FAST NEWS: Mingyuan Cloud Turns Red Due To Impact on Real Estate Customers

The latest: Ming Yuan Cloud Group Holdings Ltd. (0909.HK) issued a profit warning Tuesday, expecting to turn from profit to loss in the first half of this year, with an adjusted net loss ranging from 320 million yuan ($47 million) to 360 million yuan. Looking up: The company’s software-as-a-service (SaaS) products continued to perform strongly during the period, with revenue expected to grow 20% to 23% year-over-year, ranging from 660 million yuan to 680 million yuan, accounting for approximately 75% to 77% of total revenue in the first half. Take Note:…

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SenseTime Steps on Smart Car Accelerator with GAC Tie-Up

Controversial AI company’s new alliance with major automaker could help it diversify beyond the government contracts that are its main revenue source Key Takeaways: SenseTime is stepping up its drive into the smart automobile industry as part of its effort to diversify beyond government clients The company’s stock slumped up to 51% on June 30 after a lock-up period expired, and its shares have now lost nearly two-thirds of their value from their post-IPO high By Trevor Mo Move over, Huawei, Baidu (BIDU.US; BIDU.US) and all the other China big…

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Hongjiu Fruit Gets IPO Go-ahead but Cash Flow Concerns May Bite

Hongjiu Fruit has gained approval to list its shares in Hong Kong but soaring levels of customer credit could curb investors’ appetite Key Takeaways: Hongjiu Fruit specializes in high-value fruit and was the biggest distributor of branded fresh fruit in China last year in revenue terms The company’s rapid expansion of new retail channels has raised cash flow risks, with trade receivables surging above 5.9 billion yuan in the first five months of the year By Emily Chan A company that serves the top end of China’s fruit market is…

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