Mass Layoffs at ‘China’s Instagram’: Tough Times or Primping for IPO?

Xiaohongshu confirms cutting 9% of its staff amid similar layoffs at other big internet companies. But some suspect the move may be aimed at improving its financials for an IPO Key takeaways: Xiaohongshu’s recent major layoffs could reflect a tough advertising market, even as it framed the move as normal workforce turnover Others reportedly laying off large numbers of workers include top livestream gaming platforms Huya and DouYu, whose planned merger was nixed by regulators last year By Ken Lo China’s internet realm has become the land of massive layoffs…

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JinkoSolar Stumbles on Covid Challenges, But Longer-Term Future Remains Bright

Solar panel maker said its revenue fell sequentially from the fourth quarter to the first, but noted the war in Ukraine is speeding a global drive to reduce dependence on fossil fuels Key Takeaways: JinkoSolar blamed Covid disruptions for a 10% sequential decline in its first-quarter revenue, but added such challenges should be ‘short-term and manageable’ Company forecast it will sell 35 GW to 40 GW of capacity this year, implying it is taking market share from rivals By Doug Young Quite a few messages are emanating from two new…

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FAST NEWS: Covid Vaccine Boosts CanSino to Profitability

The latest: CanSino Biologics Inc. (6185.HK; 688185.SH) said late Thursday its revenue rose 7% year-on-year to about 500 million yuan ($75.5 million) in the first quarter of this year, as it turned from a loss to a profit of 121 yuan million for the period. Looking up: The return to profitability was mainly due to the continued commercialization of products, most notably the company’s updated Covid-19 vaccine. Take Note: The company’s net cash flow from operating activities decreased 25.9% to 159 million yuan in the first quarter, mainly due to…

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