FAST NEWS: So-Young Feels Pain from Pandemic Disruptions

The latest: Cosmetic surgery app operator So-Young International Inc. (SY.US) said its revenue fell 16.5% year-on-year in the first quarter to 300 million yuan ($45 million), while its net loss widened to 66.8 million yuan from 45 million yuan over the same period, according to its latest results published on Monday. Looking Up: The number of paying medical service providers on So-Young’s platform rose 11.7% to 5,254 in the first quarter from 4,702 a year earlier. Take Note: Most of the company’s other indicators were down for the quarter, including a nearly 50% decline in…

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FAST NEWS: Junshi Biosciences Oral Covid Drug Wraps Up Trials, to Seek Sales Approval

The latest: Drug developer Shanghai Junshi Biosciences Co. Ltd. (1877.HK; 688180.SH) announced late Monday that VV116, an oral drug developed by its JunTop Biosciences unit for the early treatment of Covid-19, has reached the main endpoint of clinical studies. Looking up: The company said it will communicate with China’s National Medical Products Administration (NMPA) on submitting a new drug application in the near future. If approved, sales of the drug could provide a major new revenue source. Take Note: The NMPA has approved the import of the oral Covid drug Paxlovid from Pfizer (PFE.US), which has been conditionally included on the National Reimbursement…

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Vipshop Takes Defensive Posture as Headwinds Mount

Discount e-commerce veteran has launched a $1 billion share buyback and slashed its marketing spending as it forecast its revenue would decline up to 25% in the second quarter Key Takeaways: Vipshop’s revenue fell 11% in the first quarter, and it forecast the decline would accelerate to as much as 25% in the current quarter Company last month authorized a new $1 billion share repurchase program after buying back $500 million of shares over the previous year By Doug Young Prepare for some turbulence. That’s the message coming from discount…

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One-Trick Pony Boan Biotech Files for Hong Kong IPO Into Tough Market

The biotech company is awaiting approval on a second drug to drive up revenue as it firms its foothold in a competitive landscape Key Takeaways: Boan Biotechnology sells only one product so far and is facing stiff competition from other similar drugs Luye Pharma bought Boan in 2020 and is taking it public at a time when markets are bearish By Molly Wen Shandong Boan Biotechnology Co. Ltd. recently filed for an IPOon the Hong Kong Stock Exchange to raise cash to boost drug development, marketing and research. Hong Kong-listed…

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FAST NEWS: Cloopen Warned After Missing Filing Deadline

The latest: Cloud-based services provider Cloopen Group Holding Ltd. (RAAS.US) said last Friday it was informed by the New York Stock Exchange (NYSE) on May 18 that it failed to file its annual report for the year ended Dec. 31 before the required deadline, putting it out of compliance with listing rules. Looking up: The notification has no immediate effect on the company’s listing status, except that an “LF” indicator will be attached to its “RAAS” trading symbol to indicate its status as a late filer until it regains compliance with the…

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After Rising to Fame as Hot Audio Social App, Yalla Finds New Role Model in Facebook

Emerging markets-focused social media company details several new initiatives in its latest quarterly report as it diversifies beyond its core voice-based services Key Takeaways: Yalla said its first-quarter revenue rose 6.9% to a record $72.3 million, as strong gains for its game services offset a first-time decline for its core voice business Company is launching a wide array of new initiatives, including an instant messaging app and its first-ever hardcore game, in a bid to become more diversified By Doug Young It burst onto investor radar screens with comparisons to…

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Fading Producer of China’s ‘The Voice’ Files for Hong Kong IPO

Star CM took China by storm with a Chinese edition of the popular reality series, but has fallen onto hard times lately Key Takeaways: Variety show producer Star CM has filed for a Hong Kong IPO, seeking funds to revive its fading fortunes Revenue from the company’s flagship “Sing! China” dropped from 1.14 billion yuan during its heyday in 2015 to just 252 million yuan last year. By Ken Lo The company behind “Sing! China,” the hugely popular Chinese rendition of the U.S. reality show “The Voice,” is taking its…

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FAST NEWS: Xiaomi Slips Into the Red on Big Phone Shipment Drop

The latest: Smartphone maker Xiaomi Corp. (1810.HK) reported its revenue fell 4.6% year-on-year in the first quarter to 73.35 billion yuan ($10.9 billion). It also recorded a 530 million yuan net loss for the period, reversing a 7.79 billion yuan net profit a year earlier, according to an announcement on Thursday. Looking up: The company ranked third in global smartphone shipments in the quarter with 12.6% market share, according to Canalys. Monthly users of its MIUI operating system reached 529 million in global markets and another 135 million in its home mainland China market. Take…

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As Omicron Subsides, Dada Nexus Could Be Riding Into E-Commerce Gilded Era

The company should benefit from growing demand for local delivery services as consumers become accustomed to receiving goods at home during Covid-19 lockdowns Key takeaways: •      Dada Nexus’ revenue grew strongly in the first quarter, after excluding the impact of a change to the way it pays riders for certain delivery services •      Omicron outbreaks are accelerating drive to online shopping, which should help companies like Dada even as lockdowns and other restrictions start to ease By Warren Yang There’s no shortage of downbeat headlines about the Chinese economy nowadays.…

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Yan Palace Flocks to Shanghai as China’s First Bird’s Nest Stock

The maker of products using the traditional Chinese health food hopes to become the first in its class to go public, but faces growing competition from smaller rivals Key Takeaways: Yan Palace has filed for a Shanghai IPO that would make it the first listed maker of health food products based on traditional bird nests China’s securities regulator asked the company to elaborate on its business model and competitive strategies, as fierce competition has led to steep price cuts By Lau Ming Bird’s nest soup has long been a Chinese…

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