FAST NEWS: Club Med Strength Fuels Fosun Tourism Rebound in Third Quarter

The latest: Fosun Tourism (1992.HK), owner of the Club Med resort chain, said the business volume at its resort operations totaled 5.58 billion yuan ($873 million) in the first nine months of the year, down 4.4% from the same period a year earlier. The decline marked a big improvement from the first half of the year, when business volume plunged 41.9% to 2.43 billion yuan. Looking Up: The improving performance was reflected in third-quarter results for Club Med, whose business volume more than doubled to 2.6 billion yuan during the…

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A-List Executive Team, Big-Name Backers Fail to Lift Abbisko IPO

Shares of cancer drug startup, whose investors include Carlyle Group and Temasek, are down 7% a week after their trading debut Key takeaways Four rounds of fundraising together with IPO proceeds have given the Abbisko a cumulative war chest of almost $500 million Company is betting a significant portion of its funds on China rights to an AstraZeneca drug to treat multiple solid tumors By Richard Barbarossa When it comes to startup drug makers, a strong executive lineup and big-name backers are often just as important as a company’s products…

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SMIC Spinoff SJSemi Becomes China’s Latest Chip Highflyer With New Fundraising

Chip packaging and testing company raises $300 million in new funding from a slate of state-backed entities Key Takeaways: •      SJSemi has raised $300 million in its latest fundraising round, following its recent spinoff from sanction-hobbled chip giant SMIC •      Company looks set to benefit from China’s recent drive to achieve self-sufficiency for its high-tech microchip sector By Thomas Zhang China’s aim of achieving self-reliance in high-tech semiconductor microchips has sent a flood of capital into the sector. One of the latest beneficiaries of that windfall is SJ Semiconductor Co.…

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Full Truck Alliance Moves Back Into Fast Lane With Strong Government Support

Company’s shares surge 15% on Tuesday after separate media reports signal strong regulatory backing at the national and provincial levels Summary Full Truck Alliance’s shares surged after separate media reports showed strong government backing by both Beijing and its home province. Shares rally 15% following reports of government support By Doug Young Trucking specialist Full Truck Alliance Co. Ltd. (YMM) is showing once again just how important syncing with government policy is to a company’s success in China. And it’s also showing just how important it is to tell the…

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FAST NEWS: iClick Receives Second Buyout Offer as Bidding War Takes Shape

The latest: Digital marketing tools supplier iClick Interactive Asia Group (ICLK.US) said it has received a second unsolicited proposal to take the company private for $7.50 for each of its American depositary shares (ADSs). The offer came from Infinity Equity Management, and was received on Oct. 17. Looking Up: The new offer came less than a month after iClick received another offer to privatize the company for $6.75 per ADS from Asia-focused private equity firm PAG and Oasis Management Co., a Hong Kong-based activist hedge fund. That signals a bidding…

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Tencent-Backed Weimob’s Big Investors Head for Exit Doors

UBS, Credit Suisse, JPMorgan and Black Rock have all sold down stakes in e-commerce services provider in recent months Key takeaways: Several of Weimob’s big-name shareholders have been selling down their stakes in the company over the last three months Tencent-backed Weimob announced a HK$1 billion share buyback last month to relieve the selling pressure By Doug Young Fall 2021 might well be called the season of the “big exit” for Weimob Inc. (2013.HK). The provider of e-commerce services closely tied to internet giant Tencent (0700.HK) has been aggressively purchasing…

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Renren in Search of Identity as Its Stock Surges on Lawsuit Settlement

Shares of company once pegged as the ‘Facebook of China’ jumped 45% after settlement of shareholder lawsuit Key takeaways: A 45% surge in shares of Renren, once pegged as the ‘Facebook of China,’ earlier this month was fueled by settlement of a shareholder lawsuit Despite a $600 million market value after the jump, company is still in search of a long-term business model By Shirley Lau Giving shareholders something to be excited about has not been a forte of Renren Inc. (RENN.US), whose heady days when it was once billed…

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Globally Minded Zepp Raises Eyebrows With New Ultra-Long Life Smartwatch

Company unveils new products under its own Amazfit brand, aiming to emerge from the shadows of longtime partner and major shareholder Xiaomi Key takeaways: Zepp Health has launched a new energy-efficient operating system for its Amazfit smartwatches that cuts power consumption by 65% Shipments of company’s own-branded products more than doubled in the second quarter as it tries to wean itself from Xiaomi By Mia Shanley Chinese smart wearable device maker Zepp Health (ZEPP.US) is making good on its aim of weaning itself off smartphone partner Xiaomi (1810.HK) with the…

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I-Mab Gets Boost from Latest Industry Signals on New Cancer Treatment

Company’s shares surged as much as 15% after AstraZeneca unveiled upbeat results for a new class of cancer drugs known as CD73 antibodies Key Takeaways: I-Mab’s shares surged up to 15% on positive results from a peer developing a similar new type of cancer treatment, though they later gave back most of those gains Company has plenty of cash on hand, and could soon get more as it seeks a deal to commercialize the drug, uliledlimab, with a U.S. or European partner By Doug Young It may still be at…

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FAST NEWS: Niu Technologies Sales Zoom in China, Sputters Overseas in Third Quarter

The latest: Niu Technologies (NIU.US) reported that sales of its electric scooters soared 58% in this year’s third quarter, reaching 397,079 units for the three-month period. The vast majority of those sales were in China, which logged 392,112 units sold during the period. Looking Up: Niu said the strong domestic growth was driven by an aggressive expansion that saw it add 320 stores during the quarter in China. Take Note: While domestic sales were strong, the opposite was true for the tiny portion sales that came from exports. The company…

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