Articles written by Bamboo Works - Benzinga

Innovent Ditches Low-Value Stake Sale After Investor Outcry

Key Takeaways: Innovent said its intention was to demonstrate executives’ commitment to the overseas business, but the deal was dropped after a backlash over pricing

Cango Builds Up Global Capabilities In Search Of New Direction

Key Takeaways: Cango is aggressively building up a customer base and support services to export Chinese cars to the rest of the world, with 60,000 registered users for its AutoCango.com site

Huawei's HarmonyOS NEXT Faces Major Test With WeChat: Will It Pass?

Dogness Limps Ahead As Investors Chase Its Stock

Key Takeaways: Dogness’ revenue fell to $14.8 million in its fiscal year through June, as it reported a second consecutive annual loss The pet product maker’s stock has soared since February, including a more than sevenfold gain since it raised $5 million through a private placement in May By Doug Young

Huoli Rides China Travel Boom To Hong Kong IPO

Key Takeaways: Huoli has filed to list in Hong Kong, reporting its travel service revenue rose 22% and gross margin improved by 1.2 percentage points in the first half of 2024 The company is a distant third in China’s online travel market, behind industry leaders Trip.com and Tongcheng By Edith Terry

NEWS WRAP: Yum China Boosts Returns To Shareholders On Strong Quarterly Results

Newborn Town Reports Blowout Business, But Investors Fail To Move In

Key Takeaways: Newborn Town’s revenue grew between 60.7% and 62.7% to more than 3.2 billion yuan in the first nine months of this year The social media platform operator’s cumulative app downloads passed the 700 million mark during that time By Lau Chi Hang

Locked In Overheated Battle With Its Clone At Home, Luckin Eyes Expansion In U.S.

Key Takeaways: Luckin Coffee plans to expand to the U.S. and other markets following its first offshore move into Singapore, as competition remains stiff and demand weakens at home The budget coffee chain’s quarterly revenue exceeded 10 billion yuan for the first time in the three months to September, up 41% year-on-year

Gig-work Platform EPWK Tests Investment Crowds With Upsized IPO Plan

Key Takeaways: EPWK, which helps small and medium-sized companies find gig workers, has raised its IPO fundraising target by about a third from its original plan in February 2023 While demand for crowdsourcing platform services has recovered from a pandemic downturn, China’s slowing economy has eroded the company’s margins

Cotti Splashes Past 10,000-Store Milestone, Fueled By Relentless Price War

Key Takeaways: Despite reaching the 10,000-store milestone, Cotti’s obsession with beating Luckin through price wars could ultimately threaten its long-term sustainability International expansion could offer Cotti a better path forward than its low-price strategy in the saturated China market By Hugh Chen

Horizon Robotics Debuts Strongly, Fueled By Autonomous Driving Boom

Key Takeaways: Horizon Robotics raised HK$5.41 billion in its Hong Kong IPO, valuing the company at HK$53.4 billion The company’s revenue grew 152% in the first half of the year, and it expects its recently formed joint venture with Volkswagen to further drive growth By Doug Young

Everest Medicines Eyes mRNA Tumor Vaccines As Drug Valuations Rebound

Key Takeaways: Everest Medicines’ Nefecon achieved 167 million yuan in sales in just over a month after its launch, showing its future big potential Therapeutic vaccines have become the core of the company’s independent R&D, with Everest’s first personalized therapeutic mRNA tumor vaccine now in clinical trials

Drinda New Energy Powers Up IPO For Overseas Expansion

Key Takeaways: Drinda fell into the red in the first half of the year, hit by excess capacity in the sector The company wants to spend its IPO funds on ramping up overseas production and sale By Fai Pui

Jinko Sees Sunnier Skies In Germany With New Fundraising Plan

Key Takeaways: Shanghai-listed Jinko Solar Co. plans to raise more than $600 million through a GDR sale in Germany, using the funds to pay for expansions in China and the U.S. The company appears to be selling the global depositary receipts (GDRs) at a relatively large discount to their price in Shanghai By Doug Young

Oriental Rise Serves Up Steamy IPO For Tea Lovers

Key Takeaways: Oriental Rise’s shares posted strong gains in their Nasdaq trading debut, as the company raised a relatively modest $7 million The company will use IPO proceeds to help fund a major expansion that will boost its land area under cultivation by 50% By Doug Young Move over, bubble tea chains.

Tencent May Join Forces For Ubisoft Bid

Key Takeaways: Ubisoft’s share price fell to a 10-year low in September due to poor sales and the delayed release of “Assassin’s Creed Shadows” Guillemot and Tencent, holding 20.5% and 9.2% of Ubisoft voting rights respectively, would be acting in concert for a potential buyout By Ken Lo

Chery Raises Profile On Zooming Exports

Key Takeaways: Chery sold 1.75 million cars in the first three quarters of this year, up 40% year-on-year, fueled by strong exports The automaker’s monthly new energy vehicle sales nearly tripled year-on-year to a record of nearly 59,000 in September By Lee Shih Ta

China's 'Consumption Downgrade' Trips Up Anta

Key Takeaways: Anta said sales of its Fila branded products contracted in the third quarter as increasingly cautious Chinese consumers gravitated towards cheaper products Despite the Fila slowdown, analysts still expect the company’s revenue to grow 16% in the second half of the year, supported by sales of its other brands

Wookpecker International Takes Flight With New Hong Kong IPO Bid

Key Takeaways: Woodpecker International has reapplied to list in Hong Kong, reporting its profit fell 6.4% in the first half of the year to nearly 39 million yuan The home maintenance platform boasts an all-star crop of early investors, including well-known entrepreneurs Lei Jun and Yao Jinbo Lau Chi Hang

Lenovo Gains Market Share In Computing Race To Reap Profits From AI

Key Takeaways: Lenovo consolidated its place as the world’s leading PC maker in the third quarter, boosting its share of the market to 24% from 22.7% a year earlier, according to IDC