Huawei sees small increase in 5G customer base

HUAWEI Technologies said yesterday it has secured more than 25 commercial contracts for 5G, slightly above the 22 the Shenzhen-based technology giant had announced in November.

Huawei has shipped more than 10,000 base stations for the fifth generation (5G) of mobile communications, its rotating chairman Ken Hu told reporters at the company’s headquarters in Shenzhen. The company did not give any details on customers. Huawei also said it expects revenue to exceed US$100 billion this year, a 8.7-percent rise from last year.

Tax cuts could reach 1.5t yuan in 2019

THE government may reduce taxes by as much as 1.5 trillion yuan (US$217.51 billion) in 2019 as authorities seek to support economic growth, the China Daily reported, quoting economists.

The country will prioritize individual income tax reduction and include tax exemptions for small and medium-sized companies and high-tech enterprises, it quoted a senior taxation official as saying.

IPOs expected to raise $20b on A-share market

INITIAL public offerings (IPOs) are expected to raise 140 billion yuan (US$20.3 billion) to 170 billion yuan on the mainland stock market next year, according to a report from auditing and consultancy firm Deloitte China.

Around 110 to 150 companies are expected to go public on the A-share market in 2019, the China Securities Journal cited the report as predicting. This year, funds raised through IPOs on the market are likely to reach 140.2 billion yuan, the report estimated. That would be a 39-percent decline from 2017. In 2019, most newly-listed companies would be small and medium-sized manufacturers, technology firms and enterprises in the consumption sector, according to the report. New listings on the A-share market are likely to get a boost from factors such as the government’s decision to launch a science and technology innovation board in Shanghai.

Mutual fund closures hit record

MORE than 600 mutual funds have been closed this year, surpassing all liquidations in the previous 12 years combined, data compiled by Bloomberg show.

It’s also more than triple the total last year, representing a sharp rise in closures for a mutual fund market that has grown more than five-fold since 2011 in assets under management.