Category: Business
Business news from the east.
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…]
Alibaba Sees Small Revenue Growth, Increased Buybacks
During the October–December period, Alibaba Group Holding Ltd. had a 5% YoY growth in sales, but a 77% YoY decline in net profits. Alibaba announced that, [more…]
Huawei Spins Off EV Unit
In an effort to further expand its smart car business, Huawei Technologies has registered Shenzhen Yinwang Intelligent Technology as a new company with a registered [more…]
