Innovent Biologics Teams Up with MD Anderson
Innovent Biologics, Inc. (HKEX: 01801) announced a strategic collaboration agreement on Tuesday with The University of Texas MD Anderson Cancer Center to co-develop TYVYT, Innovent's anti-PD-1 monoclonal antibody, to treat rare cancers in the United States. The company said the joint development will focus on advancing sintilimab as an effective immune checkpoint inhibitor for patients with rare types of cancer.
Innovent develops manufactures and commercializes high-quality medicines for the treatment of cancer, autoimmune, metabolic and other major diseases.
Michael Yu, the founder, chairman and chief executive officer of Innovent stated, “We believe TYVYT has great potential in various tumor types, both as a single agent and in combination with other inhibiting agents, and currently we are conducting more than 20 related clinical trials including over 10 registration clinical trials. Through this new co-development collaboration, we will work to advance TYVYT into rare tumors, where we hope it will continue to demonstrate its efficacy across multiple tumor types.”
Last month, the company conducted first patient dosing in a pivotal Phase Two registrational trial of parsaclisib (IBI-376), a novel and selective PI3Kδ inhibitor, in China.
Shares of Innovent closed at HK$43.8 on Tuesday, dropping 3%.
Phoenix New Media Sold the Investment in Tadu
Phoenix New Media Limited (NYSE: FENG) announced Monday that it has sold all of its investment in Tadu Apps, which operated by Beijing Yitian Xindong Network Technology Co., Ltd.
The Beijing-based new media company paid a total price of 288.2 million yuan for the acquisition in December 2018 and March 2019.
Talk about the sale of the investment, the company stated that the competitive landscape of the online reading market has changed substantially since the beginning of 2019 and, given the Covid-19 outbreak and disagreements with the other shareholder of Yitian Xindong, Phoenix considered it a good opportunity to sell the investments and related rights.
For the three months through March, the company said revenues rose 5.5% to $32.2 million. Net loss, meanwhile, was $11.2 million, or 2 cents per American depositary share, compared to the net loss of $16.8 million, or 3 cents per ADS, in the same period last year.
Shuang Liu, the chief executive officer of Phoenix New Media said, "As the Covid-19 pandemic swept the globe, we continued to leverage our superior content capabilities and further streamline our operating efficiency.”
He added, “Notably, as many businesses have opted to adjust their marketing strategies and reduce their advertising budgets amid Covid-19, we have taken active measures to refine our cost structures, further enhance our operating efficiency and decisively reduce spending on user acquisition channels with low returns, successfully reducing traffic acquisition costs in the quarter by close to 50% on a year-over-year basis.”
NetDragon Announces Joint Venture With Two National Research Institutions
NetDragon Websoft Holdings Limited (HKG: 0777) announced Friday that it reached a strategic cooperation agreement on the establishment of a smart education joint venture with China United Network Communications Limited and National Engineering Research Center.
The joint venture entity will be named Smart Education Technology Company Limited, the company said in today’s announcement.
The HongKong-based company said the joint venture aims to provide education informatization products and services to G-end, B-end, and C-end users across the country, thus fostering education informatization 2.0 and achieving education modernization.
Dejian Liu, the founder and chairman of NetDragon said, "NetDragon has always been committed to providing customers with the best education technologies. With the advent of the 5G era, we expect this cooperation to achieve new breakthroughs with respect to innovation and R&D of education informatization products and services."
Liu added, "This collaboration among strong hands in the field of education will ensure breakthroughs in terms of innovation and development of education informatization products and services."
Shares of NetDragon closed at HK$20.7 on Friday.
IHG Launches Flagship Store On Trip.com
Trip.com(Nasdaq: TCOM) announced a strategic partnership with InterContinental Hotels Group (NYSE: IHG) on Thursdasy to launch the IHG Flagship Store on its platforms.
The Shanghai-based travel provider said the store will allow over 300 million Trip members in Greater China to register with the IHG Rewards Club.
Ray Chen, the chief executive officer of accommodation business at Trip.com said, "We are delighted to work with IHG Group, as part of this win-win collaboration further enriching the travel experience for our customers."
The company said the two entities will connect the membership system and corresponding rights to provide guests with convenient online booking experience as well as the high-quality offline hotel products and services.
As China recovers economically after the Covid-19 lockdown, travel is on the minds of many Chinese citizens.
On May 8, Trip reported its platform sales volumes of Shanghai Disneyland reached 15,000. Shanghai Disney ranked first in the company’s sales list, beating more than 10,000 destinations worldwide.
Shares of Trip dropped thus far 3.09% today, trading at $22.61.
PLIN Steps Into the Soybean Oil Market
China Xiangtai Food Co., Ltd. (Nasdaq: PLIN) announced Wednesday that its subsidiary, Chongqing Ji Mao Cang Feed Co., Ltd. (JMC) entered into an agreement to sell 10,000 tons of soybean oil to Chongqing Wave Trading Co., Ltd., sending PLIN shares up 10.75%, trading at $2.07 in New York.
The emerging growth company said the contract is worth $8.5 million. And PLIN acquired JMS last month, the company reported in today’s announcement.
JMC specializes in the sale of feed raw material and supplying feed formula solutions; It sold more than 200,000 tons of soybean meal in 2019.
Xiaohui Wu, the president and director of PLIN mentioned the new market, "As we saw the price of soybean contracts raised recently, we believe our recently acquired subsidiary JMC seized a great opportunity and can deliver a better financial result this year." He added, "The need for healthy food ingredient has been instrumental in driving the growth of the soybean oil market. This business expansion will benefit the financial results of both JMC and subsequently Xiangtai this year."
This is not the first time PLIN expanded its business into new markets. Last month, the company said it entered a 10-year joint venture (JV) agreement with Chongqing Fengjie County Rural Ecological Agriculture Development Co., Ltd. (FEA) to expand into the hog breeding sector.
Phoenix Tree Explains Why Its App Was Removed From Apple's App Store
Phoenix Tree Holdings Limited (NYSE: DNK) announced Tuesday that the reason the company’s App was banned on Apple Store China has been identified on its official Weibo account.
The Beijing-based company said a software company complained to the Apple App Store, questioning edited pictures of the Phoneix Tree App hat were not effectively authorized. This App was removed from the Apple App Store after the software company’s report was approved.
Phoenix Tree said it deleted the related pictures from the App after receiving the complaint. And the company is discussing with Apple to bring the App back as soon as possible.
(Source: Phoneix Tree Weibo Official Account)
Shares Phoneix Tree were effected, dropping nearly 4%, trading at $6.25 in New York today.
In March, the company reported revenues in the fourth quarter reached $305.9 million, up 113% year-over-year. Net loss in the three months through December hit $132.3 million, or $2.11 per share, an increase of 65% from the previous year.
The real-estate company added 200,000 apartments in 2019, totaling 438,309 units as the company expanded its business in Suzhou, Wuxi, Xi'an, and Chongqing.
Bright Scholar Makes Strategic Investment in Linstitute
Bright Scholar Education Holdings Limited (NYSE: BEDU) announced Monday that it has entered into an agreement to acquire 51% equity interests in Linstitute.
The global premier education service provider said Linstitute offers high-quality and outcomes-focused online training services including Academic Olympiad and other world-wide recognized international courses.
Jerry He, the executive vice-chairman of Bright Scholar said, "The adoption of emerging technology has a profound impact on the education industry and creates huge new opportunities globally for Bright Scholar. This strategic investment expands the offerings of Bright Scholar to online training."
He added, "Accelerating our investment in education technology and broadening of our online offerings will foster continued educator growth and improved student outcomes."
As of Feb. 29, 2020, Bright Scholar reported it had 80 schools across 10 provinces in China and 8 schools overseas, covering all the critical academic needs of its students from K-12. In the six months through February, the company had an average of 51,879 students enrolled at its schools.
Last month, the company reported revenues increased by 72.4% to 877 million yuan for the second fiscal quarter of the fiscal year 2020, while the net income reached 40.5 million yuan, representing an increase of 683%.
36Kr Announces Share Repurchase Program
36Kr Holdings Inc. (Nasdaq: KRKR) announced Thursday that its board of directors has approved a share repurchase program, sending the stock up 3.6% to close at $3.78 in New York.
The Beijing-based content platform said the company is authorized to repurchase up to 1,000,000 of its ADSs, each representing 25 Class A ordinary shares. The share repurchase program enables 36Kr to repurchase its shares at currently attractive prices, and demonstrates the company's confidence in its long-term prospects and the potential for China's economy, the company said in today’s announcement.
The company reported that it generated $46.4 million in revenues in the fourth quarter, up 124% year-over-year in March. Net income reached $4.6 million, down 18% from the same period in the previous year.
The company added 186 customers to 506 as of December to its online advertising services,173 clients to enterprise value-added services, and over 18,000 new subscribers.
The company raised $20.3 million in its initial public offering. Since the IPO, 36Kr has traded below its issue price of $14.50 per share.
China Rapid Finance Executes Agreements With Yong Bao Two
China Rapid Finance Limited (NYSE: XRF) announced Wednesday the execution of a set of agreements with Yong Bao Two Ltd., the parent company of SOS Information Technology Co., Ltd. via a variable interest entity, the shareholders of YBT, eight sophisticated investors introduced by YBT and True North Financial, LLC.
The company said under the agreements, investors can acquire share amounts previously issued to True North as well as certain additional shares in exchange for the repayment of the Senior Secured Promissory Note issued by True North Financial. YBT shareholders will be contributing the YBT business into XRF.
And YBT will become a wholly-owned subsidiary of China Rapid Finance.
"We are excited about the new opportunity and glad to be a part of XRF. Based on our vast resources in the emergency rescue and related industries, we believe this will provide us with meaningful business synergy and create value for XRF's shareholders. We are also looking forward to joining XRF and will remain committed to maintaining the highest standards of transparency and compliance," Yandai Wang, the chief executive officer of SOS said.
The shares of XRF increasing sharply of 78.97%, trading at $1.70 per share.
Recon Technology Signed A $2.8 Million Contract
Recon Technology, Ltd. (Nasdaq: RCON) announced Tuesday that it signed a $2.8 million engineering and construction service subcontract with Grand Energy Development Limited on a heavy oil transportation system project in Garraf oilfield in Iraq.
The Beijing-based oil and gas company said it will carry out all the engineering design services, provide the technical support to the procurement, construction, commissioning activities and provide the training services of the heavy oil transportation system project.
"With advanced technique and wide experiences in the automation and digitalization of oil and gas industry, Recon has a relatively competitive advantage in the engineering design and construction businesses in the oilfield segment," Shenping Yin, the co-founder and chief executive officer of Recon said.
Two months prior, the company reported that in the six months through December revenues were $4.36 million, down 28% year-over-year. Net loss narrowed to $1 million compared with $1.4 million in the same period in 2018. Recon said the decrease in the period was due to a revenue decline in the sectors of automation product and software, equipment and accessories, and oilfield environmental protection projects.
Shares of Recon increased by 2.31% in the early morning, trading at $3.98 per share.
MGM China Reports First Quarter Result; Shares Drop
MGM China Holdings Limited (SEHK: 2282) posted significantly impacted results by the Covid-19 pandemic in the first quarter. Shares of MGM closed at HK$9.03 in Hong Kong today, representing a decrease of 6.91%.
The company said in a statement that in the three months through March total revenues reached HK$2.1 billion, and the overall occupancy rate was 36%.
Due to the various travel restrictions and quarantine measures in Mainland China and Hong Kong, Macau's gross gaming revenue in the first quarter declined by 60% year-on-year, that February fell by 88% year-on-year and March down by 80% year-on-year.
Despite a tough market, MGM retains a positive attitude for the future. Grant Bowie, the chief executive officer and executive director of MGM China said, "While we focus to contain our costs, we are building scenarios and maintaining the relationship with our customers. We are preparing for recovery and extremely positive about the prospects of Macau gaming and hospitality market in the longer term."
MGM MACAU and MGM COTAI were reopened on February 20.
Hebron Technology Gets $6.5 Million Funding
Hebron Technology Co. Ltd. (Nasdaq: HEBT) announced Friday that it has closed a $6.5 million private placement.
The technology-oriented enterprise group said the company sold to two private investors an aggregate of over 1 million Class A common shares at a price of $6.21 per share.
The company entered into a share purchase agreement with the two private investors for the aforementioned placement offering on December 6. The deal had been delayed because of the Chinse New Year holiday and the outbreak of Covid-19 in China.
Anyuan Sun, the chief executive officer of Hebron, said in a statement, "This represents that investors have a great interest in our business expansion from industrial technology service to financial technology service. We believe that the financing will further strengthen our competitiveness in the marketplace."
HEBT stock ended more than 4% lower on Friday, at $9.30 per share.
58.com Gets Buyout Offer From Warburg Pincus
58.com Inc. (NYSE: WUBA) announced Thursday that it has received a going-private offer from Warburg Pincus Asia LLC, General Atlantic Singapore Fund, Ocean Link Partners, and Jinbo Yao, its chairman and chief executive officer.
The Chinese marketplace for online classifieds said the group proposed to acquire all of its shares for $27.50 in cash per ordinary share, or $55 per ADS.
The announcement failed to significantly impress the investors and the stock in 58.com closed 15 cents higher on Thursday, at $51.95 per ADS.
58.com will evaluate the offer.
Innovent Announces First Dosing in Patients With Lymphoma
Innovent Biologics Inc. (HKEX: 1801) announced Tuesday that it conducted first patient dosing in a pivotal Phase 2 registrational trial of parsaclisib (IBI-376), a novel and selective PI3Kδ inhibitor, in China.
The developer of medicines for the treatment of cancer, autoimmune, metabolic, and other major diseases said the objective of the study is to evaluate the efficacy and safety of parsaclisib in patients with recurrent or refractory follicular lymphoma (FL) or marginal zone lymphoma (MZL) in China.
Weili Zhao, the professor of Ruijin Hospital, said, "Although FL and MZL are indolent, when developed to relapse or refractory stage, the effective treatment is limited and new therapies are urgently needed. PI3Kδ inhibitors are a new class of therapies emerging in recent years for indolent lymphoma treatment.”
The company is confident about the study. “We believe that if parsaclisib achieves approval to enter the Chinese market, it would be a significant milestone, and we hope that the results of this study will help benefit patients with recurrent or refractory FL/MZL and potentially provide more treatment options to the clinicians that treat them," Hui Zhou, the vice president and head of oncology strategy and medical sciences of Innovent, said.
Based in Hong Kong, Innovent was listed on the Main Board of the Stock Exchange of Hong Kong on October 31, 2018.
The stock in Innovent was up 30 cents, closed at HK$39.5 on Tuesday.
Recon Announces FGS Joint Operation with CPPEI
Recon Technology, Ltd. (Nasdaq: RCON) announced Monday that its subsidiary Future Gas Station (Beijing) Technology, Ltd ("FGS") signed a joint operation agreement (with China Petroleum Planning and Engineering Institute (CPPEI).
The Beijing-based oil and gas company the Agreement is signed to facilitate the operation of DT Refuel mobile application functions in Zhejiang. And the company added that CPPEI is the only decision supporting institute of The China National Petroleum Corporation.
Shenping Yin, the co-founder and chief executive officer of Recon said, "The joint operation with CNPC' decision making institution in Zhejiang demonstrates FGS' market value and leading position. As a starting point, it provides a possibility for FGS to expand its solution and experience of gas station efficient operation on a country-across basis and increase its market share.”
Last month, the company reported that in the six months through December revenues were $4.36 million, down 28% year-over-year. Net loss narrowed to $1 million compared with $1.4 million in the same period in 2018. And Recon said the decrease in the period was due to a revenue decline in the sectors of automation product and software, equipment and accessories and oilfield environmental protection projects.
The shares of Recon up 19.12%, trading at $3.63 in New York today.
Ping An Expanding in the Financial Services Sector
Ping An Insurance (Group) Company of China, Ltd. (HKEX:2318; SSE:601318) announced Friday that it has launched Ping An Consumer Finance Co., Ltd. (PAF) in Shanghai.
The technology-powered retail financial services group said PAF is the first "finance plus technology" consumer finance company in China, and it meets Ping An's "finance plus technology" and "finance plus ecosystem" strategies.
The registered capital of PAF is 5 billion yuan ($700 million); Ping An contributes the majority of the capital base and is a 30% shareholder, the company reported in a Friday announcement.
Dongqi Chen, the chairman of Ping An Consumer Finance said, "As China's first consumer finance company with a 'technology + finance' positioning, we will realize digital development by driving our business with advanced technologies such as AI and cloud computing to enhance user experience, and bring more convenience to consumers whose consumption habits are rapidly upgrading."
As China's first joint-stock insurance company, it is listed on the stock exchanges in Hong Kong and Shanghai.
Shares of Ping An closed at HK$77.3 in Hong Kong.
China Telecom Announces 17 Million New 5G Subscribers, Flat Revenues
China Telecom Corporation (NYSE: CHA) announced increased mobile subscribers but decreased revenues and income on Thursday.
The Beijing-headquartered telecom giant said that its operating revenues hit 95 billion yuan ($14 billion) in the first quarter in 2020, down 1.4% year-over-year.
The company’s current mobile subscribers reached 337 million, up from 315 million one year ago.
China Telecom added 12 million new 5G package subscribers, with a total of 17 million 5G subscribers by the end of March, according to the company.
Hailiang Education Group Steps Into Singapore
Hailiang Education Group Inc. (Nasdaq: HLG) announced Wednesday that the establishment of a wholly-owned international education headquarters in Singapore, Hailiang International Education Group Pte. Ltd. (HIEG).
The education and management services provider said HIEG will promote Hailiang Education's K-12 education services for students in 25 countries. Also, HIEG will expand the company’s international business network through implementing the hybrid development strategy, which combines asset-light approach, self-construction, and acquisitions, to meet the demands of our students and parents from different regions for their unique and diverse education needs, Hailiang said in today’s announcement.
"The establishment of HIEG is one of the most important milestones for Hailiang Education to break into the international market and attract overseas capital. It will help promote the development and continued expansion of our various businesses, and will also improve Hailiang education's brand recognition internationally," Ming Wang, the chairman, and chief executive officer of Hailiang Education stated.
Last month, the company reported revenues of 736.7 million yuan, increased by 12.9% from 652.7 million yuan for the first six months of the fiscal year 2020. Net profits were 197.6 million yuan, representing an increase of 52.5% year-over-year.
Shares of Hailiang drop 2.06% in New York today, closing at $48.44 apiece.
FinVolution Group Chairman Purchases Company Shares
FinVolution Group (NYSE: FINV) announced Monday that Shaofeng Gu, the chairman and chief innovation officer of the company, purchased 1.02 million of the company's American Depositary Shares.
The fintech platform said the purchases were made during an open window period and in full compliance with all company and legal guidelines.
Gu said in today’s announcement, "In a little more than 18 months, we have successfully transitioned our platform from being primarily funded by individual investors to being fully funded by institutional funding partners while maintaining our profitability. I believe the current share price undervalues the potential of the company and serves as a highly attractive investment opportunity."
The shares of FinVolution increased by 4.53%, trading at $1.73 on Monday.
PCCW Solutions Announces Strategic Partnership With StarHub
PCCW Solutions, the IT services of PCCW Limited (SEHK:0008) announced Friday that it entered a strategic technology partnership with StarHub.
Hong Kong-based company said under the partnership, two parties will work together and leverage each other's deep industry and technical domain expertise to deliver on customers' evolving needs.
Also, PCCW Solutions was selected as StarHub’s IT technology transformation partner. StarHub is a Singapore company that delivers world-class communications, entertainment and digital solutions to customers.
"We are excited to enter into this strategic partnership to support StarHub in accelerating its digital transformation, business growth and inspiring its digital innovation. I am also confident that the partnership of StarHub and PCCW Solutions will bring telecom technologies and IT closer, the way it should be, and will accelerate innovation and data-driven business decisions to satisfy the ever increasing expectations and needs of StarHub's customers. This collaboration is a blueprint on how telecom operators in the region and beyond ought to transform themselves in the digital world," Ramez Younan, the managing director of PCCW Solutions, said in today’s announcement.
Shares of PCCW rose 1.29%, closing at HK$4.7 on Friday.
Vitasoy Launches Fully Recycled Bottles
Vitasoy International Holdings Ltd (OTCMKTS: VTSYF) announced Thursday that it launched 100% recycled plastic bottles for its VITA Distilled Water.
The Hong Kong-based beverage company said the bottles are made entirely from recycled polyethylene terephthalate, which aims to promote environmentalism and waste reduction in Hong Kong.
(VITA Distilled Water, Source: Vitasoy)
In addition to the enhancement of product packaging, Vitasoy has been actively supporting the collection and recycling of used beverage packaging.
Last month, Vitasoy stated that since the outbreak of COVID-19, the product marketing plans and supply chain operations across China have been severely affected, especially in Wuhan city and the Hubei province. Since most of Vitasoy ’s majority business in Mainland China comes from general trade channels, the business was affected when the small retail stores closed during the height of the coronavirus outbreak.
However, In the first six months of the fiscal year 2019 / 2020, Vitasoy’s revenues achieved HK$ 4.684 billion, representing an increase of 5% year on-year. Operating profit increased by 1% to HK$ 721 million.
Origin Agritech Gets 138 Million Yuan From Beijing Investor
Origin Agritech Ltd. (Nasdaq: SEED) announced Wednesday that it has received 137.66 million yuan from Beijing Changping Technology Innodevelop Group (BC-TID).
The company reported it has entered a definitive framework agreement with BC-TID last month.
Under the agreement, Origin will contribute to the Origin Life Science Center building in Beijing and two biotech corn traits to the joint venture and BC-TID will fund the joint venture to the tune of 204 million yuan.
According to the announcement, BC-TID is wholly-owned by the local government of Changping District in Beijing and was set up as an industrial investment platform.
Shares of Origin climbed 4.27% on Wednesday, closing at $3.30 per share today in New York.
Trip.com Releases Scenic Smart Cloud Platform
Trip.com Group Ltd. (Nasdaq: TCOM) has released the solution to provide technical support for buying tickets to visit the park and after-sales service.
The Shanghai-based travel provider said in a statement today that the solution can also comprehensively monitor the places where tourists gather and disperse, and offers solutions for emergency situations including outage and peak passenger flow.
Xiaojiang Yu, the vice president of Trip.com, said, “It is urgent that Chinese scenic spots do the intelligent upgrading of their online reservation system. As one of the online travel companies, Trip.com is willing to further share our platform and service system, work with partners in the travel industry to achieve digital transformation and upgrade, and build the smart scenic spot."
(Scenic Smart Cloud Platform; Source:Trip.com)
Phoenix Tree Obtains WELL Certification for Co-living Project
Phoenix Tree Holdings Limited (NYSE: DNK) announced Monday that it has received the WELL Silver Certification for its healthy living environment from the International WELL Building Institute.
The Beijing-based company said its platform is the first co-living platform in the world to obtain the certification for a co-living project.
"The WELL certification is a recognition of Danke's efforts to provide a healthy and comfortable living environment for our residents, we will continue to leverage innovative technology to help people live better, and drive the sustainable growth of the co-living platform industry in China." Jing Gao, the chief executive officer of Danke, said in the statement.
The company said it has developed a complete system and process to provide safe and healthy housing to its residents.
Last month, Phoenix Tree reported revenues for the fourth quarter reached $305.9 million, up 113% year-over-year. Net loss in the three months through December hit $132.3 million, or $2.11 per share, an increase of 65% from the previous year.
Shares in Phoenix Tree were trading at $6.83 per American depositary share midday Monday, up 7.39%.
Bilibili Scores $400 Million Contract With Sony
Online digital media content site Bilibili Inc. (Nasdaq: BILI) announced today that it signed a $400 million purchase contract on 4.98% of the outstanding shares with SCA, wholly owned subsidiary of Sony Corp. (NYSE: SNE), according to Kyodo News.
Sony said Bilibili is popular among generation Z, a generation born between 1990 and 2009. Sony intends to launch its own products through cooperation with local companies in China.
Moreover, Sony mentioned it set the Chinese entertainment market as an important strategic target and has reached a consensus with Bilibili on the possibility of exploring cooperation in animation and mobile gaming spaces.
After the transaction is completed, Sony will hold approximately 4.98% of the total issued shares of Bilibili, Kyodo News added.
Bilibili released the unaudited financial report for the fourth quarter and full year of 2019 last month. The company said its net loss in 2019 was 1.30 billion yuan ($187.2 million), compared with 565 million yuan in the previous year, representing a 130% increase.
In 2014, Bilibili and Aniplex, another subsidiary of Sony, cooperated in the purchase of animation copyrights. In 2016, they released a mobile game "Fate/Grand Order". It contributes considerable revenues for Bilibili, ranking among the company's top 10 best-selling single-generation games.
Sino-Global Shipping Acquires Stake in Mandarin Ocean
Sino-Global Shipping America Ltd. (Nasdaq: SINO) announced Thursday the signing of a share purchase agreement with Kelin Wu, the 88.5% shareholder of Mandarine Ocean Ltd.
Shanghai-based Mandarine Ocean provides worldwide ocean freight service. It currently has long-term contracts to operate 14 bulk carriers. Mandarine Ocean said it hopes to benefit from lower costs through its relationship with Sino-Global.
Lei Cao, the chief executive officer of Sino-Global, said in a statement today, "This is a milestone agreement for our company, which allows our business to expand when we have begun to see an increased level of economic activity now that challenges and delays created by the Coronavirus have begun to wane in China.”
Wall Street was not impressed with the acquisition. The stock in SINO was trading down 4% on Thursday afternoon, at 38 cents per share.
Yum China Completes Acquisition of Huang Ji Huang
Yum China Holdings, Inc. (NYSE: YUMC) announced Wednesday that it has completed the acquisition of a controlling interest in the Huang Ji Huang group, sending its stock up 1.41% to $43.96 as of early trading.
Huang Ji Huang operates a Chinese-style casual dining franchise business mosltly in mainland China, but also internationallly. The group has over 640 restaurants, according to the announcement.
Yum China said it aims to gain a stronger foothold and enhanced know-how in the Chinese dining space. The acquisition is expected to create and capitalize on synergies between Yum China's scale and system capabilities and Huang Ji Huang's track record of product R&D, franchisee management, and Chinese dining experience. Subsequent to the acquisition, Yum China will establish a Chinese Dining Business Unit comprising three core Chinese dining brands, Little Sheep, East Dawning, and Huang Ji Huang.
Yum China was selected as one of the top 10 innovators on Fast Company's annual list last month.
In the three months through December, Yum China's revenues reached $1.8 billion, up 5% year-over-year. Net income rose 22% to $90 million, or 23 cents per share compared with $74 million, or 19 cents per share, in the same period last year.
ZTE Wins Largest Commercial OTN
ZTE Corp. (HKEX: 0763; SZSE: 0063) announced Tuesday that it has secured the western network project in China Mobile's (NYSE: CHL) phase-13 centralized procurement for inter-provincial backbone transport network equipment.
The Chinese telecom giant said the western network, which covers 19 provinces of China will be the world's largest commercial optical transport network (OTN), with a total link length reaching 53,828 km.
In response to the surge in traffic in the 5G era, China Mobile has focused on building an ultra-high-speed 100G OTN network covering the whole country for many years, according to the announcement.
The company said it has obtained 46 commercial 5G contracts in major markets, including Europe, Asia Pacific, Middle East and Africa. ZTE commits 10% of its annual revenues to research and development and takes leadership roles in international standard-setting organizations.
Six Fined After Illegal Public Gathering in Hong Kong
Due to the coronavirus epidemdic, the Hong Kong government banned public gatherings of more than four people. On Monday, six chess fans became the first to be fined HK$2,000 ($256) each on breaking the social-distancing laws, according to South China Morning Post.
Hong Kong implemented the measure to stop the spread of COVID-19 on March 29. The SCMP said the six people refused to disperse when they were caught in Kwai Shing East Estate in Kwai Chung shortly before 4 p.m. on Sunday.
“They were issued with fixed penalty tickets for violating the new social-distancing rule as they refused to leave after warning,” a government spokesman said.
Hong Kong reported 43 confirmed cases of COVID-19 on April 3 with a total of 845 people infected. Among the afflicted, 34 confirmed patients had traveled overseas, according to Rfi.
Future FinTech Stock Jumps 4% on Launch of E-commerce Platform
Future FinTech Group Inc. (Nasdaq: FTFT) announced Thursday that the trial version of its cross-border e-commerce platform NONOGIRL has started its trial operation.
The Xi'an-based company, which provides blockchain services in online retail and sells fruit juice, said in a statement that NONOGIRL is a S2B2C (Supplier-to-business-to-customer) crowdsourcing sales platform, created and managed by FTFT's subsidiary, QR (Hong Kong) Ltd.
（NONOGIRL, Source: Future FinTech)
"Developing the cross-border e-Commerce platform NONOGIRL is an important part of the Company's investment in and establishment of the blockchain-based shared online shopping malls. NONOGIRL and our Chain Cloud Shopping Mall will be the two essential segments of our business. We hope, in the near future, the NONOGIRL cross-border e-commerce platform will become the leading content, live broadcast, and social cross-border e-Commerce platform in China and Asia," Shanchun Huang, the chief executive officer of FTFT, said in the statement.
Huang was appointed to the CEO and disrector position at FTFT last month.
The stock in FTFT was up 4.46% Thursday morning, at $1.17 per share.
JinkoSolar Australia Signs Credit Agreement with the National Australia Bank
JinkoSolar Holding Co., Ltd. (NYSE: JKS) announced Wednesday that its subsidiary Jinko Solar Australia Holdings Co. Pty Ltd has signed a one-year AU$37 million line of credit agreement with the National Australia Bank.
The company said the financing will be used to expand its subsidiary’s business and provide supplementary working capital of JinkoSolar Australia, according to the announcement.
Charlie Cao, the chief financial officer of JinkoSolar said, “As one of the largest banks in Australia, NAB provides strong financial support for us in very exciting times. We will continue to strengthen our business in Australia to support the enormous growth potential clean energy has in Australia.”
JinkoSolar is a fast-growing, vertically-integrated solar power product manufacturer with low-cost operations based in Jiangxi and Zhejiang Provinces in China and offices in Shanghai, China, Munich, Germany, San Francisco, U.S. Queensland, Australia, Ontario, Canada, Bologna, Italy, Montpellier, France and Switzerland.
BOQI up 6% on Agreement to Spin-Off Energy Business
BOQI International Medical Inc. (Nasdaq: BIMI) watched its stock rise nearly 6% to $2.62 per American depositary share in early trading Wednesday after reporting it will sell its energy business.
The Chinese-based pharmaceutical provider will spin off its energy business to Yunfei Lu at an aggregate sale price of $10 million.
"The divestiture of the energy business aligns with BOQI International Medical’s growth strategy and allows us to further strengthen our financial position," Tiewei Song, the chief executive officer and president of BOQI, said in statement.
He added, “Looking ahead, we remain focused on [the] execution of our strategic priorities and integration plans to unleash the full potential of our consumer-centric health care model and create value for our customers and shareholders.”
Formerly known as NF Energy Saving Corp., the company mainly used to provide energy conservation solutions and equipment. Now, the company is focused on the health sector.
The closing of the agreement is expected to take place in May.
Tencent-Led Consortium Acquires Stake In Universal Music Group
Tencent Holdings Limited (00700.HK) announced Tuesday that a Tencent-led consortium has acquired a 10% equity stake in Universal Music Group from Vivendi SE.
Tencent Music Entertainment Group (NYSE: TME) and other financial co-investors are included in the consortium, according to the announcement.
With the support of Vivendi, Tencent said the company and TME will work together with UMG to further promote a thriving entertainment industry by developing innovative forms of music engagement and broadening opportunities for artists.
Morgan Stanley acted as the exclusive financial advisor to the consortium. Financing banks include Bank of China, ICBC, Bank of America, HSBC and Morgan Stanley.
The stock of Tencent rose nearly 1% to HK$380.2 on Tuesday in Hong Kong; TME has soared 7% to $10.34 in early morning trading in New York. .
Huitao Technology to Provide Online Music Courses
Huitao Technology Co., Ltd. (Nasdaq CM: HHT) announced Monday that its wholly-owned subsidiary, CACM Group NY, Inc. has entered into a cooperation agreement with Color China Entertainment Co., Ltd.
The Beijing-based company said the cooperation will allow the company's platform to give students all over the world a chance to connect with renowned music artists.
Color China is an integrated media company based in Hong Kong and operating in multiple segments of the entertainment sector, according to the announcement.
Yang Liu, the chief executive officer of HHT said, "We are pleased to partner with Color China to roll out the new online learning initiative as we share the same vision and excitement to move our strategy forward together. With our collective resources, the collaboration will help bring our online course offerings to the next level and benefit our students over the long-term."
Earlier of this month, the company reported CACM Group and Baydolphin Inc. have established a joint venture company, BayTao, which provides afterschool tutoring for students from kindergarten to eighth grade in New York.
Last month, the company completed the acquisition of Sunway Kids International Education Group Ltd.
Computime Appoints Bernard Auyang as CEO
Computime Group Ltd. (HKEX: 320) announced Friday that Bernard Auyang has been re-designated as its executive director and chief executive officer.
This announcement represents the group's ongoing and thoughtful planning in management organization, which ensures a smooth transition for computing as the company continues to deliver specialized and innovative solutions in the electronics manufacturing and Internet of Things service space, the company said.
"I am deeply honored and humbled to have been selected as the next Chief Executive Officer of Computime and I look forward to working closely with Dr. King, the Board, and the Company's truly-exceptional staff to continue on bringing Computime to the global stage," Bernard Auyang said in today's announcement.
China Xiangtai Acquires Controlling Stake in Feed Company
China Xiangtai Food Co. Ltd. (Nasdaq: PLIN) announced Thursday that its subsidiary, Chongqing Jinghuangtai Enterprise Management Consulting Co. Ltd., will buy a 51% controlling interest in Chongqing Ji Mao Cang Feed Co. Ltd. (JMC).
JMC is a private enterprise specializing in feed raw material sales and providing feed formula solutions.
Zeshu Dai, the chairwoman and CEO of China Xiangtai Food, said in a statement today, “We are enthusiastic about partnering with JMC to continue accelerating the growth of the Company. This move is in line with our growing strategy of solidifying our industry position by gaining additional market share and expanding our product portfolio. With JMC's capability in feed raw material and formula solutions, we can improve our industrial chain and our competitiveness to position well for the expansion.”
The company said it has launched an online ordering service with Casin Smart Service Group Co. Ltd. (CSSG) to accommodate communities in Chongqing last month.
The share of PLIN soared nearly 27%, trading at $2.22 in New York intraday.
IQiyi Launches Service Experience Testing Stations
IQiyi, Inc. (Nasdaq:IQ) announced Wednesday that it recently launched its service experience testing stations in multiple international markets.
The online entertainment service provider said the first station started its trial in Singapore at the end of 2019, and similar testing stations in other markets including Thailand, Vietnam, the Philippines and Indonesia.
Ye Tao, the vice president of iQiyi said, “Setting up service experience Testing Stations in local markets allow us to better adapt to local network and technological environments.”
He added, “These Testing Stations will not only help iQiyi better understand the local market, but it will also strengthen our experience in dealing with area-specific scenarios or issues, an essential component in the further localization of our services.”
The company said it officially launched the international version of the platform in June last year. IQiyi initiated global operations through establishing localized teams and partnerships, and adopting SaaS models that empower its operating systems.
The share of iQiyi closing to $18.55, drop 16 cents.
ZTE Partners With Japan's KDDI on 5G Smartphones
ZTE Corp. (HKEX: 0763; SZSE: 0063) announced Tuesday that it will unveil the new product series ZTE a1 in Japan with the local operator KDDI.
The Chinese telecom giant said the new 5G smartphone will be compatible with both SA and NSA modes, featuring a 6.5-inch display, AI quad shooting system and a 32MP selfie camera.
(ZTE a1, Source: ZTE)
Under the cooperation, the two parties will aim to meet the demands of Japanese users and pair the new phones with the 5G network, expected to be deployed this year. ZTE plans to launch 10 5G smartphones worldwide, as well as 15 5G terminal devices.
Shares in ZTE rose more than 10% on Tuesday in Hong Kong, closing at HK$22.8 apiece.
A week ago, shares in ZTE dove nearly 30% over two days on news that U.S. authorities are investigating the telecom giant for possible bribes of foreign officials.
IT Tech Packaging's Stock Jumps on Earnings, but Plunges After-hours
The stock of IT Tech Packaging Inc. (NYSE American: ITP) plunged 20% to 50 cents per share in after-hours trading Monday after gaining 10% on the day following its earnings release.
The Baoding-based company, formerly known as Orient Paper Inc., reported Monday morning that its revenue reached $33.6 million in the three months through December, representing a 34.5% increase from the corresponding period in 2018. The company said its net income in the second quarter of 2019 was $2.16 million, or 10 cents per share, in contrast to $5.16 million net loss, or 24 cents per share, a year ago.
ITP, which sells diversified paper products, said it was pleased with its second-quarter results.
"Our revenues and profitability continued to improve in 2019 as we shook off the effects of the 2018 production suspensions resulting from air-pollution controls, in part due to our 2018 equipment upgrades," Zhenyong Liu, the chairman and chief executive officer of ITP, said in the statement.
He added, "Despite a short delay in production resulting from Covid-19 in China in early 2020, the stabilization of orders in recent months gives us reason to be optimistic for stable growth in 2020."
JinkoSolar Chairman Completes Purchase of 200,000 ADSs
JinkoSolar Holding Co., Ltd. (NYSE: JKS) announced Thursday that Xiande Li, the chairman of JinkoSolar's board of directors, has completed his purchase of 200,000 JinkoSolar American depositary shares.
Last week, China's National Energy Administration (NEA) has confirmed the cuts in solar subsidies for 2020. The total budget allocated for solar projects will be 1.5 billion yuan ($214 million) this year, as reported by Smart Energy on Friday. The company reported better-than-expected revenue but a miss on earnings for the fourth quarter.
According the the company, JinkoSolar is a fast-growing, vertically-integrated solar power product manufacturer with low-cost operations based in Jiangxi and Zhejiang Provinces in China and offices in Shanghai, China, Munich, Germany, San Francisco, U.S. Queensland, Australia, Ontario, Canada, Bologna, Italy, Montpellier, France and Switzerland.
Shares of JinkoSolar rose 4.08%, closing at $13.02 on Thursday.