FAST NEWS: YTO International Says Profit Plunged Last Year

The latest: Delivery and logistics company YTO International Express and Supply Chain Technology Ltd. (6123.HK) said on Monday it expects to report its net profit last year dropped by about 50% due to a decrease in revenue and increasing competition. Looking up: The company was able to remain competitive despite the growing supply of air and sea cargo space in the second half of last year, but only by lowering its prices. Take Note: YTO blamed declining demand for air and sea freight services for its profit decline, partly due…

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FAST NEWS: Yeahka’s In-store E-Commerce Services Business Soars

The latest: Mobile payment services provider Yeahka Ltd. (9923.HK) said on Monday its gross payment volume (GPV) rose more than 5% last year to over 2.2 trillion yuan ($324 billion), boosted by an 11% increase in its number of active payment service merchants to over 8.1 million. Looking up: The company’s gross merchandise value (GMV) for in-store e-commerce services last year was approximately 3.3 billion yuan, a more than seven-fold increase and in line with the company’s previous guidance of 2.8 billion yuan to 3.5 billion. Take Note: Its in-store…

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FAST NEWS: Koolearn Proposes New Name in Move From Education

The latest: Koolearn Technology Holding Ltd. (1797.HK) on Thursday proposed changing its name to East Buy Holding Ltd. to reflect its new business direction. Looking up: The company believes the change better aligns with its current and future business direction and will facilitate long-term brand building. Take Note: Dropping the Koolearn Technology name suggests the company will move away from its original focus in online education, following a government clampdown on the sector. But the company’s college education business, which wasn’t affected by the crackdown, still contributed 518 million yuan ($75 million)…

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FAST NEWS:  Meitu Takes Full Control of Ruisheng Tianhe Advertising Unit

The Latest: Chinese beauty app Meitu Inc. (1357.HK) said on Sunday it will purchase the remaining 19.81% of its majority-owned Ruisheng Tianhe subsidiary from a minority shareholder group for up to HK$248 million ($31.8 million). It said it was required to make the purchase after Tianhe failed to list on a China stock exchange within a required timeframe. Looking Up: Meituan announced it would sell the stake to a minority shareholder group in December 2020, with the condition that Ruisheng Tianhe be listed in China by the end of 2022.…

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FAST NEWS: ZTO’s Hong Kong New ‘Primary’ Listing Status to Take Effect in May

The Latest: Logistics company ZTO Express (Cayman) Inc. (ZTO.US; 2057.HK) said its application to upgrade its Hong Kong listing from “secondary” to “primary” status has been approved and is expected to take effect on May 1 next year, according to a statement on Friday. It previously announced the plan to upgrade its listing last month. Looking Up: The upgrade would make ZTO’s Hong Kong-listed shares eligible for inclusion in a program connecting the Hong Kong stock market with its counterparts in Shanghai and Shenzhen, allowing Chinese mainland-based investors to trade…

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FAST NEWS: Online Insurer Waterdrop Posts Third Consecutive Quarterly Profit

The latest: Online insurer Waterdrop Inc. (WDH.US) on Tuesday reported a third-quarter net profit of 170 million yuan ($24.4 million), reversing a 479 yuan million yuan loss in the same period last year and representing its third consecutive quarterly profit. Looking up: The company’s third-quarter revenue fell 0.9% year-on-year to 772 million yuan. But operating costs and expenses dropped 50.5% to 640 million yuan, as the company implemented a strategy of “earn more and spend less.” Take Note: The company’s “Waterdrop medical crowdfunding platform” recorded 59 million yuan in service…

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FAST NEWS: Kanzhun’s Revenue Falls as Paid Enterprise Customers Leave

The Latest: Online recruitment platform Kanzhun Ltd. (BZ.US) said on Tuesday its revenue fell 2.7% year-on-year in the third quarter to 1.18 billion yuan ($377 million), marking its second straight quarterly revenue decline. Its net income for the quarter dropped 26% to 211.7 million yuan. Looking Up: Kanzhun said its average monthly active users rose 12.5% year-on-year in the third quarter to 32.4 million. Take Note: The company’s paid enterprise customers, which tend to be higher spending and more lucrative than individual buyers, fell 7.5% to 3.7 million during the…

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FAST NEWS: LX Technology Declines after Popping on Trading Debut

The latest: LX Technology Group Ltd. (2436.HK), a renter and seller of refurbished IT equipment, opened in Hong Kong with an initial 3.9% rise from its IPO price of HK$7.60 in its trading debut on Thursday. Looking up: The local portion of the company’s offering was subscribed by 9,672 investors for a total of 32.8 million shares, representing an oversubscription rate of 5.61 times. Take Note: The international portion of the listing was only fully subscribed and priced at the bottom of the IPO price range of HK$7.60 to HK$8.74.…

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FAST NEWS: Dada’s Revenue Soars, But High Costs Lead to More Losses

The latest: Local on-demand delivery and retail platform Dada Nexus Ltd. (DADA.US) reported its revenue rose 41.1% to 2.38 billion yuan ($332 million) in the third quarter, while its gross merchandise volume (GMV) for the 12 months through Sept. 30 surged 58.3% to 58.9 billion yuan, according to its latest quarterly results released on Thursday after markets closed. Looking up: The company’s non-GAAP operating margin for the quarter improved to negative 12.6% from negative 28% a year earlier. Take Note: The company reported a net loss of 454 million yuan…

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FAST NEWS: Linklogis Third-Quarter Profit Plunges as Clients Suffer Covid Hit

The latest: Supply chain financing solutions provider Linklogis Inc. (9959.HK) said Tuesday it expects to record an adjusted profit of approximately 153 million yuan ($21.6 million) for the first nine months of the year, down 37% year-on-year. Looking up: Linklogis said that expanded up-front investments in new business opportunities and new customers resulted in an increase in its up-front expenditure for research and development, sales and marketing for the period. But it expects such expenditures will translate into long-term growth opportunities. Take Note: The company recorded an adjusted profit of just 25…

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