Weekly snapshot of China’s local business news

Xinhua News Agency | Aug 24, 2019 at 12:30 PM

BEIJING, Aug. 24 (Xinhua) -- The following are highlights of China's key local business news from the past week.

-- HUAWEI AI PROCESSOR

Chinese tech giant Huawei launched the Ascend 910, which is described by the company as the world's most powerful artificial intelligence (AI) processor, and an all-scenario AI computing framework MindSpore.

The Ascend 910, which will be used for AI model training, performs much better than previously expected, Huawei said. MindSpore, an AI computing framework that aims to support the development of AI applications in all scenarios, is expected to go open source in the first quarter of 2020.

-- ROBOT MARKET

China's robot market is expected to reach 8.68 billion U.S. dollars this year, with an estimated average annual growth of 20.9 percent between 2014 and 2019, according to a report by the Chinese Institute of Electronics.

China's booming robot market will account for about 29.5 percent of the world's total in 2019, which is estimated at 29.41 billion U.S. dollars, said the report.

-- XIAOMI

China's tech giant Xiaomi saw its revenue grow 20.2 percent year on year to 95.7 billion yuan (13.5 billion U.S. dollars) in the first half of the year. Its adjusted net profit rose 49.8 percent to 5.7 billion yuan.

In the six months, Xiaomi posted 9.8-percent revenue growth in the smart mobile phone sector with a global shipment of about 60 million units. Its revenue from overseas business grew 33.8 percent year on year to 38.6 billion yuan, accounting for over 40 percent of the total.

-- BYD

China's leading new energy vehicle (NEV) manufacturer BYD reported a year-on-year rise of 203.6 percent in net profit for the first half of 2019 on booming NEV sales.

Its net profit reached 1.45 billion yuan (205 million U.S. dollars), compared to 479 million yuan in the same period last year.

During the period, BYD's NEV sales totaled 145,653 units, up 94.5 percent year on year. The rapid growth helped raise its NEV market share in China to around 24 percent in H1 from 20 percent last year.

-- PINDUODUO

China's social e-commerce giant Pinduoduo reported soaring revenue growth in the second quarter of this year thanks to a fast-expanding user base.

Revenue soared 169 percent year on year to 7.29 billion yuan (1.03 billion U.S. dollars) in the April-June period, while the gross merchandise volume (GMV) in the 12-month period ended June 30 reached 709.1 billion yuan, an annual increase of 171 percent.

Its monthly active users expanded by 88 percent to 366 million last quarter, while the active buyers grew by 41 percent to 483.2 million during the 12-month period to June.

Pinduoduo reported a net loss of 1 billion yuan last quarter, far smaller than the loss of 6.49 billion yuan in the same quarter a year ago.

-- COURIER GIANTS

Three major Chinese express delivery companies reported strong revenue growth in July amid booming e-commerce in the world's most populous country.

SF Holding, a leader in the middle and high-end courier service market, said its revenue from the express delivery business rose 19.1 percent year on year to 8.34 billion yuan (1.2 billion U.S. dollars) last month.

Meanwhile, Yunda Holding generated a revenue of 2.77 billion yuan, up 218.9 percent year on year, and STO Express generated a revenue of 1.78 billion yuan, up 33.2 percent.