FAST NEWS: So-Young Feels Pain from Pandemic Disruptions

The latest: Cosmetic surgery app operator So-Young International Inc. (SY.US) said its revenue fell 16.5% year-on-year in the first quarter to 300 million yuan ($45 million), while its net loss widened to 66.8 million yuan from 45 million yuan over the same period, according to its latest results published on Monday. Looking Up: The number of paying medical service providers on So-Young’s platform rose 11.7% to 5,254 in the first quarter from 4,702 a year earlier. Take Note: Most of the company’s other indicators were down for the quarter, including a nearly 50% decline in…

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FAST NEWS: Junshi Biosciences Oral Covid Drug Wraps Up Trials, to Seek Sales Approval

The latest: Drug developer Shanghai Junshi Biosciences Co. Ltd. (1877.HK; 688180.SH) announced late Monday that VV116, an oral drug developed by its JunTop Biosciences unit for the early treatment of Covid-19, has reached the main endpoint of clinical studies. Looking up: The company said it will communicate with China’s National Medical Products Administration (NMPA) on submitting a new drug application in the near future. If approved, sales of the drug could provide a major new revenue source. Take Note: The NMPA has approved the import of the oral Covid drug Paxlovid from Pfizer (PFE.US), which has been conditionally included on the National Reimbursement…

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FAST NEWS: Cloopen Warned After Missing Filing Deadline

The latest: Cloud-based services provider Cloopen Group Holding Ltd. (RAAS.US) said last Friday it was informed by the New York Stock Exchange (NYSE) on May 18 that it failed to file its annual report for the year ended Dec. 31 before the required deadline, putting it out of compliance with listing rules. Looking up: The notification has no immediate effect on the company’s listing status, except that an “LF” indicator will be attached to its “RAAS” trading symbol to indicate its status as a late filer until it regains compliance with the…

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FAST NEWS: Xiaomi Slips Into the Red on Big Phone Shipment Drop

The latest: Smartphone maker Xiaomi Corp. (1810.HK) reported its revenue fell 4.6% year-on-year in the first quarter to 73.35 billion yuan ($10.9 billion). It also recorded a 530 million yuan net loss for the period, reversing a 7.79 billion yuan net profit a year earlier, according to an announcement on Thursday. Looking up: The company ranked third in global smartphone shipments in the quarter with 12.6% market share, according to Canalys. Monthly users of its MIUI operating system reached 529 million in global markets and another 135 million in its home mainland China market. Take…

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FAST NEWS: Data Center Operator GDS Loss Widens in First Quarter

The latest: Independent data center operator GDS Holdings Ltd. (GDS.US; 9698.HK) reported its revenue rose 31.5% to 2.24 billion yuan ($354 million) in the first quarter of the year, as its net loss widened 33.7% to 373 million yuan, according to an announcement on Thursday. Looking up: The company continued to expand its business during the period, with its area in service increasing 36.6% to 492,000 square meters, and area utilized by customers increasing 32.2% to 332,000 square meters year-on-year. Take Note: The company’s cost of sales increased by 30% to 1.7 billion yuan and interest…

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FAST NEWS: JD.com Swings to Red as Revenue Growth Slows

The latest: E-commerce giant JD.com Inc. (JD.US; 9618.HK) reported a net loss of 3 billion yuan ($4.44 billion) for the first quarter, reversing a 3.6 billion yuan profit in the same period a year earlier. The company’s revenue rose 18 % to 239.7 billion yuan for the period, according to its announcement on Tuesday. Looking up: The company’s non-GAAP net income for the period was 4 billion yuan, flat compared to the same period last year and better than the 24% to 31% decline expected by major investment banks, mainly due to revenue growth in its logistics and retail…

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FAST NEWS: Beijing Approves CMOC’s Large-Scale African Mining Project

The latest: China Molybdenum Co. Ltd. (CMOC) (3993.HK; 603993.SH) announced Tuesday that the company’s plan to develop a $2.51 billion TFM copper and cobalt mixed mine in the Democratic Republic of Congo (DRC), has been filed with the National Development and Reform Commission and obtained approval from the Ministry of Commerce. Looking up: Following the important green light from Beijing, the large-scale project is expected to add approximately 200,000 tons of copper and 17,000 tons of cobalt to CMOC’s annual production capacity next year, which will further enhance its profitability. Take…

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FAST NEWS: Nissin Foods Revenue Rises, But Raw Material Prices Weigh on Profit

The latest: Instant noodle maker Nissin Foods Co. Ltd. (1475.HK) said its net profit decreased by 3% to HK$90.31 million ($11.6 million) in the first quarter of this year, despite a 10% increase in revenue to HK$1.06 billion, according to a company announcement last Friday. Looking up: Nissin said the revenue gains came on higher sales of its Cup Noodles brand in both mainland China and Hong Kong, as both places experienced resurgences of Covid-19. It also cited appreciation of the Hong Kong dollar against the Japanese yen. Take Note: The company’s overall…

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FAST NEWS: Noah Holdings Posts Sharp Revenue Decline, Shares Plunge

The latest: Chinese wealth manager Noah Holdings Ltd. (NOAH.US) reported first- quarter revenue of 796 million yuan ($125.5 million) on Wednesday, down 35% from the same period of 2021 and down 36.9% from the previous quarter. It blamed the decline on decreases in one-time commissions and performance-based income. Looking up: The group’s first-quarter net profit fell 32.8% year-on-year to 304 million yuan. But the figure was up 8.5% from the previous quarter due to lower expenses and provisions for credit losses. Take Note: The company’s total active clients, which excludes…

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FAST NEWS: Luckin Coffee Denies Hong Kong Listing Plan

The latest: Chinese coffee chain Luckin Coffee Inc. (LKNCY.US) said in a statement Monday that it is not seeking a Hong Kong listing at this time, refuting a media report that it was considering such a plan. It added it remains committed to U.S. capital markets where its stock is currently traded over-the-counter (OTC). Looking up: The company said it will continue to monitor capital market developments and evaluate all avenues to deliver value to its stakeholders, implying it has not completely ruled out a potential future listing in Hong Kong.…

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