Profit falls 81% as China cracks down on big tech: Alibaba
3 years, 1 month ago

Profit falls 81% as China cracks down on big tech: Alibaba

Hindustan Times  

Chinese e-commerce leader Alibaba Group said on Thursday that its profit for the most recent quarter tumbled 81 percent as it grappled with a government crackdown on the country's big tech champions. The Hangzhou-based company's revenues -- generated mainly by its core e-commerce operations -- reached 200.7 billion yuan, up 29 percent. Last year the government scuppered what would have been a world-record stock IPO by Alibaba's financial arm, Ant Group, and in April fined Alibaba a record $2.78 billion for anti-competitive practices, which dragged Alibaba to a rare loss earlier this year. Alibaba reported record sales on its platforms during its annual November 1-11 "Singles Day" shopping festival -- China's answer to the US "Black Friday" event -- though it was markedly more low key than in past years due to government pressure to tone down the aggressive sales promotions and rampant consumerism.

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History of this topic

China's Black Myth: Wukong Soars to Record Revenue, Propeling Self-Developed Games Abroad
2 months, 1 week ago

China's Black Myth: Wukong Soars to Record Revenue, Propeling Self-Developed Games Abroad

China Daily  

China's gaming industry has reached a record high in revenue, with the actual sales revenue of China's self-developed games in overseas markets reaching $5.17 billion in the third quarter, surging by 20.75 percent year-on-year. Additionally, the actual sales revenue of China's mobile games, self-developed games in the domestic market and China's Esports sector saw growth from the previous quarter.

Bright spots stand out in film market slump
3 months, 3 weeks ago

Bright spots stand out in film market slump

China Daily  

"A Place Called Silence" is released on July 3, 2024. In the first half, box-office receipts totaled 23.77 billion yuan, down 9.51 percent year-on-year, and over 70 percent of the level reached in the same period of 2019. In the first half, China Film Co Ltd produced and released 18 films, netting 12.88 billion yuan at the box office, accounting …

Bright spots stand out in film market slump
3 months, 3 weeks ago

Bright spots stand out in film market slump

China Daily  

"A Place Called Silence" is released on July 3, 2024. In the first half, box-office receipts totaled 23.77 billion yuan, down 9.51 percent year-on-year, and over 70 percent of the level reached in the same period of 2019. In the first half, China Film Co Ltd produced and released 18 films, netting 12.88 billion yuan at the box office, accounting …

Huawei sees first-half earnings surge on smartphone renaissance
3 months, 3 weeks ago

Huawei sees first-half earnings surge on smartphone renaissance

The Hindu  

Chinese tech giant Huawei reported hefty jumps in first-half revenue and net profit on Thursday, with smartphone sales robust and its smart car components business also doing well despite U.S. sanctions. Huawei did not give an earnings breakdown for individual units, but a spokesperson said its mainstay consumer business, which includes smartphones and PCs, as well as its smart car …

China's industrial profits climb in July
3 months, 3 weeks ago

China's industrial profits climb in July

China Daily  

Vehicles are under examination at a smart factory of Seres Group in Liangjiang New Area, Southwest China's Chongqing municipality, April 25, 2024. Profits at China's major industrial firms grew at a faster pace in July, official data showed on Tuesday, underlining the resilience of the manufacturing sector which has helped support the steady economic growth. For the January-July period, China's …

China's industrial profits climb in July
3 months, 3 weeks ago

China's industrial profits climb in July

China Daily  

Profits at China's major industrial firms grew at a faster pace in July, official data showed on Tuesday, underlining the resilience of the manufacturing sector which has helped support the steady economic growth. For the January-July period, China's industrial profits increased 3.6 percent year-on-year, following a 3.5 percent growth in the first six months. Among the 41 major industrial sectors …

China’s Didi bounces back from losses caused by Beijing’s crackdown on internet services as it prepares IPO in Hong Kong
4 months ago

China’s Didi bounces back from losses caused by Beijing’s crackdown on internet services as it prepares IPO in Hong Kong

Live Mint  

- Didi Global Inc. swung to a profit in the June quarter, a welcome boost for the company as it prepares for a potential re-listing in Hong Kong. China’s leading ride-hailing provider reported a net profit of 1.4 billion yuan, from a small loss a year earlier. Once hailed as a national champion that defeated Uber Technologies Inc. in China, …

4 electronics companies rank among nation's top 100 list
4 months, 2 weeks ago

4 electronics companies rank among nation's top 100 list

China Daily  

Four companies from Ningbo, Zhejiang province, have secured positions on the 2024 list of the top 100 enterprises in China in terms of electronic information competitiveness, as recently revealed by the China Information Technology Industry Federation. According to the Ministry of Industry and Information Technology, the electronic information industry comprises the electronic information manufacturing and software and information technology services …

Three Chinese companies make top 10 on 2024 Fortune Global 500 list
4 months, 2 weeks ago

Three Chinese companies make top 10 on 2024 Fortune Global 500 list

China Daily  

A logo of State Grid is seen in Beijing. China's State Grid sits at third place with a revenue of $545.95 billion in 2023 on this year's Fortune Global 500 list, Fortune China reported on Monday. With high revenues, two Chinese companies, Sinopec Group and China National Petroleum Corp, took the fifth and sixth spots on the list, respectively, marking …

Alibaba’s new e-commerce strategy faces tough competition
6 months, 1 week ago

Alibaba’s new e-commerce strategy faces tough competition

Live Mint  

Alibaba’s strategic shift to prioritize long-term growth over substantial near-term profits is showing some early success, but analysts say increasing competition could prevent the e-commerce giant from regaining its past market dominance. In May, Alibaba said its e-commerce platform Taobao had undergone “its biggest update" in seven years to enhance customer experience for the 618 shopping day sales campaign from …

China's software, IT service industry sees double-digit growth in revenue, profits
6 months, 3 weeks ago

China's software, IT service industry sees double-digit growth in revenue, profits

China Daily  

BEIJING - China's software and information technology service industry reported double-digit year-on-year growth in terms of both revenue and profits in the first four months of 2024, official data showed. Total profits of the sector jumped by 14.3 percent year-on-year to 431.4 billion yuan during this period, while combined revenue rose by 11.6 percent to 3.8 trillion yuan, according to …

Alibaba sees its Jan-March revenue up 7%
7 months, 1 week ago

Alibaba sees its Jan-March revenue up 7%

China Daily  

The headquarters of e-commerce giant Alibaba Group in Hangzhou, East China's Zhejiang province. Chinese tech heavyweight Alibaba Group Holding Ltd reported on Tuesday night that its revenue stood at 221.87 billion yuan during the January-March period, an increase of 7 percent year-on-year, while its net income reached 3.27 billion yuan, down 86 percent year-on-year. For the quarter ending on March …

Alibaba’s profit in Q4 tumbles due to equity investments, New York-listed stock plunges
7 months, 1 week ago

Alibaba’s profit in Q4 tumbles due to equity investments, New York-listed stock plunges

Associated Press  

HONG KONG — Chinese e-commerce company Alibaba Group Holding on Tuesday posted a greater-than-expected decline in profit for the fourth quarter due to its equity investments, sending its stock price plunging in New York. Its net income for the quarter ended March was 3.3 billion yuan, down 86% compared to the same time last year and missing analyst estimates. Revenue …

Blinkered view
8 months ago

Blinkered view

China Daily  

JIN DING/CHINA DAILY Ratings agency Fitch downgraded its outlook for China in its most recent report. Although Fitch acknowledges the structure of the economy is changing as China shifts to a new growth model, it appears not to recognize the full significance and driver of this transition in its report. When the central government did not come to the rescue, …

Blinkered view
8 months ago

Blinkered view

China Daily  

JIN DING/CHINA DAILY Ratings agency Fitch downgraded its outlook for China in its most recent report. Although Fitch acknowledges the structure of the economy is changing as China shifts to a new growth model, it appears not to recognize the full significance and driver of this transition in its report. When the central government did not come to the rescue, …

Huawei’s profit more than doubles in 2023, sales up 9.6% as cloud and digital businesses grow
8 months, 3 weeks ago

Huawei’s profit more than doubles in 2023, sales up 9.6% as cloud and digital businesses grow

Associated Press  

HONG KONG — Chinese telecoms gear company Huawei Technologies has reported its profit more than doubled last year as its cloud and digital businesses thrived in spite of U.S. sanctions. Huawei’s rotating chairman Ken Hu said the company’s figures were in line with forecasts. Huawei, one of China’s first global tech brands, has been caught up in China-U.S. tensions over …

Alibaba initiates $25 billion share buyback after revenue upset market but fails to impress investors
10 months, 2 weeks ago

Alibaba initiates $25 billion share buyback after revenue upset market but fails to impress investors

Hindustan Times  

Alibaba has announced a $25 billion share buyback program after it failed to meet market expectations for revenue in the December quarter. Alibaba earnings report from fiscal third quarter Alibaba's financial results for the December quarter revealed a revenue of 260.35 billion Chinese yuan, slightly below the expected 262.07 billion yuan. The December quarter also saw Alibaba's net income drop …

Chinese shares jump as Beijing steps up moves to boost sagging markets
10 months, 2 weeks ago

Chinese shares jump as Beijing steps up moves to boost sagging markets

Associated Press  

BANGKOK — A Chinese state investment fund promised to expand its purchases of stock index funds, among other moves signaling Beijing’s resolve to stabilize markets that have been sagging under heavy selling pressure from a property crisis and slowing economy. Shares in Shanghai and Hong Kong surged Tuesday after the announcement by Central Huijin Investment, whose subsidiaries include Chinese state-owned …

Alibaba shares plunge as much as 10% after canceling plans to spin off cloud unit
1 year, 1 month ago

Alibaba shares plunge as much as 10% after canceling plans to spin off cloud unit

Associated Press  

HONG KONG — Shares of Chinese e-commerce firm Alibaba Group Holding plunged as much as 10% in New York after it said Thursday that plans to spin off its cloud business were scrapped, citing uncertainties due to U.S. chip restrictions. Alibaba Chairman Joe Tsai said Thursday during an earnings call that a spinoff of its cloud unit “may not achieve …

Shenzhen-listed firms report revenues totaling 15t yuan in January-September
1 year, 1 month ago

Shenzhen-listed firms report revenues totaling 15t yuan in January-September

China Daily  

A staff member walks past the Shenzhen Stock Exchange in Shenzhen, South China's Guangdong province, Sept 21, 2020. BEIJING - Firms listed on China's Shenzhen Stock Exchange reported 15.06 trillion yuan in operating revenues in the first three quarters of 2023, up 4.19 percent year-on-year, according to a disclosure from the bourse. As of Oct 31, all of 2,830 firms …

Shenzhen-listed firms report revenues totaling 15t yuan in January-September
1 year, 1 month ago

Shenzhen-listed firms report revenues totaling 15t yuan in January-September

China Daily  

A staff member walks past the Shenzhen Stock Exchange in Shenzhen, South China's Guangdong province, Sept 21, 2020. BEIJING - Firms listed on China's Shenzhen Stock Exchange reported 15.06 trillion yuan in operating revenues in the first three quarters of 2023, up 4.19 percent year-on-year, according to a disclosure from the bourse. As of Oct 31, all of 2,830 firms …

Volkswagen takes steps to boost its China business as first-half earnings fall by 20%
1 year, 4 months ago

Volkswagen takes steps to boost its China business as first-half earnings fall by 20%

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Almost all SZSE A-share companies projected to make profits
1 year, 8 months ago

Almost all SZSE A-share companies projected to make profits

China Daily  

A pedestrian passes an office building of the Shenzhen Stock Exchange on Nov 27, 2018. Contemporary Amperex Technology Co Ltd, the world's largest electric vehicle battery maker, earned operating revenue of 328.59 billion yuan and net profit of 30.73 billion yuan in 2022, an increase of 152 percent and 93 percent year-on-year, respectively. China's largest NEV maker BYD generated revenue …

Almost all SZSE A-share companies projected to make profits
1 year, 8 months ago

Almost all SZSE A-share companies projected to make profits

China Daily  

A pedestrian passes an office building of the Shenzhen Stock Exchange on Nov 27, 2018. Contemporary Amperex Technology Co Ltd, the world's largest electric vehicle battery maker, earned operating revenue of 328.59 billion yuan and net profit of 30.73 billion yuan in 2022, an increase of 152 percent and 93 percent year-on-year, respectively. China's largest NEV maker BYD generated revenue …

For Alibaba, Six Is Bigger Than One—And a Smaller Target
1 year, 8 months ago

For Alibaba, Six Is Bigger Than One—And a Smaller Target

Live Mint  

Six is bigger than one. The core Chinese e-commerce business will stay wholly owned by Alibaba but each of the other units could seek their own funding, and maybe eventually conduct initial public offerings. Analysts from Goldman Sachs and Morgan Stanley have both said the market is currently valuing Alibaba’s businesses outside its core Chinese e-commerce segment at zero. Alibaba’s …

China's industrial profits slump in Jan.-Feb. as COVID pain lingers
1 year, 8 months ago

China's industrial profits slump in Jan.-Feb. as COVID pain lingers

The Hindu  

Profits at industrial firms in China declined 22.9% in the first two months of 2023 from the year before, official data showed on Monday, as the factory sector struggles to claw its way out of the slump caused by COVID-related disruptions. The contraction followed a 4% fall in industrial profits for the whole of 2022, data from the National Bureau …

China’s video game makers come in from the cold as crackdown eases
1 year, 11 months ago

China’s video game makers come in from the cold as crackdown eases

The Hindu  

China's end to a sweeping crackdown on its video games market is expected to breathe life back into the battered industry this year, but remaining restrictions on some content and economic headwinds will limit the extent of the recovery. Shares of Tencent, the world's largest gaming company, and NetEase rose this week after China's video games regulator granted the first …

Alibaba posts loss, slower revenue amid lower consumption
2 years, 1 month ago

Alibaba posts loss, slower revenue amid lower consumption

Associated Press  

HONG KONG — Chinese e-commerce company Alibaba Group on Thursday posted net losses and missed market expectations for revenue in its quarter ended September amid a slowing economy and depressed consumer sentiment. Revenue grew 3% compared to the same time last year to 207.2 billion yuan, as the company saw decreased consumer spending as China continued its strict COVID-19 policies …

China's Lenovo posts first revenue drop in 10 quarters as COVID lockdowns weigh
2 years, 1 month ago

China's Lenovo posts first revenue drop in 10 quarters as COVID lockdowns weigh

The Hindu  

China's Lenovo Group reported its first revenue decline in 10 quarters as a pandemic-fuelled computer sales boom comes to an end, with sales especially falling in China as COVID lockdowns took a toll. Yang Yuanqing, Lenovo's chairman and chief executive, told Reuters in an interview that the revenue decline in China is due to weakening demand from commercial clients rather …

China's Huawei slows its long decline under U.S. sanctions as revenues improve
2 years, 1 month ago

China's Huawei slows its long decline under U.S. sanctions as revenues improve

The Hindu  

China's Huawei Technologies reported modest revenue growth for a second quarter on Thursday, citing steady growth in its ICT infrastructure business as it finds its footing after U.S. sanctions knocked its once mighty handset business. Huawei posted revenue of 445.8 billion yuan for the first three quarters, 10 billion yuan less than it saw in the same period a year …

China’s economic growth accelerates but is weakened by COVID shutdowns
2 years, 2 months ago

China’s economic growth accelerates but is weakened by COVID shutdowns

LA Times  

Chinese President Xi Jinping’s image is projected on a giant screen in a commercial district of Hangzhou in eastern China. China’s economic growth picked up in the latest quarter but still was among the weakest in decades as the ruling Communist Party tries to reverse a slump while enforcing anti-coronavirus controls and a crackdown on debt in its vast real …

China e-Commerce market ready for Canadian business
2 years, 3 months ago

China e-Commerce market ready for Canadian business

China Daily  

As China continues to rebound from COVID-19, the demand for Canadian-branded products is strong when they sell to the Chinese market through e-commerce platforms. Nicole Lin, business development country manager of Alibaba Group in Canada, said their services support Canadian brands and companies selling to China through cross border e-commerce. "As the world's largest e- commerce retail market, China's annual …

China’s July industrial profits down as COVID-19 curbs, heatwaves hit
2 years, 3 months ago

China’s July industrial profits down as COVID-19 curbs, heatwaves hit

The Hindu  

Profits at China's industrial firms sank in July, reversing previous gains as fresh COVID-19 curbs dragged down demand and squeezed factory margins, while power shortages due to heatwaves threatened production. Profits at China's industrial firms fell 1.1% in January-July from a year earlier, wiping out the 1.0% growth logged during the first six months, the National Bureau of Statistics said …

Dell revenue growth slows on strong dollar, China lockdowns
2 years, 3 months ago

Dell revenue growth slows on strong dollar, China lockdowns

The Hindu  

Dell Technologies Inc posted its slowest revenue growth in six quarters on Thursday as a surge in the dollar and COVID-19 flare-ups in major market China offset a jump in its enterprise-focused business. Dell's revenue rose 9% to $26.43 billion in the quarter to July 29 and was roughly in line with market expectations, according to Refinitiv data. Consumer revenue …

China’s Huawei says sales down but new ventures growing
2 years, 4 months ago

China’s Huawei says sales down but new ventures growing

Associated Press  

BEIJING — Chinese tech giant Huawei said Friday its revenue fell in the first half of 2022 but new ventures in autos and other industries helped to offset a decline in smartphone sales under U.S. sanctions. Huawei Technologies Ltd., China’s first global tech brand, has struggled since then-President Donald Trump blocked access to U.S. processor chips and other technology in …

China stocks: Alibaba and JD.com rally on hopes tech crackdown is ending soon
2 years, 6 months ago

China stocks: Alibaba and JD.com rally on hopes tech crackdown is ending soon

CNN  

Hong Kong CNN Business — Shares in Chinese tech companies have surged this week on hopes that Beijing is close to ending a yearlong regulatory crackdown on the industry. The gains followed a strong session for Chinese stocks on Wall Street on Monday,when the Nasdaq Golden Dragon China Index soared 5.4%. “The headline sparked speculation that Beijing was ending the …

Investment, financing drop in China's internet sector in Q1
2 years, 7 months ago

Investment, financing drop in China's internet sector in Q1

China Daily  

A visitor watches a promotion video at the China International Big Data Industry Expo 2021 in Guiyang, Southwest China's Guizhou province, May 26, 2021. BEIJING -- Investment and financing in China's internet sector continued the downward trend in the first quarter of this year as the severe international environment and resurgences of COVID-19 weighed on the capital market, said a …

Tencent Q4 earnings prompt stock tumble as China crackdown hits growth
2 years, 9 months ago

Tencent Q4 earnings prompt stock tumble as China crackdown hits growth

CNN  

Hong Kong CNN Business — Tencent’s stock suffered a sharp drop after the company reported its slowest-ever growth due to a bruising crackdown by China on the country’s tech sector. Co-founder Pony Ma and president Martin Lau joined an earnings call on late Wednesday and acknowledged that 2021 was a “challenging year” for Tencent and China’s internet industry more broadly. …

Alibaba raises buyback to $25B to boost slumping stock
2 years, 9 months ago

Alibaba raises buyback to $25B to boost slumping stock

Associated Press  

BEIJING — Alibaba Group, the world’s biggest e-commerce company, increased a share buyback to $25 billion from $15 billion on Tuesday to prop up a stock price that has fallen by more than half since the ruling Communist Party tightened control over tech industries by launching regulatory crackdowns. Alibaba’s U.S.-traded shares have fallen 56%, wiping out hundreds of billions of …

Down but not out: China’s Alibaba looks towards challenging 2022
2 years, 11 months ago

Down but not out: China’s Alibaba looks towards challenging 2022

Al Jazeera  

Chinese tech giant’s deep pockets and ability to adapt are seen as key to weathering the tough year ahead. With such a difficult environment persisting into the New Year, Alibaba, which has been described as China’s answer to Amazon, faces a potentially challenging 2022 – although analysts count the firm’s deep pockets and ability to adapt to the vast Chinese …

Alibaba slashes sales outlook as competition bites, demand slows
3 years, 1 month ago

Alibaba slashes sales outlook as competition bites, demand slows

The Hindu  

Chinese e-commerce giant Alibaba Group Holding Ltd slashed its forecast for annual revenue growth on increased competition and a regulatory crackdown, sending its stock tumbling 11%. "These economic headwinds, coupled by intensifying market competition also affected our core commerce business in China,"Alibaba CEO Daniel Zhang said on an earnings call, adding that demand for apparel and general merchandise had been …

Alibaba reports 8.45% increase in shopping blowout, cites 'consumption vitality'
3 years, 1 month ago

Alibaba reports 8.45% increase in shopping blowout, cites 'consumption vitality'

China Daily  

By He Wei in Shanghai | chinadaily.com.cn| Updated :2021-11-12 People are seen in Alibaba Group's Xixi Park in Hangzhou, East China's Zhejiang province, on Nov 11, 2021. Alibaba Group reported 540.3 billion yuan transaction in this year's Nov 11 shopping gala, citing "consumption vitality and economic resilience". As of 11 pm on Thursday, 698 small and medium-sized brands have leapfrogged …

Zhejiang enterprises buck downward trend
3 years, 4 months ago

Zhejiang enterprises buck downward trend

China Daily  

ezhejiang.gov.cn| Updated :2021-08-19 An aerial view of the Taihu Lake scenic area in Huzhou, Zhejiang province. CHINA DAILY In 2020, enterprises in East China's Zhejiang province saw their total assets and operating revenues grow 10.6 percent and 9.8 percent year-on-year respectively despite the COVID-19 pandemic, according to the latest statistics released by the Zhejiang Administration for Market Regulation. As much …

Huawei reports biggest ever revenue drop
3 years, 4 months ago

Huawei reports biggest ever revenue drop

The Hindu  

August 06, 2021 04:09 pm | Updated 04:09 pm IST - SHENZHEN Chinese telecommunications giant Huawei Technologies reported its biggest ever revenue drop in the first half of 2021, after U.S. sanctions drove it to sell a chunk of its once-dominant handset business and before new growth areas have fully matured. The biggest decline came from Huawei's consumer business group, …

Beijing calls for calm after historic tech stock rout
3 years, 4 months ago

Beijing calls for calm after historic tech stock rout

CNN  

Hong Kong CNN Business — Chinese state media is urging investors to stay calm following a brutal stock market sell-off this week that has wiped out hundreds of billions of dollars in value. Chinese state-run newspaper Securities Times published a commentary Wednesday acknowledging the “changes in policy for certain industries” after a market rout on Monday and Tuesday that came …

Tencent, Alibaba, Meituan stocks continue to plunge as China expands its crackdown
3 years, 4 months ago

Tencent, Alibaba, Meituan stocks continue to plunge as China expands its crackdown

CNN  

Hong Kong CNN Business — Chinese tech stocks keep getting slammed with a stunningly massive sell-off that has wiped outhundredsof billions of dollars in market valueas investors continue to digest Beijing’s widening crackdown on private enterprise. Meituan closed down 17.7% in Hong Kong on Tuesday, eclipsing Monday’s massive 14% loss — making it the food delivery firm’s worst two days …

Didi, Alibaba, Tencent stocks roiled by worsening crackdown
3 years, 5 months ago

Didi, Alibaba, Tencent stocks roiled by worsening crackdown

CNN  

Hong Kong CNN Business — China is not slowing down with its historic tech crackdown. A bunch of antitrust fines The latest concerns unfolded Wednesday when China’s antitrust regulator fined several internet companies — including Didi, Alibaba and Tencent — over accusations that they violated thecountry’sAnti-Monopoly Law while making mergers or acquisitions over the last 10 years, according to the …

Alibaba’s sales surge but cloud growth slows
3 years, 7 months ago

Alibaba’s sales surge but cloud growth slows

CNN  

New York CNN Business — Alibaba has reported earnings for the first time since China imposed a record fine on the tech giant — and the numbers were not as awful as some feared. The fine was reached after antitrust regulators concluded that the online shopping giant had been behaving like a monopoly, and was equivalent to 4% of Alibaba’s …

Alibaba’s record fine is a ‘warning shot’ in China’s tech crackdown
3 years, 8 months ago

Alibaba’s record fine is a ‘warning shot’ in China’s tech crackdown

CNN  

Hong Kong CNN Business — Alibaba is trying to draw a line under accusations that it behaved like a monopoly after Chinese regulators hit the online shopping giant with a record fine over the weekend. Joe Tsai, Alibaba Group’s co-founder and executive vice chairman,told investors on Monday that the company will not appeal the 18.2 billion yuan penalty that China’s …

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