Weekly snapshot of China's local business news

0 Comment(s)Print E-mail Xinhua, November 23, 2019
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BEIJING, Nov. 23 (Xinhua) -- The following are highlights of China's local business news from the past week.


PetroChina Changqing Oilfield Company, China's largest oil and gas field, is expected to produce 57 million tonnes of oil equivalent of crude oil and natural gas in 2019.

By Nov. 17, its oil and gas output had reached 50 million tonnes of oil equivalent this year, the seventh consecutive year that production reached the 50-million-tonne level.


The Sino-German auto joint venture FAW-Volkswagen has rolled out two Audi new energy sports utility vehicles (SUVs) in China since Monday.

The e-tron is a high-end electric SUV, while the Q2L e-tron is an entry-level luxury electric SUV specially developed for the Chinese market, said Marco Schubert, president of FAW-Volkswagen Audi Sales Division.


In a filing to the Shenzhen Stock Exchange, SF Holding said its revenue from the express delivery business rose 24.5 percent year on year to 8.98 billion yuan (1.28 billion U.S. dollars) last month.

In October, SF Holding, a leader in the middle and high-end courier service market, handled 438 million parcels, an annual increase of 48.5 percent.


China's service-focused e-commerce giant Meituan Dianping saw its total revenue surge 44.1 percent year on year to 27.5 billion yuan (3.9 billion U.S. dollars) and achieved an adjusted net profit of 1.9 billion yuan from July to September.

Its food delivery service recorded 2.5 billion orders in the quarter, generating a transaction volume of 111.9 billion yuan, up 40 percent from last year.


China's online group discounter Pinduoduo Inc. reported a soaring 123-percent year-on-year revenue growth to 7.51 billion yuan (1.07 billion U.S. dollars) in the third quarter ended Sept. 30.

The e-commerce platform's gross merchandise volume in the 12-month period ended Sept. 30 increased by 144 percent year on year to 840.2 billion yuan.


Tesla officially unveiled its Model 3 electric vehicle manufactured in a Shanghai gigafactory on Friday in Shanghai, and announced it will start delivering the made-in-China cars before late January.

The made-in-China Model 3 vehicles have entered Tesla-run stores in China and also appeared at Auto Guangzhou 2019 that opened on Friday. Enditem

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