FAST NEWS: Mid-sized U.S. Investor Increases Tongcheng Travel Stake

The latest: Mid-sized U.S. fund manager Brothers Harriman & Co. disclosed it purchased 7.155 million shares in Tongcheng Travel Holdings Ltd. (0780.HK), raising its stake to 5.3%, above the 5% threshold that requires it to disclose its holdings, according to a new Hong Kong Stock Exchange filing. Looking up: Despite reporting a loss in the first-half of the year, Tongcheng’s growing investment from Brothers Harriman probably reflects the shareholder’s confidence in the company’s prospects. Take Note: Brown Brothers Harriman previously reduced its stake in Tongcheng by 326,000 shares on Aug. 22, the…

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FAST NEWS: Tencent Music’s Hong Kong Shares Outshine New York in Trading Debut

The latest: Tencent Music Entertainment Group (TME.US; 1698.HK) listed on the Hong Kong Stock Exchange Wednesday using a method called “by way of introduction,” which does not involve issuing new shares. The stock is already listed in New York. Based on each American depositary share (ADS) representing two Hong Kong-listed shares, its opening price of HK$18 was slightly higher than the ADS’ New York Tuesday closing price, which was the equivalent of HK$17.98. Looking up: During the listing ceremony, Chairman Cussion Pang said the company will strengthen support for original…

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FAST NEWS: Live-streamer Scienjoy’s Revenue Grows But Profit Slumps

The latest: Livestreaming platform operator Scienjoy Holding Corp. (SJ.US) reported Thursday its revenue rose 28.8% in the second quarter to 507 million yuan ($75.6 million), while its net profit dropped 26.8% 67.4 million yuan. Looking up: The company’s total paying users rose 3.9% year-over-year to 268,772, with average revenue per paying user up to 1,876 yuan from 1,497 yuan. Take Note: The company had 47,990 active broadcasters at the end of June, down 32% from 70,651 a year earlier, likely flagging a potential hit to future revenue. Digging Deeper: China’s livestreaming industry has…

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FAST NEWS: Tencent Music to Make Second Listing in Hong Kong

The latest: New York-listed Tencent Music Entertainment Group (TME.US; 1698.HK) announced Thursday it will make a second listing in Hong Kong using a method called “by way of introduction,” which does not involve issuing new shares. Trading for the new listing is expected to begin next Wednesday. Looking up: Earlier this year, Tencent Music was placed on a growing list of Chinese companies that could be forcibly delisted in the U.S. for failing to comply with U.S. law. Thus, its new Hong Kong listing will help it to maintains its status as…

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FAST NEWS: Agora Announces Founder Share Purchase Plan, New CTO

The latest: Agora Inc. (API.US), a provider of real-time engagement (RTE) technologies, on Wednesday said its founder and CEO Tony Zhao would buy up to $30 million worth of the company’s shares using his personal funds. In a separate announcement the same day, Agora also named its chief scientist Zhong Sheng to the additional role of chief technology officer. Looking Up: Zhao’s commitment to use his own funds to buy Agora’s shares represents a strong vote of confidence in the company. Agora previously announced a similar $200 million share repurchase…

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FAST NEWS: Weibo Profit Tumbles on Sliding Ad Revenue

The latest: Weibo Corp. (WB.US; 9898.HK) on Thursday reported its revenue dropped 22% to $450 million in the second quarter, while its net profit plunged 65% to $28.3 million. Looking up: The company’s non-GAAP operating margin improved to 32% in the second quarter from 29% in the first, benefiting from continued cost optimization and efficiency improvements. Take Note: The company’s core advertising and marketing revenue, which accounts for about 86% of its total, decreased 23% year-over-year to $386 million in the second quarter. Digging Deeper: Often called the “Twitter of China,”…

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FAST NEWS: Zhihu Posts Strong Paid User Growth in Second Quarter, But Ad Revenue Sags

The latest: Online Q&A site Zhihu Inc. (ZH.US; 2390.HK) on Tuesday reported its revenue rose 31% in the second quarter to 836 million yuan ($121 million), while its net loss widened to 487 million yuan from 321 million yuan a year earlier. Looking Up: The company’s average monthly paying members grew 78.3% year-on-year to 8.5 million during the quarter, fueling a 75.1% jump in revenue from paid members to 271.2 million yuan. That shows the company is becoming more effective at monetizing its user base. Take Note: The company’s advertising…

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FAST NEWS: Maoyan’s Profit Havled as Pandemic Weighs on Movie Distribution

The latest: Maoyan Entertainment (1896.HK), China’s main online movie ticketing platform, issued a profit warning Wednesday, forecasting its net profit for the first half of the year would range between 130 million yuan ($19 million) and 180 million yuan, down 53.5% to 66.4% from 387 million yuan in the same period last year. Looking up: Since June 2022, with the gradual improvement of Covid-19 pandemic prevention and control measures in China, the entertainment industry has slowly rebounded. The operating rate of cinemas nationwide has recovered to over 80%, which is favorable…

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FAST NEWS: Bilibili Bans Minors From Livestreaming During Summer Holiday

The latest: Bilibili Inc. (BILI.US; 9626.HK), a Chinese live video-sharing platform, said Saturday it has launched a two-month special campaign to regulate the online environment for minors in the summer of 2022, including banning minors under the age of 16 from participating in livestreaming and related rewards, as well as prohibiting minors from “irrationally” following celebrities. Looking up: As China’s leading livestreaming platform, Bilibili has been in the eye of the country’s regulatory storm and is now proactively cooperating with the official “cleaning the internet” policy to help avoid official intervention.…

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FAST NEWS: Maoyan Makes Further $21 Million Impairment Provision for Uncollected Receivables

The latest: Chinese online movie ticket seller Maoyan Entertainment (1896.HK) announced Tuesday it is making a further impairment provision of 139.9 yuan million ($21 million) following a revaluation of receivables, with deposits and receivables for online entertainment ticketing, e-commerce and other services accounting for 89.3 million yuan of the total. Looking up: Maoyan indicated that as of the date of the announcement, the operating rate of cinemas in China has recovered to over 80% and the film market continues to rebound. The group also has a number of films released or…

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