China Feihe, the country’s dominant infant formula maker, said that the company is expected to record a profit of 2.2 – 2.5 billion yuan in the first half of the year, sliding by about 33.4% – 42.4% from the same period last year.
China will make great efforts to consolidate its economic recovery particularly in the crucial third quarter, putting a priority on stabilising employment and prices, the State Council said at a regular meeting on Friday, reported the state broadcaster CCTV.
China’s National Energy Administration (NEA) on Friday held a meeting about increasing coal production and ensuring coal supply, according to a statement on the day.
China’s Ministry of Transport on Friday tightened existing rules governing how online ride-hailing companies should handle and share their data with regulators, updating similar rules announced in 2018.
Shares of manganese companies stage a strong rally, with South Manganese, one of the world’s largest manganese producers, surging 6.9% in Hong Kong to close at HK$1.08, the highest level in nearly four months.
Hong Kong’s Financial Services and the Treasury Bureau (FSTB) is considering working with Qianhai, a special economic zone in Shenzhen, to help private equity funds incorporated in Hong Kong to invest in Mainland China though simpler approval procedures, reported Hong Kong’s Sing Tao Daily citing Christopher Hui, Secretary for Financial Services and the Treasury.
Chinese power battery giant CATL’s M3P battery is already in mass production and will be in use next year, the company’s chief scientist Wu Kai said during a presentation at the 2022 World EV & ES Battery Conference in Yibin, Sichuan province in Southwest China on Friday.
Chinese carmakers BYD Company and Leapmotor are in talks with GAC about the possibility of taking over the Changsha plant of GAC-Stellantis, Chinese news outlet Cailianshe reported on Friday, citing sources familiar with the matter, without giving further details.
Chinese property developers Huijing Holdings is crashing more than 85% in Hong Kong to hit a new record low of HK$0.216.
Shares of Chinese cement producers trade lower on expectation of sector-wide over-capacity amid sluggish real estate activities. Conch Cement is sliding more than 5% in Hong Kong, CNBM down 4.6%, Huaxin Cement down 1.9% and China Resources Cement down 1.75%.
Foxconn Interconnect Technology Ltd (FIT), a subsidiary of Foxconn and a supplier of precision components, is surging more than 14% in Hong Kong after the company forecast strong more than 900% growth in first-half profit and several banks raised projections of FIT’s earnings in 2022 and years ahead.
Chinese electric vehicle maker NIO is jumping nearly 5% in Hogn Kong, after the company on Thursday said it will deliver 150-kWh solid-state battery pack in the fourth quarter.
TikTok owner ByteDance has reportedly downsized its recruitment plans for next year as the company taps the breaks on expansion.
Chinese video games sector’s revenue declined in the first half of 2022 for the first time since the data was made available 14 years ago amid Beijing’s tightening oversight.
Cloud Village Inc, music-streaming unit of NetEase, on Thursday said that it has entered into a licensing agreement for digital music distribution with South Korea’s YG Entertainment Inc, granting NetEase Cloud Music the right to distribute YG Entertainment’s music catalog in China.
China built nearly 31 gigawatts (GW) of new solar power capacity in the first half of the year, surging 137% from a year earlier, with full-year installations on course to hit a new record high, said Wang Bohua, the honorary chairman of the China Photovoltaic Industry Association, said on Thursday.
Capacity of Tesla’s factory in Shanghai has officially surpassed its plant in California. Giga Shanghai, which makes Model 3 and Model Y, now has an annual capacity of more than 750,000 units, according to Tesla’s second-quarter earnings report.
China Evergrande New Energy Vehicle Group, the carmaking unit of the embattled property developer China Evergrande Group, said on Wednesday that it had received non-binding pre-orders for more than 37,000 units of its first car model Hengchi 5.
More than half of the listed Chinese property developers that have so far released forecasts for first-half earnings expect net losses for the period, with some companies projecting losses exceeding 1 billion yuan ($148 million).
China’s solar power related industries posted rapid growth in the first half of the year amid the country’s efforts to achieve its carbon-peaking and carbon-neutrality goals, with major parts of the supply chain posting year-on-year growth above 45%, said China’s Ministry of Industry and Information Technology.
