FAST NEWS: Tat Hong Expects Full-year Profit To Be Halved

The latest: Tat Hong Equipment Service Co., Ltd. (2153.HK), a tower crane service provider, issued a profit warning on Friday, forecasting a 45% to 55% drop in net profit for the financial year ending March this year compared with the previous year. Looking up: The decline in the company’s earnings was not a result of a deterioration in the operating performance of the business, but rather the effect of accounting for the value of shares granted to counterparties in response to the contribution of senior management to the company. Take…

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FAST NEWS: Cloopen Warned After Missing Filing Deadline

The latest: Cloud-based services provider Cloopen Group Holding Ltd. (RAAS.US) said last Friday it was informed by the New York Stock Exchange (NYSE) on May 18 that it failed to file its annual report for the year ended Dec. 31 before the required deadline, putting it out of compliance with listing rules. Looking up: The notification has no immediate effect on the company’s listing status, except that an “LF” indicator will be attached to its “RAAS” trading symbol to indicate its status as a late filer until it regains compliance with the…

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FAST NEWS: Data Center Operator GDS Loss Widens in First Quarter

The latest: Independent data center operator GDS Holdings Ltd. (GDS.US; 9698.HK) reported its revenue rose 31.5% to 2.24 billion yuan ($354 million) in the first quarter of the year, as its net loss widened 33.7% to 373 million yuan, according to an announcement on Thursday. Looking up: The company continued to expand its business during the period, with its area in service increasing 36.6% to 492,000 square meters, and area utilized by customers increasing 32.2% to 332,000 square meters year-on-year. Take Note: The company’s cost of sales increased by 30% to 1.7 billion yuan and interest…

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FAST NEWS: Beijing Approves CMOC’s Large-Scale African Mining Project

The latest: China Molybdenum Co. Ltd. (CMOC) (3993.HK; 603993.SH) announced Tuesday that the company’s plan to develop a $2.51 billion TFM copper and cobalt mixed mine in the Democratic Republic of Congo (DRC), has been filed with the National Development and Reform Commission and obtained approval from the Ministry of Commerce. Looking up: Following the important green light from Beijing, the large-scale project is expected to add approximately 200,000 tons of copper and 17,000 tons of cobalt to CMOC’s annual production capacity next year, which will further enhance its profitability. Take…

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