Vending Machine Leader Ubox Spits Out Big Losses During Pandemic

The company backed by Ant Financial has filed for a Hong Kong IPO, despite logging nearly 1.4 billion yuan in losses over the past two years due to pandemic-related disruptions Key takeaways: Ubox has filed for a Hong Kong IPO despite reporting losses in the past two years due to pandemic-related disruptions to its core vending machine business The company’s backers include Alibaba’s Ant Financial, which led a 1.6 billion yuan investment in the company in 2019 By Ken Lo Perhaps it hoped a star-studded investor lineup and use of…

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FAST NEWS: WuXi AppTec Sees 65% Q2 Revenue Growth Despite Covid Disruptions

The latest: Pharmaceutical services outsourcing company WuXi AppTec Co. Ltd. (2359.HK; 603259.SH) forecast it will post yearly revenue growth of 63% to 65% in the second quarter, according to a business update released on Sunday. Looking up: The company’s operations in Shanghai have resumed, following a two-month lockdown in the city. WuXi AppTec added it is confident of achieving full-year revenue growth of 65% to 70% as its business continuity plans are executed. Take Note: The company reported 71.2% year-on-year revenue growth in the first quarter, meaning the second-quarter forecast represents a slowdown.…

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Burning Rock Localizes as Investors Grow Impatient

Cancer testing company reported a widening loss in the first quarter as it spent heavily to build up its localized business model of providing services through partner hospitals Key Takeaways: Burning Rock’s revenue grew 27% in the first quarter, but its costs grew even faster as it focused on building up new revenue sources Company’s older centralized testing services contracted in the quarter due to Covid disruptions, but its newer localized service with partner hospitals posted strong growth  By Doug Young Patience is an increasingly rare commodity among U.S. investors…

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