Poor results for Tencent and Alibaba
Business briefs from the Chinese media โ Thursday November 17
Poor results for Tencent and Alibaba: Tech giant Tencent ่ พ่ฎฏ has reported revenue for the third quarter of 140.09 billion yuan ($19.87 billion), a year-on-year decrease of 2%, and profit attributable to equity shareholders of 32.25 billion yuan ($4.57 billion), an increase of 2%. Earlier today, Alibaba ้ฟ้ๅทดๅทด้ๅข also announced its financial results for the quarter ended September 30, reporting revenue of 207.17 billion yuan ($29.12 billion), an increase of 3% year-over-year, and a net loss of 22.46 billion yuan ($3.15 billion).
Nuclear heating project: On Tuesday, Chinaโs largest ever nuclear heating project started operating in the city of Haiyang, Shandong Province. The project can provide heat to 200,000 residents of the city, and accounts for 92.8% of the total national nuclear energy heating capacity.
EV battery production at all time high: According to the China Alliance for Electric Vehicles, in September, the total output of batteries in China was 59 gigawatt hours (GWh), a record high. From January to September, total battery production was 363 GWh, 65% higher than the total for the whole of 2021.
