Major ports report container throughput growth

CHINA’S major ports reported container throughput growth in March, data from an industrial association show.

Last month, the container throughput at China’s major ports increased 10.9 percent year on year, according to the China Ports and Harbors Association. Specifically, the container throughput for foreign trade rose 9.4 percent from a year earlier during the same period. The container throughput boom for foreign trade came amid the rapid expansion in China’s exports, which soared 50.1 percent in the first two months of this year, according to official figures.

Grocery app Dingdong Maicai raises US$700m

DOMESTIC grocery app Dingdong Maicai has raised US$700 million in its so-called D-round of fundraising, boutique investment bank Cygnus Equity said in a statement on its official WeChat account yesterday.

Cygnus joined the fundraising both as an investor and financial advisor. Dingdong Maicai will use the funds to expand into new areas and improve supply chains, the investment bank said. Dingdong Maicai was established in 2017 in Shanghai and is backed by venture capitalist Sequoia Capital China.

Assets of mutual funds hit US$3.32 trillion

ASSETS under management of mutual funds in China reached 21.78 trillion yuan (US$3.32 trillion) by the end of February, data from the Asset Management Association of China (AMAC) showed.

The figure was 20.59 trillion yuan by the end of January, according to the AMAC, an industry body supervised by the China Securities Regulatory Commission, China’s securities regulator. China had 133 asset management companies at the end of February, including 44 joint ventures and 89 domestic firms, according to the AMAC.

Online property insurance premiums down 4.85%

CHINA’S online property insurance industry saw a decline in earnings last year, industry data showed.

The premiums of online property insurance dropped 4.85 percent year on year to about 79.8 billion yuan (US$12.2 billion) in 2020, according to the Insurance Association of China. Accident and health insurance, car insurance and insurance for shipping returned goods were the top three earners last year, with aggregated premiums accounting for 82.3 percent of the total.