FAST NEWS: Jiumaojiu Scraps Guangzhou Property Investment After Investor Revolt

The latest: Restaurant operator Jiumaojiu International Holdings Ltd. (9922.HK) announced late Monday it scrapped its plan to pay 1 billion yuan ($140 million) for 26% of the developer of the Guangzhou IFC Mall Project, a major new retail-office complex in the southern city of Guangzhou. It added the transaction will be completed instead by the company’s chairman and controlling shareholder Guan Yihong. Looking up: Jiumaojiu is focused on the catering business, sparking a 20.4% decline in its stock the day the original deal was announced as some investors may have questioned such…

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Falling IPO Star: Hong Kong Tipped to Lose Top-Three Ranking Again

Hong Kong is losing some of its luster as an IPO hub, hit by market worries about soaring inflation, rising interest rates, tumbling stock prices and China’s zero-Covid policy. Some analysts say the exchange has little chance of landing a top-three place for global IPO fundraising this year Key Takeaways: As of the third quarter of this year, the world’s top three IPO capital raisers were the Shanghai Stock Exchange, the Shenzhen Stock Exchange and the Korea Exchange, with Hong Kong lagging in fourth place Some analysts believe that a…

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Uxin Revs Up Online Used Car Retailing Model, Buys Time with Financial Maneuvers

Company posted strong revenue and transaction growth in the three months through June for its retail business buying, reconditioning and selling used cars online directly to consumers Key Takeaways: Uxin’s revenue more than doubled in the three months to June, though transactions under its new model as a direct online used car retailer are still relatively small The company said it has sufficient financial resources for at least the next year, following two recent debt-for-equity swaps and a new $100 million share sale to an existing investor By Doug Young…

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FAST NEWS: C-Mer Eye Care’s Chairman Boosts Holdings

The latest: C-Mer Eye Care Holdings Ltd. (3309.HK) announced on Friday its Chairman Dr. Dennis Lam purchased 1.45 million of the company’s shares, representing approximately 0.095% of its issued share capital, on the open market for five consecutive days through Sept. 30 at a cost of approximately HK$5.08 million ($650,000). Looking up: Lam and his spouse increased their stake in the company to 55.27%, and he stated he is confident about the group’s prospects and business. Take Note: The company’s share price recently hit a four-year low, which may have…

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Greatpower Nickel Restarts IPO Engine after Earnings Setback

The producer of battery materials used in electric vehicles has filed for a second time to list on the Hong Kong Stock Exchange, fortified by an LG supply deal Key Takeaways: Greatpower Nickel and Cobalt, hit by Covid disruptions and falling prices, swung to a loss in the first half of the year after writing off a large sum for cobalt products inventory But the company benefits from a six-year supply agreement with South Korean lithium battery powerhouse LG Energy Solution, assuring a future revenue stream By Fai Pui Companies…

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FAST NEWS: Weimob Says Business ‘Recovered Rapidly’ After Shanghai Lockdown

The latest: E-commerce services provider Weimob Inc. (2013.HK) said late on Thursday that its business “recovered rapidly” following the easing of the pandemic in Shanghai, where the company is based. It added that its overall operation is performing well. Looking Up: The company also pointed out its shareholders authorized a repurchase agreement at its latest annual general meeting at the end of June, allowing the company to purchase up to 10% of its issued shares to support the stock. Take Note: Weimob issued its announcement in response to recent “unusual…

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AIM Vaccine Shrinks Its IPO But Gives Chairman a Mega Paycheck

China’s second-largest maker of non-Covid vaccines has finally crossed the IPO finish line and will list its shares next Thursday Key Takeaways: AIM Vaccine is finally landing on the Hong Kong Stock Exchange at its third attempt, but has only issued 0.8% of its total share capital, raising a net HK$70 million The company issued equity incentives worth a whopping 900 million yuan to its chairman before going public, and swung from profit to loss last year By Molly Wen The biopharma sector has been one of the biggest casualties…

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Stumbling Jiumaojiu Coughs Up Big Bucks for Local Mega-Mall

Operator of the popular Tai Er ‘Sauerkraut Fish’ restaurant chain will invest up to $140 million in the IFC Mall Project in its hometown of Guangzhou Key Takeaways: Jiumaojiu said it will pay up to $140 million for 26% of the company developing the Guangzhou IFC Mall Project, which will become its new headquarters The move comes as the company’s own finances show sign of stress, including a 23.2% drop in same-store sales for its core Tai Er restaurant chain in the first half of the year By Doug Young…

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FAST NEWS: Simcere Pharmaceutical Grants Overseas Rights for Drug Candidate

The latest: Simcere Pharmaceutical Group Ltd. (2096.HK) announced Thursday that it granted Almirall S.A. exclusive rights to develop and commercialize its autoimmune drug candidate SIM0278 outside of Greater China. Looking up: Simcere will receive a $15 million upfront payment and up to another $492 million in development and commercialization milestone payments based on the success of Alirall’s efforts to develop SIM0278 outside China. Take Note: SIM0278 is only a drug candidate and that must still undergo clinical trials, meaning it is still a long way from being commercialized. Digging Deeper: Founded in…

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FAST NEWS: Leapmotor Jumps Wrong Way With 37% Debut-Day Plunge

The latest: Electric vehicle maker Zhejiang Leapmotor Technology Co. Ltd. (9863.HK) made its trading debut in Hong Kong on Thursday with an opening price of HK$41, down 14.6% from its IPO price of HK$48. Looking up: The international portion of the listing, which accounted for 90% of the IPO’s 130 million shares sold, was over-subscribed by 233%. Take Note: Response to the local portion of the offering was anemic, with only 16% of the shares on offer subscribed. In the end, the company raised about HK$6.3 billion ($808 million) as it…

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