The Bamboo Works

The Bamboo Works

Benzinga Contributor

About
Bamboo Works provides news on Chinese companies listed in Hong Kong and the United States, with a strong focus on mid-cap and also pre-IPO companies. Our founding team has more than a century of experience in Chinese and global media and capital mark...
iHuman Misses China Stock Rally As Investors Fret Over Stumbling Growth
Key Takeaways: iHuman’s revenue and profit both declined in the first quarter as it accelerated a global expansion plan to diversify beyond its softening home market in China The company’s gross margin and total users both improved, but the omission of its latest paid user count suggests that key metric continued to decline
Game Operator ZX Sees Creative Future In AI
Key Takeaways: ZX revenue fell 26% to 6.51 billion yuan last year  The share price has been on a roller coaster ride since the company’s Hong Kong IPO last year By Lee Shih Ta
IPO-bound Hozon Tempts Investors With Overseas Drive
Key Takeaways: Hong Kong IPO candidate Hozon is rapidly burning through its cash, which fell to 2.8 billion yuan at the end of last year from 6.8 billion yuan in 2022 The EV maker’s overseas revenue grew rapidly in 2023, but the drive could further strain the company’s already-precarious financial position
Green Tea Brews Up IPO-Funded Small-Town Expansion Plan
Key Takeaways: Green Tea has submitted its fourth application for a Hong Kong IPO, reporting 382 restaurants and a profit of nearly 300 million yuan in its latest year The restaurant operator only has one brand, Green Tea, with an unimpressive average table turnover rate of 3.3 times per day By Lau Chi Hang
Is Shunned Shein The Future For Blockbuster China IPOs?
Key Takeaways: Shein may end up listing in Hong Kong, after its New York IPO plan collapsed and its latest London plan faces similar geopolitical pressures The case shows how blockbuster IPOs by Chinese firms are becoming more difficult in New York, though some major listings may still succeed By Doug Young
GreenTree Hit By Travel Slowdown, Restaurant Overhaul
Key Takeaways: GreenTree Hospitality’s hotel revenue grew 8.8% in the first quarter, though much of that was due to the addition of new hotels The company’s revpar fell 4.6% for the quarter, as China’s yearlong travel rebound began to lose momentum By Doug Young
Ascentage Pharma Soars On Deal With Cancer Drug Competitor
Key Takeaways: Under the partnership, Japan’s Takeda International gets an option to market Ascentage’s promising leukemia drug outside of China Without the capital infusion from Takeda, Ascentage was facing a liquidity crisis with just a year’s worth of cash By Molly Wen
QCraft Revs Up Its Fundraising In Autonomous Driving Race For Cash
Key Takeaways: QCraft has raised over 1 billion yuan over six funding rounds, including its latest that raised several hundred million yuan Several rivals, including Momenta, Guangzhou WeRide and Pony.ai, have all been approved for overseas listings By Ken Lo 
SATP Tallies Up Solid Growth, Thinning Red Ink In Hong Kong IPO Application
Key Takeaways: SATP has filed for a Hong Kong IPO, reporting a gross profit of 320 million yuan in 2023 and gross margin of 58.6% The digital tax and financial services provider for small businesses boasted a 79.4% customer retention rate last year, ahead of the industry average By Li Shih Ta
Momenta Accelerates Its Drive Towards U.S. Listing
Key Takeaways: China’s securities regulator has approved Momenta’s plan for a U.S. listing, which could raise up to $300 million Despite partnerships with major automakers, the autonomous driving company faces challenges in finding partners to use its technology and from rival products By Hugh Chen
Dida Wins Ride-Sharing Race To Market, But Could Stay Stuck In First Gear
Key Takeaways: Dida has been approved to list in Hong Kong, reporting adjusted net profits in each of the last three years The ride-sharing company recently lost its title as China’s top carpooling platform to HelloRide, even as it relies heavily on the business By Lau Chi Hang
Yidu Finds Good Medicine In Regulatory Nod For Its AI
Key Takeaways: Yidu Tech’s shares rose 13.6% on the day it disclosed that two key algorithms behind its medical big data services were approved by the Cyberspace Administration of China Like many of its money-losing peers, the company has recently sacrificed growth at any cost to focus on operating profitably
Cango Reduces Risks At Home, Looks Overseas For New Opportunities
Key Takeaways: Cango’s revenue has fallen sharply in recent quarters, including an 88% drop in the first quarter, as it downplays its self-operated car-trading service to reduce inventory risk The company launched its Autocango cross-border car trading platform in March, aiming to tap foreign demand for used Chinese cars
Haoxi Health Tech Returns To Capital Markets Six Months After IPO
Key Takeaways Haoxi Health Tech’s shares tanked by 28% after it announced plans to raise additional funds just a half year after its Nasdaq listing The provider of digital advertising services for healthcare companies has expanded quickly since its 2018 launch, with both strong top- and bottom-line growth By Edith Terry
Europe's EV Tariffs Seen As Minor Speed Bump For BYD
Key Takeaways: The EU’s proposed tariffs on Chinese EVs turned out to be lower than feared, especially for BYD Chinese EV companies are expected to accelerate efforts to set up factories in Europe to minimize transport and tariff costs, while seeking growth in Asian markets By Fai Pui
Qudian's Latest Identity Delivers Big Costs, Scant Rewards
Key Takeaways: Qudian started generating meaningful revenue from its new last-mile delivery business in Australia and New Zealand in the first quarter The venture represents the cash-rich former online lender’s latest new business model after previous attempts at education and packaged meals failed By Warren Yang
NIP Group Aims For Title Of China's First Listed E-sports Company
Key Takeaways: NIP Group has filed to list in New York, in a deal that could value it at around $250 million The company’s revenue grew 27% last year, though that figure could be inflated due to a weak year-ago comparison in 2022 when e-sports took a hit during China’s pandemic By Doug Young
Nio In Diversification Drive As It Tries To Stem Its Flood Of Red Ink
Key Takeaways: Nio’s loss widened 9.5% year-on-year in the first quarter to 5.26 billion yuan  The company focuses on higher-end electric vehicles, but plans to tap the middle and lower parts of the market with the launch of two new brands By Lau Chi Hang
Zhihu Answers Investor Doubts With Improving Margins
Key Takeaways: Zhihu’s revenue fell 3.3% in the first quarter, marking its first-ever decline since its New York listing The company, often called the “Quora of China,” boosted its gross margin by more than 5 percentage points, and said it expects to achieve non-GAAP profitability by year-end By Doug Young
UP Fintech Reaps Benefits From Early Move Overseas
Key Takeaways: UP Fintech’s revenue increased 19% year-on-year in the first quarter as its number of funded accounts grew 15% The online brokerage has entered Hong Kong as its latest new market under a stepped-up international expansion after a major clash with the Chinese regulator By Warren Yang