Wind, solar power installed capacities surge

CHINA’S installed capacity for generating wind and solar power increased dramatically in the first two months of the year as the country revs up efforts to achieve carbon neutrality, official data showed.

In the January-February period, the installed capacity of wind power jumped 17.5% year on year to reach 330 million kilowatts, said the National Energy Administration. Solar power installed capacity reached 320 million kilowatts during the period, a surge of 22.7% from a year ago, the data showed.

Financial institutions’ assets expand

CHINA’S financial institutions saw expanded balance sheets in 2021, according to official data.

The country’s financial institutions saw their combined assets increase 8.1% year on year to 381.95 trillion yuan (US$60.22 trillion) by the end of 2021, while their combined liabilities rose 7.9% from a year earlier to 346.58 trillion yuan, data from the People’s Bank of China showed. Banking institutions, accounting for the lion’s share of the financial industry, reported a 7.8% rise in total assets, while companies in the securities industry saw their combined assets jump 21.2% year on year. The country’s insurers reported combined assets of 24.89 trillion yuan, up 6.8% year on year, the central bank data showed.

Anta Sports posts stronger profit

ANTA Sports Products Ltd. posted a stronger annual net profit amid higher contributions from its e-commerce business, the company said Tuesday.

Net profit for 2021 was 7.72 billion yuan (US$1.21 billion), compared with 5.16 billion yuan the previous year. Revenue rose to 49.33 billion yuan from 35.51 billion yuan. E-commerce revenue contributed 29% of the company’s overall revenue, compared with a 26% contribution in 2020, Anta said, adding that e-commerce revenue rose 50% in absolute terms despite a high base.

Alibaba increases share buyback program

ALIBABA Group Holding has increased its share repurchase program to US$25 billion from US$15 billion, in a sign on confidence from a company whose shares have been battered in recent trading sessions.

The repurchase program will be effective for a two-year period through March 2024, the Hong Kong-listed e-commerce giant said Tuesday.