Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

China Sets Up Massive New Fund Firm to Transform Manufacturing
New Zealand Telecom Picks Nokia, Leaves Door Open for Huawei
Even 5G Can’t Reverse China Smartphone Slump
NetEase’s Youdao Posts Both Soaring Revenues and Widening Losses in Q3 Earnings Report
Beijing Police Work With Private Company Sinogene to Admit Six Cloned Dogs
Chinese Bitcoin-Mining Firm Raises $90 Million in U.S. Listing
Tencent-Backed Yeahka to Seek $300 Million in Hong Kong IPO
Pinduoduo Shares Plunge After Report of Wider 3Q Loss
Billionaire Wang Jianlin’s Son Released From Spending Ban
China-Built Tesla Model 3 to Go On Sale Friday
U.S.-Blacklisted Chinese AI Firm to Seek Hong Kong IPO Approval: Report
Chinese Scammers Use WeChat More Than Any Other App to Conduct Online Fraud, Report Shows
China to Pilot Global On-Demand Broadband Project Next Year
New Reference Rates for Loans Edge Down in Line With Market Expectations
University President Responds to Allegation of Faking Scientific Results
Didi Expands Global Footprint With Taxi-Hailing Services in Japan, Costa Rica
Alibaba Prices Hong Kong IPO Shares at Around HK$176
Ant May Join Race for Singapore Virtual Bank Licenses
Didi Chuxing to Test Robo-Taxi Service in Shanghai, CNBC Reports
Xiaomi Appoints Controversial Chief Voice Scientist
China Sets Up Massive New Fund Firm to Transform Manufacturing
Even 5G Can’t Reverse China Smartphone Slump
Microsoft Rival Kingsoft Office Raises $640 Million in Shanghai Star IPO
Meituan Dianping Reports Biggest Loss Among Fortune China Top 500

By Tianyu M. Fang / Jul 11, 2019 04:41 PM / Business & Tech

Photo: IC Photo

Photo: IC Photo

More of China’s top 500 public companies by revenue are reporting net losses in recent months, with a collective loss of 177 billion yuan ($25.8 billion) since the release of last year’s rankings, according to business magazine Fortune China.

Services and food delivery platform Meituan Dianping, a newcomer to the Top 500 list, lost more than all 29 other money-losing companies put together, Fortune China said. Meituan reported a net loss of 115.5 billion yuan since the publication of last year’s list, which only included 10 money-losing companies.

Online video streamer iQiyi, which lost 9.4 billion yuan, and telecommunications giant ZTE, which lost 6.9 billion yuan, were the next biggest money-losers.

State-owned enterprises Sinopec, PetroChina, and China State Construction Engineering Corporation (CSCEC) continued to lead by revenue. Meanwhile, Alibaba, Tencent, and China Mobile retained their positions among the 10 most profitable companies alongside major commercial banks and insurers.

Besides Meituan, other newcomers to the top 500 list include smartphone brand Xiaomi, hot pot restaurant chain Haidilao, and education firm TAL.

Related: Meituan Dianping’s Adjusted Loss Was Nearly 200% Higher in 2018

Share this article
Open WeChat and scan the QR code