Chinese internet giants said to be launching massive layoffs
Chinese internet companies, including Alibaba Group, Tencent Holdings and JD.com, are said to be cutting tens of thousands of jobs this year in one of …
COMPANY NEWS
Chinese coal miners post strong profits for 2021 on surging coal prices, announce large dividend payouts
Global prices of energy products including coal surged in 2021 amid economic recovery and strengthening demand, sending coal miners’ profits soaring. Chinese coal mining and …
Huawei posted first drop in annual sales in 19 years, profit jumped 76% driven by asset sales
Chinese telecommunication equipment giant Huawei Technologies posted a revenue of 636.8 billion yuan ($100 billion) in 2021, sliding 28.6% from a year earlier and marking …
NIO offers weaker-than-expected guidance for first quarter, eyes breakeven in fourth quarter of 2023
Chinese electric vehicle maker NIO posted stronger-than-expected revenue for the fourth quarter of 2021, but guidance for the first quarter this year was lower than …
China’s No.3 homebuilder Sunac China sees debt woes deepen, seeks two-year extension on 4 billion yuan bond
Sunac China, the country’s third-largest developer by sales, is seeking a two-year payment extension on a 4 billion yuan ($627.85 million) onshore bond due April …
Tencent posted slowest revenue growth in Q4, profit jumped on one-off gain from divesting JD.com stock
Chinese gaming and social media giant Tencent Holdings reported a 60% jump in profit in the fourth quarter ended December 31, driven by the divestment …
Embattled China Evergrande aims to unveil restructuring plan by end of July, has $22.7 billion offshore debts
Embattled property developer China Evergrande Group is working on a restructuring plan and aims to roll it out by the end of July, executive director …
Tsingshan said it has got sufficient inventory for delivery, Chinese regulator asks banks to report overseas exposure amid concerns over Tsingshan
Tsingshan Holding Group, the world’s largest nickel producer, has said that it has gathered sufficient nickel inventory for delivery to tackle a historic short squeeze. …
Property developer Logan Group’s debt woes deepen, credit rating cut deeper into junk on liquidity concerns
Property developer Logan Group has become the latest Chinese homebuilder to run into troubles, with its credit rating cut deeper into junk on growing concern about …
Alibaba’s quarterly revenue grew slowest since 2014 amid tough scrutiny, sluggish consumer spending
Alibaba Group on Thursday reported a nearly 10% growth for the revenue in the three months ended December 31, marking its slowest quarterly sales growth …
China to guide food delivery platforms to cut service fees, issue package to spur faster recovery of pandemic-hit services sectors
China issued a package of measures to spur a faster recovery from the COVID-19 pandemic in the services sector, including guiding online platforms to lower …
Battery giant CATL sees sell-off amid concerns over high valuation, rising competition
Shares of Chinese electric vehicle battery giant CATL tumbled by more than 17% in the first week after the Spring Festival holiday to hit 489.99 …
China Evergrande vowed to release restructuring proposal within six months
China Evergrande Group said on Wednesday it aims to have a preliminary restructuring proposal in place within six months as the debt-laden developer scrambles to …
Troubled China Evergrande transferred stake in several projects for debt relief
Embattled property developer China Evergrande Group recently transferred its stake in several project companies to partners as part of its efforts reduce debts. An Evergrande …
Chinese property developers Shimao, Guangzhou R&F see more troubles
A unit of Chinese property developer Shimao Group has defaulted on a trust loan with 645 million yuan of overdue payment, China Credit Trust Co said …
Chinese short video-sharing platform Kuaishou kicked off new round of layoffs as losses expand
China’s leading short video-sharing platform Kuaishou have started a round of layoffs across its major business departments amid expanding losses and increasing competitions. This round …
Ant’s consumer finance unit to boost capital to 30 billion yuan, add four new strategic investors
The consumer finance unit of China’s Ant Group, will boost the company’s capital to 30 billion yuan ($4.71 billion) from 8 billion yuan, with the …
China’s leading video-streaming platform iQiyi said to lay off up to 40% staff
iQiyi, one of China’s top video-streaming platforms, is said to have started a large-scale layoff, reported several mainland news outlets including Yicai, Sina News and …
China suspends Tencent from updating existing app, launching new apps
Chinese social media and gaming giant Tencent Holdings has been suspended from updating its existing apps or launching any new apps as part of Chinese …
Alibaba net income plummets 87ï¼…, with first adjusted profit decline in more than five years
Chinese e-commerce giant Alibaba Group reported an 87% year-on-year decline in net income for the September quarter, missing expectations as the company increased investment in its young …
China’s top chipmaker SMIC announced $5.5 billion joint venture in Shanghai after losing second senior executive in two months
China’s top chipmaker Semiconductor Manufacturing International Corporation (SMIC) announced on Friday that its subsidiary SMIC Holdings, China’s National Integrated Circuit Industry Investment Fund Phase II and …
China Evergrande averts default at last minute again, faces another $366 million interest payment before year-end
Embattled property developer China Evergrande Group narrowly averted default again with a series of last-minute coupon payments on Wednesday, but it’s facing another $366 million …
Tencent Q3 revenue growth hit lowest since 2004, net profit grew at slowest pace in two years amid regulatory crackdown
China’s social media and gaming giant Tencent Holdings reported a 3% increase in profits in the third quarter of 2021, its slowest growth in two …
Troubled developer Kaisa Group to sell Shenzhen property projects to ease cash crunch
Chinese property developer Kaisa Group is selling assets to ease a cash crunch after its missed payment of a wealth management product intensified market concerns …
One more Chinese property developer missed payment on wealth management product
Chinese property developer Kaisa Group Holdings Ltd said on Thursday its finance unit had missed a payment on a wealth management product (WMP), intensifying market concerns …
Tencent launched self-designed chips in expansion drive
Tencent Holdings launched three new self-designed chips on Wednesday, as the internet giant seek to play a role in boosting development of the country’s semiconductor sector and to further expand …
China Evergrande paid $83.5 million of overdue offshore bond coupon before 30-day grace period ends
China Evergrande Group paid the $83.5 million interest payment on its offshore bond, just before a 30-day grace period runs out for declaring it in …