Driven by Nickel Battery Boom, Lygend Resources Powers up its IPO

The nickel products trader is about to go public in Hong Kong on the back of fast profit growth as it expands across the nickel supply chain Key Takeaways: Lygend Resources has passed listing hearings at the Hong Kong Stock Exchange and is said to be looking to raise $1 billion The company is on track for strong growth with the rapid uptake of high-nickel batteries for electric cars By Ken Lo The market for electric cars depends on battery power, generated using industrial metals such as nickel. With that…

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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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Fosun Scrambles to Sell Its Way Back to Health. But Will It Mortgage Its Future?

Billionaire Guo Guangchang’s flagship investment group aims to sell up to $11 billion in non-core holdings to pay down its debt. But such sales could leave it with less-desirable assets Key Takeaways: Fosun International aims to raise as much as $11 billion by selling non-core assets in the next 12 months, according to a Bloomberg report. The sale of better-performing assets might leave the group with subpar businesses that would worsen its debt problem By Warren Yang Things are looking messy these days for Fosun International Ltd. (0656.HK), the debt-laden…

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Management-Led Group Advances in VNET Bidding War, as Big Names Line Up to Play

A buyout group led by the data center operator’s chairman has found important new backing for its bid from a major government-affiliated fund Key Takeaways: A government-backed fund has lined up to support a management-led bid to privatize data center operator VNET, according to Chinese media reports Major western investors looking to make some money from the deal include Blackstone, as well as Bank of America and Vanguard   By Doug Young A small crowd of major financial hitters appears to be gathering around what could become one of the…

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TuSimple Sacks Chairman, CEO and CTO on Insider Dealing Suspicions

Autonomous truck driving firm terminated co-founder Hou Xiaodi after learning of undisclosed dealings with a Chinese rival whose CEO was another TuSimple co-founder Key Takeaways: TuSimple sacked Hou Xiaodi, its co-founder, CTO, CEO and chairman, after discovering he engaged in undisclosed dealings with a Chinese rival The company’s shares fell 46% after the announcement, demoting it from clear leader in its sector to more comparably valued with its peers By Doug Young Talk about blowout. The going was never going to be easy for TuSimple Holdings Inc. (TSP.US), a leading…

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Huadi: Big News Coming, or Just Another China Meme Stock?

The steel pipe maker’s shares soared 90% on Friday, extending a year-long rally that has seen them rise more than seven-fold from their 2021 IPO price Key Takeaways: Huadi International’s shares soared 90% on Friday despite a lack of news from the company, which hasn’t released any financial results since February The company could sell up to $300 million in new shares, according to a June stock exchange filing, equal to nearly half of its market value after the Friday rally By Doug Young We begin the new week with…

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Rising Lithium Prices Lift Ganfeng and Tianqi – But Not Equally

Tianqi’s stock is getting a bigger lift from soaring prices for the key metal in electric car batteries as it continues to rebound from a debt crisis two years ago Key Takeaways: Tianqi and Ganfeng have issued major upside profit alerts, both boosted by surging prices for lithium that is their core product Despite the big profit gains, investors are more bullish on Tianqi as the company bounces back from a debt crisis two years ago By Doug Young A rising tide lifts all ships, but it may lift some…

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JL Mag Growth Slows in Tandem with Braking NEV Market

The maker of magnetic rare earth materials’ profit growth slowed to about 70% in the third quarter from 111% in the first half of the year Key Takeaways: JL Mag said its profit rose 90% to 100% in the first three quarters of the year, translating to roughly 70% profit growth in the third quarter The rare earth company’s growth from sales to the NEV sector is slowing, though it could get a boost from a recent extension of an expiring Chinese tax credit  By Doug Young Are new energy…

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E-House Foundation Shudders as It Scrambles to Finalize Debt Restructuring

The real estate services provider filed for Chapter 15 bankruptcy protection in New York after delaying a meeting with creditors to vote on a debt restructuring plan Key Takeaways: E-House is seeking protection against possible asset seizure in the U.S. under Chapter 15 bankruptcy about six months after defaulting on nearly $298 million in dollar bonds Implementation of the company’s debt restructuring plan, set for a vote by creditors early next month, hinges on the status of convertible bonds issued to Alibaba By Warren Yang Time is ticking down for…

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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…

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