FAST NEWS: Agora Announces Founder Share Purchase Plan, New CTO

The latest: Agora Inc. (API.US), a provider of real-time engagement (RTE) technologies, on Wednesday said its founder and CEO Tony Zhao would buy up to $30 million worth of the company’s shares using his personal funds. In a separate announcement the same day, Agora also named its chief scientist Zhong Sheng to the additional role of chief technology officer. Looking Up: Zhao’s commitment to use his own funds to buy Agora’s shares represents a strong vote of confidence in the company. Agora previously announced a similar $200 million share repurchase…

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Junshi Biosciences Hits Revenue Roadblock Amid Covid Drug Delay

Junshi Biosciences is facing business headwinds. Its key cancer drug has not sold as well as competing products and the company has yet to file a marketing application for its eagerly awaited Covid-19 oral drug. Key Takeaways: The company logged a revenue fall of 55% in the first half of the year and posted a loss of $131 million Phase 3 clinical trials for its Covid-19 oral drug wrapped up in May but the company has still not yet filed an application to market the product   By Molly Wen…

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Cango Adds Used Cars, New Core App as Business Hits Second-Quarter Speed Bump

Company’s revenue takes major Covid hit as it launches a new Haoche app at the center of its ongoing transformation from car financier to car-trading platform operator Key Takeaways: Cango’s revenue fell 69% in the second quarter due to disruptions from China’s strict Covid controls, but it forecast the figure would start to rebound in the current quarter Company added two important pieces to its emerging car-trading business model with the rollout of its Haoche app and launch of a used car trading platform  By Doug Young Talk about hitting…

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