- Spark Newswire

5 minute read

ZhongAn Moves Further Out of Parental Shadow as Tencent Cuts Stake

June 22, 2:15 PM

Key takeaways: • Tencent reduced its stake in ZhongAn to about 8% from 10%, less than six months after Alibaba-affiliated Ant Group also cut its stake in the online insurer • ZhongAn’s net profit more than doubled last year, as reliance on its parents for business has decreased

BABA

5 minute read

Macro Headwinds Accelerate Cango’s Drive to Car Trading from Auto Finance

By The Bamboo Works

June 22, 2:15 PM

Key Takeaways: Cango’s revenue fell 30% in the first quarter, led by a 74% decline in its legacy auto financing business that the company is de-emphasizing in favor of broader auto trading services

ATHM

5 minute read

Is Koolearn’s Stock Surge on Boom in Livestreaming Business Just a Blip?

By The Bamboo Works

June 22, 2:15 PM

Key Takeaways: The company’s unique bilingual sales pitches by its anchors have drawn millions to the platform, which topped livestream e-commerce rankings for days

BILI

5 minute read

Macro Headwinds Accelerate Cango’s Drive to Car Trading from Auto Finance

By The Bamboo Works

June 21, 9:28 AM

Key Takeaways: Cango’s revenue fell 30% in the first quarter, led by a 74% decline in its legacy auto financing business that the company is de-emphasizing in favor of broader auto trading services

ATHM

4 minute read

Mega Genomics Eyes Hong Kong IPO To Ride Growing Popularity of Genetic Testing

By The Bamboo Works

June 16, 12:22 PM

Key Takeaways: Mega Genomics is looking to list about 11.9 million shares at HK$18-HK$22 apiece in Hong Kong on June 23 Although the company’s net profit didn’t grow last year amid pressure on margins, it remained profitable unlike listed competitors New Horizon Health and Burning Rock Biotech By Molly Wen

BNR

5 minute read

Small Cap

Dead Man Reawakening? Defunct Rise Education Reborn as EV Charging Company

By The Bamboo Works

June 16, 12:08 PM

Key Takeaways: Shares of the former Rise Education soared as it completed a reverse takeover merger with the electric vehicle charging business of Newlink The new company, NaaS Technology, provides software to help China’s growing legions of EV owners use the country’s vast charging network more efficiently

DADA

4 minute read

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

By The Bamboo Works

June 15, 11:31 AM

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 Ken Lo

BILI

5 minute read

Qudian Finds New Business Model in Buying Back Shares

By The Bamboo Works

June 15, 11:06 AM

Key Takeaways: Qudian has announced a $200 million share buyback plan, extending a recent series of buying of its own stock Aggressive share purchasing comes as Qudian dramatically scales back its original consumer lending business and searches for a new business model By Doug Young

FINV

5 minute read

With DiDi Reprieve, Is China Taking the Handbrake off the Tech Sector?

By The Bamboo Works

June 13, 12:46 PM

Key takeaways: Along with DiDi, logistics matching platform Full Truck Alliance and online recruitment company Kanzhun are also likely to be allowed to sign up new users

BABA

4 minute read

Online Brokers UP Fintech, Futu Stumble on Weak Stock Markets

By The Bamboo Works

June 13, 9:56 AM

Key Takeaways: UP Fintech and Futu reported sharp first-quarter revenue declines as weak stock markets caused trading commissions to slide Futu reined in spending during the period, while UP Fintech’s spending rose on aggressive hiring for its global expansion By Doug Young

FUTU