company's back-end systems. After the emergency expansion of 10,000 servers through Alibaba Cloud on March 3, DingTalk expanded another 10,000 cloud servers on March 4.
Su Yi, the chief technology officer of DingTalk said, “This morning, the functions of DingTalk video conference and group live broadcast are very smooth. However, the data we saw in the background is still rising rapidly. We and Alibaba Cloud have established a special team to work around the clock to ensure the stability of the platform,” as reported by Sina Finance on Friday.
As of Wednesday morning, DingTalk’s download volume jumped to the top of the free chart.
China's Karma Auto Opens a U.S. Design Studio
Karma Automotive, a Chinese multinational automotive parts manufacturing company, has launched a design studio in Irvine, California, on Friday.
The luxury electric vehicle automaker, backed by Wanxiang Group, said the studio will promote Karma Design to provide design services to Karma and other partners.
Lance Zhou, the chief executive officer of Karma, said in the announcement today, "Karma Design plays an important role in Karma's diversification efforts as we embrace new market opportunities and evolve toward the next phase of our future, our dedicated in-house design team will lend their expertise to other OEMs, startups and those seeking to leverage our luxury- lifestyle design services beyond automotive."
The new design studio is part of its wider investment of more than $10 million in new infrastructure, the company added.
Wanxiang bought the assets of Fisker Automotive in 2014 and renamed it to Karma Automotive. The company provides engineering, design, customization and manufacturing resources to companies looking to speed up product development, access new technologies, or upgrade their products to luxury level.
BlackRock Increases Stake in PetroChina to 8.02%
BlackRock Inc. has acquired an additional 7.5 million shares in China's largest oil and gas company, PetroChina Co. Ltd. (NYSE: PTR; HKEX: 00857), at about HK$3.73 per share.
Now, BlackRock, a global investment manager that offers a range of solutions for institutions, financial professionals and individuals in multiple global markets, owns a stake of 8.02% in PetroChina, a total of 1.69 billion shares
Newly-listed Phoenix Tree Shares Hit Bottom
Phoenix Tree Holdings Ltd. (NYSE: DNK), a Chinese co-living space rental platform that became publicly traded on January 17, saw its stock price hit bottom this week, at $12.37 per ADS.
The outbreak of coronavirus is expected to freeze the real estate market in China. Housing sales in the country are currently blocked and payment collection has slowed, which is bound to weigh on the money flow in the industry. This has certainly challenged investors’ confidence.
Phoenix Tree operates one of the largest co-living platforms in China known as "Danke." As of September, Phoenix Tree managed 406,746 apartments. In its initial public offering earlier this month, the company sold 9.6 million American depositary shares at $13.50 apiece.
On Wednesday, the stock in Phoenix Tree closed at $12.50 per share - at a 2% drop on the day.
JinkoSolar Joins Tesla to Sponsor San Diego Solar Games
The lineup of competitors participating in the three-day solar games installer competition, set to kick off next week in San Diego, California, was announced on Wednesday.
On Feb 4., four teams from across the United States will compete side-by-side on two rooftops to build a residential solar and storage system. The systems will each total 4 kilowatts. The next day, two finalists will battle for the title of 2020 Solar Games Champion and a $5,000 cash prize. JinkoSolar Holding Co. (NYSE: JKS) will serve as one of the judges.
The solar games will be held by Intersolar North America at the San Diego Convention Center. Intersolar North America said it’s the first major solar and energy storage event of 2020 in its announcement Wednesday.
Wes Doane, the event director of Intersolar North America, said the organizers wanted to create a dynamic, live event for the show floor that highlights the segment of installers as well as the commercializing innovative solutions.
One of the sponsors of the event is JinkoSolar, which will offer equipment together with Tesla, Everest Solar Systems, Rolls Battery Engineering and AIMS Power.
The Shanghai-based solar energy company, which makes solar modules, partnered with the Shanghai Institute of Space Power-Sources to help develop space-based photovoltaic cells earlier in January. The company also announced its new chief technology officer Hao Jin on Jan. 20.
After beginning December trading at $18.47 per ADS, JinkoSolar's stock has closed as high as $24.35 apiece in early this year and then cooled down by mid-January.
On Wednesday, shares in JinkoSolar were trading at $19.58 apiece, down a slight 0.41% intraday.
China Unicom Provides Service Without Downtime to Hubei Province
China Unicom (Hong Kong) Ltd. (NYSE: CHU) announced service without downtime for customers in Hubei province, as Beijing Daily reported.
China Unicom said the company’s O & M team is trying to ensure communication between Hubei province and outside of the province. At present, it has strengthened the monitoring of mobile network indicators such as the three major railway stations and airports. The city's hospitals in Hubei are the key monitoring indicators.
Meanwhile, China Unicom's 10010 customer service hotline has been activated for 24/7, which can deal with various issues in a timely manner.
Mainland China Extends Market Closure to Monday
The stock market exchanges in Shanghai and Shenzhen announced that they will extend the Lunar New Year holiday closure, reopening the markets on Monday; typically the exchanges reopen Friday, the day after the end of the lunar holiday.
In a statement, the exchanges said that all business originally scheduled for Friday will be implemented on Monday.
The Hong Kong Stock Exchange, however, is keeping its usual schedule, opening on Wednesday.
Stock Connect in Hong Kong will be closed this week due to mainland public holidays. It will open next Monday according the Hong Kong and Shenzhen exchanges. Stock Connect allows international and mainland Chinese investors to trade over 2,000 equities in each other's markets through their home exchange.
(Trading calender of Hong Kong Stock Exchange, Source:HKEX)
Also, the Hong Kong Stock Exchange announced Monday that the opening ceremony of the first trading day of Lunar New Year on Wednesday will be cancelled due to the increased risk of coronavirus infection.
Baidu Launches Migration 3.0 Update Aiming to Help Avoid Coronavirus
Baidu Inc. (Nasdaq: BIDU) has launched a new migration trend chart in its Baidu Migration 3.0.
The upgrade includes the introduction of a designated city migration trend chart function, after selecting a city's "Move Out" or "Move In", people can view the migration trend of the target city's first day of the Chinese New year to the current day, as Sina reported.
(Baidu Migration 3.0)
Baidu said this platform can help check the migration status of all cities except Hong Kong, Macao and Taiwan. As well as the popular routes, popular cities, and popular starting points during the Chinese New Year. The company hopes the change can help people avoid going into populated areas during the SARS-like virus spreading period.
Gulf Resources Regains Compliance With Nasdaq
The Shouguang, China-based manufacturer of bromine, crude salt and specialty chemical products, Gulf Resources, Inc. (Nasdaq: GURE), announced that it had regained compliance, receiving a letter dated Jan. 23 from the Nasdaq Stock Market Listing Qualifications Staff stating its having met the shareholder approval requirements articulated in Nasdaq Listing Rule 5635(c).
The rule is focused on shareholder approval requirements with respect to equity compensation.
The company had disclosed the back on September 19 in a Form 8-K filing that it was notified by Nasdaq on September 13 that that it did not comply with Nasdaq's shareholder approval requirements and that it had to submit a plan of compliance by October 28, 2019.
After Nasdaq’s review of the submitted materials, the company has met those requirements related to shares it had issued a consultant.
On the news, shareholders issued a collective sigh of relief and the stock jumped 10%.
Huazhu Group Takes Measures Amid SARS-like Virus in Wuhan
Huazhu Hotels Group Ltd. (Nasdaq: HTHT) announced today that it decided to suspend the alliance fee and central reservation fee for franchises in the city of Wuhan as of January 23. Jiemian reported this measure to aim to reduce the burden of operation during the outbreak of SARS-like virus in this area.
In addition, Huazhu said it will provide catering and other services for stranded guests in Wuhan to ensure the configuration of various anti-epidemic materials, including masks, temperature measuring instruments, disposable hand sanitizers, alcohol, disinfectant and daily guest supplies.
According to The New York Times, Wuhan announced to be sealed off at midnight today. All transportation including airplanes trains and long-distance bus are shut. The city's bus, subway, and ferry operations are suspended. On Weibo, a Chinese social media site similar to Twitter, the hashtag “Wuhan is sealed off” was on the top with more than 1.6 million views.
To prevent and control the virus in the city of Wuhan, Huazhu added it placed a guest book in all rooms to remind people of epidemic prevention.
Huazhu's stock was influenced by this fast spreading virus, dropping nearly 2% on Thursday, trading at $33.24 per share
ANE Logistics Completes Round F in Pre-IPO Financing
ANE Logistics has received a $300 million pre-IPO round of F financing backed by centurium capital.
The less than truckload (LTL) franchise company said it will use the new capital to improve its operating efficiency and expand its market share.
Founded in 2010, ANE Logistics grew to ship an average daily volume of 40,000 tons as of December 2019. It has more than 20,000 outlets and stores in China.
ANE had completed six rounds of financing and is anticipated to pursue an initial public offering.
JD Logistics Launches Sales of Fresh Produce on Jingxianfang
The Jingxianfang flagship online store, created by the logistics arm of JD.com Inc. (Nasdaq: JD), has officially launched today with the sales of three products.
Jingxianfang is a new attempt by JD Logistics to delve into sales of agricultural products, as reported by various local media on Wednesday.
All products in the online shop are fresh and will be delivered on the same day. JD Logistics vowed to ensure the timeliness and quality of the deliveries.
GDS to Offer $7.9 Million Worth of ADRs; Stock Drops 2%
Shares in GDS Holdings Ltd. (Nasdaq: GDS) dropped nearly 2% on Tuesday, to $51.58 apiece, on reports that the company is offering a $7.9 million block of American depositary receipts.
The data center company has priced its ADRs at between $51 and $52 each through Morgan Stanley, Bloomberg reported.