Chinese internet giant Pinduoduo’s revenues failed to meet estimates in the December quarter, the third straight period it has fallen short of investors expectations after China’s economic slowdown stunted online consumption, reports Bloomberg. Sales for the quarter limped 3% higher to RMB 27.2 billion ($4.3 billion), Pinduoduo reported on Monday. That lags the RMB 30 […]
Category: Investment
Embattled bad-debt manager China Huarong Asset Management announced a return to profit in 2021 after a reorganization of its business and receiving a $6.6 billion government-organized bailout, reports Caixin. The state-owned firm reported a preliminary net income of RMB 370 million ($58 million) for 2021, compared with a record loss of RMB 102.9 billion a […]
DeepGlint, a Chinese artificial intelligence (AI) company that was added to the US government’s trade blacklist in July last year and once targeted a $300 billion valuation, had its initial public offering in Shanghai on Thursday, but soon saw its share price plummet amid the rout in tech stocks this week, reports the South China […]
Yum China Holdings, which operates KFC, Pizza Hut and Taco Bell in China, announced its board has upped the chain’s share buyback plan by $1 billion to $2.4 billion, reports Reuters. Shares in the company have fallen in recent days following an auditing dispute between Beijing and Washington, but China’s regulators are confident they could […]
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Fall in profits for Ping An
One of the world’s biggest insurers by market value, Ping An, experienced its largest profit drop in over a decade in 2021 due to blows from weakened property developments and Covid-dented demand, reports the Financial Times. The company released annual results on Thursday describing “complex and severe” external conditions that had held back sales, as […]