Weekly snapshot of China’s local business news

Xinhua News Agency | May 23, 2020 at 11:47 AM

BEIJING, May 23 (Xinhua) -- The following are highlights of China's local business news from the past week.

HUAWEI

Huawei voiced strong opposition to the United States' planned new export controls targetting the Chinese telecom giant.

The latest U.S. decision, a move to tighten its stranglehold on Huawei, completely ignored the concerns of many companies and industry associations and posed a threat to the entire industry worldwide, the Shenzhen-based company said.

SHANGHAI 5G

Shanghai's metro operator signed a strategic cooperation agreement with major telecom firms to cooperate in the construction of a 5G network that will cover the city's all 297 metro stations this year.

Under the deal, the 5G infrastructure building will be completed before the city hosts this year's China International Import Expo in early November.

XIAOMI

China's tech giant Xiaomi reported total revenue of 49.7 billion yuan (about 7 billion U.S. dollars) in the first quarter of 2020, up 13.6 percent year on year, despite the COVID-19 epidemic.

Adjusted net profit for the period was 2.3 billion yuan, up 10.6 percent year on year, the Beijing-headquartered company announced in its quarterly financial report.

ALIBABA

China's e-commerce giant Alibaba reported revenue of 114.31 billion yuan (about 16 billion U.S. dollars) in the quarter ending March 31, marking a year-on-year increase of 22 percent.

The Hangzhou-based company also announced revenue of 509.7 billion yuan in its fiscal year ending March 31, up 35 percent over the year-earlier level.

PINDUODUO

Major Chinese e-commerce platform Pinduoduo Inc. posted total revenue of 6.54 billion yuan (about 923.8 million U.S. dollars) in the quarter ending March 31, up 44 percent year on year.

Its gross merchandise volume (GMV) in the twelve-month period ending March 31 was 1,157.2 billion yuan, an increase of 108 percent from a year earlier.