Sinopec Engineering (2386) said its net profit last year grew 2.2 percent to 2.34 billion yuan (HK$2.5 billion) from a year earlier and announced a final dividend of 22.4 fen. Revenue climbed 6 percent to 56.2 billion yuan from a year ago. The company said it will continue to buy back its Hong Kong-listed shares.
Property manager sees 45m yuan profit
Property management firm Sino-Ocean Service (6677) expects to record a net profit ranging between 39 million yuan (HK$43 million) and 45 million yuan in 2023 amid a weaker real estate market as it lengthened the settlement cycle of relevant businesses. That compares with a net profit of 75.7 million yuan for 2022.
Digital China sinks into the red
IT services provider Digital China (0861) expects to swing to a net loss of between 1.7 billion yuan (HK$1.87 billion) and 1.9 billion yuan. That compares with a net profit of 310 million yuan in 2022.
The firm said its main business continues to show strong growth as annual profit from its principal businesses are expected to increase by 30 percent. The loss was due to the micro-credit financing business from its associate HC Group (2280).
Data boss vows to boost computing power
Liu Liehong, head of China's new National Data Bureau, pledged to build the nation's integrated computing power network ahead of schedule amid aims to expand the country's digital infrastructure.
Liu said the regulator will promote emerging network technologies with low delay, large bandwidth and high reliability in the East Data West Computing project.
Japanese to keep cash offshore
Japanese money is poised to stay offshore as the central bank creeps toward tighter policy, according to the latest Bloomberg Markets Live Pulse survey. Only about 40 percent of 273 respondents said the first interest-rate hike by the Bank of Japan since 2007 will prompt the nation's investors to sell foreign assets and repatriate the proceeds back home. That's good news for US stocks and bonds.
Reuters and staff reporter
Chinese electric vehicle maker XPeng (9868) announced plans to launch a cheaper brand, entering a highly competitive segment amid intense price competition in the EV industry.
Models of the brand, to be launched within the next month, will be priced between 100,000 yuan (HK$110,000) and 150,000 yuan, XPeng chief executive He Xiaopeng said.
That is compared with a 200,000 to 300,000 yuan range where premium EV makers generally prices their cars.
Competition in China's EV market has intensified as companies race to cut prices, with market leader BYD (1211) spearheading a deeper round of price reductions.
XPeng said it will successively introduce models under the brand, which it did not name, each with different levels of intelligent driving capabilities. The new brand is dedicated to creating "the first AI-assisted driving car for young people," it said.
This came as BYD announced a strategic cooperation with JD.com (9618) yesterday, teaming up on multiple areas including marketing and after-sales service.
Meanwhile, Huawei said a shortage of semiconductors and factory relocation issues that had delayed production and deliveries of its Luxeed S7 sedan should be resolved from next month, local media outlet Cailianshe reported, quoting managing director and chairman of its smart car solutions, Richard Yu.
