Tencent Music Enters Strategic Agreement With China Literatiure
Tencent Music Entertainment Group (NYSE: TME) announced on Wednesday that it reached a strategic cooperation agreement with China Literature (HKEX: 0772).
Based on the agreement, Tencent Music can produce literary works on the reading platform as long audio audiobooks, and the two parties can distribute these audio works on their respective platforms.
The penetration rate of China's long audio market is currently still low, representing significant growth potential, the company said in the announcement.
Tencent Music has a diversified content system and heavyweight support resources to continue to release the core value of audio content in the entire field, according to the company.
Shares of Tencent Music dropped 5%, closing at $10 per share on Wednesday.
Phoenix Tree Strikes Deal With Local Authorities
Phoenix Tree Holdings Ltd. (NYSE: DNK) announced Wednesday that has struck an investment and cooperation deal with the local government of the Huaqiao Economic Development Zone Jiangshu Province, China.
Based on the agreement, Phoenix will establish a wholly-owned subsidiary in the Huaqiao EDZ.
The Huaqiao Subsidiary will make a capital contribution of 625 million yuan in exchange for 51.02% equity interest in the joint venture while Kunshan Yinqiao will make a capital contribution of 600 million yuan in exchange for the remaining 48.98% stake, Phoenix said in today’s announcement.
The local government expects to provide certain benefits and support to the local Phoenix entities, including but not limited to assist with bank financing, offer talent retention incentives, and provide government awards.
Shares of Phoenix Tree were trading at $8 on Wednesday, down 8.47%.
IQiyi Unveils Innovative 360-Degree VR Panoramic Video Solution
IQiyi, Inc. (NASDAQ: IQ) announced Monday that, in coorperation with Peking University and Microsoft Research, it has jointly published a paper on EPASS360.
The online entertainment service provider said the paper is about a newly-developed panoramic video streaming media system based on AI technology; the paper was accepted by IEEE Transactions on Mobile Computing.
Under current home broadband and WiFi environments, this new system solution will predict the allocation rate according to the user's visual field to ensure that the user sees a clear and smooth picture when watching panoramic videos, the company said in the announcement.
IQiyi's R&D expenditure in the fiscal year 2019 was 2.7 billion yuan, representing an increase of 34% compared with the same period in 2018.
Shares of IQiyi dropped 4% on Monday, trading at $17.94.
China SXT Pharmaceuticals Secures Grant From City Government
China SXT Pharmaceuticals, Inc. (Nasdaq: SXTC) announced Monday that a fund granted to the company for the key techniques incorporated into advanced Directly-Oral TCMPs derived from agriculture.
The company said the grant was funded by the Scientific and Technologic Development Program of Hailing District and supported by the Hailing District government.
"This grant supported by the local government can contribute to our continuous effort in leading research and development of new advanced TCMPs and chase of higher quality of the products. We believe it will further strengthen our R&D capabilities in our new Advanced TCMPs, which is expected to eventually help expanding our market share in our advanced Directly-Oral TCMP products," Jing-Zhen Deng, the chief scientific officer and chief operating officer of China SXT, said.
China SXT Pharmaceuticals, founded in 2005 and based in Taizhou City of Jiangsu Province, is a pharmaceutical company focusing on the research, development, manufacturing, marketing, and sales of traditional Chinese medicines.
Shares of China SXT traded at 54 cents in New York today, down 8.93%.
Henkel, Covestro Partner Up to Promote E-mobility
Henkel (OTCMKTS: HENOY) and Covestro announced Friday that they have developed a solution enabling the efficient fixation of cylindrical li-ion battery cells inside a plastic cell holder.
The company, which operates globally with a well-balanced and diversified portfolio, said the solution is based on a UV-curing adhesive from Henkel and a UV-transparent polycarbonate blend from Covestro.
Frank Kerstan, the head of e-Mobility Europe at Henkel, said in a statement, "High-volume manufacturing operations with short cycle times and process flexibility are essential, the Loctite OEM-approved adhesive designed to secure cylindrical li-ion cells into a carrier is a one-part, cure-on-demand formulation. After high-speed dispensing, the material's long open time inherently builds adaptability into the process by allowing for any unexpected production interruption. Once all cells are placed into the adhesive and secured in the holder, curing is activated with ultra-violet (UV) light and takes place in less than five seconds."
Shares of Henkel closed at $19.44, up nearly 2% on Friday.
NetEase Cloud Music Forms Digital Music Distribution Agreement With Studio Ghibli
NetEase Cloud Music, a freemium music streaming service developed and owned by Chinese gaming giant NetEase Inc. (Nasdaq: NTES), announced Friday that it has signed a digital music distribution agreement with Studio Ghibli.
Based on the agreement, NetEase Cloud Music will be the digital music distributor for Studio Ghibli's music catalog, including albums and soundtracks from its sought-after animated feature films in the Chinese mainland.
Launched in 2013, the platform was removed from the app store on June 29 due to changes made to audio industry guidelines by the Cyberspace Administration of China. It has returned to Chinese app stores after 30 days offline on July 29.
In August of last year, the chief executive officer of NetEase Cloud Music announced that the countdown for its initial public offering has begun.
Bat Group Changes Name to TD Holdings Inc.
Bat Group Inc. (Nasdaq: GLG) announced its new name, TD Holdings Inc., with an estimated marketplace effective date of March 13, 2020.
This is the company's second name change; it had changed its name last year from China Commercial Credit Inc. to Bat Group Inc. to better reflect its business as a used luxury car leasing operator in China after it disposed of its micro-lending business in July 2018.
In November 2019, the company said it began the process of expanding its business to include commodities trading; TD Holdings officially entered into the commodities trading business in January 2020.
Shares of GLG were up 3.65%, to close to $1.42 on Thursday.
Huitao Tech, Baydolphin Form Joint Venture
Huitao Technology Co. Ltd. (Nasdaq: HHT) announced Thursday that subsidiary, CACM Group NY Inc., and Baydolphin Inc. have established a joint venture company, BayTao.
The new JV will provide afterschool tutoring for students from kindergarten to eighth grade in New York. BayTao will leverage Baydolphin's expertise in academic and art education for the youth in conjunction with CACM's business management skills and access to capital to create an innovative learning platform in New York, according to the agreement.
"This is another milestone of our company to grow its presence in the education service space. We are delighted to partner with Baydolphin to establish a joint venture to focus on providing the quality education support that students and parents are seeking. We are excited to re-position the Company to be a high-tech education service provider serving customers in both China and the U.S.," Yang Liu, the chief executive officer of HHT, said in the statement.
Among the few gainers on Thursday, HHT stock rose more than 7% to close to $1.02 per share.
The9 Received a Minimum Bid Price Letter From Nasdaq
The9 Limited (Nasdaq: NCTY) announced Wednesday that it received a minimum bid price letter from the Listing Qualifications Department at Nasqaq on March 6.
The letter notified the company that failed to meet the minimum bid price per American depositary share of $1 for a period of 30 consecutive business days, a requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules.
Based on the rules, the company has a compliance period of 180 calendar days, or until September 2, 2020, to regain compliance with Nasdaq's minimum bid price requirement.
Shares of The9 were trading at 60 cents per share as of midday Wednesday in New York.
Concord Medical Cheers 700 Million Yuan Investment
Concord Medical Services Holdings Limited (NYSE: CCM) announced Wednesday that CITIC Industrial Investment Group Limited will make an investment in Concord Medical's subsidiary, Meizhong Jiahe Hospital Management Group Co., Ltd.
The healthcare provider said the total investment will be approximately 700 million yuan.
Meizhong Jiahe, the most important operating platform of Concord Medical, is focusing on the development and management of comprehensive cancer hospitals and the standalone radiotherapy and diagnostic imaging center network in China.
"We are excited and honored to have such a strong partner to make a significant investment in Meizhong Jiahe, which can support the opening of our Guangzhou Cancer Hospital this year and the operation of our other medical institutions,” Jianyu Yang, the chairman and chief executive officer of Concord Medical, said.
“We are very confident that Meizhong Jiahe will continue to take this opportunity to invest in the healthcare industry in China and to introduce more state-of-the art medical technologies to our hospitals. We also believe that Meizhong Jiahe will offer the high-quality clinical outcomes and the world-class cancer care services to our patients."
Reported by Concord, as of June 30, 2019, the company operates a network of 30 standalone radiotherapy and diagnostic imaging centers under a long-term operation and management agreements with 20 states-owned hospitals, spanning over 20 cities across 13 provinces and municipalities.
China Yuchai Launches New High-Powered Marine Engine
China Yuchai International Limited (NYSE: CYD) announced Tuesday that its subsidiary, Guangxi Yuchai Machinery Company Limited has introduced an advanced high-powered marine engine.
The automotive manufacturer and distributor of engines for on and off-road applications said the new engine is to address the growing demand of the domestic marine industry, particularly vessels in the yacht class.
"We are again using our extensive engine expertise and broad product breadth to fill a domestic Chinese market opportunity. The YC6MJ engine will deliver to our customers advanced yacht-class engine performance," Ming Hoh Weng, the president of China Yuchai, commented.
China Yuchai International Limited was established in 1993, and is currently headquartered in Singapore. The firm has two components: Guangxi Yuchai Machinery Company Limited ("GYMCL"), which engages in engine manufacturing, and HL Global Enterprises Limited ("HLGE"), which operates in the hospitality industry. The firm also owns a 12.2% interest in Thakral Corporation a distributor of consumer electronic products and investor in property and equity.
Future FinTech Appoints Shanchun Huang as New CEO
Future FinTech Group Inc. (NASDAQ: FTFT) announced Tuesday that its board of directors appointed Mr. Shanchun Huang as the chief executive officer and a director of the Board, effective March 4.
The Xi'an-based company said Xue Yongke resigned as the chief executive officer of the company on March 4, 2020, but will remain as the Chairman of the Board of Directors of the company.
Future FinTech announced last week that it has sold HeDeTang Holdings (HK) Ltd. to New Continent International Co. Ltd.
Formerly known as SkyPeople Fruit Juice Inc., Future FinTech delved into blockchain technology in 2017 and began to develop applications and digital asset systems for financial and retail businesses. Since 2018, Future FinTech has changed its business strategy and shifted its source of revenue to the blockchain-based global e-commerce, as well as financial and management consulting.
HKBN Enterprise Solutions Brings Fibre Connectivity Rail Stations Across Hong Kong
HKBN Enterprise Solutions (SEHK: 1310) announced Monday that it will bring high-speed end-to-end fibre broadband and Metro Ethernet connectivity access to retailers in MTR stations across Hong Kong.
The integrated telecom and technology solutions provider said the end-to-end fibre access will give MTR retailers internet connectivity options as fast as 1Gbps or above. The connectivity is expected to reach MTR retailers along the Island Line and the Tsuen Wan Line within the coming month.
Billy Yeung, the co-owner and chief executive officer of HKBNES & JOS Group said, "We are happy to help retailers in MTR stations leverage business efficiency through our high-speed fibre network and our portfolio of flexible and secure retail solutions."
Euro Tech Holdings Company Limited Declares Cash Dividend; Shares Climb 5%
Euro Tech Holdings Company Limited (Nasdaq: CLWT) announced Monday that its Board of Directors has authorized a special dividend of approximately $0.42 per ordinary share payable on March 30, 2020 to shareholders of record as of March 20, 2020.
The Hong Kong-based company makes water treatment equipment and develops products for the environmental protection industry. The company is exploring the Chinese and Southeast Asia markets to sell its newly developed port solution system in the local ports to prevent ecological imbalance.
The company said the special dividend is being made from the $1.45 million of profits derived on the company's recent disposal of a real property that it had held in Hong Kong.
Shares of Euro Tech rose 5.1%, trading at $2.06 in New York.
So-Young International COO Resigns
Chinese plastic surgery promoter So-Young International Inc. (Nasdaq: SY) announced Friday that its chief operating officer Xiao Liu officially resigned on March 6, 2020 for personal reasons, according to the company.
Her duties will be assumed by the company's chief executive officer and chairman, Xing Jin.
The announcement of today sent shares of So-Yoto drop nearly 5%, closing at $11.65 on Friday.
In other management news, Rui Cai was appointed vice president of commercial products.
Prior to joining So-Young, Cai held senior positions in product commercialization at Autohome(NYSE: ATHM), Opera Software and Shanda Group. Cai has more than 15 years of working experience in the fields of advertising, product development and data commercialization, the company said.
Jin added in the announcement, “We would like to thank Xiao Liu for her valuable contribution to the company. We wish her to enjoy success in her future career.”
Luokung Newly Acquired eMapgo Starts a Partnership
Luokung Technology Corp. (Nasdaq: LKCO) announced Friday that is in the process of the closing of the100% acquisition of eMapgo Technologies (Beijing) Co., Ltd.
Moreover, eMapgo Technologies (Beijing) Co., Ltd. has entered into a strategic partnership with Continental Holding (China) Co., Ltd., the subsidiary of Continental AG (FWB: CON), Luokung reported.
The Beijing-based company, which provides location services, said the partnership leveraging each other's respective advantages, promote in-depth cooperation in the areas of China's smart city, smart mobility, and connected vehicle services.
Under the agreement, EMG said it will provide Continental with legally compliant map data in China, a variety of general and customized functional services, including a fleet visualized management solution for its connected vehicle platform.
The cooperated solutions developed by both parties will also serve for various applications in the fields involving connected vehicle platforms and smart mobility, Luokung added.
Future FinTech Closes Sale of HeDeTang
Future FinTech Group Inc. (Nasdaq: FTFT) announced Thursday that it has sold HeDeTang Holdings (HK) Ltd. to New Continent International Co. Ltd.
The announcement sent the shares in Future FinTech down 7% on Thursday, to 81 cents per share, though its stock recovered 5% in after-hours trading.
The Xi'an-based company said it has obtained shareholder approval according to the listing requirements of the Nasdaq Capital Market.
Formerly known as SkyPeople Fruit Juice Inc., Future FinTech delved into blockchain technology in 2017 and began to develop applications and digital asset systems for financial and retail businesses. Since 2018, Future FinTech has changed its business strategy and shifted its source of revenue to the blockchain-based global e-commerce, as well as financial and management consulting.
Delvaux Scores Partnership With JD.com
Delvaux, a maker of luxury leather goods, announced Wednesday its cooperation with JD.com Inc. (Nasdaq: JD).
Under the partnership, Delvaux’s first official online flagship store will be launched on JD.com.
“We are always looking for opportunities to create extraordinary shopping experiences for our customers and strive to provide unique and high-quality services,” Marco Probst, the chief executive officer of Delvaux, said in a statement
He added, "We look forward to consolidating this high-quality cooperative relationship while expanding the Chinese e-commerce market."
Since launching its luxury business in 2017, JD said it has established partnerships with more than 200 luxury brands worldwide.
Delvaux was founded in Brussels in 1829 and is known for its innovative know-how, outstanding leather craftsmanship, and rich historical value, JD said.
Innovent Biologics Achieves First Patient Dosing in Registrational Trial
Innovent Biologics Inc. (HKEX: 01801), a provider of high-quality cancer medicines, announced Wednesday that it achieved first patient dosing in a pivotal phase 2 registrational trial of pemigatinib (IBI375), a FGFR1/2/3 inhibitor, in China.
The study's objective is to "evaluate the efficacy and safety of pemigatinib in patients with advanced cholangiocarcinoma with FGFR2 fusions or rearrangements who have progressed from at least one prior systemic therapy in China," according to an Innovent press release.
"The intrahepatic cholangiocarcinomas (iCCAs) account for approximately 15~20% of all liver tumors with a significant uptrend. Most patients with iCCAs are not amenable to surgical resection with curative intent due to local invasion and metastasis at initial visit," said Jian Zhou, the vice president of Zhongshan Hospital, Fudan University, regarding the announcement.
He added, “Currently, the chemotherapy of gemcitabine combined with cisplatin is recommended as a first-line treatment for patients with advanced cholangiocarcinoma, with 15~26% overall response rate ("ORR"). Unfortunately, most patients will develop resistance to this chemotherapy, and the effective alternative therapies are limited.”
According to the company, pemigatinib, is a potent, selective, oral inhibitor of FGFR isoforms 1, 2 and 3 which, in preclinical studies, has demonstrated selective pharmacologic activity against cancer cells with FGFR alterations.
Bonfire Announces New Program Schedule
Bonfire Media Limited, announces Tuesday that it launched off the upcoming 2020 class schedule, offering the globally recognized Certified Digital Marketing Professional courses from the DMI.
Patrick Tam, the principal lecturer of Bonfire Media said, "Digital capabilities are now a prerequisite for almost any roles within any business organization. Our pragmatic delivery of this standardized CDMP course will equip you with the proper mindset and skillset to excel in your career or to digitally transform your business."
Founded in 2015, Bonfire offering face-to-face classroom style digital marketing training in Hong Kong and the Greater China region, the company added.
Bonfire said, Content Marketing, Social Media Marketing, Search engine optimization (SEO), Paid Search (SEM), Display & Video Advertising, Email Marketing, Website Optimisation, Analytics and Digital Strategic Planning are the topics included in this program.
Bonfire Media, founded in 2015 as the authorized education partner of the Digital Marketing Institute in Hong Kong and Greater China, specializes in face-to-face classroom style digital marketing training.
The Digital Marketing Institute has certified over 20,000+ professionals to date.
Origin Agritech Gets Deal With State Investment Platform
Origin Agritech Ltd. (Nasdaq: SEED), an agriculture technology and rural e-commerce company, announced Tuesday that it has entered a definitive framework agreement with Beijing Changping Technology Innodevelop Group (BC-TID).
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. The company will restructure Beijing Origin and transfer the unrelated assets to Beijing Origin State Harvest Biotechnology Ltd., its wholly-owned subsidiary. Subsequently, BC-TID will inject the cash investment into Beijing Origin, thus holding 51% of equity in Beijing Origin. BC-TID will provide a loan of 137.66 million yuan to Beijing Origin prior to the finalization of the investment.
BC-TID is wholly owned by the local government of Changping District in Beijing and was set up as an industrial investment platform, Origin added.
With over 10 billion yuan in assets, BC-TID mostly invests in the companies in the industrial parks of Changping District, where the Origin Life Science Center building is located.
OneConnect Fights COVID-19 With Artificial Intelligence
OneConnect Financial Technology Co., Ltd. (NYSE: OCFT), announced an effort to support digital transformation at financial institutions that are grappling with operational challenges revealed by coronavirus disruption.
The Shenzhen-based cloud technology solutions company said in a statement today there are three series of products and services in artificial intelligence product solutions including intelligent deposits, online retail loans and loans for small and medium-sized enterprises that will improve operational efficiency and customer services during the ongoing crises.
The outbreak of coronavirus has highlighted the need for financial institutions to upgrade their range of online products and trading tools to serve their corporate and retail customers who are turning to online services without leaving home, OneConnect added.
Last month, the company reported its revenue in the three months through December reached $110.5 million, up 51% year-over-year. Net loss attributable to shareholders in the quarter was $88.5 million compared with $88.7 million in the corresponding period of 2018.
Shares of OneConnect plunged 9% to $12.26 per American depositary share in trading Monday.
TAL Education Cuts Revenue Outlook for Fourth Quarter
The stock of TAL Education (NYSE: TAL) rose 4 cents to $4.39 per American depositary share in after-hours on Friday after the company announced its preliminary revenue results for the fourth quarter.
Due to the coronavirus outbreak in China, the Beijing-based K-12 afterschool tutoring services provider lowered its fourth-quarter revenue outlook to between $850.1 million and $871.9 million, representing year-over-year growth in the range of 17% to 20%, respectively.
The company previously announced its outlook which estimated the total net revenues for the fourth quarter to be in the range of $959.1 million and $980.9 million.
Tricor Scores Partnership With Farseer for Marketing Platform
Tricor Hong Kong announced Friday that it had entered into a strategic partnership with Farseer.
The company said that under the cooperation, Tricor will provide its business advisory and registry services with Farseer's artificial intelligence (AI) platform. Together, the two will build a platform aiming to help companies gain visibility into marketing.
Joe Wan, the chief executive officer of Tricor, said in a statement, “The Tricor-Farseer partnership is a powerful combination. Farseer's AI-driven business monitoring tool will help our clients to be in the know. With first-hand understanding of how their brand is being perceived by their target audience, our clients will be able to respond accurately to social engagement for improved investor relations and customer experience, this partnership will also allow us to build a more comprehensive e-Investor Relations intelligence suite that will drive far more business impact for our clients.”
NetEase and Blizzard to Launch Diablo: Immortal
Chinese tech giant NetEase (Nasdaq: NTES) is cooperating with Blizzard Entertainment on the development of new games and is planning to release the next edition of Diablo.
Diablo: Immortal is based on the world of Diablo. The background of the game is set between Diablo 2 and Diablo 3 and occurs five years after the World Stone is destroyed. Although the launch date has not been announced, NetEase said that the new game has entered the upcoming release queue.
NetEase released its financial report for the year-end quarter on Wednesday evening, saying its revenues rose 9% year-over-year to $2.3 billion in the fourth quarter. That was a significant beat of analysts' forecasts of a 24% revenue drop.
In addition to Diablo: Immortal, Netease is planning to release Onmyouji: Yokaikoya, Harry Potter: Magic Awakening, EVE: Echoes, Hidden World of the Ghost Story Recording, Teana mobile games and Pokémon Adventure.
Farmmi Wins Big U.S. Customer
The stock in Farmmi Inc. (Nasdaq: FAMI) up 1% to $0.72 per American depositary share in trading Thursday after the company announced it won a new U.S. customer who signed a contract to purchase more than six tons of Farmmi's specialized shiitake mushroom products, including flower mushrooms.
Yefang Zhang, the chairwoman and chief executive officer of Farmmi said in today’s announcement, “This new customer was referred by one of our existing customers based on their high satisfaction with our products. This is a significant order for us and reflects the continued demand growth we are benefitting from as we leverage our increased investments in sales and marketing, while building upon Farmmi's strong brand recognition and existing customer relationships.”
Zhang added, “Importantly, we have been able to operate our business with minimal disruptions in the current environment due to our inventory sourcing system, inherent stability of the dried mushrooms we sell and our coordination with the government in Lishui to minimize any potential transportation delays.”
The Lishui-based agricultural products supplier reported its sales volume for January, which has increased by 42% compared to the same month last year. The number of orders was up 44% year-over-year in January.
Sogou Unveils Upgraded AI-powered Pens
Sogou, Inc (NYSE: SOGO) unveiled its upgraded voice recording pens on Wednesday. Now, they integrate voice recording, transcription, editing, storage and sharing, Sina reported.
Sogou released its pens C1 and C1 Pro last year. The new recording pen S1 features AI noise reduction and uses NLP engine intelligent summary technology, which can organize paragraphs through intelligent semantics and intelligently extract keywords to form tags.
The stock in the tech company closed nearly 4% higher on Wednesday, at $4.05 per American depositary share.
Origin Agritech Reports Non-compliance With Nasdaq Rules
Origin Agritech Ltd. (Nasdaq: SEED) announced Wednesday that it has received a letter from the Nasdaq Stock Market stating that the company is not compliant with the listing rules as it has not filed its financials for the fiscal year ended September 30, 2019.
The company has 60 calendar days to submit a plan to the exchange to regain compliance and if such plan is accepted. Origin Agritech may then be granted an exception until August 17, 2020, to regain compliance.
The agriculture technology and rural e-commerce company said its management is pursuing options to address the deficiency. It said it plans to file Form 20-F as soon as possible or submit a compliance plan on or before the deadline set by the capital market.
The company’s shares dropped 3% on Wednesday, closing at $6.06 apiece.
Fuling Global Launches Manufacturing Facility in Indonesia
Fuling Global Inc. (Nasdaq: FORK) announced Tuesday that it has officially launched production at its new manufacturing facility in Indonesia. At nearly 194,000 square feet, the facility is based in Semarang City, Central Java.
The manufacturer and distributor of environmentally friendly plastic and paper foodservice disposable products said the facility launched the production of straws, sauce cups, take-out boxes, and paper cups. It is the company's third factory outside China.
Xinfu Hu, the chief executive officer of Fuling Global, said in the announcement, “Completion of our factory in Indonesia represents an important milestone in Fuling Global's strategy to become a global supplier of foodservice disposable products, offering innovative research and development and high-quality products, with international sourcing capability.”
He added, “It is also by far our largest production plant outside of China and will enable us to provide our international clients with a comprehensive line of products.”
Looking forward, the company said it expects to install 64 production lines of manufacturing equipment in two phases in 2020.
Shares of Fuling traded at $2.12 in New York on Tuesday.
Longevity Extends Acquisition Deadline to May
Longevity Acquisition Corp. (Nasdaq: LOACU) announced Tuesday that it has extended the period of time to execute on a planned business acquisition by three months to May 28, 2020.
Whale Management Corp., Longevity’s sponsor, has deposited into Longevity's trust account an aggregate of $400,000, representing $0.10 per public share, the company added in today’s announcement.
Based in Shanghai, Longevity operates as a blank check company. The company aims to acquire one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization, according to the company.
iClick Gets Tencent Ads Awards; Stock Jumps 4%
iClick Interactive Asia Group Ltd. (Nasdaq: ICLK) announced Monday that its subsidiary OptAim Information Technology Co. Ltd won three major annual awards from Tencent Ads for the second half of 2019, sending its shares up nearly 4% to $4.50 apiece in New York.
Jian "T.J." Tang, the chief executive officer and co-founder of iClick, said in the announcement today, “We feel honored to receive these accolades from our long-term strategic partner Tencent Ads, this success reflects the strength of iClick's data capabilities and is a testament to our competitive position in the market.”
The independent online marketing and enterprise data solutions provider said these three awards including "Outstanding Contribution of the Year", "Best Technology & Data Application Award" and "Best Branding Awards."
LvYue Expands In India
Strategically invested in by Trip.com Group Ltd. (Nasdaq: TCOM), LvYue Group announced on Monday that the average occupancy of the company’s first BeU hotel reached over 80% since its opening on September 2019.
The company said more BeU hotels are in the process of renovation and BeU will open hotels in the main regions of India, including Delhi, Bangalore, Hyderabad, Chennai, Mumbai this year.
BeU said it mainly provides services for domestic customers in India. Most of its employees are Indian, which enables LvVue to make the 'soft landing' (consumer-friendly intriduction) of its Chinese brand in the Indian market.
LvYue Group's foray into the Indian market is a part of its overall global strategy, the company said in the announcement.
LvYue positioned BeU hotel as an Indian business hotel chain with fully standardized products, targeting business travelers.
Highway Holdings’ Stock Inches Higher on Interim Dividend
The stock in Highway Holdings Ltd. (Nasdaq: HIHO) inched 1% higher on Monday afternoon after the company declared an interim dividend.
In a statement today, the Hong Kong-based company said it will pay out 8 cents per share on April 6 to stockholders of record as of March 31.
In response to the news, shares in Highway Holdings rose 2 cents intraday on Monday, to $2.09 apiece.
Highway Holdings makes machine components and electronics for various brands. Last week, the company, which has factories in Shenzhen and Yangon, posted improved financials for the year-end quarter.
SMIC Announces $600 Million Bond Issue
Semiconductor Manufacturing International Corporation (HKEX: 0981; OTC: SMICY) announces yesterday that the company has entered into an agreement with a group of lead managers to issue $600 million 2.693% bonds that is due 2025.
Joint lead managers of this deal includes J.P. Morgan, ICBC International, Barclays, UBS, SPDB International, ICBC MACAU, Silk Road International and BNP Paribas.
The semiconductor giant said it intends to use the net proceeds from the issue of the bonds, approximately $596.5 million, for capital expenditure for capacity expansion and other general corporate purposes.
Approval in-principle has been received for the listing of and quotation for the bonds on the SGX-ST.
SMIC announced improved revenues and profit in its fourth-quarter financials early this month. In the three months through December its revenues reached $839.4 million, up 7% year-over-year. The company attributed the growth to its China business, which accounted for 65% of its revenues.
China XD Plastics Regains Compliance on Shareholder Meeting Requirement
China XD Plastics Co. Ltd. (Nasdaq: CXDC) announced Tuesday that it has complied with Listing Rule 5620 from Nasdaq, which requires CXDC to hold an annual meeting of shareholders within 12 months after the end of the company's financial year.
Nasdaq notified CXDC at the beginning of January; the company held its annual meeting of shareholders on February 11.
The Harbin-based chemical company, which specializes in polymer composite materials for the auto market, announced its subsidiary has signed a loan agreement of $135 million with a group of banks in October of last year.
The stock of CXDC fell 3.18% to $1.52 per share on Wednesday.
Huitao Completes Acquisition of Sunway Kids Education
Huitao Technology Co. Ltd. (Nasdaq CM: HHT) announced on Friday that it has completed the acquisition of Sunway Kids International Education Group Ltd.
The Beijing-based company struck a deal with Sunway Kids in November under which the education provider became a wholly-owned subsidiary of Huitao.
"The closing of this acquisition represents a significant milestone to diversify our business and maximize our shareholder value," Yang Liu, the chief executive officer of Huitao, said in a statement today.
He added, "Demand for smart education in China is rapidly increasing. We see enormous opportunities for value creation through the combination of Huitao's advantage as a public company and Sunway Kids' expertise in early childhood education with AI and robotic technologies. Our vision is to use Sunway Kids' platform to expand our business horizons."
Shares in Huitao soared nearly 30% on Friday to 95 cents apiece.
TCL TV and Tencent Launch Free Learn-at-Home Program
TCL Electronics (HKEX: 1070) announced Wednesday that its subsidiary, Falcon Network Technology, and tech giant Tencent (OTCBB: TCEHY; HKEX: 0700) have jointly launched a Learn-at-Home program on TCL TV.
The company said the broadcast provides educational content for free for a limited time, including classes led by top tutors. On Day One of the program, the number of viewers reached more than 120,000, as reported by Chinese news media CSDN.
TCL, a partially state-owned company, sells consumer electronics on a multinational level. It operates factories in Mexico, Brazil, Vietnam, Poland, and India and boasts of a production capacity that exceeds 15 million sets per year.
The sales volume of TCL TV in China reached 32 million sets in 2019, representing a 12% increase year-over-year. The sales volume in overseas markets increased by 26% year-on-year to 13.46 million sets, according to CSDN.
Youdao Among Few Gainers on Coronavirus, Seeing Stock Soar 29% Friday
Youdao Inc. (NYSE: DAO), the online education arm of NetEase Inc. (Nasdaq: NTES), saw its shares soar 29% on Friday to close at $21.15 apiece in New York.
The national-level new media platform launched by Youdao and China Central Video, operated by China Central Television, announced this week the launch of "First Class of the Epidemic Prevention and Control."
In the program, Meng Wang, a well-known biology teacher, will provide students with knowledge on the prevention and control of coronavirus. Weihua Wang, a senior teacher of active psychology at Tsinghua University, was invited to provide psychological counseling to students, Youdao said.
On January 24, the company announced that the online course will be provided to primary and middle school students in Wuhan free of charge.
Next week, Youdao plans to broadcast the courses live on the new platform.
Xinyuan Has 'Ample Liquidity' to Repay Bonds in March
Xinyuan Real Estate Co. Ltd. (NYSE: XIN) announced on Wednesday that it will pay the principal and interest on $200 million in bonds when they mature on March 19.
"We currently have ample liquidity and unimpeded cross-border funding channels. We understand there is some concern about the slowdown in business activity in China due to the health situation. We want to assure bondholders and investors that Xinyuan is operating in a fine condition and all financial obligations will be met on time and in full," Yong Zhang, the chairman of Xinyuan, said in the statement.
The senior notes were issued on March 19, 2018.
Founded in 1997, Xinyuan operates real estate projects in more than 10 cities in China, including Beijing and Shanghai. The company claims it was one of the first Chinese real estate developers to enter the U.S. market and has been active in New York City.
On Thursday, XIN shares closed up 2 cents, at $3.29 per American depositary share.
DingTalk Overtakes WeChat Work
With more and more workers staying home due to coronavirus fears, the demand for the online working application has sharply increased.
DingTalk said the 200 million users working from home and the demand for video conferencing have brought huge pressure on the company's back-end systems. After the emergency expansion of 10,000 servers through Alibaba Cloud on March 3, DingTalk expanded another 10,000 cloud servers on March 4.
Su Yi, the chief technology officer of DingTalk said, “This morning, the functions of DingTalk video conference and group live broadcast are very smooth. However, the data we saw in the background is still rising rapidly. We and Alibaba Cloud have established a special team to work around the clock to ensure the stability of the platform,” as reported by Sina Finance on Friday.
As of Wednesday morning, DingTalk’s download volume jumped to the top of the free chart.