FAST NEWS: Vaping Leader RLX Sees Prolonged Impact from New Tax as Sales Plunge

The latest: Leading Chinese e-cigarette and cartridge maker RLX Technology Inc. (RLX.US) on Wednesday reported its net profit fell 48.3% year-over-year to 505 million yuan ($71 million) in the third quarter. It also forecast its profitability in the coming quarters will be adversely affected by a 36% consumption tax imposed on e-cigarette manufacturers in China starting this month. Looking up: The company’s gross margin for the period was 50%, a significant increase of 10.9 percentage points over the same period last year, mainly benefiting from favorable changes in sales channels…

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Innovex Stitches Up IPO Application with Key Device Approvals

The medical equipment maker hopes to wow investors with recent regulatory nods for two of its devices in its second filing for a Hong Kong IPO Key Takeaways: Innovex Medical has made its second filing for a Hong Kong IPO as it prepares to launch two recently approved new products in its drive to move up the value chain The company lost 1.07 billion yuan in the past two and a half years, and is saddled with heavy administrative and R&D costs By Emily Chan Conventional wisdom says to strike…

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Canaan Shivers as Crypto Winter Chills Demand for Mining Machines

The company’s third-quarter profit dropped nearly 90% as plunging cryptocurrency prices squashed demand for its products Key Takeaways: Canaan’s third-quarter revenue and profit dropped 26% and 90%, respectively, as a downturn in crypto markets dating back to May hurt demand for its mining machines The company is bracing for even tougher times ahead as cryptocurrency prices remain under pressure amid rising interest rates and a series of high-profile industry scandals By Warren Yang It’s named for the biblical promised land of milk and honey. But these days Canaan Inc. (CAN.US)…

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