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China Business News Tuesday (2021-03-04)



News

1. Telecommunication company ZET plans to build cars.

ZTE Corporation is a Chinese technology company that specializes in telecommunication. Now, ZTE has confirmed that it is building an automotive electronics product line and establishing an automotive electronics team. The the new business unit will coordinate relevant R & D and business units and lead the implementation of external principles and overall operations in this area.


Source: · https://finance.sina.com.cn/stock/hkstock/ggscyd/2021-03-04/doc-ikftssaq0787720.shtml


2. Alibaba Health invests in LinkDoc Technology.

LinkDoc Technology has received a strategic investment from Alibaba Health. The two companies will build a patient-centric service platform for the entire disease cycle for Chinese cancer patients. They will also explore innovative service models of online cancer specialty medicines and provide cancer patients with high-quality medical and healthcare services.


Source: https://www.36kr.com/newsflashes/1123151026958339


3. Alibaba tops the R&D investment list of Chinese internet companies.

Based on the R&D spending of the major Chinese internet companies, a list was created. Alibaba ranked first with 32.8 billion, Tencent ranked second with 17.9 billion, followed by companies such as Baidu, JD, Meituan, and Pinduoduo.


Source: https://www.36kr.com/newsflashes/1123282232422404


4. SMIC signs major USD 1.2bn purchase order with ASMC.

It has been announced that leading Chinese semiconductor manufacturer SMIC has signed a purchase order with ASMC Group worth a total of USD 1.2 billion. The order is mainly for wafer production. ASML is one of the world's leading suppliers to the semiconductor industry, providing hardware, software and services to global chip manufacturers.


Source: https://new. qq.com/rain/a/20210304A006OY00


5. Chinese online travel giant Trip.com releases financial statement.

The Chinese multinational online travel company generated net revenue of USD 761 million in Q4 2020, down 40% from the same period in 2019. The loss from operations for the fourth quarter of 2020 was USD 2 million. However, it is worth mentioning that the company's Chinese domestic business continues to show strong recovery momentum. For instance, the Chinese domestic air ticketing business grew year-on-year.


Source: https://www.streetinsider.com/Corporate+News/Trip.com+Group+%28TCOM%29+Misses+Q4+EPS+by+2c%2C+Revenues+Miss/18075955.html


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