ZTE’s net profit jumps in third quarter

ZTE Corp.’s net profit surged in the third quarter from a year earlier, helped by a rise in operating revenue.

The Shenzhen-based tech company’s net profit for the quarter ended September rose 108 percent to 1.77 billion yuan (US$277.2 million), while operating revenue grew 14 percent to 30.75 billion yuan. Finance costs in the quarter rose significantly, but that was mainly due to exchange rate fluctuations, ZTE said yesterday.

ICBC to provide US$470b in energy financing

INDUSTRIAL and Commercial Bank of China (ICBC) plans to provide 3 trillion yuan (US$470 billion) in financing for the energy sector over the next five years, the country’s National Energy Administration (NEA) said Monday.

A strategic cooperation agreement signed by the two entities is partly aimed at helping ensure energy and power supplies in winter and spring, the NEA said in a brief statement, as China grapples with its worst electricity shortages in years. The tie-up will also see ICBC and the NEA explore ways to promote green energy development and carbon neutrality, the statement said.

4th CIIE to exhibit over 100 overseas artworks

A LARGE pumpkin created by avant-garde Japanese artist Yayoi Kusama was transported to the exhibition hall of the 4th China International Import Expo (CIIE) from a bonded warehouse in the Shanghai Free Trade Zone on Monday.

Shanghai Customs said that over 100 artworks from overseas are expected to be exhibited at this year’s CIIE via the city’s free trade zone, thanks to tax exemption policies tailor-made for the event. Wang Jiaming, deputy director of an international cultural investment company registered at the Shanghai Free Trade Zone, said that overseas art institutions have been very enthusiastic about participating in the 4th CIIE.

Italy vetoes sale of seed producer to Syngenta

ITALY has prevented Chinese-owned group Syngenta from buying vegetable seed producer Verisem, government officials said.

The decision marks the first time Italy has vetoed a takeover in the agrifood sector, two officials directly involved in the matter said. Italy uses its so-called “golden power” regulation to block undesired bids in industries deemed of strategic importance, such as telecoms, banking and health. Swiss-based Syngenta was bought in 2017 for US$43 billion by ChemChina, which was folded into Sinochem Holdings Corp. earlier this year.