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November 25, 2021

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Tech giants post good Q3

Chinese tech firms, including Xiaomi, Kuaishou, Dada and Unisoc, posted growth in the third quarter, thanks to an increased user base, technology development and a booming digital economy.

But they are also facing challenges such as fierce competition and global chip shortage.

In the third quarter, Xiaomi’s adjusted net profit reached 5.18 billion yuan (US$810.7 million), a 25.4-percent growth from a year ago.

Revenue grew 8.2 percent to 78.1 billion yuan, the HK-listed firm said.

It was the first time for Xiaomi to reach a total of 500 million users of MIUI, an operating system connecting smartphones and the Internet of Things devices.

Social media and video platform Kuaishou saw revenue grow 33.4 percent to 20.5 billion yuan in the third quarter, higher than market expectations, to the HK-listed company said.

The growth comes from “record-high” daily and monthly active user bases and average daily time spent on their platforms by netizens, said Cheng Yixiao, co-founder and chief executive.

Nasdaq-listed Dada, an on-demand delivery and retail platform, posted revenue of 1.69 billion yuan in the third quarter, 86.4 percent higher year on year.

Dot-com firms like Kuaishou and Dada benefit from economic transformation and digital construction.

Chip designer Unisoc’s revenue grew 89 percent on booming 5G smartphone demand.




 

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