Public offering funds hit US$4 trillion

ASSETS under management of public offering funds in China climbed to 25.56 trillion yuan (US$4 trillion) by the end of last year, data from the Asset Management Association of China (AMAC) showed.

China had 137 asset management companies at the end of 2021, including 45 foreign-invested companies and 92 domestic companies, according to the AMAC, an industry body supervised by China’s securities regulator. At the end of 2021, 12 securities firms or asset management subsidiaries under securities firms and two insurance asset management companies had qualifications for the management of public offering funds, AMAC data showed.

ZTE estimates surging profit

SHENZHEN-BASED telecom equipment maker ZTE Corp. saw notable year-on-year growth last year amid revenue increase in both domestic and overseas markets.

The telecom giant estimated that its 2021 profit to range from 6.5 billion yuan (US$1.02 billion) to 7.2 billion yuan, increasing 52.59 percent to 69.02 percent from a year earlier. It attributed the earnings rise to revenue increases in both domestic and overseas markets as well as its major business sections, while improved gross profit margin also contributed to the hike.

COSCO Shipping sees massive surge in profit

COSCO Shipping Holdings Co., one of the largest container carriers worldwide, forecast soaring profit in 2021 due to the tight supply of containers amid the pandemic.

Net profit attributable to shareholders during the period will likely jump 799.3 percent year on year to about 89.28 billion yuan (US$14 billion), according to a report the company filed with the Shanghai Stock Exchange. Global supply chains were confronted with challenges and impacts from port congestion, container shortage, and inland transportation delays.

Xiaomi holds top slot in India’s smartphone market

HONG KONG-LISTED Xiaomi Corp. took the lead by shipment and market share in the Indian smartphone market in 2021, said an industry report.

It shipped 40.5 million smartphones to India, occupying 25 percent of the market share, data from tech market research firm Canalys showed. Samsung followed up with 30.1 million units and a market share of 19 percent, while Chinese brand Vivo came in third with 25.7 million units.