FAST NEWS: Smart Share Global’s Second-Quarter Revenue Sags on Covid Closures

The latest: Smart Share Global Ltd. (EM.US), a supplier of rentable power banks, on Thursday reported its revenue fell 29% in the second quarter to 690.5 million yuan ($99 million). The company reported a loss of 184.5 million yuan for the period, compared with an 8.2 million yuan profit a year earlier. Looking Up: The company forecast it will record revenue of between 770 million yuan and 800 million yuan in the third quarter, whose midpoint represents a milder 19% year-on-year decline. Take Note: Despite the big revenue decline, the…

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Trip.com, Tencent Under Pressure to Sell Tongcheng Stakes?

New filing shows Trip.com’s longtime stake in Tongcheng fell slightly after years of staying the same Key Takeaways: A new stock exchange filing shows a slight reduction in leading online travel agent Trip.com’s longtime stake in Tongcheng, the industry’s second-largest player China’s online travel industry is riddled with anticompetitive cross-holdings, including Trip.com’s stakes in Tongcheng and Qunar By Doug Young A quiet stock exchange announcement this week showing a slight reduction in leading online travel agent Trip.com’s (TCOM.US; 9961.HK) longtime stake in rival Tongcheng Travel Holdings Ltd. (0780.HK) barely attracted…

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Navigating China’s New ESG Disclosure Guidelines

The new document published by a state-backed think-tank in June provides clear guidance on standards for environment, social and governance best practices in China By Tim Nicholls The Guidance for Enterprise ESG Disclosure launched on June 1 is the first China-focused environmental, social and governance (ESG) disclosure standard issued in the country. While its reporting guidelines are not mandatory, it represents a step forward for the private sector and a good foundation in this huge market for further regulatory developments. The voluntary set of guidelines was published by the China…

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