FAST NEWS: Jiumaojiu Scraps Guangzhou Property Investment After Investor Revolt

The latest: Restaurant operator Jiumaojiu International Holdings Ltd. (9922.HK) announced late Monday it scrapped its plan to pay 1 billion yuan ($140 million) for 26% of the developer of the Guangzhou IFC Mall Project, a major new retail-office complex in the southern city of Guangzhou. It added the transaction will be completed instead by the company’s chairman and controlling shareholder Guan Yihong. Looking up: Jiumaojiu is focused on the catering business, sparking a 20.4% decline in its stock the day the original deal was announced as some investors may have questioned such…

Read More »

FAST NEWS: C-Mer Eye Care’s Chairman Boosts Holdings

The latest: C-Mer Eye Care Holdings Ltd. (3309.HK) announced on Friday its Chairman Dr. Dennis Lam purchased 1.45 million of the company’s shares, representing approximately 0.095% of its issued share capital, on the open market for five consecutive days through Sept. 30 at a cost of approximately HK$5.08 million ($650,000). Looking up: Lam and his spouse increased their stake in the company to 55.27%, and he stated he is confident about the group’s prospects and business. Take Note: The company’s share price recently hit a four-year low, which may have…

Read More »

FAST NEWS: Weimob Says Business ‘Recovered Rapidly’ After Shanghai Lockdown

The latest: E-commerce services provider Weimob Inc. (2013.HK) said late on Thursday that its business “recovered rapidly” following the easing of the pandemic in Shanghai, where the company is based. It added that its overall operation is performing well. Looking Up: The company also pointed out its shareholders authorized a repurchase agreement at its latest annual general meeting at the end of June, allowing the company to purchase up to 10% of its issued shares to support the stock. Take Note: Weimob issued its announcement in response to recent “unusual…

Read More »

FAST NEWS: Simcere Pharmaceutical Grants Overseas Rights for Drug Candidate

The latest: Simcere Pharmaceutical Group Ltd. (2096.HK) announced Thursday that it granted Almirall S.A. exclusive rights to develop and commercialize its autoimmune drug candidate SIM0278 outside of Greater China. Looking up: Simcere will receive a $15 million upfront payment and up to another $492 million in development and commercialization milestone payments based on the success of Alirall’s efforts to develop SIM0278 outside China. Take Note: SIM0278 is only a drug candidate and that must still undergo clinical trials, meaning it is still a long way from being commercialized. Digging Deeper: Founded in…

Read More »

FAST NEWS: Leapmotor Jumps Wrong Way With 37% Debut-Day Plunge

The latest: Electric vehicle maker Zhejiang Leapmotor Technology Co. Ltd. (9863.HK) made its trading debut in Hong Kong on Thursday with an opening price of HK$41, down 14.6% from its IPO price of HK$48. Looking up: The international portion of the listing, which accounted for 90% of the IPO’s 130 million shares sold, was over-subscribed by 233%. Take Note: Response to the local portion of the offering was anemic, with only 16% of the shares on offer subscribed. In the end, the company raised about HK$6.3 billion ($808 million) as it…

Read More »

FAST NEWS: Zai Lab Acquires Exclusive Greater China License for Cervical Cancer Drug

The latest: Biotech drug maker Zai Lab Ltd. (9688.HK; ZLAB.US) announced on Tuesday that one of its subsidiaries has obtained an exclusive license to develop and commercialize Seagen Inc.’s (SGEN.US) cervical cancer drug Tivdak in mainland China, Hong Kong, Macau and Taiwan for an upfront payment and sales milestone considerations totaling up to $293 million. Looking up: China currently has about 110,000 new cervical cancer cases every year, providing a large pool of potential customers for Tivdak, which has already been approved for sale in the U.S. Take Note: According to clinical…

Read More »

FAST NEWS: GCL Technology to Build New Polysilicon Plant

The latest: Polysilicon products maker GCL Technology Holdings Ltd. (3800.HK), formerly known as GCL Poly, said Monday that its board approved construction of a new plant and accompanying power supply to produce granular silicon with annual production capacity of 100,000 tons, and high-purity nano-silicon with production capacity of 150,000 tons in the city of Wuhai in the Inner Mongolia region. Looking up: Upon completion of the project, the company’s annual capacity for granular silicon and high-purity nano-silicon will increase to 500,000 tons and 300,000 tons respectively, which will help boost future revenue…

Read More »

FAST NEWS: WuXi Biologics Announces $300 Million Share Buyback

The latest: Contract drugs services provider WuXi Biologics (Cayman) Inc. (2269.HK) announced on Monday its board of directors has approved a plan to buy back up to $300 million of the company’s shares in the open market. Looking up: The company believes the proposed buyback and subsequent cancellation of repurchased shares will enhance the value of remaining shares, thereby improving shareholder returns. The buyback will also reduce a potentially dilutive effect on the company’s shareholdings from various employee equity incentive schemes. Take Note: WuXi Biologics’ cash and cash equivalents were valued…

Read More »

FAST NEWS: Mid-sized U.S. Investor Increases Tongcheng Travel Stake

The latest: Mid-sized U.S. fund manager Brothers Harriman & Co. disclosed it purchased 7.155 million shares in Tongcheng Travel Holdings Ltd. (0780.HK), raising its stake to 5.3%, above the 5% threshold that requires it to disclose its holdings, according to a new Hong Kong Stock Exchange filing. Looking up: Despite reporting a loss in the first-half of the year, Tongcheng’s growing investment from Brothers Harriman probably reflects the shareholder’s confidence in the company’s prospects. Take Note: Brown Brothers Harriman previously reduced its stake in Tongcheng by 326,000 shares on Aug. 22, the…

Read More »

FAST NEWS: Tencent Music’s Hong Kong Shares Outshine New York in Trading Debut

The latest: Tencent Music Entertainment Group (TME.US; 1698.HK) listed on the Hong Kong Stock Exchange Wednesday using a method called “by way of introduction,” which does not involve issuing new shares. The stock is already listed in New York. Based on each American depositary share (ADS) representing two Hong Kong-listed shares, its opening price of HK$18 was slightly higher than the ADS’ New York Tuesday closing price, which was the equivalent of HK$17.98. Looking up: During the listing ceremony, Chairman Cussion Pang said the company will strengthen support for original…

Read More »