Autohome Weathers Covid Storm, Revs Up for Speedier Second Half

The Internet auto-sales platform’s revenue grew 17.7% sequentially in the second quarter, showing resilience in the face of China’s pandemic disruptions Key Takeaways: Autohome’s revenue rose strongly on a sequential basis in the second quarter despite a year-on-year decline, sparking a rally for its stock Company should benefit in the second half from new vehicle launches and government measures to stimulate vehicle consumption By Lau Ming What is it about an internet auto platform whose profits declined in the second quarter that has still managed to win over investors? For…

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Alibaba Eyes Hong Kong Primary Listing as Hedge to U.S. Delisting Threat

Primary listing in Hong Kong in addition to its New York listing could also make the e-commerce giant’s shares accessible to mainland China investors Key Takeaways: Alibaba said it expects the upgrade of its secondary Hong Kong listing to primary listing status to be complete by the end of 2022 The SEC has placed Alibaba on a list of Chinese firms facing potential delisting as the deadline nears for U.S.-listed Chinese firms to comply with American audit rules By Ken Lo Alibaba Group Holding Ltd. (BABA.US; 9988.HK) applied for a…

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‘World Champion’ WM Motor Joins China EV Race to Market With Hong Kong Listing Plan

Money-losing Shanghai-based electric vehicle maker seeks $1 billion in new funding as it faces growing competition from crowded field of local rivals Key Takeaways: •      WM Motor has filed for a Hong Kong IPO to reportedly raise up to $1 billion, competing with a handful of similar listed Chinese EV startups •      The company’s sales have surged in the past few years, but so have costs and competition as China aggressively promotes clean technologies By Rajiv Sekhri Chinese electric vehicle (EV) maker WM Motor Holdings Ltd. is charging ahead into…

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CH-Auto Challenges Li Auto, Nio, Xpeng with U.S. SPAC Listing

Former car designer has jumped on China’s electric vehicle bandwagon, aiming to tap a market that accounts for more than half of global EV sales Key takeaways: CH-Auto has announced plans for a U.S. SPAC listing, joining Chinese electric vehicle makers Nio, XPeng and Li Auto with New York-traded shares The company said the last two years have been “quite challenging,” following disappointing sales for its high-end Qiantu K-50 electric sports car By Rajiv Sekhri Make way, Nio (NIO.US; 9866.HK), XPeng (XPEV.US; 9868.HK) and Li Auto (LI.US; 2015.HK). That trio…

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FAST NEWS: Cango Announces Large One-Time Cash Dividend

The latest: Car trading services platform Cango Inc. (CANG.US) announced it will pay a one-time cash dividend of $1 per American depositary share (ADS). It also announced a new program to buy up to $50 million worth of its stock, complementing another buyback program of the same size announced last August. Looking Up: The dividend represents a huge payout ratio equal to 42% of Cango’s last closing share price before the announcement. Take Note: The company also announced it has awarded options to its two co-founders and top executives allowing…

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FAST NEWS: Zhihu Named for U.S. Delisting Risk on Eve of Hong Kong Debut

The latest: U.S.-listed online Q&A platform Zhihu Inc. (ZH.US; 2390.HK) on Thursday was placed on a growing list of Chinese companies that could be forcibly delisted for failing to comply with U.S. law, along with 16 other Chinese companies including U.S.- and Hong Kong-listed Li Auto Inc. (LI.US; 2015.HK). The U.S. Securities and Exchange Commission (SEC) took the action on the eve of the trading debut for a second listing of Zhihu shares in Hong Kong. Looking up: Zhihu is making the second primary listing in Hong Kong alongside its…

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Leapmotor Enters EV Race to Capital Markets With Hong Kong IPO Plan

The company reportedly plans to raise up to $1 billion through its listing, becoming China’s fourth EV startup to float shares in Hong Kong Key takeaways: Leapmotor plans to go public in Hong Kong, becoming the fourth Chinese electric vehicle startup to list on the exchange The money-losing company is trying to shift gears from making mini EVs to more traditional sedans at the mid- to high-end of the market By Ken Lo Move over, XPeng (XPEV.US; 9868.HK), Li Auto (LI.US; 2015.HK) and Nio (NIO.US; 9866.HK). China’s “little three” publicly…

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