Chinese express delivery companies stage a rally on strong earnings in June. An index tracking mainland-listed express delivery firms, compiled by Wind Information, is surging 4.6% as of 11:05 am, local time, making it one of the best-performing sectors in the A-share market, compared to 0.1% loss for the benchmark Shanghai Composite Index.
China International Capital Corporation (CICC) forecast Tencent Holdings’ revenue in the second quarter ended June 30 to drop by 3% year over year to 133.9 billion yuan, and the adjusted net profit to slide by 20% to 27.3 billion yuan, according to a note on Monday.
Citigroup raised the forecast of Chinese on-demand service giant Meituan’s food delivery revenue and operating profit in Q2 by 2.4% and 11.7%, respectively, taking into account the reopening of restaurants in China, robust demand during Father’s Day and Dragon Boat festival, disciplined subsidies and cost optimization effort, according to a note on Monday.
China’s Ganfeng Lithium, the world’s third largest producer of lithium salts, is being investigated by China’s securities regulator for alleged insider trading, the company said in a statement on Monday.
Sunac China, the country’s third largest property developer by sales, is seeking to extend repayment of an onshore bond due June 13 by two years, first reported by Reuters and confirmed by bondholders.
Chinese e-commerce giant Alibaba Group’s revenue for the March quarter grew at the slowest rate on record amid Covid-19 lockdowns and a slowing economy, although it beat expectations as growing demand for some of its niche online shopping service offset weakness at its main marketplaces.
