Can a Strong June Salvage H World Group’s Second Quarter Malaise?

Chinese hotelier is enjoying rising room rates and occupancies at its over 8,000 hotels, but that’s unlikely to offset a disastrous April and May Key Takeaways H World Group’s average occupancy and revpar are recovering after steep declines in April and May due to pandemic restrictions, but still lag 2019 levels Investors are watching whether the company’s loss will narrow in the second quarter on the back of improving hotel performance metrics By Andrew Curran Ahead of soon-to-be-released second-quarter results, hotelier H World Group Ltd. (HTHT.US; 1179.HK) is reporting some…

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FAST NEWS: Antengene Corporation Announces First Ever Revenue of $7.8 Million

The latest: Antengene Corp. Ltd. (6996.HK), a biopharmaceutical company, announced Thursday it expects revenue for the six months ended June 30 this year to range from 53 million yuan ($7.8 million) to 55 million yuan, compared with zero revenue recorded in the same period last year. Looking up: The increase in revenue was mainly attributable to the launch of the first-in-class XPO1 inhibitor, Xpovio, in Mainland China on May 13 this year. As the drug has already generated over 53 million yuan in revenue in just over a month, its…

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3D Medicines Bleeds Red Ink As It Struggles to Swim in ‘Red Ocean’

The loss-making innovative oncology drug company with just one approved product on the market is making a third tilt for a listing on the Hong Kong Stock Exchange Key Takeaways: 3D Medicines competes for a share in an already hotly contested and very small market, potentially dimming its appeal to investors The company lost 1.46 billion yuan last year and another 290 million yuan in the first five months of this year, leaving it with only 660 million yuan in cash and cash equivalents and desperate for funds By Ellie…

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FAST NEWS: GCL New Energy Plunges with 20% Discount on Share Placement

The latest: GCL New Energy Holdings Ltd. (0451.HK), a subsidiary of GCL Technology Holdings Ltd. (3800.HK), announced on Thursday that it will place 2,275 million shares on a top-up placement basis, representing approximately 9.74% of the enlarged issued share capital, to not less than six independent places. Upon completion of the transaction, GCL Technology’s shareholding will be diluted from 49.24% to 44.44%. Looking up: The net proceeds from the placement will be HK$310 million ($39.8 million), of which 90% will be used to support the cost relating to the investment,…

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Plus Digital Seeks to Ride a Boom on Software Services for Retailers

The provider of digital sales and marketing tools for fast-moving consumer goods brands is seeking to go public in Hong Kong as sales of its subscription-based services boom Key Takeaways: Plus Digital has filed for a Hong Kong IPO, reportedly seeking to raise about $150 million Subscription-based software services have emerged as the new growth driver for the company in the past few years By Tina Yip As the Hong Kong IPO market shows signs of revival, Plus Digital Technologies Inc. is wasting no time trying to capitalize on booming…

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Private Equity Buyers Swirl Around VNET. But Will They Find Any Value?

MBK Partners and several other private equity firms are weighing bids for the least-respected of China’s three independent data center operators, according to a media report Key Takeaways: Korea’s MBK Partners is reportedly weighing a bid for VNET Group, three months after the data center operator received an unsolicited offer from another private equity firm VNET’s shares have stagnated since it received an original April buyout offer from Hina, indicating investors believe a deal for the company is unlikely By Doug Young VNET Group Inc.’s (VNET.US) days as an independent…

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FAST NEWS: Miniso Shares Plunge After Business Model Questioned By Short-Seller

The latest: Blue Orca Capital, a short-selling firm, claimed in a report Tuesday that hundreds of stores under Miniso Group Holding Ltd. (MNSO.US, 9896.HK) are owned and operated by people close to the company’s top management or chairman, which it says shows the company is not truthful about its business model. Looking up: In a swift response before the Hong Kong stock market open on Wednesday, Miniso refuted that, saying the report is without merit and contains misleading conclusions and interpretations regarding information relating to the Company. Take Note: The…

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TV Hitmaker Linmon Media to Go Public, But Will Its Finances Be a Turn-off?

Tencent-backed TV drama producer Linmon Media has been approved to list its shares on the Hong Kong Stock Exchange Key Takeaways: The production company with a string of hit dramas to its name has been cleared to launch a Hong Kong IPO. Tech giant Tencent is a big client and holds nearly 20% of its shares The company’s earnings performance has been bumpy, with revenues falling in the past three years but surging in the first quarter of this year By Lau Ming China’s entertainment business is a vast but…

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Nowhere to Hide: ZhongAn Hammered by Stock and Bond Bloodbaths

The digital insurer’s stock has lost more than 10% since it warned it will post a net loss for the first half of 2022 due to significant investment losses Key Takeaways: ZhongAn warned that it lost as much as 750 million yuan in the first half of 2022, reversing a year-ago profit, due to a drop in its investment income and foreign-exchange losses The digital insurer made its first-ever underwriting profit last year, but its profitability still depends heavily on investment income By Warren Yang ZhongAn Online P&C Insurance Co.…

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FAST NEWS: Legend Biotech Plans $250 Million ADS Public Offering

The latest: Genscript Biotech Corp. (1548.HK) announced its New York-listed subsidiary, Legend Biotech Corp. (LEGN.US), plans to conduct a public offering of $250 million worth of American Depository Shares (ADS). In addition, Legend Biotech has granted underwriters options to purchase up to $37.5 million in additional ADS in a subsequent public offering. Looking up: The proceeds received by Legend Biotech in the public offering are expected to be used to invest in the clinical development of CAR-T cell therapy product cilta-cel, the commercialization of myeloma treatment drug CARVYKTI, the construction…

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