FAST NEWS: Weimob Says Business ‘Recovered Rapidly’ After Shanghai Lockdown

The latest: E-commerce services provider Weimob Inc. (2013.HK) said late on Thursday that its business “recovered rapidly” following the easing of the pandemic in Shanghai, where the company is based. It added that its overall operation is performing well. Looking Up: The company also pointed out its shareholders authorized a repurchase agreement at its latest annual general meeting at the end of June, allowing the company to purchase up to 10% of its issued shares to support the stock. Take Note: Weimob issued its announcement in response to recent “unusual…

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FAST NEWS: Koolearn’s Loss Narrows as E-commerce Starts to Contribute

The latest: Koolearn Technology Holding Ltd. (1797.HK) announced on Friday its revenue dropped 36.7% to 899 million yuan ($130 million) in its fiscal year ended May 31, with its net loss narrowing 67.8% to 534 million yuan. Looking up: In the wake of a government crackdown, the company terminated its K-12 education-related business at the end of last year and focused on providing college test and overseas test preparation courses. Revenue from this business decreased by 5.7% year-over-year to 518 million yuan, a relatively modest decline compared to the much steeper fall…

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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: Supply Chain Financing Disruptions Drag Down Linklogis Profit

The latest: Supply chain financing solutions provider Linklogis Inc (9959.HK) announced Thursday that it expects to post an adjusted profit of 125 million yuan ($18.5 million) to 130 million yuan for the first half of the year, down 14.5% to 17.8% from 152 million yuan in the same period last year. Looking up: The company’s gross profit and gross margin increased in the first half, benefiting from optimization of its product structure. The group has also started to optimize its organizational structure and improve operational efficiency to control operating expenses, with…

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FAST NEWS: Mingyuan Cloud Turns Red Due To Impact on Real Estate Customers

The latest: Ming Yuan Cloud Group Holdings Ltd. (0909.HK) issued a profit warning Tuesday, expecting to turn from profit to loss in the first half of this year, with an adjusted net loss ranging from 320 million yuan ($47 million) to 360 million yuan. Looking up: The company’s software-as-a-service (SaaS) products continued to perform strongly during the period, with revenue expected to grow 20% to 23% year-over-year, ranging from 660 million yuan to 680 million yuan, accounting for approximately 75% to 77% of total revenue in the first half. Take Note:…

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FAST NEWS: Full Truck Alliance Plunges Despite New User Registration Resumption

The latest: Full Truck Alliance (YMM.US), a trucking app operator, announced Wednesday that it has restored new user registrations for its “Yunmanman” and “Huochebang” apps, with the approval of Cyberspace Administration of China Looking up: The company’s approval to register new users means that the Chinese government’s data security review has ended, which will help the company resume its business growth. Take Note: Many Chinese cities started to introduce strict epidemic control measures at the end of March, which is expected to slow down the company’s business significantly in the second quarter, while the positive…

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FAST NEWS: TuSimple And Peers Urge California to Allow Automated Trucks

The latest: Hou Xiaodi, The CEO of autonomous truck company TuSimple Holdings Inc. (TSP.US), along with senior executives and chamber of commerce leaders, has sent an open letter to California Governor Gavin Newsom calling for the opening of California’s roads to self-driving trucks. Looking up: The joint letter cited a study concluding that deployment of the technology in California could bring $6.5 billion in economic activity to the state, while leading to greater efficiency in the logistics supply chain and allowing consumers and businesses to enjoy the results. Take Note: The California…

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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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