JD.com posts 62% rise in quarterly revenue

    JD.COM Inc., China’s No.2 e-commerce company, Saturday reported a 62 percent rise in quarterly revenue, topping analysts’ expectations as the number of active customer accounts across its sites nearly doubled from a year earlier.

    First-quarter revenue of 36.6 billion yuan (US$5.90 billion) exceeded analysts’ estimate of 35.65 billion yuan. Gross merchandise volume, or the total value of goods sold on JD.com, nearly doubled to 87.8 billion yuan (US$14.14 billion) in the quarter ended March, with roughly 42 percent of all fulfilled orders coming from mobile devices, the company said. Excluding certain items, losses widened to 2 U.S. cents per American depositary share from 1 U.S. cent, as it spent heavily to broaden its inventory and on marketing.

    ZTE among world’s top patent holders

    ZTE Corp. was ranked third globally in patent applications under the 2014 Patent Cooperation Treaty, according to World Intellectual Property Organization.

    More than 12,000 handset-related patents have been granted to Shenzhen-based ZTE, which holds 13 percent of the world’s 4G-specific patents. Among all Chinese mobile phone companies in the U.S. market, ZTE has the biggest market share, and one of the four most popular brands in the market, according to the company.

    Hua Xia Bank’s vice president resigns

    HUA Xia Bank Co., a Shanghai-listed lender, said Friday that its vice president, Wang Yaoting, resigned from his post with immediate effect amid an investigation by the country’s antigraft authorities.

    The bank said that it received a resignation letter from Wang on Thursday and the bank’s business won’t be affected. Hua Xia Bank said earlier last week that the Beijing branch of the Communist Party’s discipline inspection arm has been investigating Wang for suspected “disciplinary violations,” which is often used as another term for suspected corruption.

    Greenland Group eyes more Canadian projects

    CHINA’S State-backed property developer Greenland Group said Friday it was looking to expand further into Canada after breaking ground on a highrise hotel-condominium in downtown Toronto.

    Greenland said last year it plans to speed up its international expansion, focusing on first tier cities in developed countries. Greenland Canada general manager Henry Cao said China’s second-largest residential developer is looking for more “medium-sized” projects in Toronto.