Finance - FastNews - Bamboo Works - China stock insights for global investors https://thebambooworks.com/category/fast-news/finance-fastnews/ China stock insights for global investors Fri, 17 May 2024 06:49:27 +0000 en-GB hourly 1 https://wordpress.org/?v=6.1.1 https://thebambooworks.com/wp-content/uploads/2022/12/cropped-BBW_website_icon_20221228-32x32.png Finance - FastNews - Bamboo Works - China stock insights for global investors https://thebambooworks.com/category/fast-news/finance-fastnews/ 32 32 NEWS WRAP: FinVolution posts modest revenue gains as international growth slows https://thebambooworks.com/news-wrap-finvolution-posts-modest-revenue-gains-as-international-growth-slows/ Fri, 17 May 2024 06:41:26 +0000 https://thebambooworks.com/?p=32098 The online loan facilitator said its international loan transaction volume grew 41% in the first quarter, slowing from 85% in the previous quarter    By Doug Young Online loan facilitator FinVolution Group (FINV.US) on Wednesday reported that growth of its international business slowed in the first quarter, reflecting difficulties it will face in boosting that.....

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]]> FAST NEWS: BitFuFu posts strong user growth as mining capacity doubles https://thebambooworks.com/fast-news-bitfufu-posts-strong-user-growth-as-mining-capacity-doubles/ Mon, 15 Apr 2024 07:58:57 +0000 https://thebambooworks.com/?p=30934 BitFuFu completes SPAC merger, starts tradingThe Latest: Digital asset mining services provider BitFuFu Inc. (FUFU.US) said on Thursday its revenue rose 43.3% last year to $284.1 million, while its net income more than quadrupled to $10.5 million from $2.4 million in 2022. Looking Up: Revenue from the company’s cloud-mining solutions business rose 79% to $178 million, now accounting for 63%.....

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]]> FAST NEWS: SenseTime’s loss widens despite cost controls https://thebambooworks.com/fast-news-sensetimes-loss-widens-despite-cost-controls/ Wed, 27 Mar 2024 05:56:54 +0000 https://thebambooworks.com/?p=30344 SenseTime is distinguished from its rivals by its prowess in computer vision artificial intelligence (AI) and its provision of “AI-as-a-Service” to government and enterprise customers for applications like smart cities, surveillance and autonomous driving.The latest: Artificial intelligence (AI) company SenseTime Group Inc. (0020.HK) said its revenue fell 10.6% to 3.41 billion yuan ($472 million) last year, while its non-GAAP net loss rose 14.2% to 5.41 billion yuan, according to its latest results published on Tuesday. Looking up: The company’s selling, administrative and R&D expenses fell between 3% and 14% last year,.....

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]]> NEWS WRAP: FinVolution’s international adventure bears fruit https://thebambooworks.com/news-wrap-finvolutions-international-adventure-bears-fruit/ Wed, 20 Mar 2024 09:43:18 +0000 https://thebambooworks.com/?p=30074 The online lender’s international business grew far faster than its home market last year, accounting for nearly a fifth of its revenue  By Teri Yu  Shanghai-based fintech FinVolution Group (FINV.US) announced on Monday that its international operations grew far faster than its older, home-based loan facilitation business, providing a key new growth engine to counter a slowdown.....

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]]> FAST NEWS: Futu plummets on revenue miss https://thebambooworks.com/fast-new-futu-plummets-on-revenue-miss/ Fri, 15 Mar 2024 07:05:02 +0000 https://thebambooworks.com/?p=29772 Futu’s stock price plummeted after the fourth quarter revenue was worse than expectedThe Latest:  Online brokerage Futu Holdings Ltd. (FUTU.US) on Thursday reported its fourth-quarter net profit fell 8.4% year-on-year to HK$878 million ($112 million), though its full-year profit rose 46.2% to HK$4.28 billion. Looking Up:  The company’s paying customer base increased by 15% year-on-year to 1.71 million users in the latest quarter, and its total number of users also rose 10.5% to.....

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]]> NEWS WRAP: Fanhua details plan to go global, expand into high-tech healthcare https://thebambooworks.com/fanhua-details-plan-to-go-global-expand-into-high-tech-healthcare/ Thu, 22 Feb 2024 07:11:11 +0000 https://thebambooworks.com/?p=28632 Fanhua details plans for $500 million White Group investmentThe Chinese insurance broker said it will use $500 million from a Singaporean investor to move beyond its home market through two medical-related acquisitions    By Teri Yu Fanhua Inc. (FANH.US) will use up to $500 million in new investment from Singapore’s White Group on acquisitions to boost its telehealth and medical robot capabilities as.....

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]]> NEWS WRAP: Business incubator TOJOY to set up base in Hong Kong https://thebambooworks.com/news-wrap-business-incubator-tojoy-to-set-up-base-in-hong-kong/ Mon, 19 Feb 2024 06:00:46 +0000 https://thebambooworks.com/?p=28380 Tojoy to set up a base in Hong KongThe company hopes to attract investors with its big-data approach to nurturing innovative startups by matching them with larger, more mature companies.    By Teri Yu TOJOY Shared Holding Group, the Beijing-based operator of a Chinese business accelerator platform, will establish a base in Hong Kong, Bamboo Works has learned, as it seeks to distinguish.....

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]]> FAST NEWS: Waterdrop profit plunges on crowdfunding platform’s losses https://thebambooworks.com/fast-news-waterdrop-profit-plunges-on-crowdfunding-platforms-losses/ Mon, 11 Dec 2023 07:14:15 +0000 https://thebambooworks.com/?p=25619 Online insurer Waterdrop Inc. on Thursdayannounced its profit plunged 78.6% to 33.6 million yuan in the third quarter, though the result still represented its seventh consecutive quarterly profit.The latest: Online insurer Waterdrop Inc. (WDH.US) on Thursday announced its profit plunged 78.6% to 33.6 million yuan ($4.68 million) in the third quarter, though the result still represented its seventh consecutive quarterly profit. Looking up: At the end of September, the company offered 1,253 insurance products on its platform, up 133.8% year on year, leading to a.....

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]]> FAST NEWS: FWD Group delays Hong Kong IPO plan again https://thebambooworks.com/fast-news-fwd-group-delays-hong-kong-ipo-plan-again/ Fri, 15 Sep 2023 06:12:18 +0000 https://thebambooworks.com/?p=22524 The latest IPO prospectus from FWD Group Holdings Ltd. lapsed early this month, further delaying the regional insurer’s listing after its fourth application.The latest: The latest IPO prospectus from FWD Group Holdings Ltd. lapsed early this month, further delaying the regional insurer’s listing after its fourth application. The company decided to postpone its IPO and will no longer aim to list this year, according to a market source. Looking up: FWD most likely delayed its listing plan due.....

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]]> FAST NEWS: ZhongAn’s gross written premium growth slows https://thebambooworks.com/fast-news-zhongans-gross-written-premium-growth-slows/ Thu, 14 Sep 2023 06:26:17 +0000 https://thebambooworks.com/?p=22485 Online insurer ZhongAn Online P & C Insurance announced its aggregate gross written premiums in the first eight months of this year totaled about 20.7 billion yuan.The latest: Online insurer ZhongAn Online P & C Insurance Co. Ltd. (6060.HK) announced Wednesday its aggregate gross written premiums in the first eight months of this year totaled about 20.7 billion yuan ($2.85 billion), up 32.3% from 15.65 billion yuan in the same period last year. Looking up: ZhongAn’s rise was significantly ahead of its peers like.....

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]]> FAST NEWS: Waterdrop posts sixth consecutive quarterly profit https://thebambooworks.com/fast-news-waterdrop-posts-sixth-consecutive-quarterly-profit/ Fri, 08 Sep 2023 06:21:41 +0000 https://thebambooworks.com/?p=22174 Waterdrop's revenue risesThe latest: Online insurer Waterdrop Inc. (WDH.US) on Thursday reported a 21.7 million yuan ($2.95 million) net profit in the second quarter, its sixth consecutive quarterly profit. Looking up: The company’s insurance marketplace generated first-year premiums of 2.2 billion yuan in the second quarter, up 29.8% from the previous quarter. Take Note: The company’s second-quarter revenue rose.....

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]]> FAST NEWS: Linklogis falls into the red as customers struggle https://thebambooworks.com/fast-news-linklogis-falls-into-the-red-as-customers-struggle/ Mon, 21 Aug 2023 04:22:30 +0000 https://thebambooworks.com/?p=21494 Supply chain financing solutions provider Linklogis announced last Friday it expects to record a net loss between 165 million yuan and 175 million yuan in the first half of this year.The latest: Supply chain financing solutions provider Linklogis Inc. (9959.HK) announced last Friday it expects to record a net loss between 165 million yuan ($22.7 million) and 175 million yuan in the first half of this year, reversing a 43 million yuan profit in the same period of 2022. Looking up: Despite suffering by some of its.....

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