Tuya Focuses on Staying the Course in the Face of Global Turbulence

IoT platform as a service (PaaS) company blames inflation, chip shortage on bumpy demand from its core IoT device customers Key Takeaways: Tuya reports its revenue grew 44.9% in the third quarter, as factors like high shipping prices and global inflation affected demand for smart internet-connected products Company’s shares look undervalued compared to peers, possibly due to political factors that look overblown By Doug Young We can’t control the global situation, but we’re working to improve our own shop. That’s the key takeaway coming from IoT platform as a service…

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FAST NEWS: Cosmetic Surgery Platform So-Young Gets Privatization Offer

The latest: Plastic surgery services platform So-Young International Inc. (SY.US) announced it has received an offer from a group led by its co-founder and Chairman Jin Xing to take the company private at a price of $5.30 per American depositary share (ADS). Looking Up: The price represents a 23% premium over the company’s last close of $4.32 before the Tuesday announcement. Such deals often have the best chance of success when they are led by top company managers, who often hold and control large blocks of the company’s shares. Take…

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FAST NEWS: Rise Education Hits All-Time Low After Auditor Resignation

The latest: Rise Education Cayman Ltd. (REDU.US) announced that Ernst & Young Hua Ming LLP (EY) resigned as its independent auditor effective Nov. 19. Looking up: EY’s resignation isn’t related to suspicions about accounting fraud, but rather to insufficient information. Rise Education has been caught up in China’s “Double Reduction” policy to reduce the burden on primary and secondary school students caused by extra-curricular tutoring, which has dealt a severe blow to Rise and many of its peers, who remain at risk of future additional measures. Take Note: Rise Education failed to…

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FinVolution Solidifies New Growth Path After Weathering Fintech Clampdown

Company’s latest quarterly results show it’s bouncing back strongly from regulatory overhaul for former P2P lenders Key takeaways: •      FinVolution’s user base increased sharply in the third quarter, leading to 41% revenue growth •      The company posted only a small net profit gain because of swelling costs By Warren Yang FinVolution Group (FINV.US) is making respectable strides as it rises from the ashes of its former life as a peer-to-peer (P2P) lender. The company is spending heavily to grow under a new business model as an online loan facilitator, following…

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