Caixin Global – Latest China News & Headlines

Home >


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

Casino Giant Galaxy Entertainment’s H1 Profit Drops 7% as High-Rollers Stay Away
Chinese App-Makers Smell Opportunities in Strict Trash-Sorting Rules
Tencent Posts 35% Profit Rise on Reviving Game Releases
Cathay Pacific CEO Hogg Resigns Amid Hong Kong Protests
Ninebot’s New Scooter Can Drive Itself Back to Charging Stations
Oppo to Unveil New Smartphone With 20x Zoom
Chinese Companies Usher in Age of Synthetic Meat
Record-Smashing Chinese Animation to Get Overseas Releases
WTO to Arbitrate China’s Complaints About U.S. Solar-Cell Tariffs
Vipshop Stock Soars After Q2 Results Beat Expectations
Japan Replaces China as Largest Holder of U.S. Government Debt
Huawei’s First 5G Commercial Phone Gets Warm Response Despite Limited Networks
AI Startup Plans IPO at Value of at Least $1 Billion — in China
Alibaba Q2 Revenue Jumps 42%, Beating Estimates But Slower Than Year Earlier
Baidu’s $66 Billion Dive Knocks It Out of China’s Internet Top 5
Beijing Grants Foreign Investors Wider Access to Entertainment Industry
Tencent-Backed Maoyan Turns Profit on Strong Ad Growth
Chinese App-Makers Smell Opportunities in Strict Trash-Sorting Rules
Casino Giant Galaxy Entertainment’s H1 Profit Drops 7% as High-Rollers Stay Away
Chinese Internet Sector Grows 17.9% Year-on-Year: MIIT
Xiaomi Receives Licenses for Second 5G Phone
Coal Industry Looks to Robots for Increased Safety
No Investor Love for Tencent, Lenovo and Luckin in Latest Reports
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
Copyright © 2019 Caixin Global Limited. All Rights Reserved.