Weekly snapshot of China's local business news

0 Comment(s)Print E-mail Xinhua, March 21, 2020
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BEIJING, March 21 (Xinhua) -- The following are highlights of China's local business news from the past week.


China's tech giant Tencent announced that its net profit increased by 19 percent year on year to 93.3 billion yuan (13.1 billion U.S. dollars) last year.

In 2019, its total operating revenue rose by 21 percent from a year earlier to 377.3 billion yuan, the company said in its annual financial report.


Chinese carmaker Great Wall Motor has lowered its 2020 sales target by about 8 percent due to the fallout of the novel coronavirus outbreak.

The leading sport utility vehicle (SUV) and pickup maker cut its annual sales target to 1.02 million units from 1.11 million units. Meanwhile, it lowered its net profit target to 4.05 billion yuan (569 million U.S. dollars) from 4.7 billion yuan.


Hongqi, a brand under China's leading automaker FAW Group, sold 16,382 cars in January and February, posting a 103.8-percent increase year on year.

In February alone, the company sold a total of 3,752 Hongqi cars, up 32.5 percent. To reduce the impact of the novel coronavirus, the company has introduced a series of measures to promote sales, including expanded online and offline marketing channels and sale promotion on e-commerce platforms and mobile phone apps.


NIO Inc., a Chinese leading electric vehicle manufacturer, said its full-year deliveries of vehicles reached 20,565 units in 2019, compared with 11,348 units delivered in 2018.

The company's total revenues were 7.82 billion yuan (1.1 billion U.S. dollars) last year, an annual increase of 58 percent. Meanwhile, net loss decreased by 51.1 percent to 11.4 billion yuan.


AliExpress, an international online shopping platform under Alibaba, saw a jump of orders for masks from European countries hard hit by COVID-19, including Italy, Spain and France, in the first half of March.

Orders for masks exported to Italy surged almost 40 fold from March 1 to 15, while orders from Spain and France increased almost eightfold and more than threefold, respectively.


Chinese courier giant ZTO Express said its revenue in 2019 was 22.11 billion yuan (3.1 billion U.S. dollars), up 25.6 percent year on year.

The company's net profit reached 5.67 billion yuan, surging 29.2 percent year on year. Enditem

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