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…

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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…

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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…

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FAST NEWS: Smart Share Global’s Second-Quarter Revenue Sags on Covid Closures

The latest: Smart Share Global Ltd. (EM.US), a supplier of rentable power banks, on Thursday reported its revenue fell 29% in the second quarter to 690.5 million yuan ($99 million). The company reported a loss of 184.5 million yuan for the period, compared with an 8.2 million yuan profit a year earlier. Looking Up: The company forecast it will record revenue of between 770 million yuan and 800 million yuan in the third quarter, whose midpoint represents a milder 19% year-on-year decline. Take Note: Despite the big revenue decline, the…

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FAST NEWS: Fosun Tourism Plunges After Controlling Shareholder Cuts Holdings

The latest: Resort operator Fosun Tourism Group (1992.HK) announced on Wednesday its controlling shareholder, Fosun International (0656.HK), agreed after the market closed Sept. 5 to sell 28 million shares of the company to an independent third party for HK$8.57 per share. Looking up: The company implied that recent volatility for its stock may be related to the share sale, making the announcement an apparent move to allay investor concerns. Take Note: A controlling shareholder’s reduction of its stake in a company is generally considered a negative signal, possibly showing the shareholder has…

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FAST NEWS: No Juice for Fruit Giant Hongjiu on Hong Kong Trading Debut

The latest: Chongqing Hongjiu Fruit Co. Ltd. (6689.HK), one of China’s three fresh fruit giants, made a subdued debut in its first day of trade on Monday. The company’s public offering attracted 2,086 investors who bought 846,000 shares, only 60% of the total 1.4 million shares on offer. Looking up: Hongjiu became the first Chinese fruit giant to go public in Hong Kong, beating Shenzhen Pagoda, which submitted an IPO application in early May. Take Note: The offering’s lukewarm response meant the stock could only price at HK$40, the lower end…

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FAST NEWS: Miniso’s Shares Surge on Big Overseas Revenue Gains

The latest: Retailer Miniso Group Holding Ltd. (MNSO.US; 9896.HK) announced on Thursday its revenue dropped 6% to 2.32 billion yuan ($350 million) in the three months to June, but its net profit rose 87.5% to 209 million yuan. Looking up: Despite taking a hit from China’s “zero Covid” policy that led to widespread store closures during the quarter, Miniso’s revenue remained within its previous guidance of 2.1 billion yuan to 2.4 billion yuan, thanks to a nearly 50% year-on-year jump in revenue from its overseas operations. Take Note: The company expects…

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FAST NEWS: Yixin Returns to Profits as Loan Intermediary Revenue Surges

The latest: Internet-based auto financier Yixin Group Ltd. (2858.HK) announced Monday that its revenue jumped 73.2% year-on-year to 2.45 billion yuan ($358 million) in the first half of the year, as it returned to the black with a net profit of 124 million yuan. Looking up: The company logged 266,000 auto financing transactions in the first half of the year, up 17% year-on-year. The value of those transactions jumped by an even larger 37% to 25 billion yuan, even as demand for vehicles shrank due to weak spending tied to…

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FAST NEWS: Vipshop’s Profit Rises on Cost Cuts, Even as Revenue Falls

The latest: E-commerce company Vipshop Holdings Ltd. (VIPS.US) on Friday reported its revenue fell 17% year-on-year to 24.5 billion yuan ($3.6 billion) in the second quarter, while its profit rose 17% to 1.3 billion yuan. Looking Up: The company cut its operating costs by 19% during the quarter to 3.9 billion yuan. As a result, its gross margin improved to 20.5% from 20.1% a year earlier, which was a big factor behind the profit improvement. Take Note: The company blamed the revenue decline on weak consumer demand due to a…

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FAST NEWS: Store Closure Impairment Loss Turns Haidilao Red

The latest: China’s leading hot pot chain Haidilao International Holding Ltd. (6862.HK) on Sunday warned it expects to post a loss of 225 million yuan ($37.7 million) to 297 million yuan for the first half of the year, reversing a 96.5 million profit a year earlier. Looking up: The company said performance of its restaurants has improved markedly since June with the pandemic’s easing. It added it will implement proactive measures to control rent and other operating costs, and use credit and equity financing to ensure a healthy cash flow. Take Note: The…

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