FAST NEWS: Hotel Operator Atour Jumps 17% in New York Trading Debut

The latest: Shares of Chinese hotel operator Atour Lifestyle Holdings Ltd. (ATAT.US) surged as much as 55% to a high of $17.05 in their trading debut on the Nasdaq last Friday, after the company sold shares at an IPO price of $11. Looking up: Atour’s underwriters included BofA Securities and Citigroup, making it the first successful U.S. IPO for a Chinese stock underwritten by major western investment banks in over a year. Take Note: The company raised $52 million after pricing 4.8 million American depositary shares (ADS) at the bottom…

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Surging Beigene Catches Case of Forex Flu

The drug maker’s net loss grew in the third quarter due to weakness in the Chinese yuan, even as its revenue nearly doubled Key Takeaways: Surging sales for its two self-developed drugs fueled an 88% rise in BeiGene’s third-quarter revenue, but over $100 million in foreign exchange losses caused its net loss to also widen At a time when many of its peers are cash starved, the company has plenty of money in its coffers and boosted its R&D spending by 21% during the quarter By Molly Wen A strengthening…

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TuSimple Accelerates Into Turmoil Fast Lane as Co-Founders Fire Board

Just weeks after the autonomous truck company’s board fired CEO and co-founder Hou Xiaodi for undisclosed insider dealings, Hou and his other co-founder fired the entire board Key Takeaways: TuSimple’s two co-founders have fired the company’s entire board two weeks after the board ousted one of those co-founders for undisclosed insider dealings  The two co-founders used their combined 59% voting power at the autonomous truck company to fire the board, highlighting a major risk for minority investors in Chinese firms By Doug Young How do you try to win back…

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