RMB

NIO Capital Completes the Second RMB Fund at Over 3 Billion Yuan

Retrieved on: 
Monday, February 5, 2024

SHANGHAI, Feb. 5, 2024 /PRNewswire/ -- NIO Capital has successfully completed its second Renminbi fund, raising over CNY 3 billion.

Key Points: 
  • SHANGHAI, Feb. 5, 2024 /PRNewswire/ -- NIO Capital has successfully completed its second Renminbi fund, raising over CNY 3 billion.
  • The Limited Partner (LP) investors participating in the fund comprise RMB guidance funds, national-level funds, family offices and listed companies.
  • Ian Zhu, Managing Partner at NIO Capital, said: "We are thrilled about the completion of RMB Fund II.
  • Established in 2016, NIO Capital has raised five funds, including three in US dollars and two in RMB, bringing the total Asset Under Management (AUM) to 15 billion RMB.

HIGHWAY HOLDINGS REPORTS FISCAL 2024 THIRD QUARTER AND NINE MONTH RESULTS; THIRD QUARTER SALES INCREASE 60% YEAR OVER YEAR

Retrieved on: 
Thursday, February 1, 2024

Net sales for the third quarter of fiscal year 2024 increased 60% to $4.1 million compared with $2.6 million in the year ago period.

Key Points: 
  • Net sales for the third quarter of fiscal year 2024 increased 60% to $4.1 million compared with $2.6 million in the year ago period.
  • Net sales for the first nine months of fiscal year 2024 were $6.8 million, compared with $8.5 million in the year ago period.
  • Revenue in the first nine months of fiscal year 2024 was significantly impacted by the COVID boom and post-COVID bust cycle on Highway Holdings' customers.
  • Synova serves as an all-encompassing OEM manufacturer, with a comparable technological proficiency and a parallel business approach with Highway Holdings.

The "2024 China-Russia (Shenyang) Economic and Trade Cooperation Fair" opened in Shenyang

Retrieved on: 
Thursday, February 1, 2024

SHENYANG, China, Feb. 1, 2024 /PRNewswire/ -- The "2024 China-Russia (Shenyang) Economic and Trade Cooperation Fair" opened in Shenyang on January 29. More than one hundred entrepreneurs from Russia and other countries in the Eurasian Economic Union, representatives of Chinese enterprises and industrial experts and scholars gathered in Shenyang. A total of 55 projects across various fields including channel construction, import and export trade, cold-chain warehousing, and financial services, were signed, with contracts valued at RMB 13.6 billion.

Key Points: 
  • The People's Government of Liaozhong District, Shenyang
    SHENYANG, China, Feb. 1, 2024 /PRNewswire/ -- The "2024 China-Russia (Shenyang) Economic and Trade Cooperation Fair" opened in Shenyang on January 29.
  • The event, hosted by the Shenyang Municipal People's Government, the Department of Commerce of Liaoning Province, and the Foreign Affairs Office of the People's Government of Liaoning Province, aims to accelerate Shenyang's northward opening-up, broadening and deepening China-Russia economic and trade cooperation and promoting the in-depth implementation of economic and trade cooperation between Shenyang and Russia.
  • During the event, the attending guests visited the China-Russia (Shenyang) Economic and Trade Cooperation Industrial Park, key enterprises in Tiexi District and Fangcheng, Shenyang.
  • Over the past few years, Shenyang has been actively putting effort into cooperation with Russia in areas such as trade and investment, focusing on building a hub of commodities, logistics and information for economic and trade cooperation with Russia.

Cheche Group Reports Third Quarter 2023 Unaudited Financial Results

Retrieved on: 
Wednesday, January 31, 2024

BEIJING, Jan. 31, 2024 /PRNewswire/ -- Cheche Group Inc. (NASDAQ: CCG) ("Cheche", "the Company" or "we"), China's leading auto insurance technology platform, today announced its unaudited financial results for the third quarter ended September 30, 2023.

Key Points: 
  • BEIJING, Jan. 31, 2024 /PRNewswire/ -- Cheche Group Inc. (NASDAQ: CCG) ("Cheche", "the Company" or "we"), China's leading auto insurance technology platform, today announced its unaudited financial results for the third quarter ended September 30, 2023.
  • For further information on the non-GAAP financial measures presented above, see the section "Use of Non-GAAP Financial Measures" below.
  • Cheche started to collaborate with NEV manufactures in 2022 and such collaboration yielded considerable results in 2023.
  • Cheche is updating its 2023 financial outlook based on improved visibility and financial results to date:
    Total written premiums placed for the full year of 2023 are expected to be between RMB21.0 billion and RMB22.0 billion, up from the previously announced RMB20.8 billion (US$3.0 billion).

Global Mofy Metaverse Reports Record 2023 Financial Year Results

Retrieved on: 
Wednesday, January 31, 2024

BEIJING, Jan. 31, 2024 /PRNewswire/ -- Global Mofy Metaverse Limited (the "Company" or "Global Mofy Metaverse") (NASDAQ: GMM), a technology solutions provider engaged in virtual content production and digital assets development for the metaverse industry, today reported its financial results for the fiscal year ended September 30, 2023.

Key Points: 
  • Operating expenses rose by $2.5 million, or 56.4%, from $4.4 million for the fiscal year 2022 to $6.9 million for the fiscal year 2023.
  • G&A expenses represent 11.3% and 6.1% of total revenues for the years ended September 30, 2023 and 2022, respectively.
  • The RMB 8 million funding round was led by the Anji County Government Industrial Guidance Fund, with Global Mofy Metaverse as a co-investor.
  • Date/Time 8.30 am US Eastern Time (5.30 am US Pacific Time/9.30 pm Beijing Time) on Tuesday, February 1, 2023.

Daqo New Energy's Subsidiary Xinjiang Daqo Provides Preliminary Estimate of Net Profit for FY2023

Retrieved on: 
Tuesday, January 30, 2024

Xinjiang Daqo estimates that under PRC GAAP, its net profit attributable to Xinjiang Daqo's shareholders in FY2023 would be in the range of RMB5.7~5.8 billion, representing a 69.7%~70.2% year-over-year decrease compared to net profit attributable to Xinjiang Daqo's shareholders of RMB19.12 billion in FY2022.

Key Points: 
  • Xinjiang Daqo estimates that under PRC GAAP, its net profit attributable to Xinjiang Daqo's shareholders in FY2023 would be in the range of RMB5.7~5.8 billion, representing a 69.7%~70.2% year-over-year decrease compared to net profit attributable to Xinjiang Daqo's shareholders of RMB19.12 billion in FY2022.
  • Daqo New Energy currently beneficially owns approximately 72.4% of Xinjiang Daqo's equity interest, and the majority of the Company's revenue and net income are contributed by Xinjiang Daqo.
  • The estimated net profit should not be viewed as a substitute for full financial statements of Xinjiang Daqo prepared in accordance with PRC GAAP.
  • In addition, the estimated net profit is not necessarily indicative of the results to be achieved by Xinjiang Daqo in any future period.

Hollysys Reiterates Strong Support for Ascendent Deal; Provides Update on Engagement with Dazheng

Retrieved on: 
Tuesday, January 30, 2024

BEIJING, Jan. 29, 2024 /PRNewswire/ -- The Special Committee of Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company") today reiterated its unanimous recommendation that shareholders vote FOR the acquisition of the Company by a buyer controlled by Ascendent Capital Partners ("Ascendent"), an international and experienced private investment firm headquartered in Hong Kong.

Key Points: 
  • The most recent discussions concluded with the determination by the Special Committee that the Dazheng proposal is not superior to the Ascendent acquisition.
  • We selected Ascendent after running a comprehensive and rigorous process, where the Dazheng Consortium declined initially to even sign an NDA.
  • A proxy statement supplement detailing the Special Committee's recent engagement with Dazheng will be furnished with the U.S. Securities and Exchange Commission in due course.
  • The Special Committee strongly disagrees with the recommendations of ISS and Glass Lewis regarding the transaction with Ascendent.

As A Breakthrough Drug For The Expansive Osteoporosis Market, Bogutai® (Teriparatide Injection) Has Been Officially Approved By The China National Medical Products Administration (NMPA)

Retrieved on: 
Tuesday, January 30, 2024

BOGUTAI® represents the Group's strategic response to the burgeoning osteoporosis market, both globally and in China.

Key Points: 
  • BOGUTAI® represents the Group's strategic response to the burgeoning osteoporosis market, both globally and in China.
  • Approximately 200 million individuals worldwide suffer from osteoporosis, with China accounting for a substantial portion of this figure.
  • The "Primary Osteoporosis Diagnosis and Treatment Guideline (2022)" reveals that nearly 90 million people in China have osteoporosis, with the number expected to rise due to an aging population.
  • The medical expenses for major osteoporosis fractures in China are projected to reach a staggering RMB 132 billion by 2035 and rise to RMB 163 billion by 2050.

GWM Drives High-End Product Exports, Achieving Annual Profit Growth

Retrieved on: 
Friday, January 26, 2024

Under the guidance of the ONE GWM strategy, GWM continues to promote several high-end products globally, creating a powerful overseas product lineup that appeals to a broader audience.

Key Points: 
  • Under the guidance of the ONE GWM strategy, GWM continues to promote several high-end products globally, creating a powerful overseas product lineup that appeals to a broader audience.
  • Currently, GWM has exported to more than 170 countries and regions, boasting over 700 overseas sales channels.
  • Through actively establishing a global industrial chain and realizing the ecosystem of "Research, Production, and Sales," GWM accomplished an annual revenue of RMB 173.41 billion and an annual net profit of RMB 7.01 billion in 2023, achieving double growth in both revenue and profit.
  • Looking ahead to 2024, GWM is committed to its long-termism strategy, practicing the ONE GWM Global Strategy.

ACM Research’s Operating Subsidiary ACM Research (Shanghai) Announces Proposed Private Offering of Ordinary Shares

Retrieved on: 
Thursday, January 25, 2024

FREMONT, Calif., Jan. 25, 2024 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, today announced that its operating subsidiary, ACM Research (Shanghai), Inc. (“ACM Shanghai”), intends to offer ordinary shares, subject to market conditions and other factors, in a private offering to qualified buyers, in compliance with the requirements of the China Securities Regulatory Commission (the “Private Offering”).

Key Points: 
  • FREMONT, Calif., Jan. 25, 2024 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, today announced that its operating subsidiary, ACM Research (Shanghai), Inc. (“ACM Shanghai”), intends to offer ordinary shares, subject to market conditions and other factors, in a private offering to qualified buyers, in compliance with the requirements of the China Securities Regulatory Commission (the “Private Offering”).
  • The gross proceeds of the proposed Private Offering of up to RMB 4.5B ($625 million) are intended to be used for research and development, capital expenditures and working capital.
  • The proposed Private Offering is for up to 43.6 million ordinary shares, or up to 10% of ACM Shanghai’s share capital prior to the Private Offering.
  • ACM estimates its equity interest in ACM Shanghai would decline to approximately 74.6% from its current equity interest of 82.1% if the full number of shares are sold in the proposed Private Offering.