Author: E.F Team
Our team at Eastern Finance is made up of young and knowledgeable professionals who are here to provide you with business news from an eastern perspective.
Huawei Sees Profit Jump 564%
Huawei Technologies’ net profit rose 564% to 19.65 billion yuan ($2.71 billion) in the first quarter, according to a regulatory statement by its parent firm. [more…]
China EV Exports Reach New Records
In March, China’s exports of passenger cars reached a record-breaking 406,000 units, up 39% YoY. Of those, almost 120,000 were new-energy vehicles (NEVs), which equates [more…]
China GDP Growth 5.3% in Q1, Beats Estimates
China’s economy exceeded forecasts in the first quarter, with a 5.3% annual growth in GDP, fueled by robust exports and manufacturing investment. Reduced domestic demand [more…]
Tencent Q4 Results, Net Profit Up 44%
Tencent, the giant Chinese internet company, announced a 10% rise in revenue in 2023, bringing in a total of 609 billion yuan ($86 billion). The [more…]
Alibaba Cancels Cainiao Hong Kong IPO
Alibaba cancelled its intended Hong Kong initial public offering (IPO) for its logistics division, Cainiao. Alibaba intends to pay up to $3.75 billion for Caniao [more…]
Xiaomi Launches SU7 on March 28, Has More Than 100,000 Preorders
More than 100,000 reservations have been made for the SU7, the first electric car from Chinese manufacturer Xiaomi. Customer test drives of the car will [more…]
Alibaba Cuts Prices of Core Cloud Products by 55%
There is intensifying competition in China’s cloud computing market as several large Chinese competitors have announced price reductions on their primary offerings. Alibaba Cloud, the [more…]
Xpeng Hires 4000 People, Expands to New Markets
Xpeng, a producer of electric vehicles (EVs), has announced dealer agreements in a further five nations, extending its global reach beyond Israel and Europe. With [more…]
Largest Cut to Key Mortgage Rate Since 2019
China has lowered its prime loan rate for five-year loans by 25 basis points, to 3.95%, which is the biggest decrease since 2019. By lowering the [more…]
Scores of Chinese Stocks Removed From MSCI Index
MSCI is removing dozens of Chinese companies from its global benchmarks following a broad market decline. The index provider deleted 66 Chinese stocks from the indexes, the [more…]
