More staggering airline losses
Business briefs from the Chinese media โ Tuesday November 1
Chinese stocks surged and the yuan strengthened today, apparently because of rumors that Beijing intends to end or relax COVID-zero policies.
Chinaโs three major airlines continue to hemorrhage money: For the first three quarters of the year, Air China ไธญๅฝๅฝ้ ่ช็ฉบ has announced a net loss of 28.10 billion yuan ($3.87 billion), while China Southern Airlines ไธญๅฝๅๆน่ช็ฉบ lost 17.58 billion yuan ($2.42 billion) and China Eastern Airlines ไธญๅฝไธๆน่ช็ฉบ lost 28.11 billion yuan ($3.87 billion).
Athletic apparel IPO: Yesterday, Zibuyu ๆตๆฑๅญไธ่ฏญ, one of Chinaโs largest cross-border ecommerce companies focusing on apparel and footwear, announced that it will be listed on the Hong Kong Stock Exchange on November 11, and plans to sell 29.25 million shares at HK$7.86-9.42 ($1-1.20) per share, hoping to raise around $35 million.
Beijing-listed companies in the black: As of October 31, the 121 companies listed on the Beijing Stock Exchange for small and medium-sized enterprises (SMEs) have collectively reported revenue for the first three quarters of 73.20 billion yuan ($10.04 billion), a year-on-year increase of 33.34%, and net profit of 6.92 billion yuan ($949.91 million), an increase of 19.41%.
Geely spins off EV brand: Auto manufacturer Geely ๅๅฉๆฑฝ่ฝฆ has announced plans for its electric vehicle (EV) brand Zeekr ๆๆฐช to be spun off and listed independently, details of which have not yet been revealed.
