Hotel Operator Greentree Getting Ready to Check Out of New York?

Company releases latest results two months later than usual, blaming delay on its recent exploration of ‘alternative listings’ Key points: Greentree’s exploration of ‘alternative listings’ reflects Beijing’s recent signals of displeasure at Chinese companies listing in New York Company is sharply undervalued compared with peers, despite business surpassing pre-Covid levels in June By Doug Young The latest quarterly results from hotel operator Greentree Hospitality Group Ltd. (GHG.US) show that China’s hotel industry is well on the road to recovery as the nation’s Covid-19 situation remains under control. But the more…

Read MORE »

Premium Tea Superstar HeyTea Brews Up Frothy Valuation

‘Celebrity’ tea shop operator was worth $9.3 billion after latest funding that raised $500 million Key points: HeyTea’s latest $500 million fundraising and $9.3 billion valuation represent a significant premium to recently listed smaller rival Nayuki Premium tea represents recent trend of ‘celebrity’ shops where people go as much to be seen and take photos as to drink flavored teas By Doug Young The apex of summer is a good time for a closer look at premium iced teas, which are in the headlines with the latest major fundraising by…

Read MORE »

Fosun Tourism Sees Rebound Just Around the Corner – Again

Owner of Club Med resort chain says business from core tourism operations slumped 42% in first half of 2020, an improvement from 74.5% drop in first quarter Key points: Fosun Tourism’s business continued to drop in the second quarter despite very weak comparisons from the year-ago period Company continues to see rebound coming, with bookings at 86% pre-pandemic levels in the second half of the year By Doug Young Tourism may be staging a nascent comeback as China and the west bring their pandemics under control. But you might have…

Read MORE »

Transforming Used Car Seller Uxin Gets Charge from Big-Name New Investors

Electric car startup Nio and private equity firm Joy Capital provide $100 million in much-needed new funding Key points: Uxin’s $100 million in new funds comes at a big discount in exchange for much-needed new capital and well-connected partners Investors are betting on big revenue growth as company transforms to a direct seller of used cars from previous middleman business model By Doug Young When it comes to doing business, having the right people on your board can be a huge asset by providing valuable connections to funding and other…

Read MORE »

Boqii Cuddles Up to Premium U.S. Pet Food Maker

Online pet community operator signals intent to make more strategic investments as it buys undisclosed stake in Better Choice Key Points: Boqii’s investment in U.S. premium pet food maker Better Choice could signal start to strategic acquisition campaign Company is relatively cash-rich, with $70 million in its coffers following its U.S. listing last fall By Doug Young Regulatory concerns about user data protection have thrown a major spanner in the works at U.S.-listed Chinese companies these days, both those already trading in New York and those preparing to list. But…

Read MORE »

Wall Street Gives Thumbs Down to Online Grocers’ Business Model

Direct sales model used by Dingdong and Missfresh could put them at a disadvantage to Pinduoduo, Meituan Key points: Dingdong and Missfresh use a centralized direct sales model, compared with a less costly model used by newer rivals Pinduoduo and Meituan Dingdong and Missfresh may soon be forced into cash-conservation mode due to their limited funds and heavy losses By Wang Chuan U.S. investors have given a chilly reception to newly listed online grocers Missfresh Ltd. (MF.US) and Dingdong Ltd. (DDL.US), worried about both companies’ continued losses in the face…

Read MORE »

China Shows Full Truck Alliance, Kanzhun Who’s Boss

Cyberspace authority’s probes into newly listed internet companies is aimed at making them think twice about U.S. IPOs     Key points: A new series of government cybersecurity probes is aimed at Chinese internet companies that have recently listed in the U.S. The probes are designed to make such companies think twice about making U.S. IPOs, but not to halt them By Doug Young Today we’ll take a deep dive into the subject everyone in China’s corporate realm is talking about, namely the newly announced government probes into logistics company Full…

Read MORE »

Daojia Chases Unicorn Status on China’s Growing Thirst for Maids, Nannies

Provider of domestic workers to nation’s expanding middle class files for New York IPO with initial fundraising target of $100 million Key points: Domestic worker provider Daojia is unlikely to attain a market value of $1 billion in its upcoming IPO due to its relatively small size Company could become more attractive as it shifts from providing domestic workers to higher-margin training services By Doug Young Private education companies have been in a state of limbo for much of the last year, as China gets set to rein in the…

Read MORE »

Cosmetic Surgery Information Hub So-Young Dolls Up With Major Acquisition

Plan to buy 85% of Wuhan Miracle Laser System for $122 million would represent company’s biggest purchases since its 2019 IPO Key points: So-Young’s $122 million purchase of a laser medical equipment maker represents its biggest investment since its 2019 IPO Such investments could help to drive So-Young’s growth, though it needs to better articulate its acquisition strategy for investors By Doug Young Cosmetic surgery specialist So-Young International Inc. (SY.US) was probably hoping that news of the first major acquisition since its 2019 IPO would make it prettier to investors.…

Read MORE »

Interior Design Specialist Manycore Aims to Become China’s Autodesk

Money-losing cloud-based services provider files for New York IPO that could value it at up to $1 billion Key Takeaways Manycore has emerged as the clear leader in China’s computer-assisted interior design market, comparable to U.S. giant Autodesk The company’s IPO could face headwinds following a recent series of setbacks for Chinese firms listing in New York By Eric Auchard Manycore Tech Inc., the unfamiliar Nasdaq IPO candidate behind the better-known Kujiale software, makes a reasonably good argument for calling itself China’s emerging leader in architectural and interior design software.…

Read MORE »