Huami and Timex Group Announce Collaboration Agreement
Huami Corporation (NYSE: HMI), a smart wearable technology, today announced that it has entered into an agreement with Timex Group, a global leader in watchmaking for more than 160 years. Together, the companies will explore opportunities to develop new products and increase global presence in the smart wearables marketplace, pairing Timex's longstanding expertise as watchmakers with Huami's artificial intelligence technology, App design and manufacturing capabilities, to develop a new generation of smart watches.
In addition, the companies expect to explore and develop value-added services including e-payment, weight management, sports, fitness, and health care related services for users by leveraging Huami's cloud service platform and AI Technology, and Timex's unrivaled vertical integration capabilities in watchmaking.
Aurora Says Revenue Doubled, Loss Narrowed; Initiates $10 Million Share Repurchase
Aurora Mobile Ltd. (Nasdaq: JG) reported today that its revenue jumped 116 percent to $28.7 million during the third quarter, while its net loss dropped 63 percent to $1.3 million from a year ago.
Despite the improved financial performance, the stock of the Shenzhen company, which provides big data solutions to mobile app developers in China, ended Tuesday 16 cents lower on Wall Street, at $6.06 per American depositary share.
Aurora Mobile has initiated today a share buyback program to purchase up to $10 million of its ADSs over the next six months.
Fanhua Announces 25-Cent Dividend for Third Quarter
Fanhua Inc. (Nasdaq: FANH) set its regular quarterly dividend at 25 cents per American depositary share, to be paid on Dec. 20 to shareholders of record as of Dec. 5.
The Guangzhou-based financial services provider plans to release its third-quarter results on Nov. 20 after the market closes.
Shares in the company were trading down 2 percent Monday afternoon at $23 per ADS.
China Commercial Credit Announces New CEO, President
China Commercial Credit Inc. (Nasdaq: GLG), a luxury car rental service provider in Beijing, has appointed Jiaxi Gao as its new chief executive officer, president and a director effective Nov. 20. Gao replaces Chengguang Kang.
Mr. Gao served as the founder and CEO of Beijing Lexiang Technology (Beijing) Co. Ltd, a provider of auto finance services in China, from March 2016 to May 2018. Prior to that, Gao served as product architect for Baidu from January 2015 to February 2016. From August 2012 to August 2014, Gao was the founder and CEO of Beijing Kuwangke Technology Co., Ltd., which operated the video media app LEBO. Gao holds a bachelor’s degree in composition from Shenyang Conservatory of Music.
“I am honored that the board of directors has entrusted me with this leadership position," Gao said in a statement. "I look forward to collaborating with our stakeholders as we work to expand the luxurious car rental business to create shareholder value.”
The company also announced that the Compensation Committee approved issuance of 800,000 restricted shares as inducement for Gao to join the company with the shares scheduled to vest in four quarterly installments starting from January 2019.
ZTO Express Sees Big Jump in Revenue and Profits; Announces Share Repurchase
ZTO Express (Cayman) Inc. (NYSE: ZTO) reported today that its revenue for the third quarter jumped 34.7 percent to $616.6 million compared with a year earlier. Net income was $154.2 million, or 20 cents per fully diluted American depositary share, representing a year-over-year increase of 48 percent from $104.4 million, or 15 cents per share.
The Shanghai-based company, with nearly 17 percent of market share with 2.1 billion parcels deliver, said its volume increased nearly 37 percent from a year ago.
"ZTO achieved strong volume growth and generated sound financial performances during this quarter," said Meisong Lai, the company's founder, chairman and chief executive officer. \"According to a survey conducted by the China Postal Bureau, ZTO ranked first among China's leading express delivery companies for having the least customer complaints in the June through September period. Our strategy of achieving profitable volume growth and consistent market expansion is working effectively."
In a separate announcement today, the company also said its board of directors approved the repurchase of up to $500 million worth of its ADSs over the next 18 months.
"This share repurchase program reflects our confidence in the overall market opportunities as well as ZTO's solid operating fundamentals and financial strength for sustained profitable growth and value creation for our shareholders," Lai said.
ZTO, which climbed nearly 2 percent during the day to close at $16.08 per share, jumped an additional 42 cents per share in after-hours trading after the earnings were announced.
Farmmi Inc. Announces the Closing of a Private Placement for $7.5 Million
Farmmi, Inc. (Nasdaq: FAMI), an agriculture products supplier in China, today announced that it closed on November 8, 2018 a previously announced securities purchase agreement with an institutional investor, raising approximately $7.5 million in the private placement. After deducting offering expenses, the net proceeds will be used for general working capital purposes.
The securities sold by the company in the private placement consisted of (a) senior convertible note with an aggregate principal amount of $7.5 million which is initially convertible into an aggregate of 1,198,084 of the company's ordinary shares at $6.26 per share and (b) warrants to purchase an aggregate of 800,000 ordinary shares at an exercise price of $6.53 per share.
Baidu Prices $1 Billion Notes Offering
Baidu Inc., the top internet search provider in China, announced the pricing of its public offering of $1 billion in corporate notes. The offering consists of $600 million of 4.375 percent notes due 2024 and $400 million of 4.875 percent notes due 2028. The company said it expects to receive net proceeds from the offering of about $990 million and intends to use the proceeds to repay existing indebtedness and for general corporate purposes. The joint bookrunners of the offering are Goldman Sachs (Asia) L.L.C. and J.P. Morgan Securities LLC.
Ctrip Stock Tanks 18% Morning After Earnings Show Net Loss; Citi Downsizes Target
Shares in Ctrip.Com International Ltd. (Nasdaq: CTRP) tanked more than 18 percent in early trading Thursday after the company, Asia's largest booking platform, reported soaring net loss for the third quarter.
In a statement posted after-hours on Wednesday, Ctrip reported net loss of $165 million, or 30 cents per share, in contrast to income of $212 million a year ago.
In response, the stock of the booking giant shed $6.30 Thursday morning to $28.14 per American depositary share.
Meanwhile, Citibank analyst downgraded the company to "neutral" from "buy," and lowered its target price to $35 per share from $41.
(Source: Thomson Reuters Eikon)
Citi Initiates Huya With 'Buy,' 37% Upside Target
Citibank initiated coverage of Huya Inc. (NYSE: HUYA), one of China’s top game livestreaming platforms, with a “buy” rating on Monday.
Analyst Hillman Chan noted a “multi-year sector uptrend” in China’s gaming and livestreaming business and set a target price of $26 for the Tencent-backed (HKEX: 0700) company, representing an upside of 37 percent from Friday’s close.
Despite Citi’s optimistic outlook, shares in Huya were trading down nearly 7 percent intraday Monday at $17.76 per American depositary share.
Worried About Trump iPhone Eavesdroppers? China Recommends a Huawei - Reuters
BEIJING (Reuters) - China’s foreign ministry has some suggestions for the Trump administration if it is worried about foreign eavesdropping on the U.S. president’s iPhones: use a Huawei handset instead.
The riposte came after the New York Times reported that American intelligence reports indicated that Chinese and Russian spies often listen in on President Donald Trump when he uses his Apple Inc. (Nasdaq: AAPL) cellphones to chat with old friends.
Chinese Foreign Ministry spokeswoman Hua Chunying dismissed the Times story, calling such reports “evidence that the New York Times makes fake news.”
Speaking at a news conference on Thursday, she also offered two suggestions apparently aimed at the Trump administration.
“If they are really very worried about Apple phones being bugged, then they can change to using Huawei,” she said, referring to China’s biggest telecommunications equipment maker.
“If they are still not at ease, then in order to have an entirely secure device, they can stop using all forms of modern communication devices and cut off all ties with the outside world.”
Credit Suisse Initiates Nio at 'Outperform,' Assigns Target 72% Upside
Credit Suisse has initiated coverage of Chinese electric vehicle company Nio Inc. (NYSE: NIO) with an “outperform” rating and a target of $12.60 per share, a 72-percent upside to Friday’s close.
In response, shares in Nio spiked briefly in premarket trading, then retreated to $7.08 per share, down more than 3 percent, in the early afternoon Monday.
Previously, a number of banks have initiated coverage of the Tesla-wannabe, issuing mixed ratings on the company. Deutsche Bank set a “buy” with a $9.50 target, while Goldman Sachs and Citi both assigned a "neutral" rating for Nio, projecting a price target of $6.56 and $7.20, respectively, for the shares.
Last week, Nio said it delivered 3,268 electric SUVs in the third quarter, exceeding its own target of 2,900 to 3,000 vehicles.
Ctrip Partners With Radisson Hotel in Its Push to China Market
Asia’s largest travel booking platform, Ctrip.com International Ltd. (Nasdaq: CTRP), announced today its strategic partnership with Radisson Hotel Group as the U.S. hotel chain is pushing its expansion in China.
“With our influential industry-leading position in China, our huge consumer base of more than 300m travelers and AI-driven insights into Chinese consumer behavior, we’re perfectly positioned to help Radisson Hotel Group expand its reach both at home and abroad,” the CEO of Ctrip Accommodation Business Unit, Ray Chen, said in a statement today.
Eric De Neef, the executive vice president and chief commercial officer of Radisson, said, “Ctrip is a powerful partner supporting our reach expansion in China and the entire Asia-Pacific region. At the same time, we will be able to jointly bring more Chinese travelers to our EMEA and US properties and to further strengthen Radisson Hotel Group’s upcoming ‘Welcome China’ value proposition for our guests.”
Despite the news, the stock of Ctrip declined more than 6 percent Thursday to $32.76 per American depositary share.
Former Chairman of Bad-Debt Manager Huarong Hid $40 Million in Cash
Former chairman of China Huarong Asset Management Co. Ltd. (HKEX: 2799), Xiaomin Lai, had three tons of cash stashed at home, as reported by Caixin Global news agency.
Lai, who resigned from China’s biggest bad-debt manager in April after being investigated for corruption, was reportedly accepting bribes through his mother. Nearly $40 million in cash were uncovered in properties tied to his name, the agency reported. In addition, the executive had more than 100 mistresses, some of whom received top positions in Huarong’s subsidiaries, Caixin said.
State-backed Huarong, which has been handling distressed assets in China since 1999, has been under government scrutiny in recent months. Earlier in October, possible new cases of fraud have emerged involving the giant, which has been suffering losses since Lai’s resignation.
Yum China Unveils New Look for Pizza Hut to Attract Youth
Yum China Holdings Inc. (NYSE: YUM) came out with a new design for Pizza Hut today as it aims to revitalize its restaurant chains to attract the youth under the theme titled “Always Something New.”
The changes include “a redesigned logo, modern store fit out and exclusive new uniforms,” the Chinese restaurant chain operator said in its announcement Monday.
"Connecting to a younger generation of consumers and ensuring the brand stays fresh and relevant are fundamental to our revitalization strategy,” the CEO of Yum China, Joey Wat, said. “Our refreshed brand identity marks a new chapter for Pizza Hut in China, reflecting our commitment to bringing customers innovative experiences and dishes.”
Pizza Hut has partnered with New York designer Anna Sui to create a line of staff uniforms for the casual dining brand.
Shares in Yum China inched down 53 cents to $32.37 per American depositary share by Monday afternoon.
Tencent Reports 16.3% Stake in Bilibili; Anime Platform Sees 8% Rise in Stock
Tencent Holdings Ltd. (HKEX: 0700) reported today its stake in Bilibili Inc. (Nasdaq: BILI) after last week, the tech giant announced it has committed a $317.6 million investment in China’s most popular anime and entertainment platform.
In the filing, the conglomerate said it controls 16.3 percent of Bilibili through its subsidiaries since Oct. 3.
One of the subsidiaries, development unit Tencent Mobility Ltd., is an existing, pre-IPO investor in Bilibili, having funded $4.6 million in the company in May 2017.
With its latest funding, Tencent extended its reach deeper into China's entertainment market.
Shares in Bilibili closed up 8 percent at $13.71 per American depositary share Friday.
Trump, China's Xi to Meet at G20 Amid Trade Tensions
U.S. President Donald Trump and Chinese President Xi Jinping plan to meet at the G20 summit in Argentina in late November, the Wall Street Journal reported on Thursday, citing officials in both countries.
White House economic adviser Larry Kudlow told reporters at the White House on Thursday that a meeting between the two leaders at the global gathering in Buenos Aires is under discussion.
The9 Transfers to Nasdaq Capital Market to Avoid Delisting
The9 Ltd. is transferring from the Nasdaq Global Market to the Nasdaq Capital Market, according to its announcement today. Its American depositary shares will continue to be traded under the ticker "NCTY."
The change resulted from the internet company's failure to regain compliance with the continued listing requirement of the Nasdaq Global Market of maintaining a minimum of $50 million market value of listed securities. To avoid delisting, The9 has decided to transfer its listing, the company said in a statement Wednesday.
The9's shares shed 6 cents intraday, trading at $1.30 per American depositary share in the afternoon.
Trump Repeats Threat of More Tariffs if China Retaliates on Trade - Reuters
President Donald Trump on Tuesday repeated his threat to impose tariffs on $267 billion worth of additional Chinese imports if China retaliates for the recent levies and other measures the United States has taken in the countries' escalating trade war.
Trump, speaking to reporters in the Oval Office, also said China is not ready yet to reach a deal on trade and that a couple of meetings with the country have been canceled.
Tencent, KKR Invest $175 Million in Philippines' FinTech Platform
Tencent Holdings Ltd. (HKEX: 0700), together with New York investor KKR & Co. Ltd. (NYSE: KKR), have invested a total of $175 million in newly-issued shares of Voyager Innovations, a FinTech company based in the Philippines.
The funding, expected to close in the fourth quarter, would give Chinese tech giant Tencent and KKR a minority stake in Voyager. PLDT Inc., the Philippines’ largest telecommunications company, would remain Voyager’s largest shareholder upon the deal.
Voyager’s platform supports the Philippines’ most popular digital wallet, PayMaya, as well as the country’s largest online lending company, Lendr, and mobile remittance network, Smart Padala.
In a statement on Thursday, James Mitchell, the chief strategy officer of Tencent, said: “Voyager Innovations connects the growing smartphone population in the Philippines to online payments and financial services. Tencent is glad to support Voyager Innovations and to advance financial inclusion.”
China Says Pence's Allegations 'Ridiculous' and 'Groundless'
Beijing responded to U.S. Vice President Mike Pence on Friday, calling his allegations "ridiculous" and "slanderous."
The statement came after Pence accused China's government of waging an "unprecedented effort to influence American public opinion" in lieu of looming midterm congressional elections in November.
“To put it bluntly, President Trump’s leadership is working; China wants a different American president,” Pence said in a speech Thursday. “There can be no doubt — China is meddling in America's democracy."
China's foreign ministry said on Friday that Pence's claims were "groundless" and urged Washington to stop hurting the relations between the world's two largest economies.
NetEase Received a $500 Million Three-year Revolving Loan
NetEase Inc. (Nasdaq: NTES), a leading Chinese internet and online game services provider, has signed a $500 million three-year revolving loan agreement. It's a joint loan from nine banks. ANZ Bank, Citigroup, DBS Bank and HSBC are the lead underwriters.
The agreement was signed on October 3. The funds raised are used for working capital and refinancing.
Pompeo to Visit China Monday - Reuters
U.S. Secretary of State Mike Pompeo will travel to China on Monday, Chinese State Television reported on Wednesday, citing a Chinese Foreign Ministry spokeswoman, with the two countries embroiled in an escalating trade war.
The two governments will exchange views over their bilateral relationship and international and domestic issues concerning by both sides, it reported, without giving details.
Pompeo will travel to North Korea at the weekend for denuclearization talks with the country’s leader Kim Jong Un, the State Department said on Tuesday, calling this “forward progress”, despite negative signals from Pyongyang.
Pompeo will also travel to Japan and South Korea.
Trump, China's Xi May Meet at G20 Summit: White House Adviser - Reuters
U.S. President Donald Trump may meet with Chinese President Xi Jinping at the G20 summit in Buenos Aries on Nov. 30, White House economic adviser Larry Kudlow said in an interview on Fox Business Network on Monday.
Asked about the potential for a U.S.-China trade deal, Kudlow told FBN that a pact with Beijing was not imminent.
Rise Education Appoints New COO
Rise Education Cayman Ltd. (Nasdaq: REDU), a provider of English language training in China, announced today it appointed Jiandong Lu to the newly created position of chief operating officer. The appointment is effective Sept. 28, the company said. Lu will continue to serve on the board of Rise Education, but will no longer serve on the company’s Audit Committee, the Compensation Committee, or the Corporate Governance and Nominating Committee. Lu has been serving as a director and on the board's committees since October 2017.
Hollysys Automation Declares Dividend
Hollysys Automation Technologies Ltd. (Nasdaq: HOLI), a maker of automation and control technologies and applications in China, declared an annual cash dividend today of 18 cents per ordinary share for 2018. The dividend will be payable on or about Nov. 12 to shareholders of record at the close of business on Oct. 22, the company said.
Based in Beijing, the company has 3,300 employees with nationwide presence in more than 60 cities in China, with subsidiaries and offices in Singapore, Malaysia, Dubai, and India.
Shares in the company, which announced the dividend after the market closed, ended today at $20.81 per share, up 19 cents.
Zai Lab Names New President and COO
Zai Lab Ltd. (Nasdaq: ZLAB), a Shanghai-based biopharmaceutical company, said today it appointed Tao Fu as president and chief operating officer of the company, effective Sept. 24. Fu joins Zai Lab from Portola Pharmaceuticals, where he served as executive vice president, and chief commercial and business officer. He has been on Zai Lab’s board since September 2017 and will remain a director.
In his new role, Fu will be responsible for business development, discovery, manufacturing and other operational activities on a global basis, the company said. He will be primarily based in San Francisco, where Zai Lab will establish its U.S.headquarters.
Zai Lab focuses on developing medicines for cancer, autoimmune and infectious diseases to patients in China and around the world.
American Lorain Agrees to Purchase Agriculture Company
American Lorain Corp. (NYSE American: ALN) said today that it, along with its subsidiary Shanghai Xunyang Internet Technology Co. Ltd. agreed to purchase all the outstanding shares of Taishan Muren Agriculture Co. Ltd., which grows various spice plants and fruit trees and sells its products in China. Under terms of the agreement, American Lorain said it plans to issue 10 million shares to the parent of Taishan for the purchase. The transaction remains subject to regulatory approvals and other conditions.
Based in Linyi City, American Lorain is a small producer of frozen nuts, fruits, and vegetables. The company closed today at 15 cents per share in New York.
China Rapid Finance Appoints New Co-CEO
China Rapid Finance Ltd. (NYSE: XRF), a mobile-based lending platform, said today it appointed Russell Krauss, a former Hewlett-Packard executive, as co-chief executive officer and vice chairman. The company said the appointment was intended "to help accelerate its strategic corporate transformation as it launches new initiatives and business lines."
"During this period of market and regulatory change, we continue to emphasize attracting and retaining the industry's top talent," said Zane Wang, the company's founder, chairman and co-chief executive officer. "We see a unique opportunity to strengthen our position as a leading technology-driven platform within our industry. Mr. Krauss will help us accelerate this corporate transformation as we launch a series of new initiatives."
Krauss was formerly senior vice president and managing director at Hewlett-Packard, where he oversaw business operations for one of HP's largest businesses. He also served as senior vice president, overseeing Accounts and Business Operations for DXC Technology. Prior to taking on the current co-CEO role, Mr. Krauss served on the XRF Board since 2016 as an independent non-executive director.
PPDAI Announces Resignation of Zehui Liu; Stock Recovers 10% From Previous Plunge
PPDAI Group Inc. (NYSE: PPDF) announced today the resignation of Zehui Liu from its board, effective Friday, for personal reasons.
"We would like to thank Zehui for his contribution to PPDAI during his tenure. On behalf of PPDAI, I wish him the best in his future endeavors," Jun Zhang, the chairman and co-chief executive officer of the company said in a statement today.
Without an apparent cause, the stock of the Chinese P2P lending platform jumped more than 10 percent intraday Friday to $6.50 per American depositary share.
Shares in PPDAI were trading up more than 10 percent, at $6.50 per ADS, on Friday afternoon.
(Source: Thomson Reuters Eikon)
The climb was a recovery for PPDAI since its stock plunged earlier this month as several law firms launched investigations into possible violation of federal security laws by the Chinese lending company's officers and directors.
Liu, a managing director of investment firm Legend Capital since 2006, has served on PPDAI’s board since 2015. Upon Liu’s leave, eight directors remain to operate PPDAI’s board.
(Source: Legend Capital)
Senmiao Technology Names New CFO
Senmiao Technology Ltd. (Nasdaq: AIHS), a lending platform connecting investors with individual and small-to-medium-sized enterprise borrowers, today announced the appointment of Xiaoyuan Zhang as chief financial officer and treasurer, effective Sept. 17. Zhang replaces Rong Zhu who resigned from her positions, but will serve as CFO of Sichuan Senmiao Ronglian Technology Co. Ltd., Senmiao's Chinese operating entity.
Zhang joined the Chengdu-based company from Ernst & Young Hua Ming LLP where she had served as senior auditor and assurance manager since October 2010. She received her bachelor's degree with double majors in Accounting and Law from Southwestern University of Finance and Economics in 2010 and is a Certified Public Accountant in China.
Analyst Initiates Coverage of GDS Holdings with a "Buy"
An analyst at SunTrust Robinson Humphrey has initiated coverage of GDS Holdings Ltd. (Nasdaq: GDS) with a "Buy" rating and a price target of $46 per share.
The analyst cited growth in China and the company's "unique opportunity" to become a leader in the market.
Shares in GDS, which develops and operates data centers in China, closed today at $33.65 per share.
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 JD.com Inc. (JD), leading its personalization and sorting platform and NLP R&D departments as well as a number of JD's AI algorithm projects.
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.
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.
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.
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.
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.
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.
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.
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)