Nio Enters Race for Lithium with Australian Investment

The electric vehicle maker will pay $7.7 million up front and up to $80 million more for a stake in an Argentine mining project in its tie-up with Greenwing Resources Key Takeaways: Nio Inc. will pay $7.7 million for 12% of Australian miner Greenwing Resources, which holds the rights for the San Jorge Lithium Project in Argentina Nio is the latest electric vehicle maker to purchase lithium assets, following similar moves by domestic rival BYD and global names like Tesla and General Motors By Doug Young New energy investment patterns…

Read More »

Cloopen: A Clean Cloud, or Still Under Stormy Skies?

Cloud services provider’s investigation confirms revenue inflation last year, while separate, but similar, investigation by retailer Miniso finds no evidence of misleading claims involving its franchise model Key Takeaways: An internal investigation by cloud services provider Cloopen found the company inflated its revenue by about 5% in last year’s second and third quarters The new China-U.S. information-sharing agreement could help restore investor confidence in such U.S.-listed Chinese companies By Doug Young A couple of new announcements involving internal investigations results for two U.S.-listed Chinese companies are showing why we need…

Read More »

China IPO Flow Picks Up in New York, But Big Names Still Absent

Four Chinese companies have submitted new or updated prospectuses for New York listings over the last 10 days, though all are relatively small Key Takeaways: Four Chinese companies have submitted New York IPO applications since Sept. 6, indicating such listings could be accelerating after a near standstill over the past year Major new U.S. IPOs by Chinese firms probably won’t resume until the U.S. securities regulator provides an update in December on a new information deal with its Chinese counterpart By Doug Young After months at a trickle, the flow…

Read More »

Property Downturn Undermines Onewo in Run-up to Hong Kong IPO

The real estate management spin-off of property giant Vanke has been approved to list in Hong Kong and reportedly aims to raise at least $2 billion Key Takeaways: Property management firm Onewo, which is boasting high-tech elements, could become the largest IPO in Hong Kong this year Underperformance by its industry peers has undermined company’s chances of getting a strong valuation By Emily Chan It’s boasting high-tech credentials, as it aims to make what could become Hong Kong’s largest IPO so far this year. But the property management arm of…

Read More »

Despite the Hype, 3D Printing Leader UnionTech Remains a Fundraising Minnow

Company raised a modest $28.8 million in its latest funding round, as its general manager predicted the niche industry could be at a ‘tipping point’ Key Takeaways: Leading 3D printing equipment maker UnionTech has raised a modest $28.8 million in its latest funding, as it expands into businesses across the 3D printing value chain The company will need to expand its market presence into more industries and improve its technology as it enters its next development phase ahead of a planned IPO, By Trevor Mo After years of remaining mostly…

Read More »

VNET Slashes Expansion Plans as Private Equity Buyout Remains in Play

The smallest of China’s three private data center operators by market value cut its 2022 plans for new cabinet installations by 30%, citing delayed customer demand Key Takeaways: VNET has slashed its plans for new cabinet installations this year by 30% and lowered its revenue outlook by a more modest 2.6% The company has hired Citigroup to advise it on a buyout offer led by Hina Group from April this year By Doug Young One has to wonder what Samuel Shen, CEO of data center operator VNET Group Inc. (VNET.US),…

Read More »

SenseTime’s Profits Sucked Up Into R&D Vortex

Mounting research and development spending pushed SenseTime, one of China’s ‘Four AI Tigers,’ further into the loss column in the first half of the year Key Takeaways: SenseTime spent up to 2 billion yuan on R&D in the first half of this year, equal to 144% of its total revenue Falling revenue from its two core businesses and delayed customer payments led the company to boost its impairment provisions by more than 50% By Ken Lo SenseTime Group Inc. (0020.HK) may be first among China’s four “AI Tigers.” But its…

Read More »

ATRenew Sees Better Times Ahead in Evolving Role as ‘Recycler for All Seasons’

Smartphone recycler’s revenue growth slowed sharply to 15% in second quarter, but it forecast the rate would double in the current quarter as Covid disruptions fade Key Takeaways: ATRenew forecast 30% year-on-year revenue growth in the current quarter, as its business starts to rebound from a sharp slowdown caused by China’s strict Covid control measures Company detailed promising early results for its move into luxury goods and photography equipment recycling, and unveiled its first move abroad with a Japanese tie-up By Doug Young Smartphone recycler ATRenew Inc. (RERE.US) is dipping…

Read More »

TuSimple Moves Closer to China Exit Ramp as Questions Loom on U.S. Commercialization

The autonomous trucking company has reportedly received a non-binding deal to sell its Asia operations to Geely, China’s largest private carmaker Key Takeaways: China’s largest private auto group may acquire TuSimple’s Asia-Pacific business, allowing it to cut its China ties and alleviate U.S. national security concerns The company’s commercialization timeline has been thrown into doubt following an April accident that raised safety concerns By Trevor Mo Autonomous trucking startup TuSimple Holdings Inc. (TSP.US) may have finally found a suitor for its China-based unit, five months after reports emerged that it…

Read More »

SPONSORED: IoT Platforms Offer Greener Future for Industrial and Commercial Scenarios

IoT products and services can help industrial and commercial users better manage energy consumption and meet ESG goals The following article has been written with material supplied by Tuya The global fixation on carbon neutrality has put energy conservation and emissions reduction in the spotlight all the way down to the household level. At the same time, big progress is also happening in industrial and commercial scenarios. Market research firm CCID Consulting estimates industrial use accounts for as much 70% of carbon emissions, followed by construction and transportation. Among other…

Read More »