Your Investment News From China to Wall Street
Sep 18, 2018 1:52 PM PT

Jianpu Technology Appoints New Chief Scientist

Jianpu Technology Inc. (NYSE :JT ), an online platform that recommends and links financial products to consumers in China, today announced the appointment of Yu Zou as its chief scientist.  Zou will be directly in charge of Jianpu's Rong360 Artificial Intelligence (AI) Research Institute.

"His experience and expertise will be invaluable to the next phase of Jianpu's technology-driven growth as we further explore the AI applications and capabilities in financial service sector surrounding a series of technologies such as machine learning, natural language processing, as well as image recognition and voice interaction," said David Ye, CEO of Jianpu. 

Prior to Jianpu, Zou served as a senior director of Research and Development (R&D) at Inc. (JD), leading its personalization and sorting platform and NLP R&D departments as well as a number of JD's AI algorithm projects.

Sep 18, 2018 11:10 AM PT

CEO of GigaMedia Purchased Additional Shares

GigaMedia Limited (Nasdaq :GIGM) today announced that its CEO Cheng-Ming Huang has purchased a total of 69,967 shares of GigaMedia stock by Pacific Star Universal Group Ltd. at an average price of $2.9929 on September 13th, and 14th, 2018. Mr. Cheng-Ming Huang now holds a total of 550,066 shares, an ownership of around 4.98 percent in the company.

Sep 10, 2018 10:26 AM PT

IQiyi CEO Named "Businessman of the Year" by GQ China

Yu Gong, the founder and chief executive officer of iQiyi Inc. (Nasdaq: IQ), China's popular Netflix-like content streaming platform, was named "Businessman of the Year" by GQ China, an edition of the global men's magazine.

According to the company's statement posted on Monday, Gong was selected for his contribution to the online entertainment industry and technological innovation. GQ China highlighted how Gong "combines both the keen acumen of a businessman and the technological insights of an engineer, having led iQIYI to innovate the most advanced technology at the same time as creating the most engaging original content," iQiyi said.

The magazine awards "Men of Year" status to honor prominent individuals in Chinese society in sectors including culture, business, fashion, entertainment, and public life. Gong was previously recognized at the 2016 "Men of the Year" awards as "Entrepreneur of the Year."

Shares in iQiyi were trading at $26.69 per American depositary share by Monday afternoon, down 2 percent.

Sep 07, 2018 9:48 AM PT

Susquehanna Sets Baidu Price Target at $325, at 51% Upside

Susquehanna International Group LLP (SIG) has initiated coverage of China's tech giant Biadu Inc. (Nasdaq: BIDU) with a price target of $325 per American depositary share, 51 percent above yesterday's close.

Analyst Shyam Patil at the global trading firm issued a "positive" rating on the Chinese company, as reported by StreetInsider.

The stock of Baidu was trading at $212.57 per share Friday afternoon, down more than 1 percent.


Sep 06, 2018 1:33 PM PT

IQiyi Sports Closes Final Round of Series A Funding

Online entertainment company, iQiyi Inc. (Nasdaq: IQ) said today that iQiyi Sports, a joint venture between the company and Super Sports Media, had completed its second tranche of Series A round of financing, securing a total of RMB 850 million in investment. This second round, representing the remaining RMB 350 million, came from both China Sports Capital, a joint venture between CMC Capital Partners and Sequoia Capital, and Yao Capital. This followed an initial tranche of RMB 500 million financing completed earlier last month, provided by IDG Capital and private equity firm Hui Ying Bo Run. IQiyi Sports is a new online sports media platform and is a joint venture between iQiyi and Super Sports Media, a subsidiary of DDMC Group. 

Sep 06, 2018 1:26 PM PT

Zai Lab Announces Pricing of Shares in Secondary Offering

Zai Lab Ltd. (Nasdaq: ZLAB), priced its previously announced secondary offering of shares at $20 per share as part of its plan to raise $150 million in the public markets. The Shanghai-based company said it sold 7.5 million American depositary shares. Each ADS represents one ordinary share. In addition, the company said it granted the underwriters a 30-day option to purchase up to an additional 1.125 million ADSs. The offering is expected to close on Sept. 10. 

Sep 05, 2018 3:38 PM PT

Trump Says Not Ready to Make Trade Deal with China

WASHINGTON (Reuters) - U.S. President Donald Trump said on Wednesday that the United States was not yet ready to come to an agreement over trade disputes with China but he said talks would continue.

The world's two largest economies have slapped tariffs on $50 billion of each other's goods in a tit-for-tat trade war, and Trump is considering imposing tariffs on another $200 billion in Chinese imports.

"We've done very well in negotiations with China but we're not prepared to make the deal that they'd like to make," Trump told reporters at the White House without elaborating on the details.

"We'll continue to talk to China. I have great respect for (Chinese) President Xi (Jinping)," Trump said. "But right now we just can't make that deal."

Washington has demanded Beijing improve market access and intellectual property protections for U.S. companies, cut industrial subsidies and slash a $375 billion trade gap.

China has accused the Trump administration of applying hardline tactics and has called for more talks.

Sep 05, 2018 11:53 AM PT

IClick Announces Departure of Two Directors

Hong Kong-based iClick Interactive Asia Group Ltd. (Nasdaq: ICLK), an online marketing and data technology platform in China, said today that two directors of the company were leaving the board of directors.

The two board members, Yu Long of Bertelsmann Asia Investments, and Antares Au of SSG Capital, were both early stage investors in the company. Effective Sept. 1, their departures "were not due to any disagreement with the company," iClick said.

“We appreciate the contributions from Ms. Long and Mr. Au during an important stage in our company’s development, and we wish them our best as they focus on new opportunities,” said Sammy Hsieh, chairman, chief executive officer and co-founder of iClick.

Following the departures, iClick has four independent directors on its seven-person board.

Sep 04, 2018 10:35 AM PT

The9 Announces Share Acquisition by CEO, Leading Choice Holdings; Stock Soars 37%

The9 Ltd. (Nasdaq: NCTY) today announced that the company's chairman and chief executive officer, Jun Zhu, is acquiring $3 million worth of its American depositary shares.

In addition, the Shanghai-based Internet company said it has arranged a partnership with Hong Kong's Leading Choice Holdings Ltd., under which it is acquiring a minority stake in the company in exchange for 7 million of its American depositary shares for an equivalent of $2.14 per share, representing a premium of 98 percent from Friday's close.

In response, the stock of the Chinese Internet company soared 37 percent intraday Tuesday to $1.48 per ADS.


Shares in The9 soared 37 percent to $1.48 per share Tuesday afternoon.

(Source: Thomson Reuters Eikon)

Aug 29, 2018 12:04 PM PT

Alibaba Group to Host Investor Day on September 17-18

Alibaba Group Holding Ltd. (NYSE: BABA) today announced that it will host an Investor Day on September 17-18, 2018 in Hangzhou, China. Speakers will include the famous one and only Jack Ma, Joe Tsai (Executive Vice Chairman), Daniel Zhang (Chief Executive Officer), Maggie Wu (Chief Financial Officer) and other members of our senior management team.

Live webcast will be avaible at Alibaba Group’s corporate website at and the exact time will be posted on the Investor Relations section before the Investor Day.

Aug 29, 2018 11:58 AM PT

Sunlands Announces $50 Million Share Buyback Program; Stock Jumps 3%

Sunlands Online Education Group (NYSE: STG) today announced a $50 million share repurchase program, sending its stock up 3 percent intraday to $6.43 per American depositary share.

The Beijing-based company, which provides online post-secondary and professional education in China, said the buyback of shares would be carried out over the next 12 months.

“We are pleased that our strong cash generating ability enables us to return value to shareholders as well as continue to invest in enhancing our content, upgrading our technology, and attracting more students to our platform to sustainably grow our business," Tongbo Liu, the chief executive officer of Sunlands, said in a statement Wednesday.

"The share repurchase program reflects the Board's confidence in our strategy to strengthen our leadership position in China's online post-secondary and professional education market,” Liu added.

Aug 29, 2018 9:06 AM PT

Fanhua Increases Share Repurchase to 6.5 Million ADSs; Stock Up 2%

Chinese FintTech company, Fanhua Inc. (Nasdaq: FANH), today announced it has increased its share repurchase program to 6.5 million American depositary shares from the $20 million as previously declared.

Earlier this week, the company was hit with a short-seller report by Seligman Investments, which alleged that Fanhua has reverted to its old business practices of 2010, back when it was known as CNinsure and traded under the symbol "CISG."

Seligman reminded shareholders that CNinsure was among the first Chinese companies in the U.S. to crash on short-seller allegations of fraud. The short-seller said it saw a similar pattern of fraud in Fanhua’s activity as recent as its second-quarter report.

Fanhua denied all allegations, saying Seligman’s claims were “false and groundless.”

Fanhua’s increased share repurchase program has been extended until December. At $20 million, the company would have bought back about 862,000 ADSs at Tuesday's close of $23.20 per share.

“We believe that the current stock price does not reflect the underlying value of the Company. The adjustment in the share purchase program and the 521 development plan will help minimize dilution to existing shareholders,” Chunlin Wang, Fanhua’s chairman and CEO, said today.

“In the meantime, it closely aligns the interests of our employees and entrepreneurial team leaders with the Company and our shareholders, which will further motivate them to achieve the goals set in the 521 Development Plan.”

Fanhua's stock was trading up 2 percent Wednesday morning, at $23.76 per share. Since Seligman's report, the company's shares slid nearly 16 percent from its peak price on Monday at $28.14 per share.

Aug 27, 2018 5:47 PM PT

Luokung Technology Announces Acquisition of SuperEngine

Luokung Technology Corp. (Nasdaq: KONE), a long-distance travel mobile service and technology service provider in China, today announced that LK Technology Ltd., a wholly-owned subsidiary, entered into a stock purchase agreement with Superengine Holding Ltd. Under terms of the agreement, company will be able to expand into the intelligent application industry on the strength of SuperEngine's technologies. 

SuperEngine is a leader in graphics data processing, including large-scale spatial-temporal data indexing, storage, transmission and visualization that can be used in vector maps, and other related fields.

Aug 27, 2018 2:05 PM PT

Lexin Fintech Announces Changes to Board Committees

Lexin Fintech Holdings Ltd. (Nasdaq: LX), an online consumer finance platform in China, today announced that the board has appointed Xiaoguang Wu as a member of the audit committee, a member of the compensation committee, and the chairman of the nominating and corporate governance committee, replacing Yibo Shao and Jay Wenjie Xiao. Shao remains as director of the board and Xiao remains chairman of the board.

Aug 26, 2018 5:55 PM PT

Acorn International Announces New CFO

Acorn International Inc. (NYSE: ATV) today announced the departure of vice president and CFO Geoffrey Gao Weiji for personal reasons. Effective immediately, Acorn has appointed Martin Oneal Key, as acting CFO to replace Weiji. "Geoffrey has left Acorn due to personal reasons and to spend more time with his family. We thank him for his services and efforts over the past seven years and wish him all the best in the future," said Jacob A. Fisch, CEO and president of Acorn. Shanghai-based Acorn, which was previously a leading TV infomercial company in China, focuses on seeling branded products through e-commerce channels. 

Aug 23, 2018 3:19 PM PT

Fuwei Stock Peaks 21% After-Hours on Higher Revenue, Lower Loss

Fuwei Films (Holdings) Co. Ltd. (Nasdaq: FFHL) said Thursday evening that its net sales increased nearly 14 percent during the second quarter to $12 million while net loss narrowed 25 percent to $1.3 million.

Loss per share during the second quarter was 40 cents.

The stock of the Beijing-based maker of BOPET plastic films closed at $2.23 per American depositary share Thursday. After the company posted financial results for the second three months, its shares jumped 48 cents in after-hours trading. 


Shares of Fuwei soared nearly 21 percent in after-hours trading Thursday to $2.80 per share 

after the company posted second-quarter results.

Aug 22, 2018 9:58 AM PT

Pinduoduo to Release First Earnings as Public Company on Aug. 30

Newly-listed Pinduoduo Inc. (Nasdaq: PDD) plans to post its second-quarter results after the markets close on Aug. 30, the company announced today.

The earnings release would mark the first for Pinduoduo since the popular social e-commerce platform began trading its shares publicly at the end of July, in a largest Chinese IPO in New York in four years. 

Soon thereafter, the firm became entangled in a series of lawsuits in the U.S. for allegedly selling counterfeit products on its platform, and thus reporting misleading information to its shareholders.

The stock of Pinduoduo was trading at $18.35 per American depositary share by noon Wednesday, down more than 2 percent. The intraday price was 65 cents below the company's IPO offering of $19 per share.

Aug 20, 2018 4:40 PM PT

IKang Healthcare Shareholders Approve Buyout

IKang Healthcare Group Inc. (Nasdaq: KANG), which provides private preventive healthcare services in China, said today announced that shareholders approved a previously announced merger plan that would take the company private.

The Beijing-based company said that more than 99 percent of the votes cast by shareholders were in favor of the plan. Sixty-three percent of the shares were voted, representing 72 percent of the voting rights. The merger plan, announced March 26 and amended May 29, would remove the company's American depositary shares, each representing one-half of a class A common share, would no longer be listed on the Nasdaq Global Select Market.  

Shares in iKang closed today at $18.60, up 3 cents.

Under terms of the original proposal, the company announced in March that it had agreed to go private through a merger agreement at $20.60 per American depositary share.  In May, the company announced it had amended its previously announced merger agreement, which included IK Healthcare Investment Ltd. and IK Healthcare Merger Ltd. Under terms of the new deal, Boyu Capital Fund III,L.P. joined the affiliates of Yunfeng Capital and Alibaba Group Holding Ltd. (NYSE: BABA) as a sponsor and provide equity financing for the deal, the company said.

With 111 company-owned operating medical centers, covering 33 of China's largest cities, iKang also provides medical services in more than 200 cities by contracting with over 400 third-party facilities.

Aug 20, 2018 3:40 PM PT

Link Motion Signs Deal with Alibaba's Fliggy Unit; Shares up 6%

Link Motion Inc. (NYSE: LKM), a smart car and smart ride company, said today that it reached an agreement with Fliggy, the travel agency subsidiary of e-commerce conglomerate Alibaba Group Holding Ltd. (NYSE: BABA).

The Beijing-based company said it would serve as the first supplier to Fliggy's "smart scenic spot" project in Hangzhou, which is intended to increase traffic to popular tourist locations while integrating offline activities, such as eating, traveling and entertainment into smart internet-connected screens. The company said it previously obtained the necessary online certification and registration to commercialize its Smart Ride business. 

Link Motion closed up nearly 6 percent today at $1.08 per share, an increase of 6 cents.

Aug 20, 2018 3:27 PM PT

Renmin Tianli Sells More Hogs, but Margins Squeezed, Reports Loss

Renmin Tianli Group Inc. (Nasdaq: ABAC), which produces breeder hogs, market hogs and black hogs, as well as specialty processed black hog pork products, said today its results for the second quarter fell to a loss of $418,000, or 5 cents per American depositary share, in contrast to earnings of $64,000, or 1 cent per share, a year ago.

However, the company, based in Wuhan City, said revenue for the period was roughly flat during the same period at $6.179 million, down slightly from $6.222 million a year ago. 

"Despite a 20% increase in the number of hogs sold from our hog farming business, overall revenues decreased slightly during the second quarter primarily due to decreases in average selling prices for both hog farming and retail as well as a decline in retail sales volume," said Luchang Zhou, the company's chief executive officer. "However, we have seen an improving trend in hog prices since July and, if this trend continues, anticipate a gradual recovery in our business in the second half of the year."

Renmin closed today at $1.95 per share, up 6 cents, or more than 3 percent.

Aug 16, 2018 10:45 AM PT

Xinyuan Announces Bond Repurchases

Xinyuan Real Estate Co. Ltd. (NYSE: XIN), a real estate developer and property manager in China said today that it planned to repurchase an aggregate principal amount of $50 million of its outstanding senior notes.

The Beijing-based company said it would repurchase notes in the following series: (i) 8.125 percent senior notes due 2019 issued on August 30, 2016; (ii) 7.75 percent senior notes due 2021 issued on February 28, 2017; (iii) 8.875 percent senior notes due 2020  issued on November 22, 2017 with additional offering on December 1, 2017; and (iv) 9.875 percent senior notes due 2020 issued on March 19, 2018. No timetable was given for the planned repurchases.

Xinyuan stock was up nearly 4 percent in mid-day trading in New York today at $4.14 per share.

Aug 16, 2018 10:33 AM PT

Bright Scholar Chair Buys Company ADSs; Shares Jump

Bright Scholar Education Holdings Ltd. (NYSE: BEDU) said today that its chairperson, Huiyan Yang, had purchased 450,000 American depositary shares in the company on the secondary market. The Foshan-based company, a leading operator of international and bilingual K-12 schools in China, said the purchases were made through a company Yang controls, Concrete Win Ltd.  The company did not specify the timing or purchase price of the shares. As of late February, Yang held 20 million Class B shares in Bright Scholar, representing a 19.7 percent stake in the company's voting rights.

Shares in Bright Scholar were trading up more than 9 percent mid-afternoon today in New York at $13.48 per share. The stock price hit a 52-week high of $28.18 per share in October.

Aug 14, 2018 6:19 PM PT

Phoenix New Media Reports Earnings Jumped 81%, Beats Estimates

Shares of Phoenix New Media Ltd. (NYSE: FENG) jumped 2.7 percent today in New York after the company reported a more than 80 percent increase in net income.

For the second quarter, non-GAAP net income attributable to Phoenix New Media shareholders was 53.1 million yuan ($8 million), as compared to 29.3 million yuan in the second quarter of 2017. Company's revenue, however, was 362.5 million yuan ($54.8 million) under the new accounting standard, which represented a decrease of 7.8 percent from a year ago. 

The Beijing-based company, a top player in providing content on internet, mobile, and TV outlets, controls nearly 42 percent of Particle, which operates Yidian Zixun, a mobile news aggregator in China. 

Aug 14, 2018 4:37 PM PT

NF Energy's Q2 Revenue Fell by Two-thirds; Stocks Tanked 26%

Shares in NF Energy Saving Corp. (Nasdaq: NFEC) tanked more than 26 percent today as the small energy services company announced disappointing second quarter earnings with net loss growing six fold. 

The company, based in Shenyang, reported that total revenue was $564,339 for the three months ended June 30, as compared to $1.67 milllion for the corresponding period in 2017. Net loss was $1.65 million for the second quarter, as compared to net loss of $261,333 for the corresponding period in 2017.

Aug 13, 2018 10:59 AM PT

China Biologic Appoints Bing Li as CEO

China Biologic Products Holdings Inc. (Nasdaq: CBPO) announced today the appointment of Bing Li as its new chief executive officer, in place of Zhijun Tong, who will remain as an executive director and president of the company.

The chairman of the biotech company, David Hui Li, said in a statement Monday, "I believe, with his extensive expertise in the pharmaceutical industry and solid understanding of the industry and the Company, Dr. Li is well qualified for the task to execute the Board's recent strategy to rejuvenate the Company, to strengthen the Company's market positioning and to transform it into a next-generation global biopharmaceutical company."

Before he joined China Biologic in July, Bing Li served on the board of the company between 2011 and 2014. He has experience serving as a vice president of Shanghai Fosun Pharmaceutical (Group) Co. Ltd., as a managing director of Fosun Group, and as an executive director of Warburg Pincus, an American private equity firm. Previously, Li has also held lead roles at global pharmaceutical companies GlaxoSmithKline and at Eli Lilly and Co.

The stock of China Biologic was trading at $94.74 per American depositary share, up 1 percent intraday Monday. 

Last week, the company announced worse-than-expected results for the second quarter, attributable to regulatory changes and intense competition.

Aug 10, 2018 12:22 PM PT

Qu Toutiao Confirmed IPO, But Refused to Comment on the Schedule

People from Qu Toutiao confirmed that the company is preparing for an IPO, saying that "we are open to the idea of an IPO, but we can't disclose the schedule yet."

Earlier this week, Reuters reported that QuToutiao plans to raise up to $300 million in New York, with the roadshow starting as early as this month, according to sources.

If successful in its initial public offering plans, the Shanghai-based company, launched less than two years ago, would double its valuation to $3 billion.

Aug 10, 2018 8:29 AM PT

China Imposes Anti-Dumping Duties on Synthetic Rubber From U.S., EU, Singapore

China's Ministry of Commerce said on Friday it would levy anti-dumping duties ranging from 23.1 percent to 75.5 percent on halogenated butyl rubber from the United States, the European Union, and Singapore starting from Aug 20.

The ministry, which had imposed temporary anti-dumping duties on the synthetic rubber from those countries in April, said the 75.5 percent tariff would apply to U.S. rubber made by Exxon Mobil (NYSE: XOM) and other U.S. companies.

Arlanxeo Belgium faces a 27.4 percent tariff, while Exxon Mobil Chemical and other companies in the EU face 71.9 percent. Arlanxeo Singapore has been hit with a 23.1 percent tariff and other Singapore firms 45.2 percent.

A spokeswoman for Arlanxeo, a 50-50 joint venture between Saudi Aramco and Cologne-based Lanxess AG, said in an email that the company continued to work with the Ministry of Commerce on the matter. Aramco said on Wednesday it planned to acquire Lanxess' 50 percent stake in Arlanxeo.

Exxon Mobil did not immediately respond to a request for comment.

Aug 09, 2018 2:48 PM PT

AGM Group Acquires Minority Equity Interest in Canadian Currency Exchange Company

AGM Group Holdings Inc. (Nadsaq: AGMH), a Fintech company providing trading platform solutions, today announced that it has entered into an equity acquisition agreement to acquire a 5 percent equity interest in Matrix International Group, Inc., a Canadian start-up company providing currency exchange platform services and related software solutions for individual and business clients, from a controlling shareholder of Matrix for consideration.

Aug 09, 2018 11:25 AM PT

IQiyi Signs New Exclusive Streaming Deal with Nickelodeon

Chinese video streaming platform iQiyi Inc. (Nasdaq: IQ) has signed a new multi-year Nickelodeon content deal for mainland China with Viacom International Media Networks, a division of Viacom Inc. (NASDAQ: VIA, VIAB). Under the new expanded agreement, iQiyi will have exclusive streaming rights for Mandarin and English Nickelodeon programming in mainland China on iQIYI's platforms for kids, which will see an anticipated four-fold increase of content from their previous deal. 

iQiyi’s collaboration with Nickelodeon first started in 2012. In 2017, iQiyi signed an exclusive cooperation agreement with Nickelodeon, winning exclusive streaming rights to “Shimmer and Shine” and “Blaze and the Monster Machines”.

Aug 08, 2018 11:24 AM PT

ATA Declares Special Cash Dividend of US$6.00 per ADS

ATA Inc. (Nasdaq: ATAI), a provider of testing-related services in China, today announced that its board has declared a special cash dividend of $3.00 per common share, or $6.00 per American Depositary Share (ADS) in connection with and conditioned upon the final closing of the sale of ATA Online (Beijing) Education Technology Co., Ltd., the company’s subsidiary that operates the testing services and delivery business.

The total amount of cash distributed in the dividend is expected to be approximately $140 million. The dividend will be paid on or around August 24, 2018, to all shareholders of record as of the close of business on August 20, 2018.

Aug 07, 2018 12:09 PM PT

Vipshop to Announce Second Quarter 2018 Financial Results

Vipshop Holdings Limited (NYSE: VIPS), an online discount retailer for brands in China, today announced that it plans to release its second quarter 2018 financial results on Monday, August 13, 2018 after market close. The company will hold a conference call on Tuesday, August 14, 2018 at 8:00 am Eastern Time or 8:00 pm Beijing Time to discuss the financial results.

Aug 06, 2018 7:15 PM PT to Report Second Quarter 2018 Financial Results on August 16, Inc. (NASDAQ: JD), China’s e-commerce company, today announced that it plans to release its unaudited second quarter 2018 financial results on Thursday, August 16, 2018, before the market opens.’s management will hold a conference call at 8:00 am to discuss the second quarter 2018 financial results.

Aug 06, 2018 7:44 AM PT

Ctrip to Report Results for Second Quarter on Sep 5 International Ltd. (Nasdaq: CTRP), the world’s second-largest travel booking platform based in Shanghai, announced Monday it would release its financial results for the second quarter on Sep. 5.

In its financials for the three months ended Mar. 31, Ctrip reported strong growth, showing its earnings per share beat analysts' estimates by 13 cents, and income increased nearly twentyfold from a year ago. Earnings were $170 million compared with $8.3 million a year ago, while revenue reached $1.1 billion, an 11 percent increase.

For the second quarter, Ctrip said it expected net revenue to grow between 12 and 17 percent compared with the same quarter last year.

The stock of Ctrip was trading at $40.47 per American depositary share, up 6 cents in early hours of trading Monday.

Aug 03, 2018 3:30 PM PT

Senmiao Technology Announces New CEO

Senmiao Technology Ltd. (Nasdaq: AIHS), an online lending platform, said today that Xin Chen resigned from her positions as chief executive officer of Senmiao and General Manager of the company's operating entity, Sichuan Senmiao Ronglian Technology Co., Ltd. The company, based in Chengdu, said Chen resigned for personal reasons.

To replace Chen, the board said it appointed Xi Wen, who will continue to serve as Senmiao's president, secretary and chairman. Haitao Liu was named to replace Chen as CEO of Sichuan Senmiao. 

Aug 01, 2018 12:52 PM PT

Orient Paper Changes Name to IT Tech Packaging, Symbol to "ITP"

Orient Paper Inc., (NYSE American: ONP) announced today that the change of its name to IT Tech Packaging Inc. and its trading symbol to "ITP" has been successfully completed on August 1.

The company’s common stock will trade under a new CUSIP number, 46527C100.

Orient Paper, a Chinese maker of paper products, said it was changing its name and symbol through a short-form merger in mid-July. 

The company has been eyed suspiciously by stockholders on Wall Street after in 2010 it was targeted by allegations of fraud by short-seller Muddy Waters Capital LLC.

The Baoding-based company has been trading on the NYSE since 2007, after entering the U.S. market through a reverse merger. After the 2010 allegations and following lawsuits, Orient Paper’s stock never recovered to its peak price of nearly $15 per share.

On Wednesday afternoon, still under the ticker “ONP,” its shares traded 3 percent down, at 95 cents.

The company expects to release its second quarter financial results between Aug. 6 and 10.

Aug 01, 2018 10:28 AM PT

JMU Announces 1-for-10 Reverse Split for ADSs

JMU Ltd., an online e-commerce platform for the foodservice industry in China, said today it has changed the ratio of its American depositary shares to ordinary shares to help the company regain compliance with Nasdaq minimum stock price requirements.

The Shanghai-based company (Nasdaq: JMU) said it would change the current ratio of one ADS representing 18 ordinary shares to one ADS representing 180 ordinary shares. The move was effective yesterday, July 31. Each of JMU's ADS holder of record is required to exchange every 10 ADSs held for one new ADS, the company said. There is no change to JMU's underlying ordinary shares, and JMU's ADSs will continue to trade on Nasdaq under the symbol "JMU." 

JMU was trading at $1.45 per share in early afternoon in New York today, down 46 cents, or 24 percent.

Jul 31, 2018 12:06 PM PT

SSLJ Appoints CEO and CFO; Shares Continue Rollercoaster

Shares of Ltd. (Nasdaq: SSLJ), an online home decoration service provider in China, plunged again today as the company continues to struggle with management changes and investor sentiment.

By late afternoon in New York, the company was down more than 36 percent to $1.39 per share after hitting a low of $1.25 per share earlier in the day.

The Wuhan-based company, which announced the resignation of its chairman and chief executive officer four weeks ago, said today that Warren Z. Wang had been appointed CEO. Wang replaced Jianbao Li, who had recently been appointed after the resignation of Wei Zheng, the former CEO and chairman of SSLJ. The company said Ming Yi was appointed chief financial officer. Both appointments are effective July 29. Li will remain chairman of the SSLJ, the company said.

The recent travails of SSLJ stem from what the company maintains was an unaffiliated firm, Leju Fortune, a peer-to-peer lending company controlled by Zheng. SSLJ said earlier this month that its former CEO had recently discontinued the operation of Leju, which had received negative media coverage. Angry investors who lost their savings in the Leju Fortune platform apparently also took out their anger on SSLJ.

SSLJ lost nearly half its value four weeks ago when Zheng's resignation was announced, only to recover on July 27 when shares more than doubled to $1.35 per share. The stock closed Monday at $2.18 per share.

Jul 30, 2018 6:23 PM PT

Bilibili Suffers Hit After Temporary Removal of App

Shares of Shanghai-based Bilibili Inc. (Nasdaq: BILI) took an early hit today before recovering after the company said its app had been temporarily removed from certain smartphone APP stores.

The company, which slid as low as $11.05 per share in early trading, closed today at $11.59, down 4.5 percent.

Bilibili, which is an online entertainment platform geared to younger generations in China, said the move came after the Central Cyberspace Administration of the People’s Republic of China  conducted a nationwide inspection of major internet platforms providing short-video content. The company's app will be removed from July 26 until August 25, it said. The company said it expected "to quickly implement the required measures and reinstate the mobile APP downloads from those app stores."

In addition, Bilibili vowed to "further strengthen its content monitoring procedures and policies" and "plans to conduct a self-inspection by taking a comprehensive review of the content on its platform and double the headcounts of content monitoring personnel."

The company did not specify precisely what issues or content led to the removal of the app.

Jul 30, 2018 5:54 PM PT

Four Seasons Education to Report First Quarter Financial Results This Thursday

Four Seasons Education Inc. (NYSE: FEDU), an after-school math education service provider for elementary school students in Shanghai, today announced that it will report its unaudited financial results for the first quarter fiscal year 2019 ended May 31, 2018, on Thursday, August 2, 2018, before the open of U.S. markets.

Jul 30, 2018 1:40 PM PT

PPDAI Group Inc. Entered into Strategic Agreement with Zhejiang University

PPDAI Group Inc. (NYSE: PPDF), a Chinese online consumer finance marketplace, today announced its has entered into a strategic agreement with Zhejiang University to develop an AI research and development center. 

"This agreement of cooperation between PPDAI and Zhejiang University marks a new step of PPDAI's Smart Finance Institute since its launch in January this year and is regarded as an important part of development plan led by our research institute," said Jun Zhang, chairman and CEO of PPDAI. "In addition, the partnership kicks off our initiatives to explore new opportunities for smart finance and inclusive finance."

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