FAST NEWS: Simcere Pharma Posts 94% Profit Decline Amid Investment Portfolio Impairment

The latest: Simcere Pharmaceutical Group Ltd. (2096.HK) issued a profit warning on Monday, estimating a net profit of 34 million yuan ($50 million) to 94 million yuan for the six months ended June, down 83% to 94% from 558 yuan million in the same period last year. Looking up: The company’s first-half revenue is expected to reach 2.67 billion yuan to 2.73 billion yuan, up 26% to 29% year-over-year, due to rapid growth in sales of innovative drugs. Take Note: The significant drop in net profit was mainly due to a…

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Cash-Strapped Cryofocus Medtech Scrambles to Raise Funds With IPO

With only 128 million yuan in cash left in its coffers, the maker of innovative medical devices is desperate to secure fresh capital with a second stab at a Hong Kong listing Key Takeaways: With the company poised to launch a key product in June, Cryofocus Medtech is desperately seeking a major cash injection to support its marketing efforts and expansion of manufacturing capacity Its specialized field of minimally-invasive cryotherapy is still relatively new, thus its few commercialized products only generated 22 million yuan in sales last year By Molly…

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