FAST NEWS: Covid Vaccine Maker Sinovac’s Profit Skyrockets in First Financial Report for 2021

The latest: Sinovac Biotech Ltd. (SVA.US), maker of one of China’s three major Covid-19 vaccines, reported its revenue soared 161 times to $11 billion (70 billion yuan) in the first six months of 2021 from $67.7 million a year earlier, according to a Thursday stock exchange filing. The company said it posted a $5.1 billion profit for the period, or $44.80 per diluted share, compared to a $12.6 million loss in the year-ago period. Looking Up: Sinovac said it has supplied over 2.5 billion doses of its CoronaVac vaccine for…

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Mild Manner Coffee Takes on Starbucks in China With ‘Street Coffee’

Newer chains like the ByteDance-backed startup are using small-store format to change the big game in China’s vibrant coffee market Key takeaways: Manner Coffee is at the forefront of a new generation of boutique Chinese coffee chains that are attracting major investment dollars Newcomers are challenging Starbucks with small-store format that slashes rent, labor costs By Jose Qian China’s booming coffee business has made it the second most important market for global giant Starbucks (SBUX.US), behind only its home U.S. market. But it’s also providing fertile ground for new and…

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CStone Revs Up for Big Growth With New Drug Approval

Company says China has approved its latest cancer drug, which it is commercializing with global pharmaceutical giant Pfizer Key takeaways: CStone announced its monoclonal antibody drug Cejemly has been approved by China’s drug regulator for treatment of certain lung cancers The company is valued relatively low compared with its peers, and is expected by Morgan Stanley to turn a profit in 2023 By Wut Yee Biomedical company CStone Pharmaceuticals (2616.HK) has been cleared in China to sell its first cancer drug, which it is commercializing with the global pharmaceutical giant…

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FAST NEWS: SenseTime Shrugs Off U.S. Sanctions, Jumps in HK Debut

The latest: Chinese artificial intelligence (AI) company SenseTime Group Inc. (0020.HK) debuted strongly in Hong Kong on its first day of trade. The stock opened at HK$3.91 ($0.50), up 1.6% from its IPO price of HK$3.85, and continued to rise from there through the morning. It was up 11.4% at HK$4.29 at the midday break. Looking up: The company enjoyed a large transaction volume of about HK$1 billion as of 2:30 p.m., 43% of which were block trades that often reflect interest from institutional investors. Take Note: The offering was only oversubscribed…

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I-Mab Founder Retakes Reins in Latest Shakeup Ahead of Commercialization Phase

Drug maker announces latest senior appointments as investors anticipate regulatory approval for some of its products as early as 2023 Key takeaways Four-year company veteran and CEO Joan Shen to depart I-Mab as chairman and founder Zang Jingwu gets set to resume the role Analysts upbeat as company earmarks 2023 for regulatory approval of key drugs and launch of production facility By Richard Barbarossa In a twist on an old adage, it appears to be a case of “out with the old and in with the not-so-new,” at drug developer…

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Nanjing Hanrui Launches HK Listing Despite Fading Future for Cobalt

Company forges ahead with new IPO, even as the metal that’s its big bread winner is being phased out of many EV car batteries Key takeaways: Cobalt producer Nanjing Hanrui has applied to list in Hong Kong for a second time The company’s core products could face headwinds as names like Tesla and Nissan strive to use cobalt-free batteries in their EVs By Jony Ho Known by the symbol “Co” on the periodic table, cobalt may be relatively unfamiliar to most. But the silvery gray metal has boomed in recent…

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Hailiang Sees the Writing on the China Blackboard

Private school operator launches privatization bid, setting a potential trend for others remaining in the embattled education sector Key takeaways: A management-led group has offered to privatize Hailiang Education at a large premium, setting a potential trend for China’s listed education companies Company was relatively less affected by recent government-led cleanup of private education sector, but still faces large uncertainties By Doug Young 2021 will go down as a landmark year for China’s private education sector, following a major government campaign aimed at easing the burden of after-school tutoring on…

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FAST NEWS: JinkoSolar Approved for $940 Million China STAR Market IPO

The latest: JinkoSolar Holding Co. Ltd. (JKS.US), one of China’s largest solar module manufacturers, announced Tuesday that its main operating subsidiary, JinkoSolar Co. Ltd., has completed the registration process for an IPO on Shanghai’s Nasdaq-style STAR Market, with plans to raise 6 billion yuan ($940 million). Looking up: JinkoSolar first announced its STAR Market IPO plan in September 2020, and it was accepted by the Shanghai Stock Exchange in June and approved by the China Securities Regulatory Commission (CSRC) in late September this year. The total process took a relatively…

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Hong Kong Tries Out SPACs, But Small Investors Need Not Apply

Regional financial hub follows New York with plans for a SPAC IPO mechanism, but erects higher barriers to entry Key Takeaways: Hong Kong will launch a SPAC market on Jan. 1, but will only allow professional investors to participate Move represents a new listing option as Washington steps up oversight of Chinese companies seeking U.S. IPOs By Wut Yee In a highly anticipated answer to the growing popularity of special purpose acquisition companies (SPACs) in the U.S., the Hong Kong Stock Exchange has unveiled its own SPAC mechanism after three…

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FAST NEWS: Kintor Pharma Plunges after Covid-19 Drug Fails Clinical Trial

The latest: Kintor Pharmaceutical Ltd. (9939.HK) announced that an interim analysis of data from a multi-regional Phase III clinical trial for its oral drug proxalutamide to treat Covid-19 did not meet “statistical criteria.” Looking Up: Based on the interim analysis, the company did not identify any safety concerns with proxalutamide and no drug-related serious adverse events were reported. The company said it will seek consent from various regulatory agencies, including the U.S. Food and Drug Administration (FDA), to modify the clinical trial protocol. Take Note: The company had placed big hopes on…

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