Day: June 13, 2022

FAST NEWS: WuXi AppTec Plunges Amid Controlling Shareholder’s Disposal Plan

The latest: Pharmaceutical services outsourcing company WuXi AppTec Co. Ltd. (2359.HK; 603259.SH) announced on Friday that its controlling shareholder intends to reduce its holdings of up to 88,680,300 A shares, representing approximately 3% of the company’s issued share capital, at market price from 4 July to 30 September through competitive bidding and block trading. Looking up: The disposal only involves the company’s Shanghai-listed A shares and will not result in a change of control of the company. In addition, it does not include the H shares listed in Hong Kong. Take Note: For…

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Cash-Strapped Concord Healthcare Plans to Raise Money Through HK Listing

Trapped by losses and insufficient cash flow, the China-based private medical oncology service provider applies to list on the Hong Kong stock exchange Key Takeaways: Concord has accumulated losses of 1.7 billion yuan in the past three years as its focus has been on expanding in tier-1 cities With under 140 million yuan in cash and little hope of getting money from its parent, the company is eager to go public By Molly Wen Concord Healthcare Group Co. Ltd., the second largest player in the private hospital market in China,…

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Online Brokers UP Fintech, Futu Stumble on Weak Stock Markets

China’s leading pair of internet-based stock brokers report first-quarter revenue declines, as UP Fintech reports second consecutive quarterly loss Key Takeaways: UP Fintech and Futu reported sharp first-quarter revenue declines as weak stock markets caused trading commissions to slide Futu reined in spending during the period, while UP Fintech’s spending rose on aggressive hiring for its global expansion   By Doug Young Charging tiger or crouching bull? Investors seem to prefer the latter these days, at least based on the latest earnings from China’s two leading online brokers, UP Fintech…

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