known for selling vegetables, groceries and household essentials, reported on Tuesday net income of $373.9 million for the three months ended June. It was the Shanghai-based company’s first net profit since its listing on the Nasdaq Stock Market about three years ago and came on the back of an 89% jump in quarterly revenue to $13.6 billion.
The nearly six-year-old company said it would commit its second-quarter earnings and future profit totaling up to the equivalent of $1.5 billion to supporting farmers and rural communities by helping them modernize using agricultural technology. Chen Lei, its chairman and chief executive, said he would oversee the project, which needs majority shareholder approval.
Days earlier, Tencent Holdings Ltd. said it would invest the equivalent of $7.7 billion to promote “common prosperity” in China. The videogaming and social-media giant previously had earmarked a similar sum to fund research in areas such as science and carbon neutrality that are strategically important to Beijing.
in China, used to describe President Xi Jinping’s desire for people in the country to get rich together, instead of having wealth concentrated among the corporate world’s upper echelons.
Pictured: Technician performs maintenance on China's internet search engine
Don’t worry money talks investors will come back
Overthrow your communist dictators. Let the world investigate Covid 19. Then maybe we will talk.
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Source: CNBC - 🏆 12. / 72 Read more »