Inflation eases

There were further gains for Chinese ADRs in the U.S. yesterday and for Hong Kong stocks today amid further signs of China’s easing of COVID prevention measures.

Inflation eases: According to the National Bureau of Statistics, the Consumer Price Index (CPI) in November increased by 1.6% year-on-year, a drop of 0.5 percentage points from October. Food prices increased by 3.7%, a drop of 3.3 percentage points from October.

Social networking profits: Yesterday, Hello Group 挚文集团, a social networking company that runs the networking app Mòmò 陌陌 and the dating app Tàntàn 探探, reported revenue for the third quarter of 3.23 billion yuan ($454.50 million), a year-on-year decrease of 14%, and net profit of 450.80 million yuan ($63.40 million), an increase of 30%.

First delivery of China’s passenger jet: Earlier today, China Eastern Airlines 中国东方航空 received the first delivery of China’s new C919 large passenger aircraft, which will formally enter service in 2023.

Alibaba launches new data processing company: Alibaba 阿里巴巴集团 yesterday launched a new subsidiary with starting capital of 50 million yuan ($7.16 million): Hangzhou Chengning Network Technology 杭州橙宁网络科技 will focus on information system integration and data processing and storage.

Alibaba investing in southeast Asian ecommerce: Alibaba 阿里巴巴集团 yesterday injected another $342.5 million into Lazada, its southeast Asian ecommerce platform. Along with $378.25 million in May and $912.5 million in August, Alibaba has invested more than $1.6 billion in Lazada so far this year.