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Revenues were 152.2 billion yuan ($23.46 billion) in the first quarter, it said on Wednesday. But net profit margin rose 3.8 percentage points compared to a year earlier to 11.1%, it said, as the company cut costs and received a boost from $600 million in royalty payments. 2021 will be a challenging year for us, but it s also the year that our future development strategy will begin to take shape, Huawei s rotating chairman Eric Xu said in the statement. Huawei was put on an export blacklist by former U.S. President Donald Trump in 2019 and barred from accessing critical technology of U.S. origin, affecting its ability to design its own chips and source components from outside vendors. ....
It’s been a turbulent few weeks for Larry Chen, a former school teacher from a poor Chinese village who’s now one of the world’s richest people. His online tutoring firm, GSX Techedu Inc., has been battered in the stock market, tumbling more than 80% since late January. Last month, the investor with the largest exposure to the shares Bill Hwang’s Archegos Capital Management imploded when it was unable to answer margin calls. Short sellers including Carson Block’s Muddy Waters and others have been circling since last year, and GSX’s latest financial results showed wider-than-expected losses. It faced a new barrage this month, with Grizzly Research issuing a report questioning the number and qualifications of teachers working for the company, and arguing that auditor Deloitte shouldn’t give an opinion on the firm’s annual report. ....
Updated Apr 16, 2021 | 18:57 IST The GDP of the world s second-largest economy grew by 2.3 per cent expanding to USD 15.42 trillion in 2020 China s GDP surges to record 18.3% in Q1 | Photo Credit: AFP China s economy grew a record 18.3 per cent in the first quarter of 2021, riding on strong domestic and foreign demand and aided by recovery from a low base in early 2020 when COVID-19 stalled the world s second-largest economy, according to statistics released on Friday. The gross domestic product (GDP) reached 24.93 trillion yuan (about USD 3.82 trillion) in Q1, data released by the National Bureau of Statistics (NBS) said. This is the highest quarterly growth rate since China first began publishing GDP data in 1993. ....
Read more about China s March exports rise 30.6% as global consumer demand revives on Business Standard. Traders watched for signs of what President Joe Biden might do about reviving tariff war talks with Beijing. ....
Move to silence Signal, one of the few remaining messaging apps in China that allowed users to engage in encrypted messaging, comes as China expands controls to shape public opinion ....