Leading brokerage Citic Securities Co. Ltd. (6030.HK; 600030.SH) has set the stage for a leadership transition that will see the retirement of veteran Chairman Zhang Youjun, financial media Caixin reported on Wednesday.

Zou Yingguang, who currently serves as Citic Securities’ president and deputy party secretary, was named as its Communist Party secretary in an internal document on Tuesday, according to Caixin, citing knowledgeable sources. The party secretary typically also acts as a company’s chairman at most major state-owned enterprises, meaning Zou is likely to soon be named as Citic Securities’ new chairman as well.

Zhang, 61, joined the brokerage at its inception in 1995, and took over as party secretary and chairman in early 2016. Zou, 55, is a former surgeon who later transitioned into finance. He joined Citic Securities in 2017, and briefly left in 2023 before returning in 2024.

Citic Securities Hong Kong-listed stock fell 3.5% on Thursday to close at HK$24.44, while its Shanghai-listed shares fell 1.9% to close at 26.29 yuan. Both stocks are down around 10% this year.

By Doug Young

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Online loan facilitator Qfin Holdings Inc. (QFIN.US; 3660.HK) said on Sunday that Wu Haisheng will resign as the company’s CEO to focus on developing its international business. In his place, the company named chief risk officer Zheng Yan as its new CEO.

Zheng has been a vice president of Qfin since 2017, and became its chief risk officer in 2020. His positions before that included work in the risk management department of China Merchants Bank.

Wu’s focus on development of the international business comes as private fintech lenders and loan facilitators like Qfin face an increasingly difficult environment in their home China market. In addition to tightening regulation, all the companies are facing difficulty maintaining their loan quality in a slowing Chinese economy.

As that happens, Qfin’s loan facilitation and origination volume sank 25% year-on-year to 63.4 billion yuan ($9.46 billion) in the second quarter, as its total outstanding loan balance sank 23% to 108 billion yuan.   

Qfin’s stock was unchanged in Monday pre-market trading in New York after it announced the CEO change. The stock is down nearly 60% this year, and currently trades near an all-time low.

By Doug Young

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Digital invoice and tax services provider Baiwang Co. Ltd. (6657.HK) said on Monday it has agreed to form a joint venture engaged in enterprise credit technology and services with three other partners.

The venture will have registered capital of 15 million yuan ($2.23 million), with Baiwang contributing 3 million yuan for a 20% stake. Qichacha Technology will provide 7.65 million yuan for 51% of the venture, while Yancheng Hongqiao and Suzhou Baisheng will hold 13.3% and 15.7%, respectively.

The venture, to be based in Shanghai or Suzhou, will initially engage in a wide range of data-and AI-related services, including data processing and storage, as well as AI application software development.

Baiwang’s revenue fell 14.4% year-on-year to 348 million yuan in the first half of this year. It reported a net loss of 43.8 million yuan for the six-month period, reversing a profit of 3.6 million yuan in the year-ago period.

Baiwang’s stock opened flat on Tuesday after the announcement, but then moved higher during the morning to close up 7.6% at HK$12.54 by the midday break. The stock is down 37.3% this year.

By Doug Young

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Insurance services provider Waterdrop Inc. (WDH.US) on Tuesday reported its revenue jumped 72.8% year-on-year to 1.45 billion yuan ($216 million) in the second quarter, driven by improvements in its risk assessment service capabilities and increased first-year premiums.

Revenue from the company’s core insurance services rose 80.5% year-on-year to 1.33 billion yuan from 739 million yuan. Within that total, revenue from technical services tripled to 488 million yuan from 161 million yuan a year earlier. The company’s smaller healthcare services, mostly fees from crowdfunding, fell 5.7% year-on-year to 63.6 million yuan.

But Waterdrop’s sales and marketing expenses more than tripled to 638 million in the latest quarter, equal to 44% of its revenue,  from 199 million yuan a year ago, when the figure was equal to 24% of revenue. As a result, the company’s net profit fell 10% to 126 million yuan from 140 million yuan a year earlier.

Waterdrop shares rose 4.9% to close at $1.07 on Tuesday after the results were announced. The stock is down about 41% over the last 52 weeks.

By Doug Young

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Internet insurance technology services provider Baige Online Digital Technology Co. Ltd. (2672.HK) announced on Sunday that revenue from its Model-as-a-Service (MaaS) business reached about 47.4 million yuan ($7.06 million) in the first eight months of this year, up 579.8% from just 7 million yuan a year earlier, as commercialization of the service accelerated.

The company says its MaaS platform is built on a self-developed AI risk control and decision-making large model. It packages capabilities including risk identification, precise pricing, intelligent underwriting and claims risk control into standardized services, charging enterprise customers based on usage. The services are designed to help customers achieve digital transformation, reduce costs and improve efficiency.

Customer coverage continued to expand during the period, while delivery capabilities of its model services improved. Its service invocation volume exceeded 7.5 million during the eight-month period.

Baige Online said the rapid growth in revenue and invocation volume reflected stronger usage of its model services among enterprise customers. It added that the business had moved from the pilot validation phase into large-scale commercialization.

Baige Online’s shares opened higher on Monday before reversing course and falling more than 35% at one point in morning trade. The stock closed at HK$37.3 by the midday break, down 34.45%, but still more than double its June IPO price.

By Lee Shih Ta

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Conglomerate Swire Pacific Ltd. (0019.HK) on Wednesday announced a placement of nearly 363 million shares of Cathay Pacific Airways (0293.HK) — representing 5.96% of the airline's issued shares — to raise HK$4.79 billion ($613 million). It said it will use the proceeds to repurchase bonds with a principal amount of HK$4.69 billion.

Originally slated to mature in 2027, the bonds will be repurchased at a price set at 109.08% of their principal amount, translating to a total redemption cost of HK$5.12 billion.

Swire set the placement price at HK$13.20 per share, representing a 7.7% discount to Cathay's Tuesday closing price of HK$14.30 and a 9.5% markdown from the five-day moving average of HK$14.58. Following the placement, Swire's equity stake in Cathay Pacific dropped to 39.15%.

The share placement is expected to yield HK$1.12 billion in gains for Swire, while the overall maneuver — pairing the placement with the bond buyback — is expected to generate a net profit of roughly HK$704 million for the conglomerate. Swire further pledged a 180-day lock-up period for its remaining holdings in the airline.

Cathay's stock retreated 1.14% on Wednesday to end the session at HK$13.88, while Swire closed flat at HK$105.90. Cathay Pacific edged up 0.14% when the market opened on Thursday, while Swire remained flat.

By Lau Chi Hang

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Shoucheng Holdings Ltd. (0697.HK) is getting its first public-market yardstick for an early physical AI bet, as Unitree Technology (688836.SH) makes its Shanghai STAR Market debut, giving investors a public-market benchmark for one of China’s most closely watched humanoid robot makers.

Funds affiliated with Shoucheng held about 3.83% of Unitree pre-IPO, giving the stake an implied value of roughly 2.3 billion yuan ($320 million), according to Unitree’s prospectus.

That valuation puts Shoucheng-linked capital among Unitree’s largest disclosed outside holders, alongside Meituan (3690.HK), whose affiliated entities held a combined 9.65% pre-IPO. Unitree priced its STAR Market offering at 150.80 yuan a share, implying a P/E ratio of 219 times, compared with the sector average of 38.56 times cited in the prospectus.

Shoucheng runs a dual-driver model combining infrastructure operations — including over 100 parking facilities and 1 million square meters of industrial park space — with industrial and equity investment. The company has expanded its physical AI investments since 2024, alongside its REITs and fund-management businesses.

Shoucheng had put over 2 billion yuan into 20-plus robotics and physical AI companies by the end of 2025, including Unitree Robotics, Galbot, Galaxea AI, Matrix Innovation, X Square, Noetix Robotics, and DEEP Robotics. Its investments span robot makers, embodied-intelligence companies and other key technologies. Shoucheng’s approach focuses on selecting companies based on their technology, teams, products and commercialization potential.

It has separately raised a 3.5-billion-yuan Beijing Frontier Technology Fund as fresh capital to expand its investment in physical AI, robotics and advanced manufacturing.

Analysts say Unitree’s listing reflects how China’s physical AI investment is entering a “value-realization phase,” with public-market benchmarks for early stage investments. For Shoucheng, Unitree’s IPO is a reference point, as parts of its physical AI portfolio begin to move from private-market valuations toward public-market price discovery.

Teri Yu

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The event reflected Beijing's ongoing effort to restore private business confidence and project an ‘open for business’ image to the world

By Da Cheung

Amid global economic uncertainties and shifting geopolitical landscapes, China is doubling down on strategic pivots toward high-tech manufacturing, green technology and AI. The ongoing shift — framed domestically as developing "new quality productive forces" — took center stage at the 15th China Finance Summit held in Shanghai on July 30 and 31. Themed "Global Vision, Chinese Resilience," the event drew over 1,000 attendees and 180 speakers, highlighting Beijing's ongoing effort to restore private business confidence and project an "open for business" image to the world.

Underscoring the strategic importance of such initiatives, the summit featured prominent figures from government and academia. Key attendees included Zhou Hanmin, a member of the Standing Committee of the Chinese People's Political Consultative Conference (CPPCC), and Tu Guangshao, former executive vice mayor of Shanghai. They were joined by leading scholars from institutions such as the Hong Kong University of Science and Technology (Guangzhou) and Shanghai Jiao Tong University, bridging the gap between policy directives, academic research, and corporate execution.

AI integration emerged as a main focus at the event, moving beyond theoretical tech discussions to practical applications across traditional sectors. The event highlighted innovations ranging from AI agents to brain-computer interfaces and smart consumer hardware.

Awards recognized these practical applications. Lenovo (0992.HK) received a product award for its AI mini PC, while other domestic firms were recognized for integrating AI into everyday consumer goods, such as smart tea-brewing machines. Enterprise software also saw significant recognition, with companies like Shanghai Wicresoft winning the 2026 Digital Intelligence Innovation Pioneer Award.

According to summit organizers, private sector entrepreneurs are the primary drivers of this digital transformation. This spotlight on business leaders aligns with broader state efforts to revitalize private sector growth, which Beijing views as essential for long-term economic resilience.

As Chinese enterprises face increasingly complex international regulatory environments and trade barriers, corporate globalization and legal compliance have become urgent priorities. Panel discussions at the summit emphasized the "compliance foundation" needed for overseas investment and expansion, reflecting a growing anxiety among businesses trying to navigate broader geopolitical decoupling.

To stabilize foreign investment and signal market openness, the summit prominently featured and awarded multinational brands alongside domestic heavyweights. Global names such as DHL (DHL.DE), Domino's Pizza (DPZ.US), and Lotte Group (004990.KS) were recognized for their industry influence and globalization efforts, sharing the stage with Chinese manufacturing giants like Sany Group (6031.HK) and French chemical manufacturer Arkema (AKE.PA).

The summit also highlighted innovation in the traditional food and beverage sectors, honoring Master Kong (0322.HK) with both individual leadership and product awards for its beverage lines. By showcasing this diverse mix of domestic innovators and committed foreign enterprises, the summit aimed to reinforce China's narrative of maintaining economic vitality through technological advancement and international cooperation.

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Brokerage Central China Securities Co. Ltd. (1375.HK) said on Tuesday it expects to report a profit of 380 million yuan ($56 million) to 430 million yuan for the first half of 2026, up 46% to 65.2% from the same period last year.

Excluding non-recurring gains and losses, the company said its profit totaled between 360 million yuan and 410 million yuan, up 42.2% to 62% year-over-year.

Central China Securities noted that capital markets showed steady improvement in the first half of 2026. During the period, revenue from its wealth management and investment businesses grew year-over-year. This, coupled with the company's integration strategy and digital transformation, drove steady growth for its business.

Shares of Central China Securities opened flat at HK$1.67 on Wednesday. The stock is down 47% from its 52-week high.

By Lau Chi Hang

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Financial services provider GoFintech Quantum Innovation Ltd. (0290.HK) on Tuesday reported its revenue rose about 103% to HK$1.75 billion ($224 million) in its fiscal year through March from HK$863 million the previous year. Fair value gains on investments at fair value through profit or loss rose to HK$422 million from HK$50 million.

But the company recorded a net loss of HK$2.13 billion for the year, sharply wider than its loss of HK$2.53 million a year earlier. It attributed the big increase mainly to one-off items, including an impairment loss of about HK$2.46 billion related to its acquisition of CSOP Asset Management Ltd., as well as a deemed disposal loss of about HK$219 million after its stake in Wealthink AI-Innovation Capital Ltd. was diluted by a new share issue.

Excluding the impact of those items, its adjusted profit would have been about HK$548 million in the latest fiscal year, reversing a loss of HK$2.53 million a year earlier. Its adjusted EBITDA rose to HK$598 million from HK$49.59 million over that period. By business segment, trading and supply chain operations remained the largest revenue contributor at HK$1.57 billion, while revenue from securities brokerage and margin financing increased to about HK$117 million.

GoFintech’s shares climbed to a 52-week high of HK$10.14 in May before quickly retreating after that. The stock closed at HK$2.06 on June 30, nearly 80% below that peak.

By Lee Shih Ta

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Online lender Yiren Digital Ltd. said on Monday that following changes to the shareholding structure of its parent, the percentage of the company indirectly held by its Chairman Tang Ning rose to 82% from a previous 35.6%.

Yiren Digital is 82% owned by parent CreditEase. Under the restructuring, effective June 5, Tang Ning’s stake in CreditEase rose from a previous 43.4% to 100%, according to Yiren Digital’s announcement.

The changes come as CreditEase is mired in controversy related to 30 billion yuan ($4.43 billion) in wealth management products issued by one of its subsidiaries. CreditEase abruptly suspended both principal and interest distributions for the products late last month under orders from Chinese regulators, according to media reports at that time. No specific reason was given for the regulatory action.

Yiren Digital issued a statement saying CreditEase’s trouble was unrelated to its own day-to-day operations, but its stock still fell 25% over four trading days after the original media reports. The stock rose 4.2% in Monday after-hours trading in New York after the latest announcement, which was released after market close. But even at that level, the stock is still down about 40% from its levels in mid-May.

By Doug Young

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Moomoo Financial Inc., the English-language subsidiary of online stock brokerage Futu Holdings Ltd. (FUTU.US) said on Thursday it has formed a partnership that will give its users access to Kalshi, the world’s largest prediction market operator.

Under the deal, Moomoo users will be able to trade on the outcomes of major economic, political, and cultural events through an exchange regulated by the U.S. Commodities Futures Trading Commission (CTFC). “The launch further strengthens Moomoo's evolving product ecosystem and reflects the company's broader vision of delivering modern, market access across emerging financial products and asset classes,” Moomoo said.

The announcement comes just two weeks after Moomoo parent Futu was fined by China’s securities regulator for offering stock-trading services to Mainland China-based users without a necessary brokerage license. Following the announcement, Futu must wind down its remaining China-based business, which accounted for about 13% of its funded accounts at the end of March this year. 

Futu shares fell 0.5% to close at $95.78 on Thursday. The stock has lost about 23% of its value since it announced the Chinese securities regulator’s decision on May 21.

By Doug Young

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Online lending platform FinVolution Group (FINV.US) reported on Monday that its first-quarter revenue fell 20% year-over-year to 2.22 billion yuan ($327 million). But it continued to post strong growth overseas, with revenue for that part of its business rising 34.5% year-over-year to 949 million yuan. Its base of overseas borrowers rose to 4.5 million, while transaction volume increased 36.7%.

During the quarter, the company’s net profit fell 44.4% year-over-year to 415 million yuan. It blamed the decline mainly on adjustments to the scale of its China business, as well as continued investment in overseas expansion and risk-control infrastructure.

FinVolution’s transaction volume for the quarter totaled 38.5 billion yuan, down 21.6% from a year earlier, while its outstanding loan balance fell 9.8% to 65.1 billion yuan. The company’s cumulative registered users totaled 190 million at the end of March, while its cumulative borrowers totaled 29.6 million.

In terms of asset quality, FinVolution’s loans overdue by more than 90 days in Mainland China as a ratio of its overall portfolio stood at 3.11% at the end of March. The company maintained its full-year 2026 revenue guidance of between 11.5 billion yuan and 12.9 billion yuan.

FinVolution shares jumped 10.24% on the first trading day after the earnings release to close at $4.95 on Tuesday. Even after the jump, the stock remains down about 6% year-to-date.

By Lee Shih Ta

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Investment holding company Global Chinese Business Club (1757.HK) said on Tuesday it expects to report a major profit increase for its latest fiscal year through March, due in part to a low base in the previous year and also improving margins.

The company said it earned a profit of between HK$8 million ($1.02 million) and HK$12 million in the 12 months through March, compared with HK$1.1 million in the previous fiscal year. It attributed the growth partly to a HK$432 million increase in construction revenue, which had a higher profit margin, in the latest fiscal year.

Global Chinese Business Club’s stock was down 0.8% in Wednesday afternoon trading in Hong Kong. The stock is has risen nearly sixfold since the start of the year.

By Doug Young

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Capital Securities Corp. Ltd. (601136.SH) refiled a new IPO application with the Hong Kong Stock Exchange on Friday, the same day the brokerage received official approval from China’s securities regulator for its Hong Kong listing plan.

The company aims to issue about 1.05 billion shares in the Hong Kong listing, according to the Friday announcement on the China Securities Regulatory Commission’s (CSRC) website formally registering the plan. Such registration, equivalent to a formal approval, is a key regulatory hurdle all Chinese companies must clear before listing in Hong Kong.

The company is already listed in Shanghai, and aims to become China’s 14th dual-listed brokerage with its planned Hong Kong IPO. It initially filed for the listing last October, but that application lapsed after it failed to complete the IPO within six months.

The company reported 3.64 billion yuan ($534 million) in revenue last year, up 1.4% from 3.59 billion yuan in 2024. Its revenue from fees and commissions fell 23% year-on-year last year to 1.42 billion yuan, accounting for about 39% of its total. Its interest income also fell 9.3% to 553 million yuan over that period. Those declines were offset by revenue from its investments and other gains, which rose 46% to 1.67 billion yuan, accounting for 46% of total revenue.

The company’s profit last year rose 7.2% to 1.06 billion yuan from 985 million yuan in 2024.

By Doug Young

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Fosun International Ltd. (0656.HK) is considering a sale of its 20.45% stake in Banco Comercial Portugues, Portugal’s largest listed bank, as it sells down non-core assets to improve its financial health, according to media reports.

Fosun is weighing different options for its stake in the bank, which it no longer considers a strategic asset, according to the reports, citing local media Expresso. Fosun purchased nearly 30% of the bank in 2016 at the height of its buying spree of both domestic and global assets. It has been selling down the stake recently.

Fosun suffered from a liquidity crisis in 2022 and 2023 as it struggled under huge debt load it took on following its acquisition binge in the 2010s. Since then it has sold off assets it considers non-core to improve its liquidity. But the company still faces pressure from its large exposure to China’s ailing property market, which led the company to report a massive 23.4 billion yuan ($3.4 billion) loss last year.

Fosun International’s shares are down about 2.2% over the two trading days since the Expresso report’s publication. The stock is down about 7% this year.

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Insurance intermediary services provider Shouhui Group Ltd. (2621.HK) said on Wednesday it expects to report a profit of between 780 million yuan ($114 million) and 800 million yuan for 2025, reversing a loss the previous year. It attributed the reversal to gains from changes in the book value of financial instruments, which totaled 964 million yuan last year, compared with a loss for such instruments in 2024.

The company said it expects to report an adjusted net profit for 2025 between 186 million yuan and 206 million yuan, down by 36 million yuan to 56 million yuan from 2024. It attributed the drop to heightened macroeconomic uncertainty, cooling financial consumption demand, industry-wide reductions in insurance brokerage fees, and intensified competition.

It said its revenue last year was between 1.46 billion yuan and 1.48 billion yuan, up by 68 million yuan to 88 million yuan year-on-year. But those gains were offset by increased costs and expenses of 104 million yuan to 124 million yuan, weighing on the company’s profitability.

Shares of Shouhui opened up 4.7% at HK$3.10 on Thursday. The stock is down over 60% since its listing a year ago.

By Lau Chi Hang

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The Hang Seng Indexes Co. added Contemporary Amperex Technology (CATL)(3750.HK), CMOC Group (3993.HK) and Laopu Gold (6181.HK) to its benchmark Hang Seng Index, according to its quarterly review whose results were announced on Friday. Concurrently, Zhongsheng Group (0881.HK) was removed from the index. All changes take effect March 9.

Separately, KE Holdings (2423.HK) and Horizon Robotics (9660.HK) were added to the Hang Seng China Enterprises Index, while China Resources Beer (0291.HK) and China Mengniu Dairy (2319.HK) were removed.

Shares of CATL opened 1.3% higher at HK$524, CMOC rose 1.4% at the opening to HK$22.02, and Laopu Gold opened up 0.2% at HK$740. Zhongsheng opened down 1.6% at HK$12.

By Lau Chi Hang

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Asset manager Value Partners Group Ltd. (0806.HK) said on Wednesday its profit rose sharply last year, as rallying stock markets provided a strong boost to the value of its assets under management, resulting in higher performance fee income.

The company said it expects to report a profit of about HK$660 million ($84.4 million) for 2025, up from just HK$31 million the previous year. It said the big increase was partly due to a big rise in the value of its assets under management, which increased to $6.2 billion by the end of 2025 from $5.1 billion a year earlier. Strong performance for the funds it managed also boosted its performance fee income to HK$370 million last year from just HK$12 million in 2024.

The company said it also benefited from about HK$460 million in net fair value gains for its investments last year, up from HK$132 million in similar gains in 2024.

Value Partners stock opened higher on Thursday and was up 6.3% at HK$2.54 in afternoon trading. The stock is up about 55% over the last 52 weeks.

By Doug Young

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Bitcoin miner and mining machine maker Canaan Inc. (CAN.US) reported on Tuesday its revenue more than doubled in last year’s fourth quarter, as it continued to lose money due to rising costs.

The company reported revenue of $196.3 million for the final three months of last year, up from $88.8 million in the year-earlier period. Revenue from its mining machine business rose 124% year-on-year to $164.9 million, while its mining business revenue fell slightly to $30.4 million. The company reported a fourth-quarter net loss of $85 million, an improvement over its $92.9 million loss a year earlier.

Canaan’s stock fell 6.9% on Tuesday in New York after the results were announced. The stock is down 70% over the last 52 weeks.

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All six stocks closed up on their first trading day, as the group collectively raised $810 million

By Doug Young

Six companies made their trading debut on the Hong Kong Stock Exchange on Tuesday, marking the most new listings on single day in more than five years, as the group collectively raised HK$6.3 billion ($810 million). Shares of all six companies rose on their first trading day, though two just barely managed to eke out gains from their IPO prices.

The biggest winner on the day was 51World (6651.HK), developer of a digital twin Earth, whose shares closed at HK$39.62, up 30% from their listing price of HK$30.50, as the company raised HK$650 million. The other big winner was InSilico Medicine (3696.HK), operator of an AI-based drug development platform, whose shares rose 25% after the company raised HK$2 billion.

The six listings marked a single-day high in one of Hong Kong’s hottest IPO markets in years, as companies rush to complete their trading debuts by the end of 2025. Some 25 companies listed in December alone, making Hong Kong the world’s biggest IPO market this year in terms of funds raised. The market is expected to raise about HK$300 billion this year, supported by eight new listings that raised over HK$10 billion each, according to Deloitte.

Other companies making their trading debuts on Tuesday included: Skincare products maker Forest Cabin (2657.HK), whose shares rose 9.3% on their first day as the company raised HK$1 billion; USAS Building (2671.HK), whose stock rose 7.6% after it raised HK$140 million; Xunce Technology (3317.HK), whose shares rose 1% after it raised HK$1 billion; and OneRobotics (6600.HK), whose stock rose 0.07% after it raised HK$1.5 billion.

The Hong Kong IPO market lay largely dormant during the latter part of the pandemic and in the first two years afterwards, amid uncertainties about a post-pandemic recovery and China’s slowing economy. Before this week, the last time more than six companies debuted on a single day came in July 2020, when seven stocks began trading.

The market began to pick up toward the end of 2024, as investors became encouraged by growing signals that Beijing would step in with stimulus measures to try and boost the slumping economy. Adding to the momentum, many IPO candidates that previously might have listed on Wall Street have shifted their sights to Hong Kong in response to an increasingly hostile environment towards Chinese companies in the U.S.

The momentum is expected to continue into the first part of 2026. At least four more companies are preparing to make IPOs after passing their Hong Kong listings hearings, including Biren Technology (6082.HK), whose trading debut is set for Jan. 2.

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Enduring Wealth Capital Ltd. will buy $10.5 million worth of newly issued Class B Cango shares that will boost its voting stake in the bitcoin miner to 49.61%

By Doug Young

Cango Inc. (CANG.US) said on Monday its largest shareholder will buy additional stock to boost its voting rights in the company to nearly 50%, in the latest step of its ongoing transformation from car trader to bitcoin miner and aspiring high-performance computing (HPC) center operator.

The latest strategic step in Cango’s changing shareholder structure will see Singapore-based Enduring Wealth Capital Ltd. (EWCL) purchase 7 million newly issued Class B Cango shares for $10.5 million, according to the company’s announcement. That implies a price of $1.50 per share, representing an 8% premium to Cango’s Friday closing price of $1.39 before the announcement. Cango shares fell slightly on Monday after the announcement to close at $1.36.

Each Class B share carries super voting rights equal to 20 times the rights for each Class A share. Following the investment, EWCL’s Cango holdings will increase from 2.81% of the company’s shares to 4.69%. But because its shares have Class B super voting rights, EWCL’s voting rights will rise from 36.68% to 49.61%, giving it near-majority control of the company.

Cango said the deal is expected to close next month.

The shift is the latest for Cango in just over a year since it first announced its intent to move from its former business operating a China-focused car-trading platform to the newer business of bitcoin trading. Since then, the company has also announced its intent to purchase cryptocurrency mining facilities, which share many traits with an emerging new generation of data centers used to run AI-related applications.

Both functions require very large amounts of energy, often provided through on-site power generation using solar panels, to provide electricity for powerful computers needed for mining and AI applications. Cango has said it hopes to gradually diversify away from its current heavy reliance on bitcoin mining to the more stable business of operating such data centers, increasingly known as high performance computing centers.

Its current heavy bitcoin reliance has led to volatility in the company’s metrics, including rising costs for each bitcoin it mines as more miners pile into the sector, and declining values for each bitcoin it holds due to the cryptocurrency’s recent declines.

Cango has also gradually replaced its executive and shareholding teams to move away from its earlier focus on the company’s China-based car business and include newer managers and backers with experience in the financial sector. A key new player in that regard is EWCL, a company tied to Singaporean firm Antalpha Ventures. 

Another major stakeholder is Golden TechGen Ltd., which controlled 12.23% of Cango’s voting rights after an earlier structural change announced in June. Cango co-founders Zhang Xiaojun and Lin Jiayuan continue to be major stakeholders in the company as well, though their voting rights dropped to about 12% after the June change, and will fall even more following the latest purchase by EWCL.

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Property developer China Jinmao Holdings Group Ltd.  (0817.HK) said  on Tuesday it disposed of its Ritz-Carlton Sanya Yalong Bay on South China’s Hainan Island through an asset securitization deal valuing the resort at 2.26 billion yuan ($323 million).

The Ritz-Carlton Sanya Yalong Bay is a five-star hotel that opened in 2008 with 446 guest rooms. It reported a profit of 58 million yuan last year, down 34% year-on-year. Its profit stood at 34.62 million yuan in the first half of this year.

Under the deal, Citic Securities issued 2.27 billion yuan worth of asset-backed securities tied to the property. Shanghai Jinmao, a wholly owned subsidiary of China Jinmao, has subscribed for 4% of those, with the remainder going to other professional institutional investors. China Jinmao said the asset securitization will maximize the property’s valuation and liquidity of its hotel assets.

Shares of China Jinmao opened down 0.8% at HK$1.21 on Tuesday. The stock is down 26% from its 52-week high.

By Lau Chi Hang

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Shares of Nanhua Futures Co. Ltd. (2691.HK; 603093.SH) fell 24% on their first trading day in Hong Kong on Monday, as the company raised HK$1.2 billion ($154 million) by selling about 108 million shares for HK$12 each. The listing only drew mild investor interest, with the portion for local investors only 0.9 times oversubscribed and the international portion just 0.99 subscribed.

Nanhua is among a growing group of companies already listed on China’s domestic markets that are now making second listings in Hong Kong. Its Hong Kong listing comes as it steps up an overseas expansion to meet demand from Chinese businesses going global. Its revenue from overseas financial services accounted for more than 11% of its total last year, up more than 2 percentage points from 2023 and 8 percentage points from 2022.

Nanhua’s first-day performance mirrored similarly weak trading debuts for three other Chinese companies on Monday. Shares of drugmaker B&K Corp. (2396.HK) fell 29% on the day, cultural tourism company Impression Dahongpao (2695.HK) fell 35% and hospital operator BenQ BM (2581.HK) fell nearly 50%.

By Doug Young

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Digital asset platform HashKey Holdings Ltd. (3887.HK) launched  its Hong Kong IPO on Tuesday, aiming to sell 240 million shares for HK$5.95 to HK$6.95 apiece to raise about HK$1.67 billion ($214 million). Shares will be sold in lots of 400, requiring investors to pay HK$2,808 per lot. Trading of the stock is set to begin Dec 17.

The company operates a licensed digital asset platform offering transaction facilitation services, on-chain services and asset management services. The platform can also issue and circulate tokenized real world assets (RWA).

HashKey reported its revenue rose 247% year-on-year to HK$720 million last year, as its loss doubled to HK$1.19 billion. Its revenue declined by 26% year-on-year in the first half of this year to HK$284 million, while its loss narrowed by 35% to HK$506 million.

By Lau Chi Hang

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Shares of insurer PICC Property and Casualty Co. Ltd. (2328.HK) fell on Wednesday, after media reported its vice president Yu Ze was missing, and was like being investigated for corruption. The stock fell as much as 4.3% during the morning, and later rebounded slightly to trade at HK$17.09 in the afternoon, down 3.7%.

PICC issued a statement saying it had noted reports “regarding information about a member of the company’s senior management and is currently verifying the authenticity.” It did not specify an individual by name.

Numerous Chinese media reported on Tuesday that Yu was last seen attending a company meeting on Nov. 28. The reports added that Yu took over as head of PICC’s property unit in March 2021. His detention would mark the latest among a growing number of high-level executives from China’s financial industry suspected of corruption.

By Doug Young

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Wealth management firm Noah Holdings Private Wealth and Asset Management Ltd. (NOAH.US; 6686.HK) announced on Tuesday its revenue fell 7.4% year-on-year to 632.9 million yuan ($88.9 million) in the third quarter, while its operating income declined 28.6% to 171.9 million yuan. But its net profit jumped 62.6% year-on-year to 218.5 million yuan.

The company had 466,153 registered clients at the end of September, up 1.3% year-on-year, while its active transacting clients rose 35.5% to 10,650. It distributed 17 billion yuan in products during the quarter, up 19.1%, including 8.6 billion yuan from overseas products, up 11.2%. Its assets under management remained stable at 143.5 billion yuan.

The company noted its quarterly revenue decline owed mainly to lower one-time commissions and sluggish insurance product distribution. It said its net profit increase was primarily driven by fair value gains on investments in associate companies.

Noah said it obtained a U.S. broker-dealer license during the quarter and began integrating AI across its business processes to enhance client acquisition and operational efficiency. It added that its solid balance sheet continues to provide a strong foundation for future investments.

Noah’s stock was little changed on Wednesday morning in Hong Kong and closed at HK$ by the midday break. The stock is up about 18% over the past six months.

By Lee Shih Ta

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Online lender LexinFintech Holdings Ltd. (LX.US) said on Monday its revenue fell 6.7% year-on-year in the third quarter to 3.42 billion yuan ($481 million), as its core credit facilitation services that account for about three-quarters of its revenue dropped 11.9%.

Despite the revenue decline, the company reported its profit for the quarter rose 68.4% year-on-year to 521 million yuan.

“In the third quarter, we efficiently completed our business adjustments and have smoothly transitioned our operations to comply with the new regulatory requirements,” said Chairman Xiao Wenjie. “Effective Oct. 1, 2025, all new loans originated have been priced at or below an annual interest rate of 24%.”

LexinFintech’s shares rose 8.2% on Monday after the results were announced to close at $3.78. The stock has lost more than half of its value from a peak in late March, and is down 35% for the year.

By Doug Young

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Online lender Lufax Holding Ltd. (LU.US; 6623.HK) on Friday announced appointments of two new top executives, as it works to resume trading of its Hong Kong-listed shares following the resignation last year of its auditor due to a disagreement.

The company, backed by insurance giant Ping An, said Ji Xiang has been named as its new co-CEO, while Wu Tao has been named as its chief marketing officer. Ji previously worked at McKinsey & Consulting Co. for a decade, while Wu was previously CEO for Autohome, a leading provider of auto trading services.

The new appointments come just a week after Lufax also named a new chief risk officer.

Lufax’s Hong Kong-listed shares were suspended from trading in January following a dispute with its auditor at that time. The company said in July it has hired a new auditor, Ernst & Young, fulfilling a necessary step before it can resume filing new financial reports.

The company’s U.S.-listed shares have continued to trade throughout the Hong Kong suspension, and rose 11.4% on Friday after the latest announcement. The stock is up 30% this year.

By Doug Young

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Online lender Lufax Holding Ltd. (LU.US; 6623.HK) on Friday announced that Youn Jeong Lim resigned as the company’s chief risk officer, citing “personal work arrangements, and was replaced by Cheng Jianbo, effective Oct. 24. Before joining Lufax in April this year, Cheng’s previous employers included e-commerce giant JD.com, Ping An Bank and Ant Group, the financial affiliate of Alibaba.

Lufax’s U.S.-listed shares rose 2.8% on Friday after the announcement, and are up 38% this year. Its Hong Kong-listed shares have been suspended since January following a dispute with its auditor at that time.

The company said in July it has hired a new auditor, Ernst & Young, fulfilling a necessary step before it can resume filing new financial reports. It has yet to publish official quarterly results since the third quarter of last year. But in a July business update it said the balance of its total outstanding loan volume at the end of June stood at 193.4 billion yuan ($27 billion), down 17.8% from a year earlier.

By Doug Young

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Investment educator JF SmartInvest Holdings Ltd. (9636.HK) announced on Tuesday that its wholly owned subsidiary, JF SmartTrade, has agreed to take a stake in virtual asset trading platform EX.IO through a share subscription agreement. No terms were given for the investment.

JF SmartTrade said the investment will leverage EX.IO’s exchange resources and Web3 technologies to accelerate its overseas digital asset business expansion, strengthen on-chain financial service capabilities and support business diversification.

EX.IO’s subsidiary, EXIO Ltd., primarily engages in virtual asset trading and custody, and obtained a license to operate a virtual asset trading platform in Hong Kong last December. JF SmartInvest noted that the investment will enhance its compliance infrastructure and service capabilities in digital asset trading, asset management and custody.

The two sides also plan to deepen the application of an “AI + Research” strategy in digital asset scenarios, developing intelligent advisory systems and algorithms to reinforce competitiveness in digital finance.

JF SmartInvest’s stock opened higher on Wednesday and closed at HK$64.45 by the midday break, down 1.07%.

By Lee Shih Ta

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Online game developer Boyaa Interactive International Ltd. (0434.HK) said on Tuesday it bought 245 bitcoins between Sept. 15 and 16 for a total of HK$219 million ($28.16 million).

It funded the purchases mainly using proceeds from several recent share placements this year. As of the announcement date, Boyaa held 3,925 bitcoins, which it purchased for an average of $66,094 per coin.

The company said its latest purchase reflects a sustained investment commitment to Web3 gaming development and Web3 infrastructure R&D, aiming to bolster its core strategic reserves while continuing project investments and strategic collaborations within the space.

Shares of Boyaa opened up 1.2% at HK$7.40 on Wednesday. The stock is up 90% over last six months.

By Lau Chi Hang

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Fintech insurance provider Yunfeng Financial Group Ltd. (0376.HK) said on Tuesday the Hong Kong Securities and Futures Commission approved a request to upgrade its current securities-dealing license to also include virtual asset-dealing services.

The company’s shares shot up 28% on Wednesday after the announcement, sending them to a seven-year high to close HK$5.42. Shares of other Hong Kong-listed companies have recorded similar large gains after announcing other virtual asset initiatives.

Last month, Yunfeng reported its revenue rose 23% year-on-year to HK$686 million ($88 million) in the first half of this year, while its profit rose 142% to HK$486 million.

Cryptocurrency mining and trading are illegal in Mainland China, but are legal in Hong Kong, where many companies are experimenting with investing in virtual assets and providing related services. In one of the latest moves, Hong Kong launched a stablecoin regulatory regime on Aug. 1, laying out licensing and regulatory requirements for stablecoin issuers.

By Doug Young

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Electronic transfer settlements company China UnionPay recently announced that it has terminated the membership of Citibank (China) Co. Ltd., confirming Citibank initiated the move as part of its withdrawal from China’s retail banking business.

Citibank China said its UnionPay membership was no longer necessary with the sale and closure of its retail wealth management and credit card businesses, according to a Caixin report on Friday. Citibank China’s corporate banking services — including domestic and cross-border payments and collections — remain unaffected by the move. The bank emphasized it will continue to deepen its presence in China, focusing on serving corporate and institutional clients for their cross-border banking needs.

Citigroup Inc. (C.US) announced in 2021 that it would exit retail banking in 14 global markets including Mainland China. Since then, Citibank China has sold $3.6 billion worth of wealth management assets to HSBC and completed the transfer of its retail and credit card businesses in 2024. Meanwhile, Citigroup also announced in June it would streamline its global technology centers in Shanghai and Dalian, cutting about 3,500 employees.

Citibank China had total assets worth 176 billion yuan ($24.69 billion) at the end of last year, down 1.4% year-on-year, according to its annual report. The company’s revenue for the year rose 20.5% year-on-year to 5.8 billion yuan, while its net profit surged 53.9% to 1.76 billion yuan.

By Lee Shih Ta

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The exchange operator’s proposed new rules would require all new Chinese IPOs to raise at least $25 million

By Doug Young

The Nasdaq on Wednesday proposed new listing standards that would halt most of the small IPOs by Chinese firms on the exchange, and make it easier to remove many such companies that are already listed there.

The stricter new standards could remove a majority of the Chinese companies now traded on the Nasdaq, many of which have thin liquidity, small floats and are worth less than $50 million. The campaign is separate from another crackdown by the U.S. four years ago under the Holding Foreign Companies Accountable Act, which threatened to delist all Chinese companies from Wall Street unless their independent auditor records were made more accessible to the U.S. securities regulator.

Under the Nasdaq’s latest proposed new rules, the public float for all new listings would need to be worth at least $15 million, according to an announcement on the exchange’s website. Chinese companies making new listings on the exchange would also need to raise at least $25 million. Additionally, the Nasdaq would implement an accelerated process for suspending and delisting companies whose listed securities are worth less than $5 million.

“These enhancements reflect our ongoing commitment to evolve our standards in step with market realities and to lead by example in promoting fair and orderly markets,” said Nasdaq vice president John Zecca. “By increasing our standards for the minimum public float and the public offering raise in certain new listings, it provides a healthier liquidity profile for public investors, while still making emerging companies available to investors through our exchange.”

The Nasdaq said the new requirements were designed “specifically for companies principally operating in China,” and were aimed at protecting investors from markets where the U.S. securities regulator didn’t have easy access. Following the U.S. passage of the Holding Foreign Companies Accountable Act, the U.S. and Chinese securities regulator signed a landmark information-sharing agreement in 2022 designed to give American regulators better access to the audit records of U.S.-listed Chinese companies.

The Nasdaq said it is submitting its proposal to the U.S. Securities and Exchange Commission for review, and, pending the regulator’s approval, the new rules would immediately take effect for all new listings. If that happens, companies currently in the IPO process will have 30 days to complete their listings under prior rules. Otherwise, they will be subject to the new requirements.

Chinese companies made 36 IPOs in the U.S. in the first half of the year, nearly all of those on the Nasdaq, raising a collective $841 million, according to Ernest & Young. But more than half of that total came from a single listing by milk tea chain Chagee (CHA.US), which raised $441 million. That means the other 35 listings averaged just $11.4 million each – well below the $25 million threshold that would take effect under the Nasdaq’s new rules.

Many of the small Chinese companies that list in the U.S. also only float a very small portion of their stock, often less than 10%, resulting in low liquidity. That frequently results in big price swings that harm smaller, less sophisticated investors, as many stocks often lose half their value or more in the months after their trading debuts.

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Yunfeng Financial Group Ltd. (0376.HK) said on Tuesday it purchased 10,000 ether tokens on the open market for $44 million. Funds for the purchase came from the company's internal reserves, and the ether will be recorded on its balance sheet as an investment asset.

Plans for such cryptocurrency investment were included in a strategic blueprint announced by Yunfeng in July, outlining its expansion into Web3, real-world assets (RWA), cryptocurrency, ESG Net Zero Assets and artificial intelligence.

Yunfeng said the ether purchase aligns with the strategic blueprint, enabling exploration of ether's potential applications in its insurance business and innovative Web3-adapted business scenarios. It added that holding ether as a reserve can also improve its asset structure and reduce its reliance on traditional currencies.

Shares of Yunfeng opened higher on Wednesday, but then fell and were down 6.5% in afternoon trading. The stock has more than tripled since the beginning of this year.

By Lau Chi Hang

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Insurance company FWD Group Holdings Ltd. (1828.HK) said on Friday its new business sales, measured by annualized new premiums, jumped 38% year-on-year to $1.25 billion in the first-half of this year, while its net profit reached a record $47 million.

The company’s operating profit after tax climbed 9% to $251 million, with Hong Kong and Macao, Thailand, Cambodia, Japan and other markets all delivering positive contributions.

“We intend to use the net proceeds of our recent IPO to further enhance our capital position and financial flexibility, which may involve reducing debt, in support of further growth and reach with customers, digital capabilities and channels,” said CEO Huynh Thanh Phong.

Shares of FWD were up about 3.2% at HK$44.04 late in the trading day on Friday. The stock is up about 16% from its IPO price in July.

By Lau Chi Hang

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Insurance intermediary services provider Shouhui Group Ltd. (2621.HK) saidon Thursday it expects to report a net profit of between 660 million yuan ($92 million) and 680 million yuan for the six months through June, reversing a net loss of 750 million yuan a year earlier.

The company attributed the turnaround mainly to gains from changes in the book value of financial instruments issued to investors, which increased by between 795 million yuan and 815 million yuan from a loss in the year-ago period.

The company said its adjusted net profit for the six-month period is expected to range from 56 million yuan to 76 million yuan, down by about 50 million yuan to 70 million yuan year-on-year, mainly due to growing macroeconomic uncertainty, weaker demand for financial products, and lower brokerage rates in the insurance sector under the government’s “integration of reporting and accounting” policy.

The company estimated it would report revenue of 545 million yuan to 565 million yuan for the first half of the year, down by about 140 million yuan to 160 million yuan year-on-year, while its costs and expenses fell in the range of 75 million yuan to 95 million.

Shouhui’s stock opened higher on Friday, closing at HK$9.43 by the midday break, up 5.79%.

By Lee Shih Ta

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Online loan facilitator LexinFintech Holdings Ltd. (LX.US) on Thursday reported its revenue fell slightly in the second quarter, as strong growth in its tech empowerment services wasn’t enough to offset declines for its core credit facilitation business.

The company reported revenue of 3.59 billion yuan ($500 million) for the three months to June, down 1.5% from 3.64 billion yuan a year earlier. Revenue from its credit facilitation services fell 15% year-on-year to 2.27 billion yuan, while income from its tech empowerment services rose 55% to 830 million yuan.

The company’s net income more than doubled to 511 million yuan from 227 million yuan a year earlier, largely due to a big swing in fair value changes of assets related to its loans and loan guarantees.

LexinFintech’s stock fell 4.2% on Thursday after the announcement. The shares are up about 9% year to date.

By Doug Young

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Amber International Holding Ltd. (AMBR.US) has become the first Asia-based public company to offer its stock on-chain, trading as AMBRx on the solana blockchain, CEO Wayne Huo confirmed on Tuesday during a live webinar hosted on Futubull by Futu.

Investors can access tokenized stocks like AMBRx alongside industry giants such as Apple, Tesla and Nvidia as part of the the xStocks Alliance, developed by Kraken and Swiss-based Backed, which offers round-the-clock on-chain access to U.S. equities and ETFs.

This new initiative from Amber comes not long after it raised $25.5 million through a private placement with participation from well-known investors including Mile Green, led by Thai conglomerate CP Group’s Chatchaval Jiaravanon, and U.S. blockchain venture capital firm Pantera Capital. The company intends to use the funds to support its strategic investments in cryptocurrencies with high potential such as bitcoin, ethereum and solana, as part of the development of its $100 million crypto ecosystem reserve.   

As a Singapore-based institutional crypto services provider, Amber has also been aggressively striking partnerships with other crypto industry players to broaden its influence in the sector and expand its service offerings.

By Teri Yu

The Bamboo Works offers a wide-ranging mix of coverage on U.S.- and Hong Kong-listed Chinese companies, including some sponsored content. For additional queries, including questions on individual articles, please contact us by clicking here

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Leading investment bank China International Capital Corp. Ltd. (3908.HK; 601995.SH), or CICC, said on Monday it expects to report a profit of between 3.45 billion yuan ($481 million) and 3.97 billion yuan for the first half of 2025, up between 55% and 78% year-on-year.

It attributed the strong gains to an upturn in capital market activity during the period, creating strong demand for its core investment banking services. Hong Kong was the world’s biggest IPO market in the first half of this year, with 44 companies raising HK$107.1 billion ($13.6 billion) during the six-month period. CICC was one of three Chinese investment banks, alongside major Western banks, to co-sponsor the year’s biggest listing so far, which raised about HK$40 billion for EV battery maker CATL (3750.HK; 300750.SZ).

Shares of CICC opened down 0.1% at HK$19.30 on Tuesday in Hong Kong. The company’s Hong Kong-listed shares are up about 50% this year.

By Doug Young

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Financial services company DL Holdings Group Ltd. (1709.HK) said on Thursday that it expects to complete work on a cooperation framework and asset valuation in the third quarter for its recently announced plan to tokenize its real-world assets. The company said it aims to launch a platform as part of the plan in the second quarter of next year or later.

DL Holdings announced the tokenization plan last month, involving a maximum of HK$500 million ($64 million) worth of assets. The first batch of assets will include interests in DL Tower in Hong Kong’s Central district, and interests in three funds managed by the Group.

Following their tokenization, the assets will be distributed to eligible shareholders, compliant clients of DL Securities (Hong Kong) and verified users of the "NeuralFin Technology" platform. Using physical distribution methods, participants will be able to directly hold on-chain assets, enjoy higher transparency and liquidity and participate in a new generation of digital financial products, DL said.

DL shares rose 1.3% on Friday to close at HK$4.04.

By Lau Chi Hang

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Insurance company FWD Group Holdings Ltd. (1828.HK) opened flat in its Hong Kong trading debut on Monday and traded within a narrow range during the day before closing up 1.05% at HK$38.40.

The company, controlled by Richard Li, son of Hong Kong’s richest man, Li Ka-shing,  sold  91.34 million shares for HK$38 apiece to raise net proceeds of about HK$2.95 billion ($376 million). The public offering for local Hong Kong investors was oversubscribed by 36 times, while the international placement was oversubscribed by 1.3 times.

FWD’s insurance revenue rose from $2.41 billion in 2022 to $2.76 billion in 2023, while it reported losses of $320 million and $733 million for those two years, respectively. In 2024, its insurance revenue dipped 1.2% to $2.72 billion, but the company became profitable with net income of $24 million.

By Lau Chi Hang

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Amber International Holding Ltd. (AMBR.US) said on Thursday that it will use new funds from its recently unveiled $25.5 million private placement to further enhance its $100 million “crypto ecosystem reserve,” and also to expand its institutional crypto services in the growth markets of the U.S. and Southeast Asia.

Under the placement, Amber is selling 12.2 million Class A ordinary shares, equal to about 2.44 million ADSs, based on the company’s ratio of 5 ordinary shares to each ADS. The subscription price is $10.45 per ADS, representing a 5% discount to the average price between June 25 and June 27 just before the original fundraising announcement.

Others participating in the placement include Mile Green, Harvest Capital, Pantera Capital, CMAG Funds, Choco Up and Kingkey Financial International (1468.HK). Mile Green, led by Thai conglomerate CP Group’s Chatchaval Jiaravanon, is set to provide additional support for Amber’s expansion in Southeast Asia.

Amber said it will use the new funds to support its strategic investments in cryptocurrencies with high potential such as bitcoin, ethereum and solana, as part of the development of its cryptocurrency reserve.

Amber International provides crypto financial services and solutions targeting institutional investors and high-net-worth individuals to optimize their digital asset portfolios. The Singapore-based company was listed on the Nasdaq in March this year. 

By Teri Yu

The Bamboo Works offers a wide-ranging mix of coverage on U.S.- and Hong Kong-listed Chinese companies, including some sponsored content. For additional queries, including questions on individual articles, please contact us by clicking here

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Shares of insurance distributor Shouhui Group Ltd.  (2621.HK) slumped in their Hong Kong trading debut on Friday after pricing strongly in their modest IPO. The stock opened at HK$7.50, down 7% from its IPO price of HK$8.08, and continued to drop during the morning session, closing down over 14% at HK$6.92 by the midday break.

The company sold nearly 19.3 million shares, with the final price at the top of its range of HK$6.48 and HK$8.08 per share. The local portion of the listing, equal to 10% of shares on offer, was oversubscribed by 989 times. By contrast, the international placement drew tepid interest and was just slightly oversubscribed.

The company raised HK$134 million ($17 million) in net proceeds from the offering. It will use the funds primarily to bolster its sales and marketing operations, improve its service quality and R&D capacity and upgrade its infrastructure. Some funds are also earmarked for strategic acquisitions and investments.

By Lau Chi Hang

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Online brokerage Futu Holdings Ltd. (FUTU.US) announced on Thursday its first-quarter revenue jumped 81% year-on-year to HK$4.7 billion ($603 million), while its adjusted non-GAAP net profit soared 98% to HK$2.22 billion.

The company’s revenue from trading commissions and fees surged 113.5% year-on-year to HK$2.31 billion. Its interest income rose 52.9% to HK$2.07 billion, while other income — including from wealth management and enterprise services — doubled to HK$314 million.

Futu’s total trading volume for the quarter reached HK$3.22 trillion, marking a 140.1% increase from a year earlier. U.S. stock trading accounted for HK$2.25 trillion of that, while Hong Kong stock trading totaled HK$916 billion. The number of Futu’s funded accounts rose 41.6% year-on-year to 2.67 million by the end of March, as its client assets grew 60.2% to HK$829.8 billion.

Futu‘s stock edged down 0.32% on Thursday in New York to closed at $107.36.

By Lee Shih Ta

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Insurance distributor Shouhui Group Ltd. (2621.HK) launched its Hong Kong IPO on Thursday, aiming to sell 24.36 million shares priced between HK$6.48 and HK$8.08 to raise up to HK$196 million ($25 million). The subscription period ends next Tuesday, with trading set to commence next Friday.

Shouhui ranked eighth based on total premiums in China's life insurance intermediary market in 2023. The company controlled 7.3% of the market for online life insurance distribution – making it China's second-largest digital player in the segment.

The company reported 2024 revenue of 1.39 billion yuan, down 15% year-on-year, as its loss narrowed 61% to 136 million yuan year-on-year. Management attributed the revenue decline to reduced demand for long-term life insurance during China's economic slowdown.

The company’s net liabilities roughly doubled from 374 million yuan in 2022 to 740 million yuan last year. The company said the big increase stemmed from financial instruments classified as liabilities issued to pre-IPO investors, which will convert to ordinary shares post-listing.

By Lau Chi Hang

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Online lending services provider Qifu Technology Inc. (QFIN.US; 3660.HK) reported on Monday its revenue rose 12.94% year-on-year to 4.69 billion yuan ($653 million) in the first quarter. Its net profit surged 54.6% over the period to 1.8 billion yuan, though it declined 6% from the previous quarter.

Revenue from the company’s credit-driven services reached 3.11 billion yuan during the quarter, up 3.1% year-on-year, while platform service revenue rose 39% to 1.58 billion yuan. The company’s total loan facilitation and disbursement volume for the quarter hit 88.88 billion yuan, marking a 15.8% increase from a year ago.

As of March 31, Qifu’s platform had cumulatively connected 268 million consumers with lenders, up 11.1% year-on-year. The number of users who received credit lines reached 58.4 million, up 11.6% year-on-year, while the number of borrowers who successfully withdrew funds grew 13.8% to 35.5 million.

The company attributed the strong performance to improved user activity early in the quarter, citing a slight rebound in consumer sentiment following government messaging around stimulus policies. However, it noted that lingering economic uncertainty, particularly related to funding costs, could persist through year-end, prompting a cautious approach in business planning.

Qifu’s shares opened 0.5% higher on Tuesday in Hong Kong, and closed flat at HK$178 by the midday break.

By Lee Shih Ta

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Shares of online insurance distributor Yuanbao Inc. (YB.US) rose 6.4% in their trading debut on the Nasdaq on Wednesday, only to give back all the gains the next day to close on Thursday at their $15 IPO price. The latest closing price gave Yuanbao a market cap of $678 million.

Yuanbao raised $30 million in the listing by selling 2 million American depositary shares (ADS) for $15 each, at the top of their range of $13 to $15. The company concurrently agreed to sell another $1 million worth of its ordinary shares to Qiming, an early backer. Despite its relatively modest size, the deal had some major underwriters, including leading U.S. investment banks Citi and Goldman Sachs, as well as leading Chinese investment bank CICC.

Yuanbao’s revenue grew 60% to 3.28 billion yuan last year from 2.05 billion yuan in 2023. It recorded a profit of 436 million yuan last year, reversing a loss of 333 million the previous year.

By Doug Young

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The $352 million sale could pave the way for a Singapore-linked entity to take control of Cango as it transitions from car trader to bitcoin miner

By Doug Young

Cango Inc. (CANG.US) said last Thursday it agreed to sell its original China-based business, the latest step of its recent transformation from car trader to bitcoin miner. It added the sale will help to advance another deal to transfer control of the company under a separate but related proposal announced last month.

The latest agreement will see Cango sell its China-based business for $352 million to Ursalpha Digital Ltd., according to the Thursday announcement. Urslapha, described only as a British Virgin Islands company, will pay $211 million up front, with the remainder to come in installments based on certain tax filing and payment obligations.

The deal comes less than a month after Enduring Wealth Capital Ltd. proposed taking control of Cango, in a process that Cango said could also see Enduring Wealth Capital introduce a buyer for Cango’s older China-based car-trading business. No terms were given in Cango’s March announcement of its receipt of Enduring Wealth’s letter of intent. In the latest announcement, Cango said the sale of its China-based business “is a major step taken by the company in response to the letter of intent,” signaling it was strongly considering the proposal.

Cango is currently controlled by co-founders Zhang Xiaojun, the company’s chairman, and Lin Jiayuan, the CEO. The pair combined hold 45% of Cango’s shares and 92.5% of its voting power. The company has not publicly commented on what role, if any, Zhang and Lin would play at Cango if they yield their control of the company to Enduring Wealth Capital.

In its previous announcement, Cango said that Andrea Dal Mas and Yu Peng were Enduring Wealth Capital’s key decision makers. Both are tied to Singaporean firm Antalpha Ventures, whose social media account on X says the company “supports bold founders building early-stage, blockchain-enabled, web 3.0 companies.”

Cango is currently based in China, where cryptocurrency mining is illegal, though all of its mining operations are outside the country. Following the sale of its China-based business, the company could potentially move its headquarters from its current Shanghai base to another country to lower its risk exposure after its move into bitcoin mining late last year.

Even before that transition, Cango began de-emphasizing its core car-trading business last year as China’s car market struggled with huge oversupply and weak demand that forced many sellers into the red. The company’s revenue from its car-trading business plunged last year as it stopped directly trading cars to lower its risk of becoming stuck with unsold inventory.

Pivoting to an area with more potential, Cango purchased $250 million worth of cryptocurrency mining equipment and began its mining operation last November. As it minted 933.8 bitcoins in November and December, it recorded 653 million yuan ($90 million) in revenue from its mining operation in last year’s fourth quarter, accounting for more than 80% of its revenue during the three-month period.

Cango’s shares have doubled over the last six months since it first disclosed its intent to transition into bitcoin mining.

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