Is Koolearn’s Stock Surge on Boom in Livestreaming Business Just a Blip?

Gamble by tuition platform to transform into a livestreaming e-commerce business appears to have paid off, with sales booming and shares climbing more than sixfold in a week Key Takeaways: The company’s unique bilingual sales pitches by its anchors have drawn millions to the platform, which topped livestream e-commerce rankings for days But share price rise may have been due to frothy investor speculation in mainland stocks, as opposed to a broad positive long-term view of company fundamentals By Molly Wen If the recent sudden reversal of fortunes for shares…

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Macro Headwinds Accelerate Cango’s Drive to Car Trading from Auto Finance

Company’s revenue fell 30% in the first quarter and it forecast an even bigger decline in the current quarter as it took a major hit from China’s strict Covid control measures Key Takeaways: Cango’s revenue fell 30% in the first quarter, led by a 74% decline in its legacy auto financing business that the company is de-emphasizing in favor of broader auto trading services The company launched an app version of its Cango Haoche this month, expanding last year’s rollout of a WeChat mini-app that it is positioning at the…

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FAST NEWS: Mega Genomics Priced at Low End, Though IPO Oversubscribed 8.6x

The latest: Shares of genetic testing company Mega Genomics Ltd. (6667.HK) will be priced at HK$18 each – the lower end of its IPO price range – with the company hoping to raise about HK$150 million ($19.2 million), it said Tuesday. It will be listed on the main board of the Hong Kong Stock Exchange on Wednesday (June 22) morning. Looking up: The oversubscription means investors subscribed for 200 shares per lot with a winning lot ratio of only 10.01%, requiring a minimum of 20 lots to secure a lot. Meantime, Mega…

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