China Prepared to Weaken Currency Again if Trade War Intensifies
Beijing is prepared to weaken its currency again, it announced on Thursday amid an ongoing trade space with the United States.
The People's Bank of China set the yuan midpoint at 7.0039 to $1 on Thursday, and anticipated further decrease, according to the New York Times. China’s deployment of a weaker currency helps its factories offset higher costs on U.S tariffs on imports, the report said.
This week, the yuan has fallen to the $7 level for the first time since 2008.
Future FinTech Granted Exception by Nasdaq on Filing Delay; Stock Up 2%
Future FinTech Group Inc. (Nasdaq: FTFT) announced Thursday that it has another chance at regaining compliance with Nasdaq listing rules.
The Xi’an-based company, which operates in FinTech and fruit-related businesses, said in a statement today that the stock exchange has granted it an exception to enable it to regain compliance by filing the Form 10-K before the end of the month and Forms 10-Q by the end of September.
In May, Future FinTech regained compliance with the Nasdaq in terms of minimum bid price requirements after its stock had traded above $1 for 10 consecutive days.
Shares in Future FinTech jumped 2 percent, closing at $1.03 per American depositary share Thursday.
WiMi Set to Become the First Holographic AR Solutions Provider to Go Public in New York
WiMi Hologram Cloud Inc. expects to debut on the Nasdaq Global Market on Wednesday, seeking to raise up to $38 million in capital.
The Beijing-based AR services provider will offer 4 million American depositary shares, or 4.6 million if the underwriters exercise the over-allotment option in full, at the expected price range of between $7.50 and $9.50 per ADS.
The company has applied to trade under the symbol “WIMI.”
Listed underwriters on the deal are Benchmark Company LLC, Maxim Group LLC, China Merchants Securities (HK) Co. Ltd., AMTD Global Markets Ltd., BOCI Securities Ltd., Everbright Sun Hung Kai Company Ltd., GF Securities (Hong Kong) Brokerage Ltd. and Axiom Capital Management Inc.
WiMi would become the first holographic AR platform to list on a stock exchange.
U.S., China to Hold Trade Talks Early Next Week - U.S. Treasury Chief
WASHINGTON (Reuters) - U.S. negotiators will visit China early next week for trade negotiations, U.S. Treasury Secretary Steven Mnuchin told CNBC in an interview on Wednesday.
Mnuchin said he and U.S. Trade Representative Robert Lighthizer will depart for China on Monday and hold talks with their Chinese counterparts on Tuesday and Wednesday in Shanghai, followed up by more talks in Washington later.
China Automotive Systems Welcomes Two New Directors
China Automotive Systems Inc. (Nasdaq: CAAS) announced it has appointed Henry Lu and Tong Kooi Teo as new independent members of the board of directors Tuesday.
Henry Lu has a background serving with McKinsey & Co. Hong Kong-listed Hua Lien International Co. Ltd. and U.S.-listed Nepstar Drugstore.
Tong Kooi Teo is serving as head of DPS Corporate Advisory Co. Ltd. and has worked for Deutsche Bank Malaysia.
Hubei-based China Automotive Systems is a leading power steering components and systems supplier in China, offering a range of steering system parts for passenger automobiles and commercial vehicles. It currently offers four separate series of power steering with an annual production capacity of more than six million sets of steering gears, columns and steering hoses.
Shares in China Automotive Systems closed at $2.15 apiece, down 2 percent, Tuesday in New York.
China Lifts Restrictions on Foreign-Invested Rating Agencies in Bond Market
SHANGHAI (Reuters) - China will permit foreign-invested rating agencies to give ratings to all forms of interbank market and exchange-traded bonds, the country's central bank said in a notice published on Saturday.
The People's Bank of China said it would also allow more qualified foreign-invested rating institutions to develop credit-rating businesses for the interbank market and exchange-traded bonds.
Ant Financial's Two Employees Sentenced for Taking Bribes
Two senior employees in Ant Financial Services Group, the finance arm of giant Alibaba Group Holding Ltd. (NYSE: BABA), have been arrested for accepting bribes.
The People's Court of Xihu District of Hangzhou published a report late last week saying that a business manager and a senior specialist from the Digital Entertainment Center of Ant Financial have accepted more than $1.9 million in bribes to approve an unqualified application and handle gambling and fraud complaints.
Trump Sees Slowing Chinese Growth Pressuring Beijing on Trade
WASHINGTON (Reuters) - U.S. President Donald Trump on Monday pointed to slowing economic growth in China amid restarted trade talks, saying U.S. tariffs were having "a major effect" and warning that "possibly much more" were to come.
Growth data released earlier on Monday showed the world's second-largest economy had slowed to 6.2 percent in the second quarter, its weakest pace in at least 27 years amid ongoing trade pressure from the United States.
"This is why China wants to make a deal with the U.S., and wishes it had not broken the original deal in the first place," Trump tweeted.
Trump and his administration are seeking to push China to make a trade pact after talks broke down in May. Trump and Chinese President Xi Jinping agreed to restart negotiations at their meeting at the G20 last month.
U.S. and Chinese negotiators spoke by phone last week, and in-person talks are expected soon in Beijing, U.S. officials have said.
ReneSola Announces CEO Resignation
ReneSola Ltd. (NYSE: SOL), a solar project developer, announced Monday that Xianshou Li, due to personal reasons, has resigned from his position as chief executive officer and from all other managerial positions held by him, effective July 8, 2019.
The board has accepted his resignation and has appointed Shelley Xu as the new CEO.
Prior to the appointment, Ms. Shelley Xu was group vice president since 2016, overseeing project development and construction in Asia Pacific region. Joining the company in 2005, she has 15 years of experience in marketing and team management. She established the module marketing and sales team in China in 2011 and became the vice president of ReneSola China in 2013.
The stock in ReneSola ended the day 9 percent higher, at $1.41 per American depositary share.
ChinaNet Online Appoints New CFO
ChinaNet Online Holdings Inc. (Nasdaq: CNET) announced Monday that Mark Li is taking the chief financial officer position while Zhige Zhang has resigned for personal reasons.
Mark Li served in a number of financial roles for 20 years before joining the Beijing-based company.
“We are also very pleased to welcome Mark to the Company. Mark brings an immense amount of financial expertise to the team as well as many years of leadership and operational experience in financial management,” Handong Cheng, the chief executive officer of ChinaNet said in a statement today.
ChinaNet provides online advertising, marketing, and data analysis. Shares in ChinaNet closed at $1.34 apiece Monday, down 4 percent.
Alibaba to Donate $145 Million to Women’s Football in China
Chinese e-commerce giant Alibaba Group Holding Ltd. (NYSE: BABA) announced Friday that it will donate 1 billion yuan, about $145 million, to support the long-term development of women’s football in China.
The $145 million donation was committed by Alipay Foundation of Alibaba’s mobile payment platform, Jack Ma Foundation and Joe Tsai Foundation (PRC), who are the founder and the co-founder of Alibaba, respectively. Alipay, launched in 2004, is run by Ant Financial Services Group, an affiliate of Alibaba Group.
“Over the past two years, I’ve seen from the girls in Qiongzhong that football has brought them more than just physical fitness and technical skills. It has also opened doors for them to more life options and opportunities, as well as tenacity and fighting spirit,” Eric Jing, the chief executive officer of Ant Financial Services Group, said in a statement today.
Ctrip Signs 3-Year Facility Agreement of $2 Billion
Ctrip.com International Ltd. (Nasdaq: CTRP) announced it took a $2 billion loan through a facility agreement for general working capital requirements, including repayment of debts.
The Chinese travel booking provider said the facilities, provided by institutional lenders, have a 3-year tenor starting today. The transferrable term loan facility comes with a greenshoe option of up to $500 million, it reported.
Shares in Ctrip were trading down 1 percent, at $38.39 per American depository share, intraday Friday.
IQiyi Hits 100 Million Subscribing Members Milestone
IQiyi Inc. (Nasdaq: IQ) announced Monday its video-streaming service hit a milestone of 100 million paying subscribers in June.
The company, dubbed "China’s Netflix," said it plans to push into overseas markets including North America and Japan.
“This represents a significant milestone for iQiyi and reinforces our position as China’s leading online video streaming platform,” Yu Gong, the chief executive officer of iQiyi, said.
The stock of iQiyi closed up more than 1 percent today, at $18.40 per American depositary share.
China Kicks off Shanghai-London Stock Connect With Initial Quota
SHANGHAI (Reuters) - China's securities regulator set initial quotas for the Shanghai-London Stock Connect scheme that officially kicked off trading on Monday, in its latest move to open up its capital markets.
Under the west-bound leg of the scheme, Shanghai-listed companies can raise new funds via London's stock market while the east-bound leg lets British companies broaden their investor base by selling existing shares in Shanghai.
The China Securities Regulatory Commission (CSRC) said in a joint statement with the British financial regulator that the initial quota for the east-bound leg of the scheme was 250 billion yuan, while the quota for the west-bound leg of the programme was 300 billion yuan.
Huatai Securities Co. Ltd., one of China's largest brokerages, makes its London market debut on June 17, becoming the first company to trade via the London-Shanghai Stock Connect project.
Huya Releases a New Company-wide Logo
Huya, Inc. (NYSE: HUYA) released its new corporate logo.
The symbol “HUYA” along with the new logo will represent the overall brand and the existing “HUYA live streaming” logo, which represents the live streaming service of the company, will remain the same.
The updated logo is the first large-scale redesign since the company was founded in 2014.
Huya said that the release of the new company-level logo fits well with the overall strategy of the company and is convenient way boost its brand recognition, as it diversifies into other business sectors outside of gaming industry.
The shares of Huya rose nearly 2 percent on Thursday, closing at $23.30.
Bilibili Jumps Slightly with a Buy Rating from ICBC Research
Shares in Bilibili Inc. (Nasdaq: BILI) received a “Buy rating” and rose 2 percent, closing at $15.06 apiece on Monday.
ICBC Research set the stock of Bilibili at $19.20 per American depositary share, representing a 30 percent upside growth and added it into its portfolio.
The Shanghai-based firm has developed an online digital media content site for a younger demographic in China. Bilibili's earnings in the last two quarters have been positive.
Happiness Biotech Downsizes IPO Target to $10 Million
Happiness Biotech Group Ltd. lowered its IPO target to $9.85 million from $14.26 million in its latest filing.
The company seeks to sell shares on the Nasdaq Capital Market under the ticker symbol "HAPP."
Based in Fujian, Happiness Biotech, which makes traditional Chinese health supplements from herbal and animal extracts, reported revenue of $61 million in 2018, a 15 percent increase from $53 million in 2017.
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.