FAST NEWS: Gogox Oversubscribed 3x, But All Investors Can Receive Shares

The latest: Gogox Holdings Ltd. (2246.HK), an online logistics platform announced Thursday that the company’s Hong Kong public offering of 3.12 million shares was 3.05 times oversubscribed by retail investors, with a 100% win-lot ratio for investors subscribing for 200 shares per lot. The shares will be listed on the main board of the Hong Kong Stock Exchange on Friday (June 24). Looking up: The company received support from two cornerstone investors who subscribed for a total of 23.17 million shares, while the international offering of 28.08 million shares was marginally…

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FAST NEWS: Megvii Technology Chief Scientist Dead at 45

The latest: Sun Jian, the chief scientist and managing director of research at top China artificial intelligence (AI) company Megvii Technology Ltd., died at the age of 45 on June 14, the company said in an announcement. Looking up: Megvii Technology is one of the few companies in the world to have a self-developed deep-learning framework and owns a leading computer-vision research institute. The company said in the announcement it will continue to follow Sun Jian’s research mission and “climb the scientific peak.” Take Note: The death of Sun Jian, an…

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FAST NEWS: Gogox Reduces IPO Fundraising Amount in Face of Huge Losses

The latest: Online logistics platform Gogox Holdings Ltd (2246.HK) announced details of its IPO, which began on Tuesday and closes at noon on Friday, with an admission fee of HK$4,343.35 ($556) per lot of 200 shares, and is expected to be listed on 24 June. Looking up: The IPO was supported by two cornerstone investors, Chery Commercial Vehicle (Anhui) and GF Global Capital, which together subscribed for 23.17 million shares, representing approximately 3.8% of the total issued share capital of the company. Take Note: The company plans to issue 31.2 million…

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FAST NEWS: Maturing Pinduoduo Posts Single-Digit Revenue, User Growth

The latest: E-commerce company Pinduoduo Inc. (PDD.US) said on Friday its revenue rose 7% year-on-year to 23.8 billion yuan ($3.6 billion) in the first quarter. The company, which specializes in sales to China’s smaller cities, reported a first-quarter profit of 2.6 billion yuan, compared with a 2.9 billion yuan loss a year earlier. Looking Up: Excluding merchandise sales, which fell 99% during the quarter, the company’s revenue rose 39% in the first quarter to 23.7 billion yuan. Take Note: The company’s average monthly active users (MAUs) rose just 4% year-on-year to 751.3 million during the…

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FAST NEWS: Baozun’s Profit Plunges as Alibaba Reliance Eases

The latest: E-commerce software as a service (SaaS) provider Baozun Inc. (BZUN.US; 9991.HK) said its revenue fell 1.8% year-on-year in the first quarter to 1.98 billion yuan ($294 million), while its non-GAAP operating profit fell 93.8% to 4.7 million yuan, according to its latest results published on Thursday. Looking up: The company’s gross merchandise value (GMV) for the period reached 17 billion yuan, an increase of 28.4%, mainly benefiting from an 86.1% jump in GMV for its service fee model. Take Note: Electronics and appliance sales slowed as the company optimized its distribution business,…

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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: 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: Yixin’s Auto Finance Growth Slows Sharply in First Quarter

The latest: Yixin Group Ltd. (2858.HK), an internet-based auto financier, announced its auto financing transactions totaled 151,200 in this year’s first quarter, up 27.06% year-on-year. The figure included financing transactions for 63,800 new car and 87,400 used car purchases. Looking up: The group’s new “after-market business” offering auto insurance, maintenance and care to car owners has grown steadily in recent years, with 70,700 transactions in the first quarter, up 13.9% from the same period last year. Take Note: The latest 27% growth in auto financing transactions is down sharply from…

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FAST NEWS: Qudian Regains Compliance With New York Listing Rules

The latest: Online lender Qudian Inc. (QD.US) said on Thursday it has regained compliance with New York Stock Exchange listing rules, after its average closing price for the last 30 trading days rose above the $1 mark. The price had previously traded below that level on a similar basis, leading the company to warn in February it was in danger of delisting. Looking Up: The return to compliance means Qudian won’t need to take other steps to avoid delisting. The most typical step companies use in such situations is a…

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FAST NEWS: Property Platform KE Holdings to Make Second Primary Listing in Hong Kong

The latest: Chinese real estate platform KE Holdings Inc. (BEKE.US; 2423.HK) announced Thursday it will make a second primary listing for its Class A ordinary shares on the Hong Kong Stock Exchange by way of introduction, with trading set to start May 11. At the same time, it said it would continue to maintain its older primary listing on the New York Stock Exchange. Looking up: The company’s move comes as the U.S. securities regulator is requiring that U.S.-listed Chinese companies share their audit records. It is threatening to forcibly delist…

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