FAST NEWS: China Renaissance Swings Into Red Despite Steep Cost Cuts

The latest: Financial services firm China Renaissance Holdings Ltd. (1911.HK) on Tuesday reported its revenue dropped 42.4% to 604 million yuan ($87.5 million) in the first half of the year,  as it swung into the red with a net loss of 154 million yuan. Looking up: The company’s operating expenses decreased 44.4% to 586 million yuan in the period, outpacing its revenue decline, thanks to a roughly 50% cut in its compensation and benefits expenses to 380 million yuan and lower financing costs. Take Note: China Renaissance said the first half of the year was a tough…

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FAST NEWS: Zhihu Posts Strong Paid User Growth in Second Quarter, But Ad Revenue Sags

The latest: Online Q&A site Zhihu Inc. (ZH.US; 2390.HK) on Tuesday reported its revenue rose 31% in the second quarter to 836 million yuan ($121 million), while its net loss widened to 487 million yuan from 321 million yuan a year earlier. Looking Up: The company’s average monthly paying members grew 78.3% year-on-year to 8.5 million during the quarter, fueling a 75.1% jump in revenue from paid members to 271.2 million yuan. That shows the company is becoming more effective at monetizing its user base. Take Note: The company’s advertising…

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ATRenew Sees Better Times Ahead in Evolving Role as ‘Recycler for All Seasons’

Smartphone recycler’s revenue growth slowed sharply to 15% in second quarter, but it forecast the rate would double in the current quarter as Covid disruptions fade Key Takeaways: ATRenew forecast 30% year-on-year revenue growth in the current quarter, as its business starts to rebound from a sharp slowdown caused by China’s strict Covid control measures Company detailed promising early results for its move into luxury goods and photography equipment recycling, and unveiled its first move abroad with a Japanese tie-up By Doug Young Smartphone recycler ATRenew Inc. (RERE.US) is dipping…

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KE Holdings Deconstructed by Slumping Real Estate Market

The residential property broker’s revenue tumbled by more than 40% in the first half of the year, sending it into the red Key Takeaways: KE Holdings swung to the red in the first half of the year on the back of a slumping Chinese real estate market The company is trying to offset anemic property trading income with new businesses that are growing but still account for just a small share of revenue By Tina Yip The Chinese real estate market has moved into the doldrums, the result of government…

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