Weekly snapshot of China's local business news
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E-mail Xinhua, August 17, 2019
BEIJING, Aug. 17 (Xinhua) -- The following are highlights of China's key local business news from the past week.
-- SHANGHAI OPENING-UP
Shanghai has rolled out a series of policies to further open the service industry to foreign investors.
The policies allow wider market access for foreign investors in sectors including investment, culture and entertainment, tourism, publishing, auction, health, commerce and trade.
-- NATURAL RUBBER FUTURES
China started the trading of yuan-denominated natural rubber futures, the TSR 20 futures, which is open to overseas investors.
The listed futures at the Shanghai International Energy Exchange are contracts to be delivered from February to July of 2020. The benchmark prices of six contracts were set at 9,260 yuan (1,320 U.S. dollars) a tonne.
The TSR (technically specified rubber) 20 futures are the country's fourth commodities futures open to both home and overseas investors after the crude oil futures, PTA futures and iron ore futures.
-- PING AN
China's leading insurer Ping An Insurance Group Co. of China saw a 68.1 percent jump in net profit in the first half of this year.
From January to June, its net profit hit 97.68 billion yuan (13.88 billion U.S. dollars), while its individual clients increased by 9.5 percent year on year.
-- ALIBABA
China's e-commerce powerhouse Alibaba's revenue in the first quarter of the 2020 fiscal year soared by 42 percent year on year to 114.9 billion yuan (16.7 billion U.S. dollars).
During the 1st fiscal quarter ending on June 30, Alibaba earned a net profit of 30.95 billion yuan, an annual increase of 54 percent.
-- TENCENT
China's internet giant Tencent reported strong second-quarter earnings, with revenue reaching 88.8 billion yuan (12.7 billion U.S. dollars), up 21 percent year on year.
Net profit rose 35 percent year on year to hit 24.1 billion yuan.
Total revenue and net profit for the first half of 2019 were 174.3 billion yuan and 51.3 billion yuan, up 18 percent and 25 percent respectively.
-- TSINGTAO BREWERY
Tsingtao Brewery Co., Ltd., China's major brewery and producer of Tsingtao Beer, posted a 25.2 percent year-on-year growth in net profit in the first half of 2019.
Its net profit reached 1.63 billion yuan (232 million U.S. dollars) and revenue grew 9.2 percent year on year to 16.55 billion yuan.
Tsingtao Brewery, listed both in Shanghai and Hong Kong, sold 4.73 million kiloliters of beer during the six months, up 3.6 percent year on year. Among the total, sales of its main brand Tsingtao Beer hit 2.36 million kiloliters, up 6.3 percent. Enditem
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