FAST NEWS: Legend Biotech Plummets on Proposed $300 Million Share Sale

The latest: Biopharmaceutical company Legend Biotech Corp. (LEGN.US) has proposed offering $300 million in American Depositary Shares (ADSs), with the option for underwriters to sell an additional $45 million worth if demand is strong. Looking up: The new funds would provide the company with additional capital for development of drugs, construction of manufacturing facilities and for general operating purposes. Take Note: Shares of Chinese drug makers have taken a beating this week on rumors that the U.S. Treasury Department may add more than 20 Chinese companies to its investment blacklists,…

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Embattled U.S.-listed Chinese Firms Find Safer Harbor in Hong Kong

Second listings in Hong Kong help U.S.-listed Chinese companies diversify political risk as rivalry between Beijing and Washington grows Key takeaways: A second listing in Hong Kong can help U.S.-listed Chinese companies increase trading volumes and stabilize prices A more diverse investor pool can help companies recoup lost value from recent U.S. selloffs By Fai Pui Nov. 26, 2019 will go down as a landmark day for the Hong Kong Stock Exchange, drawing droves of reporters from the world’s leading financial news outlets to watch history unfold. A who’s-who of…

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Qudian Shares Sink Into Danger Zone as It Fails to Find New Footing

Embattled microlender’s shares dropped below $1 to all-time lows as its loan business shrank and a new child education club struggled Key takeaways: Qudian’s revenues slid 59% and the company swung to a loss in the third quarter, spooking investors and sending its shares to penny-stock territory Company could be forced to do a reverse share split or delist if its stock trades below $1 for an extended period By Mia Shanley Bruised and battered shareholders of Qudian Inc. (NYSE: QD) took another beating this week after the Chinese microlender…

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