Business Brief (Oct. 21): China’s GDP Growth Slows
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China’s GDP grew 4.8% year-on-year in the third quarter, bringing growth for the first three quarters to 5.2%, which is above the government’s annual target of around 5%. The National Bureau of Statistics attributed the slowdown to a complex and severe external environment and domestic structural adjustment pressures, but said favorable conditions remain for achieving the full-year target.
Used home prices fall in 70 cities
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- China’s Q3 GDP grew 4.8% year-on-year; nine-month growth hit 5.2%, above the 5% target.
- Used home prices in 70 cities fell 0.64% in September; CATL’s Q3 profit soared 41% to 18.5 billion yuan.
- Kering sold its beauty business to L’Oréal for €4 billion; France lost its AA credit rating from two major agencies.
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Who’s Who
- Unitree Robotics
- Unitree Robotics unveiled its H2 bionic humanoid robot. This robot stands 180 cm tall, weighs 70 kg, and features 31 joints. While an official price has not been released, industry experts anticipate it will be priced under $50,000.
- CATL
- CATL, also known as Contemporary Amperex Technology Co. Limited, is a company that reported its third-quarter financial results. The company's revenue reached 104.2 billion yuan ($14.6 billion), marking a 12.9% increase year-on-year. Notably, CATL's net profit saw a significant surge of 41%, amounting to 18.5 billion yuan.
- Kering
- Kering agreed to sell its beauty business, including licenses for brands like Gucci and Balenciaga, to L'Oréal for 4 billion euros ($4.7 billion).
- L'Oréal
- L'Oréal is acquiring the beauty business of Kering, which includes licenses for brands like Gucci and Balenciaga. This acquisition is valued at 4 billion euros ($4.7 billion).
- Sany Heavy Industry Co. Ltd.
- Sany Heavy Industry Co. Ltd. has launched a secondary listing in Hong Kong. The company aims to raise up to HK$12.4 billion ($1.6 billion) with this listing, as it intensifies its efforts to expand beyond the Chinese mainland.
- WeRide
- WeRide, an autonomous driving company, has successfully passed its listing hearing at the Hong Kong Stock Exchange. This indicates a significant step towards becoming a publicly traded company.
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