FAST NEWS: TuSimple Announces Management Changes In Preparation For Commercialization

The latest: Autonomous truck company TuSimple Holdings Inc. (TSP.US) announced Tuesday that Chief Financial Officer Patrick Dillon will leave the group to pursue other opportunities. Eric Tapia, its global controller and principal accounting officer, will temporarily take on the role of the while the company carries out a search for a new CFO. In addition, the company has added two new management positions, as Ersin Yumer will be promoted to executive vice president of operations and Lei Wang will be promoted to executive vice president of technology. Looking up: TuSimple is reconfirming it…

Read More »

FAST NEWS: Jiumaojiu Consolidates Business by Selling Unprofitable brand

The latest: Restaurant operator Jiumaojiu International Holdings Ltd. (9922.HK) announced Friday it has disposed of its 80.85% stake in Guangzhou Double Eggs Catering Co., Ltd., which manages the “Double Eggs” restaurant brand, for a consideration of 509,400 yuan ($75,800). Upon completion of the transaction, Guangzhou Double Eggs will no longer be an indirect non-wholly owned subsidiary of the company. Looking up: The sale of “Double Eggs” restaurant brand will allow the company to focus on businesses with more growth potential, such as the “Tai Er” and “Jiu Mao Jiu” brand. Take Note: The…

Read More »

FAST NEWS: Waterdrop Flows to Profit After Cost-Control Measures

The latest: Online insurer Waterdrop Inc. (WDH.US) successfully turned a loss into a profit in the first quarter of the year, with a net profit of 105 million yuan ($15.6 million) from a net loss of 370 million yuan in the same period last year, according to its latest results published on Wednesday. Looking up: The company’s cost-control measures since the third quarter of last year have borne fruit, with operating costs and expenses dropping 60.4% to 532 million yuan in the first quarter – the main reason for the turnaround. Take Note: Its first-quarter…

Read More »

FAST NEWS: LexinFintech’s Revenue, Profit Plunge on Weak Demand for Loans

The latest: Online lending platform LexinFintech Holdings Ltd. (LX.US) on Monday reported its revenue plunged 41.8% year-on-year to 1.7 billion yuan ($255 million) in the first quarter of 2022, while its profit fell 89% to 78.1 million yuan. Looking Up: The company’s registered user base rose 29.4% by the end of March to 171 million from 132 million a year earlier. Take Note: The number of active users of the company’s loan products fell 30.7% year-on-year to 5.7 million in this year’s first quarter from 8.2 million a year earlier.…

Read More »

FAST NEWS: Huazhu Loss Doubles in Q1, Sees Q2 Revenue Contraction

The latest: Hotel operator Huazhu Group Ltd. (HTHT.US, 1179.HK) reported its net loss widened by 154% to 630 million yuan ($94 million) in the first quarter from a year earlier, despite a 16.4% increase in hotel turnover to 9.5 billion yuan, according to its latest results published on Monday. Looking up: The company’s own first-quarter revenue grew 15.2% to 2.68 billion yuan, slightly outperforming its previously announced guidance for 11% to 15% growth, mainly due to a 17.5% increase in leased and owned hotel revenue to 1.64 billion yuan. Take Note: The wider loss…

Read More »

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…

Read More »

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…

Read More »

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…

Read More »

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…

Read More »

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.…

Read More »