China's May Trade Surplus With U.S. Rises to $26.9 Billion
BEIJING (Reuters) - China's trade surplus with the United States rose to $26.89 billion in May, from $21.01 billion in April, customs data showed on Monday.
For January-May combined, China's trade surplus with the U.S. stood at $110.55 billion.
China's large trade surplus with the United States has long been a sore point with Washington and is at the center of a bitter dispute between the two countries.
Trade tensions between Washington and Beijing escalated sharply last month with U.S. President Donald Trump on May 10 slapping higher tariffs of up to 25 percent on $200 billion of Chinese goods. Beijing retaliated with tariff hikes on U.S. goods.
Washington is also threatening to levy higher tariffs on the remaining $300 billion Chinese goods.
Daqo Appoints New COO, CTO
Daqo New Energy Corp. (NYSE: DQ), the Wanzhou-based maker of polysilicon and wafers for solar panels, announced today that its chief technology officer, Qiangmin Zhou, is taking the chief operations officer position. The deputy general manager of Xinjiang Daqo New Energy, Xiyu Wang, has taken the CTO position.
Longgen Zhang, the chief executive officer of Daqo, said in a statement today, "Mr. Zhou's extensive experience and knowledge in polysilicon process, technology, and manufacturing will contribute greater value to the Company with his new role overseeing the entire operation of our polysilicon facilities. Mr. Wang has been with the Company for over a decade and has demonstrated his rich experience in our R&D and operational activities, including leading several of our process and technology upgrade projects and successfully implementing new technologies and breakthroughs to improve our product's quality and reduce production cost.”
Shares in Daqo were trading at $42.24, up nearly 2 percent, intraday Friday.
Nio Stock 3% Higher on SUV Deliveries
Chinese electric vehicle maker Nio Inc. (NYSE: NIO) reported delivering 1,089 electric ES8 SUVs in May, sendings its shares 3 percent higher Tuesday, to $3.04 apiece.
The company said it delivered 2,213 ES8 vehicles in the first two months of the second quarter, with the aggregate deliveries of ES8 reaching 17,550 through May.
Nio estimated its second-quarter deliveries to be in the range of 2,800 to 3,200.
ZTO Announced 1 Billion Parcel Volume
ZTO Express (Cayman) Inc. (NYSE: ZTO), a fast-growing express delivery company in China, announced its parcel volume exceeded 1 billion last month for the first time in its history.
"Parcel volume of 1 billion is equivalent to the industry's total parcel volume in 2006 or our total parcel volume in 2013, which is a significant achievement. We also hit another record starting in March 2019 with daily parcel volume reaching 30 million leading up to this milestone. ZTO will continue to generate high-quality growth, empower its network partners, and drive the industry forward," Meisong Lai, the founder, chairman, and chief executive officer of ZTO, said in a statement today.
Alibaba Group Holding Ltd. (NYSE: BABA) bought about 10 percent of ZTO for $1.4 billion at last year.
The stock of ZTO closed at $18.04 per American depositary share on Monday, same level as the previous close.
RYB Education Appoints New CFO
RYB Education, Inc. (NYSE: RYB), Chinese early childhood education provider, appointed Hao Gu to fill its chief financial officer position, effective June 1.
Gu previously served as an executive director in UBS Group AG's Investment Banking Division in Hong Kong. He was in the Asia Pacific Telecom, Media and Technology team. He has experience in capital markets and merger and acquisition transactions in Credit Suisse Group, according to RYB’s report.
"I am both honored and excited to join RYB as its chief financial officer," said Gu in a statement this week. "I am looking forward to help leading the Company as we continue to capture growth opportunities in this exciting market space.”
“He brings to us over a decade of leadership experience in investment banking, corporate finance, capital markets and mergers and acquisitions. I am confident his leadership and deep financial background will make him an invaluable addition to the RYB team as together we execute on our numerous growth initiatives.” Yanlai Shi, the chief executive officer of RYB, said.
RYB said Gu will succeed Ping Wei, who took the role in 2017. Wei is retiring, but will continue to serve RYB as a senior advisor, according to the report.
Shares in RYB were trading at $6.66, down 5 cents, intraday Wednesday.
SORL Auto Parts Appoints New Directors
SORL Auto Parts Inc. (Nasdaq: SORL), reported to appoint Xiao Lin and Binghua Feng to fill newly created positions in its board of directors, now comprised of nine directors.
Xiao Lin, 31-years-old, gained his master of Finance degree from the Massachusetts Institute of Technology, with the background in financial and chemical industries. His most recent position is a portfolio manager of Aspen Capital Management (HK) Limited since August 2017.
Binghua Feng, 45-years-old, with background in the auto parts industry, has been serving as the Executive Vice President and Secretary-General of Zhejiang Automobile & Motorcycle Parts Chamber Of Commerce since 2010.
SORL makes brake and control systems to the commercial vehicle industry and expects net sales to reach $515 million with income exceeding $20 million.
Future FinTech Appoints New CFO; Trades 5% Lower on Nasdaq
Shares in Future FinTech Group Inc. (Nasdaq: FTFT) were trading down nearly 5 percent Thursday afternoon in New York, at $1.48 apiece, after the company said it has appointed Jing Chen as its new chief financial officer.
Chen has served as the CFO of AnZhiXinCheng (Beijing) Technology Co. Ltd. for the past six months. Previously, she was CFO of Beijing Logis Technology Development Co. Ltd.
Future FinTech, a financial technology developer and maker of fruit-related products, said, “During her extensive career as a financial executive, Ms. Chen has successfully built and managed accounting systems, improved financial reporting and controls, and implemented internal policies and procedures in compliance with standards required by the Sarbanes-Oxley Act.”
Fanhua Sets Up 30 Cent Dividend for First Quarter
Fanhua Inc. (Nasdaq: FANH) a Guangzhou-based financial services provider, has declared a quarterly dividend of 30 cents per American depositary share.
The company said in a statement today that the dividend will be payable on June 20 to shareholders of record as of June 6.
The company's chairman and chief executive officer, Chunlin Wang, said in previous quarter earnings report that the company expects its annual premium equivalent (APE) on regular life insurance products to increase by 30 percent year-over-year and operating income by 40 percent year-over-year in the first quarter of 2019.
Fanhua will report its financial results for the first quarter Wednesday evening, after the markets close.
Shares in Fanhua were trading down 6 cents Monday afternoon, at $9.60 apiece, after its spin-off, CNFinance Holdings Ltd. (NYSE: CNF), reported disappointing financial results for the first quarter.
JMU Stock Soars 60% on Acquisition of Unicorn Investment
JMU Ltd. (Nasdaq: JMU), an online e-commerce platform for the foodservice industry in China, saw its shares skyrocket 60 percent Tuesday upon the announcement that it has acquired Unicorn Investment Ltd.
JMU purchased all the issued and outstanding shares of Unicorn, which develops asset transaction products based on blockchain technology, according to the statement.
The company said it is acquiring Unicorn to "meet the emerging demands of blockchain technology-based transactions."
News of the acquisition sent JMU's stock up 73 cents to $1.95 per American depositary share.
JinkoSolar Closes Follow-on Offering, Private Placement of Senior Notes
JinkoSolar Holding Co. Ltd. (NYSE: JKS) today announced the closing of its follow-on offering of $65.6 million of shares and the concurrent private placement of convertible senior notes.
The company also said the underwriters in the follow-on offering, Credit Suisse Securities (USA) LLC and Barclays Capital Inc., exercised the over-allotment option to purchase an additional 609,375 American depositary shares after the closing of the public offering of 4.1 million ADS at $16 per share and the private placement of $85 million in convertible senior notes.
Shares in JinkoSolar, a Shanghai maker of solar modules, closed up nearly 2 percent, at $17.94 apiece, following the announcement.
Tarena Reports Non-compliance With Nasdaq
Tarena International Inc. (Nasdaq: TEDU), which provides education services in China, announced Friday it has received a non-compliance notice from the Nasdaq due to its failure to timely file its annual report for last year.
The company said it failed to file its annual report as it was unable to finish preparing its financial statements for the period. It added that an independent audit committee at the company is conducting a review of certain issues identified during the course of the audit of the company's financial statements.
Tarena has 60 days until July 15 to submit a plan to regain compliance with the Nasdaq's continued listing requirements.
The stock in the company tumbled nearly 8 percent Friday to $3.92 per American depositary share.
Baidu Announces $1 Billion Share Repurchase Plan; Shares Tank on Quarterly Loss
Baidu Inc. (Nasdaq: BIDU) announced it plans to repurchase up to $1 billion in American depositary shares by July 2020.
The China-based internet search giant said it plans to fund the plan from its existing cash balance and the proposed repurchases may be made from time to time on the open market at market prices.
“This is in addition to the current $1 billion stock buyback plan in place, approximately $500 million of which is available for repurchase until the end of next month,” Cheng-Chun Yu, the chief financial officer of Baidu, said in the conference call Friday.
After markets closed Thursday, Baidu reported a loss of $49 million, or 15 cents per share, for the first three months of this year, down 105 percent, in contrast to income of approximately $973 million a year ago.
Shares in Baidu slid nearly 17 percent to $128.17 per ADS intraday Friday.
JinkoSolar Targets $64 Million in Follow-on Offering; $85 Million in Private Placement
Shares in JinkoSolar Holding Co. Ltd. (NYSE: JKS) dropped 2 percent Wednesday, to $17.40 apiece, after the company announced the pricing of its follow-on offering.
The Shanghai-based maker of solar panels priced its follow-on offering of 4 million American depositary shares at $16, representing a downsize of 10 percent from yesterday’s close. At this price, JinkoSolar would raise $64 million in its follow-on public offering.
The company also announced it plans a concurrent private placement of $85 million of convertible senior notes due 2024.
Bookrunners for JinkoSolar’s follow-on offering are Credit Suisse Securities (USA) LLC and Barclays Capital Inc. Roth Capital Partners LLC is acting as co-manager. They will have an option to purchase up to 609,000 additional ADSs for over-allotments.
Huya Stock Jumps 3% After Jefferies Raises Target
The stock of Huya Inc. (NYSE: HUYA), a game livestreaming platform, was up 3 percent, at $20.64 per American depositary share, after a "buy" from Jefferies Group LLC.
Analyst Karen Chan from Jefferies, a New York-based investment bank, initiated coverage of the Chinese company Tuesday with a price target of $28 per share, implying a 40 percent upside from yesterday's close.
UBS gave a "buy" on Huya earlier this month. "Investors are overly concerned about competition," UBS analyst, Angela Xu, said at the time. She added that an increase in electronic sports tournaments should help the company maintain strong user growth in China.
Huya, a spinoff of YY Inc. (Nasdaq: YY), is a popular interactive entertainment platform, backed by one of China's tech giants, Tencent Holdings Ltd. (HKEX: 0700). It runs business in game livestreaming, e-sports, talent shows, anime, and outdoor activities.
Future Fintech Stock Jumps 10% After Regaining Compliance With Listing Rules
The stock of Future Fintech Group Inc. (Nasdaq: FTFT) ended nearly 10 percent higher Wednesday, at $1.39 per American depositary share, after regaining compliance with the Nasdaq.
The financial technology company reported today that it now adheres to Nasdaq’s minimum bid price requirements for continued listing after its stock was trading above $1 for ten consecutive days last month.
Huawei CFO Meng Arrives in Canada Court for Pre-extradition Hearing
VANCOUVER/NEW YORK (Reuters) - Huawei chief financial officer Wanzhou Meng arrived in a Canadian courtroom on Wednesday to begin what is expected to be a long legal battle against the United States' request that she be extradited to face fraud charges.
The pre-extradition hearing is the latest development in a case that has escalated tensions between China and both the United States and Canada.
Meng, 47, the daughter of Huawei Technologies Co Ltd's billionaire founder Ren Zhengfei, was arrested at Vancouver's airport in December on a U.S. warrant and is fighting extradition on fraud charges that she misled global banks about Huawei's relationship with a company operating in Iran.
Huawei Canada Executive Leaves Post, Second Departure From Firm in Four Months
OTTAWA (Reuters) - A Huawei Canada executive said on Tuesday he had left his post after less than a year at the company, the second recent high-profile departure from the Chinese telecommunications equipment maker at the heart of a major dispute between Ottawa and Beijing.
The executive, Jake Enwright, said in a brief phone interview that he had quit his job as director of corporate affairs, which he took up early this year. Enwright joined the Canadian arm of Huawei Technologies Co in June 2018 as a spokesman.
Scott Bradley announced in late January that he was leaving as senior vice president of corporate affairs, after more than seven years with the firm. Bradley held a more senior position than Enwright.
Huawei is under intense scrutiny in the West over its relationship with the Chinese government and U.S.-led allegations that its equipment could be used for spying.
Relations between Ottawa and Beijing turned icy last December when Canadian police detained Meng Wanzhou, Huawei's chief financial officer, on a U.S. warrant. She is due to make her next court appearance in Vancouver on Wednesday.
IClick Announces Partnership With Tencent, BTG
Hong Kong-based iClick Interactive Asia Group Ltd. (Nasdaq: ICLK), an online marketing and data technology platform in China, said today that it starts a strategic partnership with BTG WELINK and Tencent Holdings Ltd. The partnership will leverage the digital strengths, data capabilities and payment technologies of the three companies to help BTG establish a new customer relationship management system providing its customers with an array of smart lifestyle O2O solutions.
iClick will apply its upgraded solutions to build a private demand side platform system for BTG in this partnership. Based on Tencent’s big data advertising platform, iClick said it will help BTG develop precision marketing campaigns. BTG’s frontline staff will be equipped with mobile apps that support smart shopping, marketing and member retention by using iClick’s smart retail customer relationship service based on enterprise WeChat system. This system can also help motivate BTG’s staff as brand ambassadors increasing brand awareness and improving sales performance for BTG.
“Our collaboration with BTGW and Tencent will enable us to explore more innovative ways to enhance our data capabilities and online marketing solutions which is what enterprises value the most in this era of lifestyle service O2O.” Jian Tang, co-founder, COO & CTO of iClick, said.
Wanda Group's AMC Declares 20-Cent Dividend
AMC Entertainment Holdings Inc. (NYSE: AMC), owned by Beijing-based Wanda Group, today announced that its board of directors has declared a dividend for the first quarter of 20 cents per share.
The dividend is the company's twenty-first consecutive dividend since the initial public offering. It is payable in cash on June 24 to shareholders of record as of June 10.
Founded in 1920, AMC is an American movie theater chain owned and operated by China's Dalian Wanda Group Co. Ltd. After acquiring Odeon Cinemas, UCI Cinemas, and Carmike Cinemas in 2016, it has become the largest movie theater chain in the world with 244 theaters in Europe, over 661 theaters in the United States, and 86 locations in mainland China.
Yunji Ready for Wall Street Debut, Priced at $11 Per Share
Yunji Inc., a Chinese membership-based social e-commerce platform, raises $121 million Friday in its initial public offering on the Nasdaq.
Under the ticker symbol “YJ,” the company is offering 11 million shares at $11 each, the low end of the range.
The amount of the offering was reduced from the $200 million Yunji targeted in its March filings.
Underwriting the deal are Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, and China International Capital Corporation Hong Kong Securities Ltd. (CICC).
Zai Lab Commences Follow-on Offering, Stock Tumbles 7% Early
Shares in Zai Lab Ltd. (Nasdaq: ZLAB) were down more than 7 percent Thursday morning, at $24.20 apiece, as the company launched its follow-on public offering.
The Shanghai-based biopharma company announced earlier this week that it seeks to sell an additional 5 million American depositary shares, with up to 750,000 shares more available for over-allotment. Each ADS represents one ordinary share.
Underwriters on the deal are J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Jefferies LLC, and SVB Leerink LLC.
OneSmart Announces $50 Million Share Buyback
OneSmart International Education Group Ltd. (NYSE: ONE), which provides K-12 after-school education services in China, said today its board authorized a share repurchase program to repurchase up to $50 million worth of its shares over the next 12 months, subject to market conditions.
The Shanghai-based company said it would fund repurchases from its existing cash balance or future cash generated by operating and financing activities. As of Nov. 30, 2018, the company had cash and cash equivalents of $111.5 million and short-term investments of $107.6 million, it said.
"Following the US$30.0 million share repurchase program approved by the board of directors in October 2018, this share repurchase program reflects the confidence that the Board and management have in OneSmart's future business prospects, operating fundamentals and strategy to further strengthen our leadership position in China's premium education market," said Steve Xi Zhang, chairman and chief executive officer of OneSmart.
Cango Declares Cash Dividend
Cango, Inc. (NYSE: CANG), an automotive transaction service platform in China, announced today a special cash dividend of 12.5 cents per ordinary share, or 25 cents per American depositary share. The Shanghai-based company said the dividend would be paid on May 28 to shareholders of record as of the close of trading on May 10.
Shares in Cango were at $7.25 per ADS, up nearly 1 percent, in afternoon trading today in New York.
Capital Requirements for China's Small Lenders Will Be Eased After Quarterly Review
BEIJING (Reuters) - Capital requirements for some small commercial banks in China will be eased after they meet certain criteria in the central bank's quarterly risk review, sources told Reuters on Tuesday.
China's central bank, The People's Bank of China (PBOC), conducts quarterly Macro-Prudential Assessments (MPA) for banks to assess the level of risk in the country's financial system.
Future FinTech Receives Listing Warning from Nasdaq
Future FinTech Group Inc. (Nasdaq: FTFT), a financial technology company and integrated producer of fruit-related products, today announced that on April 17, the company received a notification letter from Nasdaq stating the company was not in compliance with listing rules because of its failure to file its annual report by the filing date.
The Nasdaq letter provides the company 60 calendar days from the date of the notification, or until June 17, 2019, to submit a plan. The company said it intends to file by that date.
Baidu to Report First Quarter Results May 16
Baidu Inc. (Nasdaq: BIDU), China’s top search engine, announced Friday that it will post its financial results for the first quarter through March on May 16.
In a February report, Baidu forecast first quarter revenue between 23.5 billion yuan and 24.7 billion yuan, while analysts had expected 24 billion yuan, according to IBES data from Refinitiv.
Shares in Baidu closed at $171.02 apiece, up 69 cents on the day Thursday before the three-day weekend for New York stock markets.
Future FinTech Announces Delay in Filing Annual Report
Future FinTech Group Inc. (Nasdaq: FTFT) said today that it would delay filing its Form 10-K beyond the required filing date of April 16 as it needed extra time to complete the financial statements after changing independent auditors.
The company, based in Xi-an, said it expected to file its annual report by the end of May.
Shares in Future FinTech, which a financial technology company and integrated producer of fruit-related products, closed today at $1.55, up nearly 8 percent on the day. After the late announcement, however, the company's stock was trading down more than 3 percent after hours.
Qudian to Buy Back Shares from Kunlun; Stock Jumps 11%
Shares in Qudian Inc. (NYSE: QD) jumped more than 11 percent Friday morning, to $5.74 apiece, after the company said it will buy back all its shares held by Kunlun Group Ltd.
The Xiamen-based online company, which provides small consumer credit products, has agreed to repurchase nearly 18.2 million of Class A ordinary shares, according to its statement today.
Qudian has not announced the closing date of the transaction. As of Dec. 31, the company reported it had $363.8 million in cash and cash equivalents.
Niu Technologies Announces Increase in Prices in China
Niu Technologies (Nasdaq: NIU), a top provider of urban e-scooters, said today it was increasing the retail price for certain models in its N, M and U series sold in China.
The Beijing-based company said the increases would range from 100 to 500 yuan, or about 1 to 5 percent per scooter. The price increase was effective immediately.
“Price increases are a fact of life, but we work very hard to provide a more engaging and valuable riding experience for our customers," said the company's chief financial officer, Hardy Zhang. "Models being sold now integrate our latest technology, offering better battery performance, better ride performance, advanced rider experience features, and more optimized maintenance regime. We believe our pricing represents an outstanding value for our customers, who are interested in reflecting a premium lifestyle in their daily transportation experience.”
EHi Car Services Completes Merger; Shares to Cease Trading
Shanghai-based eHi Car Services Ltd. (NYSE: EHIC), a car rental and car services company in China, announced today that its purchase by Teamsport Bidco Ltd., a subsidiary of Teamsport Parent Ltd., had been completed.
As a result, eHi has ceased to be a publicly traded company at the stock market's close today. The company is now a wholly owned subsidiary of Parent.
Under the terms of the previously announced merger agreement, approved by shareholders on April 8, each Class A common share has the right to receive $6.125 in cash per share. Each American depositary share represents two Class A common shares.
EHi closed today at $12.20 per ADS.
Baozun to Offer up to $225 Million in Convertible Senior Notes
Baozun Inc. (Nasdaq: BZUN), a large brand e-commerce service partner in China, said today it planned to offer up to $225 million in convertible senior notes due 2024. The company said it intended to grant the initial purchasers in the offering a 30-day option to purchase up to an additional $50 million in principal amount of the notes.
The Shanghai-based company said it planned to use the proceeds from the offering for working capital and other general corporate purposes, including repayment of outstanding indebtedness and potential future acquisitions.
The notes will be convertible into the company’s American depositary shares, each currently representing three Class A ordinary shares of the company, and would mature on May 1, 2024.
Shares in Baozun closed down more than 7 percent today to $41.05 per share.
China Jo-Jo Files for $60 Million Shelf Offering
China Jo-Jo Drugstores Inc. (Nasdaq: CJJD), an online and offline seller of pharmaceutical and other healthcare products in China, filed today to offer up to $60 million of stock, debt, and other securities in the future.
The Hangzhou-based company said in its registration of the shelf offering that the proceeds would be used for general corporate purposes.
Shares in the company closed at $2.82 today in New York, down 2 cents.
China Rapid Finance Announces New CFO, CTO, and Director of Strategy
China Rapid Finance Ltd. (NYSE: XRF) announced today a series of senior appointments, including a new chief finnancial officer and chief technology officer.
The Shanghai-based fintech company, which facilitates a microcredit consumer finance marketplace, said Steven Foo was named chief financial officer, replacing Lan Xie. Foo has more than 20 years experience, previously serving as CFO of Hebron Technology.
At the same time, Wilson Qin, formerly chief information officer of Noah (China) Holdings Ltd., was named chief technology officer of the company.
Quasi Yao, previously with Sino-US United MetLife Insurance Company Ltd., also joined the company to serve as director of strategy and operations, overseeing China Rapid Finance's high-level strategic planning and execution.
Shares in the company were up about 1 percent in late-afternoon trading today, at $1.08 per share.
China Advanced Construction Materials Appoints New Chairman, CEO, and CFO
China Advanced Construction Materials Group Inc. (Nasdaq: CADC) announced today that it appointed a new chief executive and chairman, as well as a new chief financial officer.
Beijing-based CADC, which makes construction materials for large scale infrastructure, commercial, and residential developments, said Yang (Sean) Liu would take over as chief executive officer and chairman of the board, succeeding Xianfu Han. Lili Jiang was named as the company's new chief financial officer and a director, succeeding Weili He.
Shares in CADC were trading down more than 13 percent in afternoon trading today in New York at $2.86 per share.
Hexindai Issues $20 million Three-year Senior Unsecured Note
Hexindai Inc. (Nasdaq: HX), an online consumer lending marketplace in China, said today it issued a $29 million senior unsecured note to Majik Fund SPC, a company managed by a subsidiary of Yunfeng Financial Group Ltd. (HKEX: 0376).
The note, due 2022, bears a fixed interest rate of 12 percent per year with semi-annual payments, the Beijing-based company said. Yunfeng is a financial technology group, providing investing and financing services for individual and institutional investors.
"I'm pleased to issue this Note to Majik Fund SPC which I believe demonstrates their confidence in the future prospects of our business and the industry," said Xinming Zhou, chief executive officer of Hexindai. "With our business gradually improving despite a difficult market environment, we will use the proceeds as working capital to continue growing our platform and diversify our revenue streams to drive future growth and strengthen our position in the industry."
Shares in Hexindai closed today at $2.95, up 1 percent.
iQIYI Announces Proposed Offering of $1.05 Billion Convertible Senior Notes
iQIYI, Inc. (Nasdaq: IQ), an innovative market-leading online entertainment service in China, today announced the proposed offering $1.05 billion in aggregate principal amount of convertible senior notes due 2025.
The company intends to grant the initial purchasers in the notes offering a 13-day option to purchase up to an additional $150 million in principal amount of the notes. The company plans to use part of the net proceeds from the notes offering to pay the costs of the capped call transactions described below, and use the remainder of the proceeds to expand and enhance its content offerings, to strengthen its technologies, and for working capital and other general corporate purposes.
Fanhua Sets Up 25 Cent Dividend for Fourth Quarter
Shares in Fanhua Inc. (Nasdaq: FANH) rose 33 cents Monday afternoon to $23.63 apiece after the company, a Guangzhou-based financial services provider, declared a quarterly dividend of 25 cents per American depositary share.
The company said in a statement today that the fourth quarter dividend will be payable on Apr. 3 to shareholders of record as of Mar. 21.
“The Board and management remain optimistic about the growth prospects of the life insurance market in China and Fanhua,” the company’s chairman and chief executive officer, Chunlin Wang, said. “Therefore, we believe that the Company’s stocks represent an attractive investment in the long run.”
Fanhua has yet to report its financial results for the final quarter of 2018.
Tencent Music Stock Down 5% After Copyright Management Change
The stock of Tencent Music Entertainment Group (NYSE: TME) was trading down 5 percent early Friday, at $17.07 per American depositary share, on news that its vice president, Andy Wai Lam Ng, is withdrawing from his copyright management post today “for personal reasons.”
The music arm of the Chinese conglomerate Tencent Holdings Ltd. (HKEX: 0700) said in a statement that Ng will continue as a senior consultant to advise on strategic copyright partnerships. Tsai Chun Pan, a vice president in charge of the department for music services for smart devices, is taking Ng’s former position.
“We are confident that in their new roles, Tsai Chun and Andy will be able to leverage their extensive experience in the Chinese music entertainment business, forge new alliances with our content partners, augment our copyright protection initiatives, and facilitate the healthy growth of the domestic music entertainment industry," Tencent Music’s chief executive, Cussion Kar Shun Pang, stated.
MSCI to Quadruple Weighting of China A-shares
NEW YORK/SHANGAI (Reuters) - Global index provider MSCI will quadruple the weighting of Chinese mainland shares in its global benchmarks later this year, it said on Thursday, potentially drawing more than $80 billion of fresh foreign inflows to the world's second-biggest economy.
MSCI also announced that it will add Chinese mid-cap stocks to its emerging market benchmark in November, boosting the number of Chinese constituents.
In a statement on its website, MSCI said it will increase the inclusion factor of Chinese large-cap stocks to 20 percent from the current 5 percent in two steps, in May 2019 and in August. As a result, the weighting of Chinese stocks in the MSCI Emerging Market Index will jump to 3.3 percent, from roughly 0.7 percent currently.
The announcement could add fuel to a stock market that has jumped over 20 percent this year, partly on hopes that Beijing and Washington will soon reach a deal to resolve their trade dispute.
After implementation, the MSCI Emerging Markets Index will include 253 large-cap and 168 mid-cap China A-shares, representing a weight of 3.3 percent in the pro-forma index.
Gridsum Announces Equity Investment
BEIJING, Feb. 28, 2019 /PRNewswire/ --
Gridsum Holding Inc. (Nasdaq: GSUM), which provides cloud-based analytics and artificial intelligence solutions, said today that it entered into a share subscription agreement with unidentified equity investment firms, which have agreed to invest about $11.1 million into the company. The Beijing-based company said the investment would occur through the sale of 3.46 million newly issued Class B ordinary shares priced at $3.20 per share. Gridsum, which provides big-data analytics and AI solutions for multinational enterprises and government agencies in China, was selling for $3.84 per share, up nearly 1 percent, in mid-afternoon trading in New York.