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.

WeWork Putting the Brakes on China Push: Report
Tencent-Backed E-Book Platform Partners With Disney for ‘Star Wars’ Project
Tesla’s China Plant Is Hooked Up to State Grid Power Supply
Tencent-Backed E-Book Platform Partners With Disney for ‘Star Wars’ Project
iQiyi Looks to AI to Force-Feed Ads to Viewers
Popular Walking App Accused of Financial Fraud
WeWork Putting the Brakes on China Push: Report
‘No New Progress’ on Zotye Joint-Venture With Ford
Qutoutiao’s Online Literature Unit Gets $100 Million Windfall
NBA’s China Crisis Has Already Caused ‘Substantial’ Losses, Commissioner Says
Northern China Aims to Curb Toxic Air Pollution by 4% This Winter
China’s Economic Growth Dips to New Nearly Three-Decade Low
Tesla’s China Plant Is Hooked Up to State Grid Power Supply
Didi Pushes Further Into Latin America With Eye on Costa Rica
Homeowners Demand Refunds After Developer Cuts Prices
Controversial WeChat Public Account Operator Eyes High-Tech Board IPO
Burgeoning Online Marketplace in Crisis After Luring New Shoppers With Merchants’ Money
Huawei Posts Strong Revenue Growth Despite U.S. Export Ban
Ant Financial Seeks Loan of as Much as $3.5 Billion at Lower Rate
China Freezes Some Social Media, Mobile Payment Accounts in Myanmar Cross-Border Fraud Crackdown
Popular Translation App Youdao Downsizes New York IPO
Popular Alibaba-Backed Social E-Commerce App Returns After Months-Long Absence
Cheap-Phone Maker Realme Eyes Upscale Turn With Pricey New Handset
China’s Reformed Aluminum Giant Rises on Back of Reinforced Profits

By Zeng Lingke and David Kirton / Jul 23, 2019 03:55 PM / Business & Tech

Photo: VCG

Photo: VCG

The world’s largest aluminum group galvanized its profits in the first half of the year, attributing its success to sweeping reforms, although high debt levels remain a burden on its books.

Aluminum Corporation of China Ltd. (Chinalco) saw its net profit soar by 40% year-on-year in the first half of 2019, the company reported Monday. Based on last year’s complete figures, this meant that it raked in 2.36 billion yuan ($343 million). Operating income exceeded 170 billion yuan.

The news comes as China’s aluminum industry recovers from a difficult 2018, when low global prices and limits on production squeezed many makers of the metal. Yet in the first five months of this year, producers’ profits were up 23.4% year-on-year, according to the Ministry of Industry and Information Technology, partly thanks to shifts in the global market.

Chinalco rode out last year’s troubles largely thanks to a comprehensive three-year restructuring that addressed the company’s uncoordinated expansion and unwillingness to cut excess capacity, Yu Dehui, the company’s general manager, previously told Caixin.

The company nonetheless remains saddled with heavy debts, with its asset-to-liability ratio standing at 66.1% of its 651.4 billion yuan of total assets as of the end of March.

Read the full story later today on Caixin Global. 

Related: Chinalco Chief Backs Company’s Decentralization Reforms

Contact reporter David Kirton (

Share this article
Open WeChat and scan the QR code