Share Buybacks Bring Mixed Results for Smart Share Global, Cloopen

Two China tech firms are the latest in a recent string to announce share repurchases with hopes of boosting their sagging stocks Key points: Smart Share Global’s shares surged after it announced a $50 million stock buyback plan, while Cloopen’s were largely unchanged after it separately unveiled a similar plan Purchasing by a major institutional buyer may have fueled Smart Share Global’s surge, as such big buyers look for bargains among depressed Chinese shares   By Doug Young It could well be called “A Tale of Two Buybacks.” A day…

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Internet Stalwart 51job Shrugs Off Investors Ahead of Wall Street Exit

Company’s latest earnings show its quarterly profit dived on soaring marketing costs, as it anticipates ending its 17-year run on Wall Street by year-end Key Takeaways: •      51job’s second quarter results could be its last as a listed company as it anticipates completing a year-old privatization bid by the end of this year •      Company remains a major force in China’s online recruitment industry, though was recently overtaken for the top spot by the younger Kanzhun By Thomas Zhang It’s been a miserable summer for U.S.-listed Chinese companies, many of…

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Private Equity Bets iClick Can Shine Brighter Outside Stock Market Spotlight

Bid by PAG and Oasis Management carries a 20% premium and values the Hong Kong-based provider of digital marketing tools at $640 million  Key takeaways: Private equity bid for iClick comes amid a growing exodus of U.S.-listed Chinese companies from New York iClick shares are down more than 24% year-to-date despite solid revenue growth and improving profitability By Warren Yang A coalition of investors that have launched a bid to privatize iClick Interactive Asia Group (ICLK.US) are betting the provider of digital marketing tools will be better off as a…

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Medical Device Maker Broncus Gets Financial Breathing Room from IPO

Company’s shares plunge 20% on first trading day, but rebound slightly the next day, following listing that raised $200 million Key Takeaways: Broncus Holding has raised $200 million from its Hong Kong IPO, giving it enough cash to fund its operations into early 2023 Investors are betting company can quickly ramp up sales for its core pulmonary devices, most of which have been approved or are near approval in China, the U.S. and Europe By Doug Young Seven months. That’s how much time medical device maker Broncus Holding Corp. (2216.HK)…

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Huazhu Founder Steps Down as CEO a Third Time, as Hotelier Bounces Back from Covid

Ji Qi’s resignation as CEO comes as leading Chinese hotel operator reports strong rebound in first half of 2021 Key Takeaways: Huazhu founder Ji Qi is stepping down as the company’s CEO for the third time, following its latest period of adjustment Observers believe that despite relinquishing the CEO title, Ji will continue to call the shots from behind the scenes in his remaining role as chairman By M.C. Ho With its Covid-19 outbreak under control, China’s hotel industry has largely recovered on a steady track. Against a backdrop of…

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Gaotu Urges Investors to See Education Cleanup as ‘New Beginning’

Company says it will focus on professional education and more holistic learning courses going forward Key takeaways: Gaotu discloses K-12 education services targeted in government education cleanup accounted for 94% of its revenue in three months through June Company says it will focus on education for adults, test preparation and holistic-oriented ‘STEAM’ learning in the future By Doug Young Think of it as a new beginning, rather than the end, of an era. That was the message coming from former education powerhouse Gaotu Techedu Inc. (GOTU.US) in its latest financial…

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Early JW Therapeutics Backer Ruins Regulatory Breakthrough Party With Stake Sale

The Chinese cancer drug maker’s shares surged on news of approval for its core product, only to return to earth after early investor Temasek exited Key takeaways: •      Less than two weeks after JW Therapeutics received regulatory approval to commercialize its core product in China, key early investor Temasek sold all of its stake •      JW Therapeutics’ stock now trades nearly 30% below its IPO price, as numerous obstacles remain in the march to commercialize its cutting-edge cancer treatment By Warren Yang It seems a major breakthrough for JW (Cayman)…

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Everest Joins Race to Make mRNA Covid Vaccines for China

Company’s move comes as Beijing shows growing signs of approving the new type of high-tech vaccination Key takeaways: Everest will pay up to $150 million or more to potentially bring an mRNA vaccine being developed by Canada’s Providence Therapeutics to China Deal comes as Beijing appears increasingly receptive to mRNA vaccines, even though Providence’s jabs have yet to be approved in its home Canada market By Richard Barbarossa China may still be without a Covid-19 vaccine based on messenger RNA (mRNA) technology, generally considered the most effective for preventing infections.…

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Podcast Leader Ximalaya Mounts New IPO Bid Closer to Home in Hong Kong

Company could be valued at around $3 billion when it floats shares, following the official scrapping of its original New York listing plan Key points: Ximalaya’s ditching of its New York listing plan in favor of Hong Kong could mark the start of a new trend for Chinese tech firms that previously favored the U.S. Company could be valued at a relatively high level due to its dominant position with more than two-thirds of the Chinese podcast market By Doug Young What will happen to the roughly half-dozen Chinese IPOs…

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Solid Earnings, Modest Buyback Fail to Boost Drug Seller 111 Inc.

Profitability is now in focus at online drug company, as it seeks to breathe life into its shares that are down 10% this year Key takeaways: 111’s revenue grew 87% in second quarter, generally outpacing its peers, as it aims to more than double its fulfillment capacity this year Company’s shares now trade around $6.50, well off a $23 high reached in February, as investors worry about regulatory wave for broader tech sector By Mia Shanley With massive revenue growth and market share gains in the bag, online drug seller…

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