Mega Genomics Eyes Hong Kong IPO To Ride Growing Popularity of Genetic Testing

The genetic testing company is looking to raise up to $33 million in a Hong Kong IPO as its services become popular in China Key Takeaways: Mega Genomics is looking to list about 11.9 million shares at HK$18-HK$22 apiece in Hong Kong on June 23 Although the company’s net profit didn’t grow last year amid pressure on margins, it remained profitable unlike listed competitors New Horizon Health and Burning Rock Biotech By Molly Wen Chinese consumers are increasingly keen to know what their genes tell about themselves. For Mega Genomics…

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FAST NEWS: Waterdrop Flows to Profit After Cost-Control Measures

The latest: Online insurer Waterdrop Inc. (WDH.US) successfully turned a loss into a profit in the first quarter of the year, with a net profit of 105 million yuan ($15.6 million) from a net loss of 370 million yuan in the same period last year, according to its latest results published on Wednesday. Looking up: The company’s cost-control measures since the third quarter of last year have borne fruit, with operating costs and expenses dropping 60.4% to 532 million yuan in the first quarter – the main reason for the turnaround. Take Note: Its first-quarter…

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Dead Man Reawakening? Defunct Rise Education Reborn as EV Charging Company

Former education company backed by Bain Capital rises from the ashes through a reverse merger with the electric vehicle charging business of Newlink, another Bain-backed Chinese company Key Takeaways: Shares of the former Rise Education soared as it completed a reverse takeover merger with the electric vehicle charging business of Newlink The new company, NaaS Technology, provides software to help China’s growing legions of EV owners use the country’s vast charging network more efficiently By Edith Terry Life after death-by-regulation looks pretty good for one company in China’s defunct after-school…

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