FAST NEWS: SMIC Forecasts 15% Drop in Fourth-Quarter Revenue

The latest: Semiconductor Manufacturing International Corp. (SMIC)(0981.HK; 688981.SH) said Thursday it expects its revenue will fall 13% to 15% quarter-on-quarter in the fourth quarter, and its gross margin will range from 30% to 32% for the period, much lower than the 38.9% in the third quarter. Looking up: Benefiting from a small increase in average unit selling prices, the company reported sales of $1.907 billion in the third quarter, up 0.2% quarter-on-quarter and 34.7% year-on-year. Take Note: The company expects that weak demand from the smartphone and consumer markets, combined…

Read More »

Nissin Foods Serves Up Investor Comfort Food in Cups of Noodles

The premium noodle maker returned to profit growth in the third quarter, following a decline in the first half of the year, as it raised prices and brought rising ingredient costs under control Key Takeaways: Nissin Foods’ profit grew 20% in the third quarter, returning to a growth track after the figure fell 3.5% in the first half of the year The company’s stock has become a safe haven for investors during current market turbulence, with its shares up 30% since May By Doug Young In noodles we trust. Or…

Read More »

Auto Financer XXF Group Revs Up IPO Engine but Hits Another Speed Bump

The auto finance and leasing company has made another run at an IPO on the Hong Stock Exchange after three earlier bids stalled. But its latest effort has already hit an obstacle Key Takeaways: After filing its fourth IPO application, XXF Group pulled its preliminary prospectus from the exchange’s website just a few days later The company will have to repay more than 50 million yuan on a loan from a Didi subsidiary by next June. The need for a cash injection may help explain its eagerness to pursue a…

Read More »