Benz and Tesla recall nearly 200,000 vehicles
Business briefs from the Chinese media โ Wednesday November 30
Investors in Chinese ADRs are desperate for good news: U.S.-listed Chinese companies, especially tech firms, soared yesterday in pre-market trading after Chinese health authorities reported an uptick in vaccination rates among senior citizens.
Benz and Tesla recalls: According to the State Administration for Market Regulation, Mercedes-Benz China will recall 131,924 imported GLE and GLS SUVs on November 30 due to defects in the rear door windows. Last week, Tesla recalled 67,698 imported Model S and Model X vehicles due to software problems.
Investors bullish on jobs? Nasdaq-listed recruitment platform Kanzhun ็ๅ็ฝ yesterday announced revenue for the third quarter of 1.17 billion yuan ($163.67 million), and net profit of 377 million yuan ($52.33 million), a year-on-year decrease of 2.2%, but its shares traded nearly 14% higher on the news. Kanzhun resumed registrations on its platform at the end of June after the completion of an investigation started in July 2021 by the Cybersecurity Administration of China.
Bilibili, Chinaโs other TikTok, is still growing: Video sharing website Bilibili B็ซ has reported revenue for the third quarter of 5.79 billion yuan ($803.81 million), an increase of 11% year-on-year, and a net loss of 1.7 billion yuan ($236 million), compared to a net loss of 2.7 billion yuan ($374.83 million) in the same period in 2021.
PMI edges downwards: Earlier today, the National Bureau of Statistics reported that the Manufacturing Purchasing Managersโ Index (PMI) was 48.0% in November, a decrease of 1.2 percentage points from the previous month.
