BEIJING, Nov. 14 (Xinhua) -- The following are highlights of China's local business news from the past week.

-- VOLVO CARS SUPPLIERS

Six Chinese auto parts suppliers plan to invest a combined 5 billion yuan (about 756.5 million U.S. dollars) in Chengdu in southwest China to produce seats, battery packs, bumpers and other parts for automaker Volvo Cars.

The suppliers inked the deal with the government of the economic and technological development zone of Chengdu, capital of Sichuan Province. Volvo Cars currently has a manufacturing plant in Chengdu, where its XC60 models are produced.

-- FAW SALES

First Automotive Works (FAW) Group Co. Ltd., China's leading automaker, sold more than 3.01 million vehicles in the first 10 months of this year, an increase of 7.8 percent year on year.

Its sedan brand Hongqi sold 153,109 vehicles in the period, an increase of 102.7 percent year on year. Nearly 439,000 units of Jiefang trucks were sold, which is a rise of about 44 percent year on year.

-- HAINAN SPECIAL INSURANCE

South China's Hainan Province on Wednesday launched a medical insurance plan that covers foreign medicines yet to be approved domestically for the treatment of cancers.

The special insurance product, launched by the Boao Lecheng International Medical Tourism Pilot Zone, covers 49 drugs.

-- TENCENT EARNINGS

China's internet giant Tencent posted a 29 percent year-on-year revenue growth in the third quarter of this year, raking in around 125.45 billion yuan (about 19 billion U.S. dollars).

Net profit rose 89 percent year on year to reach over 38.5 billion yuan during the period, according to the company's financial statement.

-- SINGLES' DAY SHOPPING

Chinese shoppers spent big over the Singles' Day shopping festival, showing the country's strong economic recovery following the COVID-19 epidemic.

Sales on Alibaba's e-commerce platform Tmall exceeded 498.2 billion yuan (about 74.1 billion U.S. dollars) between Nov. 1 and 11.

-- PINDUODUO EARNINGS

Nasdaq-listed Chinese e-commerce platform Pinduoduo Inc. posted 89-percent year-on-year revenue growth in the third quarter of the year, with total revenue exceeding 14.2 billion yuan (about 2.15 billion U.S. dollars), according to its unaudited financial results.

The company enjoyed a Non-GAAP net gain of 466.4 million yuan attributable to ordinary shareholders during the period, the first quarterly profit in its five-year history. Enditem

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