Most firms on new third board report profit

A TOTAL of 6,061 companies listed on China’s new third board, or the National Equities Exchange and Quotations (NEEQ), have released their annual performance figures for 2021, with over 70% of them reporting profit.

The net profit of the aforementioned companies totaled 60.62 billion yuan (US$9.16 billions) in 2021, up 14.74% year on year, according to NEEQ Co. In the period, these companies raked in 1.46 trillion yuan in revenue, up 17.31% from the previous year.

Policy bank extends loans to support logistics

CHINA Development Bank, one of the country’s policy banks, extended 21.1 billion yuan in the first quarter to support the country’s logistics system.

The loans went towards construction of national logistics hubs, cold-chain logistics bases and international logistics supply chains, the bank said. For instance, in the first quarter, the Shenzhen branch of the bank issued 700 million yuan of loans to SF Express to help the delivery giant overcome financial difficulties, so that it can continue to play an important role in the transportation of epidemic prevention materials, vaccines and living materials.

BYD recalls cars over battery pack safety hazards

ELECTRIC vehicle manufacturer BYD has announced a recall of close to 10,000 cars to replace the potentially faulty battery pack, according to the country’s top quality watchdog.

The recall, which started April 29, covers 9,663 Tang DM vehicles manufactured between Sept. 2, 2021 and March 14, 2022, according to a statement from the State Administration for Market Regulation. The recalled vehicles may be equipped with an uneven mounting surface of the venting valve in the power pack tray due to manufacturing reasons, posing a risk of water ingress, the automaker said in a statement to the administration.

Ningbo-Zhoushan port sees record throughput

THE container throughput of Ningbo-Zhoushan port in Zhejiang Province is expected to exceed 3 million twenty-foot equivalent units (TEUs) in April, a new monthly record, said the port operator.

The figure represents an increase of over 10% year on year, according to the operator of one of China’s busiest port. In April, the volume of the port’s rail-sea transit services reached 135,000 TEUs, an increase of 32.3% year on year.