Business briefs from the Chinese media — Tuesday August 30

Police announce 234 arrests in Henan banking crisis: Police in Henan Province have announced the arrest of 234 suspects in connection with a criminal group that took control of four village banks, resulting in a banking crisis and protest that erupted in April when depositors were unable to withdraw money from the banks

Ecommerce profits: Agricultural products and low-end goods ecommerce giant Pinduoduo 拼多多 has reported revenue for the second quarter of 31.44 billion yuan ($4.54 billion), a year-on-year increase of 36%, and net profit of 8.89 billion yuan ($1.28 billion), a year-on-year increase of 268%. Competitor Meituan 美团 reported revenue of 50.94 billion yuan ($7.37 billion) and adjusted net profit of 2.06 billion yuan ($298.09 million).

Big loss for Wanda Films: Wanda Films 万达电影, whose main source of revenue is the box office, has reported revenue for the first half of the year of 4.93 billion yuan ($714.54 million), a year-on-year decrease of 29.79%, and a net profit loss of 581 million yuan ($84.07 million), hardly surprising in a year of COVID lockdowns.