FAST NEWS: High Costs Keep GDS in the Red

The latest: Independent data center operator GDS Holdings Ltd. (GDS.US; 9698.HK) reported its net loss widened by 12.6% year-on-year to 339 million yuan ($47.4 million) in the third quarter, marking its ninth consecutive quarterly loss. Looking up: The company’s third-quarter net revenue increased by 14.9% to 2.37 billion yuan, and customer commitments and pre-commitments for space at its data centers increased by 16% to 618,369 square meters compared to the same period last year. Take Note: The company’s cost of revenue increased 16.7% year-over-year and 1.8% quarter-over-quarter to 1.88 billion…

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FAST NEWS: SMIC Forecasts 15% Drop in Fourth-Quarter Revenue

The latest: Semiconductor Manufacturing International Corp. (SMIC)(0981.HK; 688981.SH) said Thursday it expects its revenue will fall 13% to 15% quarter-on-quarter in the fourth quarter, and its gross margin will range from 30% to 32% for the period, much lower than the 38.9% in the third quarter. Looking up: Benefiting from a small increase in average unit selling prices, the company reported sales of $1.907 billion in the third quarter, up 0.2% quarter-on-quarter and 34.7% year-on-year. Take Note: The company expects that weak demand from the smartphone and consumer markets, combined…

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FAST NEWS: Daqo Secures Major New Polysilicon Order

The latest: Polysilicon maker Daqo New Energy Corp. (DQ.US; 688303.SH) said on Tuesday it has signed a new contract to supply an unspecified customer with 46,200 metric tons (MT) of high-purity polysilicon between 2023 and 2027. Looking up: Four days earlier, Daqo disclosed the signing of an even larger deal to supply 150,300 MT of polysilicon to a subsidiary of Shuangliang Eco-Energy (600481.SH), meaning the company has locked in two large long-term orders in less than a week. Take Note: Both contracts state actual prices for the purchases will be negotiated monthly…

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FAST NEWS: GCL Technology to Build New Polysilicon Plant

The latest: Polysilicon products maker GCL Technology Holdings Ltd. (3800.HK), formerly known as GCL Poly, said Monday that its board approved construction of a new plant and accompanying power supply to produce granular silicon with annual production capacity of 100,000 tons, and high-purity nano-silicon with production capacity of 150,000 tons in the city of Wuhai in the Inner Mongolia region. Looking up: Upon completion of the project, the company’s annual capacity for granular silicon and high-purity nano-silicon will increase to 500,000 tons and 300,000 tons respectively, which will help boost future revenue…

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FAST NEWS: VNET Receives Founder-Led Buyout Offer

The latest: Data center operator VNET Group Inc. (VNET.US) announced Tuesday its founder Chen Sheng has submitted an offer to acquire all of the company’s outstanding stock for $8.20 in cash per American depositary share (ADSs), or approximately US$1.3667 per ordinary share. Looking up: The buyout price represents a major premium over the last ADS close of $4.69 before the offer. As helmsman of VNET, Chen’s successfully acquisition of all the company’s shares would also have a minimal impact on its operations. Take Note: The company received a takeover bid from private equity firm Hina…

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FAST NEWS: JL Mag to Build Magnetic Steel Composite Recycling Project in Mexico

The latest: High-performance rare earth materials maker JL Mag Rare-Earth Co. Ltd. (6680.HK; 300748.SZ) announced on Tuesday it will invest $100 million to build a comprehensive project to process waste neodymium (NdFeB) magnetic material in Mexico. Looking up: The company believes growing demand for rare earth permanent magnetic materials and the increasing amount of NdFeB waste magnets overseas will promote large scale recycling of such resources, thereby promoting the sustainable development of rare earth resources. Take Note: The project will take up to three years to complete. Differences in the legal, policy and business…

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FAST NEWS: Rising Rare Earth Prices Hit JL Mag’s Margins

The latest: High-performance rare earth materials producer JL Mag Rare-Earth Co. Ltd. (6680.HK; 300748.SZ) announced on Wednesday its revenue rose 82.7% to 3.3 billion yuan ($480 million) in the first half of the year, with its net profit up 110.5% to 464 million yuan. Looking up: The company’s revenue from its new energy vehicles and auto parts categories reached 1.06 billion yuan in the period, a significant increase of 233.8% year-on-year. It said its products have been adopted by eight of the world’s top 10 new energy vehicle manufacturers. Take…

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FAST NEWS: High Power Costs Undercut GDS Holdings’ Profitability

The latest: Independent data center operator GDS Holdings Ltd. (GDS.US; 9698.HK) announced on Tuesday its revenue rose 24% to 2.31 billion yuan ($345 million) in the second quarter of the year, as its net loss widened 25.7% to 375 million yuan. Looking up: Despite sluggish market conditions, the company’s data center space from committed and pre-committed customers increased by more than 13,000 square meters in the second quarter to 588,054 square meters as of June 30, up 16.1% year-on-year. Take Note: The company’s gross profit decreased by 3.7% to 469 million yuan in…

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FAST NEWS: BIT Mining Raises $9.3 Million in New Share Sale at Big Discount

The latest: Cryptocurrency miner BIT Mining Ltd. (BTCM.US) announced on Tuesday it has agreed to sell “certain institutional investors” 15.6 million of its American depositary shares (ADSs), as well as warrants to buy another 31.1 million ADSs. It expects to raise $9.3 million from the sales. Looking Up: The company had $20.9 million in cash at the end of March, meaning the new share and warrant sales will boost that amount by 50% to nearly $30 million.  Take Note: BIT Mining said it will sell the ADSs for $0.60 each,…

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FAST NEWS: CMOC’s Half-year Profit Doubles as Sales Volume and Prices Rise

The latest: China Molybdenum Co. Ltd. (CMOC) (3993.HK; 603993.SH) released a positive earnings alert Thursday, estimating net profit after deduction of non-recurring gains and losses for the first half of 2022 was between 3.292 billion and 3.559 billion yuan ($4.91 billion to $5.31 billion), an increase of 135% to 154% year-on-year. Looking up: The main reasons for the significant increase in estimated net profit include the timely commissioning of production expansion and technology improvement projects, which resulted in a 17.2% to 47.9% year-on-year increase in production of key products, such as copper, cobalt…

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