Chart of the Day: China Tech’s Maiden Earnings

A flood of Chinese tech companies held their initial public offerings in Hong Kong and New York in 2018.

These tech companies — which are involved in sectors ranging from e-commerce to health care — have released their first annual earnings, and investors can now gauge their performance.

Xiaomi Corp. garnered a lot of attention when it went public in Hong Kong in July due to its dramatic rise in the global handset market over just a few years. The company is currently the world’s fourth-largest smartphone maker, and has recently unseated Samsung as the top vender in India.

In 2018, the company turned a loss of 43.9 billion yuan ($6.5 billion) from the previous year into a net profit of 13.5 billion yuan. Its 2018 revenue jumped 52.6% to 174.9 billion yuan.

Meituan Dianping — which offers online services ranging from food delivery to restaurant reservations — saw its net loss nearly double to 8.5 billion yuan. The majority of the loss came from its bike-sharing unit Mobike, which it acquired early last year in a $2.7 billion deal.

Pinduoduo Inc., the group discounter e-commerce site, reported a loss of 10.3 billion yuan, compared with a 498.7 million yuan loss in 2017. Pinduoduo rose to prominence in an e-commerce market dominated by the likes of Alibaba Group Holding Ltd. and JD.com, Inc. by dangling discounts in front of shoppers to encourage them to buy in bulk with friends and relatives.

Other big tech listings last year include music steaming service Tencent Music Entertainment Group and Ping An Healthcare and Technology Co. Ltd., which offers on-demand services such as connecting patients with doctors for consultations.

Contact reporter Mo Yelin (yelinmo@caixin.com)