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szdaily -> Business/Markets -> 
At a Glance
    2020-10-23  08:53    Shenzhen Daily

Fiscal revenues rise 4.7% in third quarter

CHINA’S fiscal revenues grew 4.7 percent in the third quarter from a year earlier, reversing a 7.4 percent drop in the previous quarter, the finance ministry said Wednesday, as the country’s economic recovery picked up pace.

For the first nine months of the year, fiscal revenues fell 6.4 percent from a year earlier to 14.10 trillion yuan (US$2.12 trillion), while fiscal expenditures dropped 1.9 percent to 17.519 trillion yuan, the ministry said.

Online tutoring startup Yuanfudao raises US$2.2b

BEIJING-BASED education technology startup Yuanfudao said Thursday that it has secured US$2.2 billion from major Chinese and international investors in two recent rounds of financing that it said lifts the company’s valuation to US$15.5 billion.

One round of financing was led by Chinese social media and gaming giant Tencent, with participation from Hillhouse Capital, Boyu Capital and IDG Capital, Yuanfudao said in a statement. Yuanfudao raised US$1.2 billion in the round. A second round was led by DST Global and other investors include CITICPE and Singapore investors GIC and Temasek.

Fujifilm, Carelink to seek COVID-19 nod for Avigan

JAPAN’S Fujifilm Holdings Corp. said Thursday it has partnered with Shanghai-based Carelink Pharmaceutical Co. to seek approval in China for Avigan to treat COVID-19 and influenza.

Carelink will use Fujifilm’s data on Avigan’s treatment of novel coronavirus infections and influenza to seek imported drug approval in China, Fujifilm said in a statement. The two companies also plan to develop an injectable form of the drug. Fujifilm said last week it was seeking approval for Avigan as a treatment for COVID-19 in Japan. That followed results from a late-stage study in Japan that showed the antiviral drug reduced recovery time for patients with non-severe symptoms.

Guoxuan eyes 100 GWh capacity

DOMESTIC electric vehicle (EV) battery maker Guoxuan High-tech Co., which is backed by German automaker Volkswagen AG, plans to have annual battery manufacturing capacity of 100 GWh by 2025, an official said Thursday.

The Hefei-based company will have an annual battery building capacity of 28 GWh this year, Huang Zhangxi, a senior official at Guoxuan, told an industry conference, adding it was also considering setting up production bases in Germany and the United States.

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