FAST NEWS: 17 Education Reveals 94% of Its Revenue Affected by Government Clampdown

The latest: Online tutoring services provider 17 Education & Technology Group Inc. (YQ.US) disclosed that K-12 classes that are being discontinued following a government clampdown accounted for 94.1% of its revenues in its fiscal year 2020. It made that disclosure as part of the announcement for its third-quarter financial results released on Monday. Looking Up: The company’s latest results showed its revenue rose 61.8% in last year’s third quarter to 496.8 million yuan ($78.2 million). It also noted it had 1.4 billion yuan in cash that could provide a cushion…

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Entrepreneurial State Bank Makes Hong Kong’s First SPAC Application

The listing plan by Aqulia Acquisition, sponsored by China Merchants Bank, comes half a month after Hong Kong launched its SPAC mechanism Key takeaways: Aquila Acquisition has applied to become Hong Kong’s first SPAC listing, formed by a group connected to China Merchants Bank Investors must put up at least $128,000 to buy the SPAC’s shares, which may be too high to create a vibrant market By Jony Ho Just a month after unveiling plans to allow listings using Special Purpose Acquisition Companies (SPACs) that are all the rage now…

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New Beijing Signals Reinforce China’s Intent to Reopen U.S. IPO Pipeline

The latest comments from top securities regulators follow the late December release of new regulations governing offshore listings by Chinese companies Key Takeaways: China Securities Regulatory Commission Chairman Yi Huiman says his agency is aiming to quickly implement new rules government overseas listings by Chinese firms New U.S. IPO application by cold rolled steel maker Hongli continues nascent resumption of Chinese listings in New York By Doug Young It’s been about four weeks since China sent a clear signal that it intended to let its companies keep making overseas IPOs,…

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