Weekly snapshot of China's local business news
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E-mail Xinhua, May 4, 2019
BEIJING, May 4 (Xinhua) -- The following are highlights of China's key local business news from the past week.
-- BYD PROFIT SURGE
BYD, China's leading new energy vehicle (NEV) manufacturer, reported a 632 percent increase in first-quarter net profit on booming NEV sales.
BYD made a net profit of 749.7 million yuan (111.4 million U.S. dollars) in the January-March period when revenue grew 22.5 percent to 30.3 billion yuan.
BYD is expecting a net profit of 1.45 billion yuan to 1.65 billion yuan in the first half of the year, an annual increase of 202.7 to 244.4 percent.
-- GUANGZHOU NEW ENERGY MOVE
Guangzhou, capital of south China's Guangdong Province, is expected to have all taxis in the city run on new energy in two to three years.
There are over 70 taxi companies in Guangzhou operating around 23,000 taxis and 40,000 cab drivers. Since 2018, more than 3,100 pure electric taxis have been put on the road.
-- SAIC PROFIT DECLINE
Chinese automaker SAIC Motor Corporation Limited reported a 15 percent drop in first-quarter net profit after the country's automobile industry experienced weaker market demand.
SAIC Motor, partners of General Motors and Volkswagen, earned a net profit of 8.25 billion yuan, compared to 9.71 billion yuan a year earlier and generated a total revenue of 200.2 billion yuan, down 16.2 percent.
-- SANY EARNING
China's leading heavy equipment manufacturer Sany Heavy Industry Co., Ltd. saw first-quarter net profit surge 114.7 percent year on year to 3.22 billion yuan.
Sany raked in a revenue of 21.3 billion yuan, up 75.1 percent, as factors including increased infrastructure construction, environmental protection and a shift from labor to machinery drove up sales in the January-March period.
-- YUNDA PROFIT
Yunda Holding Co., a major Chinese express delivery firm, reported a 40.4 percent jump in first-quarter net profit as booming e-commerce drove up demand for its courier services.
Its net profit jumped to 566.6 million yuan from 403.6 million yuan a year ago, and revenue increased by 151.6 percent to around 6.68 billion yuan.
The company carried about 6.99 billion parcels last year, grabbing a market share of 13.77 percent, the second largest in the industry.
-- WALMART CHINA EXPANSION
Sam's Club, a Walmart-owned membership warehouse club, planned to add 16 new chain stores to the existing 24 on the Chinese mainland by 2020.
Colin Waits, senior director of operations at Sam's Club, said the average rate of membership renewal for Sam's Club was around 70 percent, reflecting Chinese consumers' increasing demand for high-quality products. Enditem
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