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Fifth Time Lucky? Wheel Maker Buyang Takes New Spin at Hong Kong IPO

Fifth Time Lucky? Wheel Maker Buyang Takes New Spin at Hong Kong IPO

Key Takeaways: Buyang International is making a fifth attempt to list in Hong Kong, hoping to raise funds for a major new expansion that will double its capacity The company churns out a majority of its revenue from overseas markets, leaving it largely in the dust in its home market…

Trip.com Gets Boost From Reopening Global Borders

Trip.com Gets Boost From Reopening Global Borders

Key Takeaways: Strongly recovering business in the U.S. and Europe helped Trip.com return to the black with a 69 million yuan profit in the second quarter The company said outbound bookings from Hong Kong jumped nearly four times last week from the previous week as the city prepared to end…

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Hong Kong SPAC Market Wilts as Global Fever Ebbs

Key Takeaways: Only three Hong Kong SPACs have listed since the city launched a local program early this year, and all now trade below their listing prices U.S. SPACs have raised $12.5 billion so far this year, less than 10% of what they raised in 2021, as the global SPAC…

Livestream Gamer DouYu Edges Ahead in Cost-cutting Battle

Key Takeaways: DouYu’s revenues fell by around 22% in the second quarter, but the company broke a six-season losing streak with an adjusted net profit of 23.50 million yuan Huya’s revenue tumbled 23% in the same period, and it barely eked out an adjusted net profit after slashing costs By…

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

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…

Flowing Cloud Technology Files for Hong Kong IPO Amid Metaverse Frenzy

Key Takeaways: Flowing Cloud started as a games developer in 2008 and launched its first AR/VR platform in 2017 Gains in revenue and profit have been steady but the low-margin AR/VR marketing services division could dent future margins By Ken Lo

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Hot Pot Giant Haidilao To Spin Off International Business Without Raising a Penny

Hot Pot Giant Haidilao To Spin Off International Business Without Raising a Penny

Key Takeaways: Haidilao shareholders will receive 90% of the company’s international Super Hi unit on a pro rata basis and no new capital will be raised The hot pot giant saw its net loss last year expand by 181% to $151 million, but things appear to be looking up after…

Weilong's Hong Kong IPO Valuation Halved as Investors Lose Appetite

Weilong's Hong Kong IPO Valuation Halved as Investors Lose Appetite

Key Takeaways: Weilong is reportedly seeking to raise $500 million and is valued at $4.9 billion, both of which are nearly half that from a year ago The company has maintained strong sales, but profitability has stalled, triggering a switch to foreign markets in search of new growth drivers By…

Bilibili Gains More Paying Users But Has Work To Do on Cost Control

Bilibili Gains More Paying Users But Has Work To Do on Cost Control

Key Takeaways: Bilibili’s first-quarter revenue jumped by 30%, but a big rise in operating costs swelled its net loss by 152% The company made progress on commercialization as monthly users who pay for its services rose above 27 million in the quarter, with a paying user ratio of 9.3% By…

With Founder Fading Out, JD.com Moves to Collective Leadership

With Founder Fading Out, JD.com Moves to Collective Leadership

Key takeaways: JD.com’s founder Richard Liu is stepping down from his CEO role but will remain as the company’s chairman focused on long-term strategy Some analysts believe China internet companies face greater risk from regulation at home and abroad than from changes in their top ranks By Ken Lo

Weibo Plays With the Big Boys in Numbers, But Investors Still Worry

Weibo Plays With the Big Boys in Numbers, But Investors Still Worry

Key takeaways: Weibo’s revenue rose above pre-pandemic levels last year, but its profitability lagged due to heavy spending The company trails Meta in its ability to monetize users, and is very much in the shadow of local rival WeChat in terms of total user numbers By Ken Lo

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

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

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

CALB Taps Into EV Battery Fever With Hong Kong IPO Plan

CALB Taps Into EV Battery Fever With Hong Kong IPO Plan

Key Takeaways: EV battery maker CALB has applied to list in Hong Kong, in what could become the city’s biggest IPO so far this year The company turned profitable last year with net income of 112 million yuan, but spiking material prices are denting its gross margin By Ken Lo

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Ming Yuan Cloud Shadowed by Slumping Real Estate Market

Key Takeaways: Ming Yuan Cloud said its adjusted net profit last year dropped up to 27% from 2020 The company is actively transitioning its ERP business and rapidly growing its more profitable SaaS, but investors remain unimpressed By Ken Lo

Zai Lab Revenue Triples, As It Struggles To Break Cycle Of Mounting Losses

Key takeaways: Zai Lab reported its revenue grew 194% last year, but its loss also increased by 162% as it spent heavily on R&D and marketing The company hopes heavy R&D spending can reduce its dependence on licensed products by improving its capacity to innovate By Ken Lo

Jinmao Services Becomes Latest Property Manager to Split From Parent

Key takeaways: Jinmao Services has launched a Hong Kong IPO to raise $106 million, with plans to use the funds for acquisitions The company is the latest property manager to split off from its development-oriented parent, capitalizing on China’s housing boom of the last two decades By Ken Lo

Huitongda Network Finds Big Bucks, But Thin Margins, in 'Sunken Market'

Key takeaways: Despite counting Alibaba as its second biggest shareholder, Huitongda’s Hong Kong IPO met with a tepid reception due to concerns about its thin margins Company appears overvalued compared with major competitor Pinduoduo, which spends far more on R&D By Ken Lo

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Shanghai Pulse Medical Files for HK Listing Despite Weak Vital Stats

Key takeaways: Shanghai Pulse Medical has filed to list in Hong Kong, despite posting a major jump in its net loss in the first nine months of last year The company sees big potential in the market for cardiovascular surgery-related products as Chinese society continues to age By Ken Lo

IPO-Bound Tuhu Searches for Profits in Aftermarket Car Services

Key takeaways: Tuhu has filed for an IPO in Hong Kong, after reportedly abandoning its original plan to raise up to $400 million through a U.S. listing Intense competition in the aftermarket car services industry has kept the company firmly in the red, as it eyes new energy vehicles to…

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