Fanhua Feels the Pinch as Economic Slowdown Dampens Consumer Spending

Online insurance broker’s shares tumble after it reported a sharp drop in third-quarter profit amid jitters about China’s economic growth Key takeaways: •      Fanhua reported its net income fell by more than 50% in the third quarter, while revenue fell by 16% •      The weak results come as China’s tough Covid-19 policy and a slumping property sector dampen demand for discretionary products like life insurance By Warren Yang When times are rough, insurance isn’t exactly at the top of the average Joe’s shopping list. That message is clear in the…

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Long-Time Money-Losing AI Giant SenseTime Seeks High Valuation Listing

The controversial unicorn has lost 24.2 billion yuan in the last three and a half years, as it plans to raise up to $2 billion in a Hong Kong IPO Key Takeaways: SenseTime, whose core competitiveness is in facial recognition, has been approved for a listing in Hong Kong HSBC, one of the sponsors, values SenseTime between $26.5 billion and $36.4 billion, significantly higher than other AI startups By Fai Pui AI unicorn SenseTime Group Inc., invested by Alibaba (9988.HK; BABA.US), will soon be listed in Hong Kong, after being…

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FAST NEWS: Weibo Launches Hong Kong IPO

The latest: Weibo Corp. (9898.HK; WB.US), often called the “Twitter of China” has launched a secondary listing in Hong Kong consisting of 11 million of its Class A ordinary shares. Subscriptions for the IPO shares began today and will run through noon on Dec. 2, with a maximum fundraising target of HK$4.27 billion ($547 million). Looking up: Weibo’s monthly active users (MAU) as of September reached 573 million, and its revenue has grown at a compound annual rate of 26.7% in the past four years. The company’s revenue in this year’s…

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Zhihu Reaps Rewards from Commercializing Its Services

Commercial content solutions revenue for the company sometimes called the ‘Quora of China’ rose fivefold in the third quarter, becoming its strongest growth engine Key Takeaways: Zhihu’s revenue doubled in the third quarter on strong performance of its ‘three revenue engines’ Management is targeting fourth-quarter revenue of a record 1.03 billion yuan, up more than 20% from previous quarter By Wut Yee Zhihu Inc. (ZH.US), an information platform sometimes called the “Quora of China,” is challenging market doubters about its ability to commercialize its business, with its latest quarterly results.…

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Travel Restrictions Trip Up Tongcheng-Elong

Covid-19 flare-ups dampened tourism in the third quarter, leading to a 9.3% drop in the online travel agent’s latest quarterly revenue Key Takeaways: Following a weak third quarter, similar travel declines during China’s Oct. 1 ‘Golden Week’ make it difficult to be optimistic about Tongcheng-Elong’s fourth quarter Despite suffering from travel restrictions, Tongcheng-Elong’s position standing on shoulders of giants Tencent and Trip.com should help it over the longer term By Jony Ho Online travel agent Tongcheng-Elong Holdings Ltd.’s (0780.HK) third-quarter results announced this week were bumpy at best, hobbled by slumping tourism as…

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Gracell Bio Shares Tumble as Investors Blow Hot, Cold Over Its Cutting-Edge Cancer Treatment

Receipt of ‘orphan drug’ designation for company’s CAR-T cancer drug in the U.S. will bring financial incentives, but also underscores drug’s limited market potential Key takeaways Gracell Bio stands to benefit from tax credits and marketing exclusivity following receipt of ‘orphan drug’ status for its CAR-T cancer treatment Analysts see profitability several years away as competition heats up for treatment of relatively low-occurring cancer By Richard Barbarosa Gracell Biotechnologies Inc. (Nasdaq:GRCL), a Chinese company developing rapid cell therapy treatments for rare cancers, has created fits of both high hopes and…

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FAST NEWS: Chindata Reports 58.5% Revenue Growth in Q3, Reaffirms Full-Year Guidance

The latest: Data center operator Chindata Group Holdings Ltd. (CD.US) said its revenue rose 58.5% in the third quarter to 740.8 million yuan ($116 million), according to its latest quarterly results released on Wednesday. It posted a 78.4 million yuan profit for the period, representing its third consecutive quarterly profit and reversing a 196.8 million yuan loss in the year-ago period. Looking Up: The company reiterated its previous guidance for between 2.78 billion yuan and 2.83 billion yuan in revenue for the full year 2021. The reaffirmation comes as many…

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BeiGene Seeks Historic Third Listing in Shanghai, Complementing US and HK

The 11-year-old money-losing biotech has filed for a listing on Shanghai’s STAR Market to raise more than $3 billion Key Takeaways: BeiGene will become the world’s first stock to be simultaneously listed in the U.S., Hong Kong and on one of China’s A-share markets Some analysts believe that a strong valuation for BeiGene’s new A-share listing could help to boost its stock price in the U.S. and Hong Kong By Jony Ho Biotech firm BeiGene Ltd. (BGNE.US; 6160.HK) will soon become the world’s first stock listed in New York, Hong…

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FAST NEWS: Job Specialist Kanzhun’s Revenue Doubles as Paying Corporates Soars

The latest: Online jobs specialist Kanzhun Ltd.(BZ.US), best known in China for its Boss Zhipin service, announced its revenue grew by 105.4% year-on-year in the third quarter to 1.2 billion yuan ($189 million), while its net profit rose by 7.5 times to 286 million yuan. Looking up: Revenue from Kanzhun’s core online recruitment services doubled year-on-year to 1.197 billion yuan as paying corporate customers increased by 110.5% to 4 million. Its much smaller paid value-added services for job seekers also increased 2.1 times to 14.6 million yuan. Take Note: The company previously…

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Dada’s Record ‘Single’s Day’ Performance Fails to Hide Yawning Losses

Company reported its loss widened to 543 million yuan in the third quarter, following record sales and deliveries on China’s top shopping festival earlier in November Key Takeaways: Dada’s net loss widened to 543 million yuan in the third quarter from 434 million yuan a year earlier The company’s autonomous delivery operation system participated in China’s ‘Double Eleven’ shopping fest for first time on Nov. 11   By James Dyson As the U.S. heads into the original “Black Friday” on the day after Thanksgiving, short-distance delivery specialist Dada Nexus Ltd.…

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