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Quhuo Limited (NASDAQ: QH) is a leading gig economy platform in China, focusing on providing comprehensive, tech-enabled operational solutions to various consumer service businesses. Specializing in industries with e-commerce exposure, Quhuo’s services span across food delivery, ride-hailing, housekeeping, bike-sharing, and more. The company's primary revenue stream comes from service fees paid by industry customers, supplemented by rental fees from car leasing agreements with drivers engaged in ride-hailing solutions. All of Quhuo's revenue is derived from the People's Republic of China.
The company's service portfolio is diversified into several key categories: On-demand Delivery Solutions, Mobility Service Solutions, Housekeeping Solutions, and other services. Among these, On-demand Delivery Solutions constitute the core revenue generator for the firm. Leveraging its proprietary technology infrastructure, Quhuo+, the company aims to empower and connect workers and service providers, thereby facilitating efficient and effective service delivery.
One of Quhuo's standout ventures is its recent expansion into the rural homestay market under its Chengtu Home division. Notably, the launch of the 'Chengtu Rural Residence' project aims to revamp vacant rural homes, offering them as rental properties to boost local villagers' income. This project aligns with the broader goal of fostering integrated urban-rural development and revitalizing rural communities.
Financially, Quhuo has shown robust performance. In 2023, the company reported positive EBITDA for four consecutive half-year periods, emphasizing its consistent profitability. The company's strategic initiatives have led to the successful export of approximately 1,900 new energy vehicles and electric mopeds, generating significant revenue and highlighting the growth potential of its new business ventures.
In terms of recent developments, Quhuo announced its 2023 annual general meeting results, including key resolutions related to independent registered public accounting firm appointments, share capital increase, and the adoption of the Third Amended and Restated Memorandum and Articles of Association. Additionally, Quhuo has been proactive in addressing compliance issues to maintain its Nasdaq listing, showing a strong commitment to regulatory adherence and shareholder interests.
Quhuo is also expanding its SaaS+ services into new areas such as medical care, long-term residential housing, and elderly care apartments. These expansions aim to enhance efficiency for local service providers, reduce costs, and drive further industry development.
For more detailed and up-to-date information about Quhuo Limited, including financial reports and strategic initiatives, please visit https://ir.quhuo.cn/.
Quhuo Limited (NASDAQ: QH) announced on August 31, 2022, that it has regained compliance with Nasdaq's Minimum Bid Price Requirement. This follows a previous notification on March 1, 2022, indicating that its American depositary shares had fallen below the required $1.00 bid price. The Compliance Notice confirmed that Quhuo's ADS prices met the requirement for ten consecutive days from August 12 to August 26, 2022. Quhuo continues to provide tech-enabled workforce solutions to a variety of industries in China, enhancing service delivery through skilled worker mobilization.
Quhuo Limited (NASDAQ: QH) announced a change in its American Depositary Shares (ADS) ratio, shifting from 1:1 to a 1:10 ratio, effective around August 12, 2022. This adjustment will perform as a one-for-ten reverse ADS split, meaning holders must exchange 10 current ADSs for 1 new ADS. No fractional new ADSs will be issued; instead, fractions will be sold, and proceeds distributed. While the company expects a proportional increase in ADS trading price, it cannot guarantee that the new price will equal or exceed ten times the previous price.
Quhuo Limited (NASDAQ: QH) announced the resignation of Wenting Ji as CFO and director, effective July 18, 2022, due to personal reasons. Her departure was not due to any disagreements with the company. Zhen Ba, co-founder and VP, has been appointed CFO also effective July 18, 2022. Ba brings significant experience, having served as CFO from 2012 to 2015 and VP since 2016, and will oversee corporate finance and business development. The board also appointed Gang Wang as a successor director on the same date. Quhuo continues to play a crucial role in China's on-demand service market.
Quhuo Limited (NASDAQ: QH) announced it received a notification letter from Nasdaq indicating non-compliance due to the late filing of its 2021 Form 20-F. The company has 60 days from May 18, 2022, to submit a Compliance Plan to regain compliance, which could extend the deadline until November 14, 2022. The delay in filing is attributed to third-party documents not being received on schedule. The company expects to file the necessary documentation by the end of June 2022.
Quhuo Limited (NASDAQ: QH) received a notification from Nasdaq stating it is not in compliance with the minimum bid price rule, as its American depositary share (ADS) has been below $1.00 for 30 consecutive trading days. The company has a 180-day compliance period until August 29, 2022, to regain compliance. If the price reaches $1.00 for 10 consecutive days, compliance will be confirmed. The notification does not impact Quhuo's business operations or its other listing standards.
Quhuo Limited (NASDAQ: QH) has announced its definitive agreement to acquire the remaining 45.78% equity interest in its subsidiary, Lailai Information Technology, for approximately RMB69.1 million. This acquisition, to be completed in Q1 2022, will give Quhuo full ownership of Lailai, a platform specializing in housekeeping for hotels and B&bs. The deal involves the issuance of 9 million Class A ordinary shares. Quhuo aims to enhance its service offerings and expand its market through this strategic acquisition, following significant revenue growth in its housekeeping solutions.
Quhuo Limited (NASDAQ: QH) reported a robust financial performance in Q3 2021, with total revenues reaching RMB1,105.5 million (US$171.6 million), up 43.7% year-over-year. The net income attributable to Quhuo was RMB24.9 million (US$3.9 million). The growth was driven by increased demand for on-demand delivery solutions, with orders rising to 53.1 million, a 59.1% year-over-year increase. Additionally, Quhuo expanded its services in housekeeping and accommodation, achieving a 538.0% revenue increase in this sector.
Quhuo Limited (NASDAQ: QH) reported its Q3 2021 financial results, achieving total revenues of RMB 1,105.5 million (US$171.6 million), marking a 43.7% year-over-year growth. Notably, revenues from mobility services surged 364.5% and housekeeping solutions skyrocketed 538.0% year-over-year. Adjusted net income reached RMB 28.2 million (US$4.4 million), up 183.5% quarter-over-quarter. General and administrative expenses decreased 45.6% due to lower share-based compensation, while adjusted EBITDA was RMB 35.1 million (US$5.4 million). The company forecasts Q4 2021 revenues between RMB 1,050 million to RMB 1,150 million, suggesting a stable growth outlook.
Quhuo Limited (NASDAQ: QH) will announce its third-quarter financial results on November 29, 2021, before U.S. markets open. A conference call to discuss the results will occur the same day at 8:00 a.m. ET. Due to COVID-19, preregistration is required for the call, and participants will receive dial-in numbers via email. Quhuo operates a tech-enabled workforce solution platform in China, focusing on sectors like delivery and ride-hailing, linking businesses with consumers to enhance operational efficiencies.
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