Rent a BYD car in Europe and more — Business Briefs from the Chinese media for October 5, 2022

Chinese ADRs are up as Wall Street rallied yesterday on expected good incoming data on the U.S. economy. The Hong Kong market was bubbly today too.

Fewer IPOs this year on mainland stock markets: According to the Shanghai-based financial software services company Wind Information, in the first three quarters of this year, there were 660 fundraising events on mainland stock markets, including IPOs and additional offerings, a year-on-year decrease of 227, with a total financing of 1.17 trillion yuan ($164.55 billion), a year-on-year decrease of 5%.

BYD cars for rent in Europe: Yesterday, electric vehicle (EV) and battery manufacturer BYD 比亚迪 signed a cooperation agreement with European rental car company SIXT by which the latter will purchase at least 100,000 EVs from BYD over the next six years. Deliveries will commence in the fourth quarter of this year, and BYD EVs will first appear in Germany, the U.K., France, and the Netherlands.

Light industry growth: According to the China National Light Industry Council, in the first eight months of this year, light industry companies (above a certain “designated size”) reported total revenue of 15.2 trillion yuan ($2.13 trillion), a year-on-year increase of 7.3%, and total profit of 917.76 billion yuan ($128.92 billion), a year-on-year increase of 7.4%. In August, the value added of the battery and vehicle manufacturing industries increased by more than 30% year-on-year.