Amid Slowing Sales at Home, Innovent Biologics Stumbles Overseas

Cancer drug maker ended a tie-up to bring one of its drugs to North America last week, less than two months after its best-selling product was rejected by the FDA Key takeaways: Innovent Biologics terminated a plan to sell its bevacizumab biosimilar in North America with a local partner after trials for the drug fell behind schedule The company’s loss tripled last year on growing competition for its core product, whose sales fell 22% in this year’s first-quarter By Molly Wen With domestic competition heating up in the crowded China…

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New China Accounting Scandal Flies Under the Radar. And Where There’s Smoke …

Cloud services provider Cloopen disclosed it may have faked up to 80 million yuan in sales last year after being tipped off by its auditor, which later resigned By Doug Young A high-flying Chinese Starbucks imitator called Luckin (LKNCY.US) made global headlines around this time two years ago, tumbling from grace after admitting to massively cooking its books. Now, a much lower-profile, but similar, scandal is brewing at a Chinese cloud services company called Cloopen (RAAS.US), which is saying as much as 10% of its sales in last year’s second…

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Luckin 2.0? Freefalling Cloopen Flags Potential Irregularities, Spooking Investors

The provider of cloud-based services said it will start an internal probe into employee misconduct and transaction irregularities, following the recent resignation of its auditor Key takeaways: •      Cloopen said it formed an independent special committee to look into employee misconduct and transaction irregularities discovered by auditor KPMG •      Even before the disclosure, the company’s stock was freefalling amid U.S. law firm allegations that the company made false or misleading statements By Warren Yang An association with anything fraudulent can send a stock into freefall – a lesson that cloud-based…

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