Lu DaoPei Medical Seeks IPO Cash for Pricey Hospital Plans

Lu DaoPei Medical, named after an expert in stem cell transplants who founded the company, has filed to list on the Hong Kong Stock Exchange   Key Takeaways: By Emily Chan A chain of hospitals specializing in stem cell transplants has filed the first IPO application of the year on the Hong Kong Stock Exchange, banking on the clinical credentials of its founder Lu Daopei to attract funds for expansion. The brains behind Lu DaoPei Medical Group Holding Ltd. has been active in hematology research since 1957. Lu helped to…

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Huawei-backed Saimo Takes IPO Route Towards Driverless Tech

Saimo Technology, which provides simulation testing for autonomous driving, has filed to list on the Hong Kong Stock Exchange Key Takeaways: By Fai Pui An era of autonomous driving is dawning, as technology increasingly supplants humans at the wheel. But before intelligent cars can take to the open road, they must be proven to be safe. And that requires a mass of programming data as well as sophisticated driving simulations to put the vehicles through their paces, away from the risks of real traffic.  A Chinese provider of these testing…

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Unimpressive Hong Kong Keeps No. 3 Spot in Global IPO Race

New listings in the city tumbled 68% to just 90 last year, much of that on a surge in activity in the second half Key Takeaways: By Emily Chan Last year wasn’t kind to global stock markets, which were rocked by Russia’s invasion of Ukraine and resulting energy shortages in Europe. Ruthless interest rate hikes by the U.S. Federal Reserve to tame inflation, and repeated outbreaks of the Covid-19 epidemic in China, didn’t help either. That confluence of factors not only hit corporate valuations, but also put a major damper…

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From Boom to Gloom: SPAC Frenzy Fizzles in Asia after US Falters

The SPAC bandwagon that rolled out of the U.S. has gone off the rails in Asia. Some listed SPACs have been liquidated, and the volume of SPAC applications in Singapore and Hong Kong has been lighter than expected in the past year Key takeaways: By Ken Lo So much for an Asian SPAC boom. The market for special purpose acquisition companies has turned out to be more of a damp squib since exchanges in Singapore and Hong Kong opened their doors to the listings. It’s a far cry from the…

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Full Truck Alliance Puts the Brakes on Hong Kong Listing Plan

The U.S.-listed truck app operator reportedly scrapped its plan for a second listing in Hong Kong due to recent improvements in the U.S. regulatory environment Key Takeaways: By Doug Young We’ll spend our final trading day of 2022 looking at a report that trucking app operator Full Truck Alliance Co. Ltd. (YMM.US) has scrapped its plan for a Hong Kong listing. If the news is correct, which seems likely, the move would represent a highly symbolic positive end to what has been a year filled with bumps and bruises for…

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Investors Turned Off by iClick’s Management-Led Buyout Offer

The marketing services provider’s shares have lost a third of their value this week, much of that after it announced receiving a privatization bid from two of its co-founders Key Takeaways: iClick announced it has received a buyout offer from a group led by two of its co-founders, offering a slight premium to take the company private The two co-founders control 63% of iClick’s voting rights, making the offer highly likely to succeed By Doug Young We’ve covered lots of unusual stories over the years from the world of U.S.-listed…

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For Better or for Worse, IPO Aspirant Powerwin is Bound to its Ad Partners

The provider of cross-border online marketing services plans to go public in Hong Kong, but its falling revenue and profit, combined with a worsening cash position, are troubling for investors Key Takeaways: Powerwin Tech’s business is closely entwined with an important media partner, described as “Media Publisher A” in the prospectus, with more than 99% of its expenses related to the one partnership But falling advertising prices have dragged down revenue and profit at this principal partner, with negative knock-on effects for Powerwin Tech By Ken Lo A company that…

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Early CICC Backer Trims Stake as Profit Shrinks for First Time in Six Years

Haier, which once owned about 10% of China’s oldest western-style investment bank, disclosed it has cut its stake to 6.32%     Key Takeaways: Appliance giant Haier has cut its longtime stake in CICC, which is set to post its first annual profit decline since China’s market crash of 2016 Future growth for China’s leading investment bank is being constrained by geopolitical tensions and capital requirements         By Shen Ruzhen Ahead of China International Capital Corp.’s (CICC) (3908.HK; 601995.SH) highly anticipated Shanghai listing in late 2020, an investment vehicle of home appliance…

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With ‘Blue Collar’ at Its Core, Youlife Looks to Recruit IPO Investors

The money-losing online recruitment platform has filed for a Hong Kong listing, even as it operates with negative cash flow Key Takeaways: With cumulative losses of more than 540 million yuan in the past three and a half years, Youlife International has filed for Hong Kong IPO The company is trying to reduce its reliance on employee management services and expand in higher-margin vocational education By Fai Pui China’s sudden pivot from “zero Covid” could provide a much-needed reboot for the country’s embattled labor market now swollen with millions of…

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Thick on Star Backers But Thin on Revenue, Cutia Therapeutics Chases IPO

Still in its early stages of commercialization, the maker of hair loss drugs has filed to list in Hong Kong Key Takeaways: Cutia Therapeutics has filed for a Hong Kong listing, even as its losses grow following the launch of its first two hair loss drugs last year The company is backed by a number of big-name investors, including WuXi AppTec’s venture arm, Yunfeng Capital and Sequoia Capital By Emily Chan It calls itself a biopharmaceutical company. But that barely covers up a big touch of vanity that’s just below…

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