PODCAST: Headwinds for China-European Flights, and an Autonomous Driving IPO Explosion
July 16, 2024
By Doug Young & Rene Vanguestaine
A year and a half after ending its Covid restrictions, flights between China and Europe are still well below pre-pandemic levels. What’s holding things back? And a steady flow of autonomous driving companies are suddenly accelerating towards IPOs in the US and Hong Kong. ...

Xiaohongshu’s new funding: Return to old times or end of a chapter?
July 16, 2024
The social e-commerce company, whose name means ‘Little Red Book,’ scored a relative rarity by attracting Western big-name DST in its latest funding round
Key Takeaways:
Xiaohongshu was valued at $17 billion in a new funding round, with DST Global, Hillhouse, Boyu Capital, and Citic Capital joining as new investors
The social e-commerce compa...

YTO’s global expansion drives into Central Asia with KazPost 
July 16, 2024
6123.HK
1.46
(-2.7%)

The logistics company will partner with Kazakhstan’s postal service to develop express delivery services in the country and broader Central Asia
Key Takeaways:
YTO will form a logistics joint venture in Kazakhstan with the nation’s postal authority, with authorized capital of up to $1 million
The two sides aim to develop logistics...

FAST NEWS: CMOC’s profit surges on strong sales growth
July 15, 2024
3993.HK
7.83
(+3.2%)
603993.SHG
9.20
(+5.0%)
The Latest: CMOC Group Ltd. (CMOC) (3993.HK; 603993.SH) on Friday it would report an adjusted net profit, which excludes non-recurring gains and losses, of between 5.38 billion ($742 million) and 5.94 billion yuan for the first half of 2024, up 2,343% to 2,600% year-on-year, respectively.
Looking Up: The strong profit gr...

OneConnect in forced divorce from parent Ping An
July 15, 2024
6638.HK
0.56
(+1.8%)

OCFT.US
1.80
(+0.6%)
The financial software services provider will shutter its cloud business, whose main clients were its parent and other related companies
Key Takeaways:
OneConnect will shutter its cloud services division, which accounted for nearly half its revenue, after losing most of its customers for the business
The development underscores a majo...

FAST NEWS: Cirrus Aircraft falls flat in Hong Kong trading debut
July 12, 2024
2057.HK
160.00
(+1.3%)
The Latest: Aircraft maker Cirrus Aircraft Ltd. (2057.HK) opened at HK$27.50 in its Friday trading debut, unchanged from its IPO price, giving the company a market capitalization of about HK$10.07 billion ($1.39 billion).
Looking Up: The China-owned, U.S.-based aircraft maker raised HK$1.39 billion, which it will use mainly ...

Hong Kong’s lukewarm IPO market may be about to heat up
July 12, 2024
0388.HK
253.80
(+2.3%)
Hong Kong has struggled to attract big listings in a weak overall market, pushing its IPO takings down sharply in the first half, but some higher profile deals could be in the pipeline
Key Takeaways:
The value of new IPOs on the Hong Kong Stock Exchange fell 27% to HK$13.1 billion in the first half of the year as just 30 companies made their...

Yatsen gets black eye from shopping fest blues
July 12, 2024
YSG.US
3.61
(+0.8%)
The operator of Perfect Diary cosmetics stores lowered its second-quarter revenue guidance by 10%, putting the figure back in contraction territory
Key Takeaways:
Yatsen lowered its revenue guidance by 10% for the three months to June, likely due to poor performance during the recent June 18 online shopping festival
The revised forecast means the company’s reven...

FAST NEWS: Joinn Lab swings to the red on falling revenue
July 11, 2024
6127.HK
7.29
(+10.1%)
603127.SHG
13.71
(+10.0%)
The Latest: Joinn Laboratories (China) Co. Ltd. (6127.HK; 603127.SH), China’s leading non-clinical contract research organization (CRO), it expects to report a net loss of 136 million yuan ($18.7 million) to 184 million yuan in the first half of the year, reversing a net profit of 90.63 million yuan in the year-...