FAST NEWS: Weimob Says Business ‘Recovered Rapidly’ After Shanghai Lockdown

The latest: E-commerce services provider Weimob Inc. (2013.HK) said late on Thursday that its business “recovered rapidly” following the easing of the pandemic in Shanghai, where the company is based. It added that its overall operation is performing well. Looking Up: The company also pointed out its shareholders authorized a repurchase agreement at its latest annual general meeting at the end of June, allowing the company to purchase up to 10% of its issued shares to support the stock. Take Note: Weimob issued its announcement in response to recent “unusual…

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AIM Vaccine Shrinks Its IPO But Gives Chairman a Mega Paycheck

China’s second-largest maker of non-Covid vaccines has finally crossed the IPO finish line and will list its shares next Thursday Key Takeaways: AIM Vaccine is finally landing on the Hong Kong Stock Exchange at its third attempt, but has only issued 0.8% of its total share capital, raising a net HK$70 million The company issued equity incentives worth a whopping 900 million yuan to its chairman before going public, and swung from profit to loss last year By Molly Wen The biopharma sector has been one of the biggest casualties…

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Stumbling Jiumaojiu Coughs Up Big Bucks for Local Mega-Mall

Operator of the popular Tai Er ‘Sauerkraut Fish’ restaurant chain will invest up to $140 million in the IFC Mall Project in its hometown of Guangzhou Key Takeaways: Jiumaojiu said it will pay up to $140 million for 26% of the company developing the Guangzhou IFC Mall Project, which will become its new headquarters The move comes as the company’s own finances show sign of stress, including a 23.2% drop in same-store sales for its core Tai Er restaurant chain in the first half of the year By Doug Young…

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FAST NEWS: Simcere Pharmaceutical Grants Overseas Rights for Drug Candidate

The latest: Simcere Pharmaceutical Group Ltd. (2096.HK) announced Thursday that it granted Almirall S.A. exclusive rights to develop and commercialize its autoimmune drug candidate SIM0278 outside of Greater China. Looking up: Simcere will receive a $15 million upfront payment and up to another $492 million in development and commercialization milestone payments based on the success of Alirall’s efforts to develop SIM0278 outside China. Take Note: SIM0278 is only a drug candidate and that must still undergo clinical trials, meaning it is still a long way from being commercialized. Digging Deeper: Founded in…

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FAST NEWS: Leapmotor Jumps Wrong Way With 37% Debut-Day Plunge

The latest: Electric vehicle maker Zhejiang Leapmotor Technology Co. Ltd. (9863.HK) made its trading debut in Hong Kong on Thursday with an opening price of HK$41, down 14.6% from its IPO price of HK$48. Looking up: The international portion of the listing, which accounted for 90% of the IPO’s 130 million shares sold, was over-subscribed by 233%. Take Note: Response to the local portion of the offering was anemic, with only 16% of the shares on offer subscribed. In the end, the company raised about HK$6.3 billion ($808 million) as it…

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Nio Enters Race for Lithium with Australian Investment

The electric vehicle maker will pay $7.7 million up front and up to $80 million more for a stake in an Argentine mining project in its tie-up with Greenwing Resources Key Takeaways: Nio Inc. will pay $7.7 million for 12% of Australian miner Greenwing Resources, which holds the rights for the San Jorge Lithium Project in Argentina Nio is the latest electric vehicle maker to purchase lithium assets, following similar moves by domestic rival BYD and global names like Tesla and General Motors By Doug Young New energy investment patterns…

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Trip.com Gets Boost From Reopening Global Borders

China’s top online travel agent returned to profitability in the second quarter as a growing number of countries where it does business outside its home market lifted travel restrictions Key Takeaways: Strongly recovering business in the U.S. and Europe helped Trip.com return to the black with a 69 million yuan profit in the second quarter The company said outbound bookings from Hong Kong jumped nearly four times last week from the previous week as the city prepared to end its quarantine requirement By Ken Lo After two years in deep…

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FAST NEWS: Zai Lab Acquires Exclusive Greater China License for Cervical Cancer Drug

The latest: Biotech drug maker Zai Lab Ltd. (9688.HK; ZLAB.US) announced on Tuesday that one of its subsidiaries has obtained an exclusive license to develop and commercialize Seagen Inc.’s (SGEN.US) cervical cancer drug Tivdak in mainland China, Hong Kong, Macau and Taiwan for an upfront payment and sales milestone considerations totaling up to $293 million. Looking up: China currently has about 110,000 new cervical cancer cases every year, providing a large pool of potential customers for Tivdak, which has already been approved for sale in the U.S. Take Note: According to clinical…

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Qudian in Search of a Business as Stock Returns to Penny Territory

The former fintech highflyer was warned a third time about possible delisting this year after its stock fell below $1 on the failure of its latest new foray into the food industry Key Takeways: Qudian was notified by the New York Stock Exchange that it was in violation of listing rules that require its stock price to stay above $1 The warning was its third one this year, and came after the company said it was scaling down a food business it started just six months ago and ceased its…

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‘Stock Advisor’ JF Wealth Defies Market Basics with Ill-Timed IPO Bid

China’s largest online investor content provider has filed a third time for a Hong Kong listing despite some of the weakest market sentiment in years Key Takeaways: Online investment advisor JF Wealth has filed for a Hong Kong IPO, deriving most of its revenue from high-end education and content services The company faces mounting headwinds from rapidly growing sales and marketing costs and increasing refund requests By Emily Chan Basic investment courses advise stock buyers to avoid weak markets like the ones much of the world is seeing right now,…

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