3/29/2021 Financial News: Huawei Obtains Mobile Payment License; Global Money Market Funds Get Highest Inflows

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1.Huawei Obtains Third-party Mobile Payment License

According to the enterprise database query platform Tianyancha, telecommunications firm Huawei has received a mobile payment license in Communist China by acquiring 100% stake in Shenzhen Sharelink Network. As early as 5 years ago, Huawei had already entered into the payment area by creating NFC based Huawei Pay, and this acquisition of the payment license gives it an advantage in the payment field. As of now, Xiaomi, Baidu, Alibaba, Tencent and Jingdong all have payment licenses.

2.Guangzhou Released the First Batch of $13.77B of Centralized Land Supply

On March 26, Guangzhou listed a total of 48 plots of land offered for transfer, with a total land area of over 42.3 million sqft and a total listing price of over $13.77 billion. The plots are scheduled to be centrally offered for transfer next month. This is also the first Tier-1 city to implement the new land-transfer policy since the “two centralized” was issued in February this year. The three times of centralized land supply in Guangzhou this year are March, July and October, and the 48 pieces of land listed this time are the first batch to be offered. Previously, Guangzhou ranked first among Tier-1 cities in February with a 6.9% year-over-year new house price increase and a 0.7% chain rate increase. Analysts believe the new policy will effectively curb the continued boom of Guangzhou property market since this year.

3.Sinopec: 42.9% Drop in Net Profit to $5.03 Billion in 2020

On March 28, Communist China Petroleum & Chemical Corp, also known as Sinopec, disclosed its annual report for 2020, the company’s operating revenue was $32.19 billion, down 28.8% YoY; net profit was $5.03 billion, down 42.9% YoY.

4.Very Poor Quality in Warm Keeping Products

Recently, Jiangsu Province carried out inspections of warming products such as down jackets, down quilts, scarves, jackets and cashmere sweaters. There is a total of 43 batches failed in the 350 batches sampled, the failure rate of 12.3%, including a number of well-known brands. The problem is mainly concentrated in down products, such as the down samples are not filled with down, the nominal down of 80% but actual is 1.7%, the nominal filler and the actual filler is completely different. It is worth noting that all the unqualified products came from ecommerce platform.

5.Communist China Jan-Feb Industrial Profit Rose 179% YoY

(Reuters) On March 27, Communist China’s National Bureau of Statistics (NBS) announced that from January to February this year, industrial enterprises above the designated size achieved a total profit of CNY 1,114.01 billion ($170 billion), up 1.79 times year-on-year and up 72.1% from January-February 2019, with a two-year average growth of 31.2 %.

6.Global Money Market Funds Get Highest Inflows in 13 weeks, Lipper Data Show

(Reuters) Global investors put more cash in safer money market funds in the week ended March 24, on resurgent worries over coronavirus infections and fresh lockdowns in some parts of Europe. Global money market funds received inflows of $42.6 billion in the week, the biggest in 13 weeks, data from Refinitiv Lipper showed. Meanwhile, equity funds received inflows of $23.2 billion, a 34% decline compared with the previous week, and bond funds got $6.94 billion, a 17% drop.

By 【Financial Team – Rosy Cloud】

News Collection: Totoro、Lingken、Rosy Cloud

Disclaimer: This article only represents the author’s view. Gnews is not responsible for any legal risks.

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