One-Trick Pony Boan Biotech Files for Hong Kong IPO Into Tough Market

The biotech company is awaiting approval on a second drug to drive up revenue as it firms its foothold in a competitive landscape Key Takeaways: Boan Biotechnology sells only one product so far and is facing stiff competition from other similar drugs Luye Pharma bought Boan in 2020 and is taking it public at a time when markets are bearish By Molly Wen Shandong Boan Biotechnology Co. Ltd. recently filed for an IPOon the Hong Kong Stock Exchange to raise cash to boost drug development, marketing and research. Hong Kong-listed…

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Fading Producer of China’s ‘The Voice’ Files for Hong Kong IPO

Star CM took China by storm with a Chinese edition of the popular reality series, but has fallen onto hard times lately Key Takeaways: Variety show producer Star CM has filed for a Hong Kong IPO, seeking funds to revive its fading fortunes Revenue from the company’s flagship “Sing! China” dropped from 1.14 billion yuan during its heyday in 2015 to just 252 million yuan last year. By Ken Lo The company behind “Sing! China,” the hugely popular Chinese rendition of the U.S. reality show “The Voice,” is taking its…

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Yan Palace Flocks to Shanghai as China’s First Bird’s Nest Stock

The maker of products using the traditional Chinese health food hopes to become the first in its class to go public, but faces growing competition from smaller rivals Key Takeaways: Yan Palace has filed for a Shanghai IPO that would make it the first listed maker of health food products based on traditional bird nests China’s securities regulator asked the company to elaborate on its business model and competitive strategies, as fierce competition has led to steep price cuts By Lau Ming Bird’s nest soup has long been a Chinese…

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China-Led Phoenix Motor Sputters With Watered Down U.S. Listing Plan

Electric vehicle maker aims to raise $20 million from its Nasdaq IPO, down from a previous $150 million target, which is only enough to fund its operations for a year Key takeaways: China-linked American EV startup Phoenix Motor has slashed the fundraising target for its U.S. IPO to $20 million from a previous $150 million The money-losing company has only sold 104 EVs since its inception, and says the latest fundraising target can finance its operations for just a year By Rajiv Sekhri A former American electric vehicle (EV) highflyer…

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Chenghe Group’s Second SPAC Is Pursuing Merger Targets Beyond China

Chenghe Acquisition, a subsidiary of investment holding company Chenghe Group Ltd., says it is not looking to invest in businesses based in mainland China, Hong Kong or Macau Key Takeaways: The fintech-oriented SPAC features several ex-Goldman Sachs bankers in its management team, bringing Asia investment industry know-how It is the second SPAC to be taken public by the Chenghe Group, whose other shell company targets the Greater China healthcare sector By Fai Pui  A Chinese “blank check” company has just listed on the Nasdaq, raising $115 million, with its shares…

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China’s Self-Dubbed ‘Fruit McDonalds’ Seeks Juice from Hong Kong IPO

Shenzhen Pagoda reportedly hopes to raise $500 million, aiming to attract investors with its booming online business Key takeaways: China’s biggest fruit retailer Shenzhen Pagoda has filed for a Hong Kong IPO, following two previous failed attempts to list in Hong Kong and on the mainland’s A-share market Company’s online retail sales have helped keep revenue growing despite pandemic store closures, but are also dragging on profits By Li Yaoyao and Jony Ho Online distribution channels can help traditional retailers boost their revenues. But getting a similar boost for their…

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Stodgy Tax Services IPO Looks Like What U.S. Investors Want from China Now

Lichen China’s plan to raise $25 million avoids most of the controversies that have recently plagued U.S.-listed Chinese companies Key Takeaways: Lichen China has filed for an IPO to raise about $25 million, positioning itself as a potential consolidator in China’s vast, but highly fragmented, tax services market Company points out it should be able to avoid many of the recent controversies now dogging U.S.-listed Chinese stocks  By Doug Young If controversy on a number of fronts is keeping Chinese firms away from new listings in New York, the latest…

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Huafang Hopes ‘Internet Bad Boy’ Backing Will Bring Investors Streaming to Its IPO

The second-tier livestreaming platform has applied to list in Hong Kong for a second time, as its business bounces back from a difficult merger Key Takeaways: Huafang Group posted 4.6 billion yuan in revenue last year, up 63% higher from pre-pandemic levels in 2019, but still much lower than its major competitors Company’s largest shareholder is Zhou Hongyi, whose notoriety as China’s “internet bad boy” could raise awareness among investors By Ken Lo Despite a boom in livestream entertainment during the pandemic and backing from a man famous as China’s…

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De Well Files for Hong Kong IPO, Flush With New Ties to Cainiao

International logistics firm could be valued at around $300 million, following $67 million investment from Alibaba’s logistics arm last September Key Takeaways: •      Global logistics services provider De Well has filed for a Hong Kong IPO, aiming to boost its footprint on booming demand for cross-border e-commerce •      Filing comes eight months after company sold 29.5% of its shares to Alibaba’s Cainiao logistics arm for $67 million By Carol Yang When it comes to logistics, China-focused investors already have plenty to choose from in a crowded field filled with names…

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Shenghui Cleanness Looks Like ‘Pandemic Winner’ in Runup to Hong Kong IPO

The cleaning services provider has applied for a Hong Kong IPO, aiming to spread its hygiene expertise to more places in China Key Takeaways: Sanitation specialist Shenghui Cleanness has filed for an IPO in Hong Kong, aiming to use the proceeds to accelerate its expansion The company’s core cleaning services are very labor-intensive, prompting it to look for ways to lower costs through automation and other uses of technology By Lau Ming One man’s pandemic pain is another’s pandemic prevention gain. That modified version of the old adage could well…

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