California
scattered clouds
18.3 ° C
19.3 °
16.8 °
32 %
8.8kmh
40 %
Sat
18 °
Sun
24 °
Mon
24 °
Tue
19 °
Wed
21 °
California
scattered clouds
18.3 ° C
19.3 °
16.8 °
32 %
8.8kmh
40 %
Sat
18 °
Sun
24 °
Mon
24 °
Tue
19 °
Wed
21 °
Saturday, April 13, 2024

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China’s top tech firms have saved more than $325 billion in cash: report · TechNode


Affected by the sluggish macroeconomic situation, some Chinese tech companies are finding ways to reduce costs and increase efficiency. Chinese media outlet LatePost reported that China’s top 10 listed internet and technology companies by market capitalization had at least RMB 2.25 trillion ($325.7 billion) in cash or equivalent assets (such as fixed time and current deposits, bonds, or stock investments) on their balance sheets at the end of the first half of this year, an increase of RMB 238 billion over the end of the first quarter. According to the statistics, the top three companies based on their cash and equivalent assets are Alibaba, Tencent, and JD, with cash reserves of RMB 681.2 billion, RMB 610.7 billion, and RMB 256.9 billion, respectively. The top three were followed by Baidu, Meituan, Pinduoduo, NetEase, Xiaomi, Nio, and Kuaishou. [LatePost, in Chinese]

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