New areas fortify Baidu finances, sharpen focus on tech investments By OUYANG SHIJIA | China Daily | Updated: 2021-02-19 07:58 Share CLOSE A passenger passes a Baidu Apollo poster at Baiyun International Airport in Guangzhou, Guangdong province, on Jan 3. CHEN YIHANG/FOR CHINA DAILY
Nasdaq-listed Chinese internet giant Baidu Inc delivered better-than-expected fourth-quarter financial results on Thursday, with revenue rising 5 percent year-on-year to 30.3 billion yuan ($4.7 billion), yielding a non-GAAP(generally accepted accounting principles) net profit of 6.9 billion yuan.
Full-year revenue, however, stayed flat at 107.1 billion yuan, generating a non-GAAP net profit of 22 billion yuan, up 21 percent year-on-year, mainly due to the impact of the COVID-19 situation on the larger picture.
Zhejiang Geely Holding Group, the country's largest private carmaker, has inked a deal with Switzerland's Concordium Foundation to offer blockchain technology and service in China.
Geely to start making satellites By LI FUSHENG | China Daily | Updated: 2021-02-19 09:07 Share Geely employees work on an assembly line in Linhai, Zhejiang province. [Photo/Xinhua]
Zhejiang Geely Holding Group will start producing satellites by October this year to offer better positioning and navigation for the vehicles it produces and to take on Tesla owner Elon Musk in terms of satellite-based internet services.
A plant in Taizhou, Zhejiang province, has won the approval from the authorities, said its subsidiary Geely Technology in a statement on Thursday, without disclosing the investment amount. It said production is expected to commence eight months from now as the first piece of equipment has entered the plant, and up to 500 satellites could be produced a year for various commercial operations.
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The Joint Venture will allow Geely and Concordium to offer businesses and customers access to new blockchain platform-based business models and user DApps for all industries, including the automotive segment. The JV marks a new era of collaboration, using Concordium s strong cryptographic, safe, non-permission based Blockchain with ID at the protocol level and Geely s technological leadership and implementation power in the Chinese market.
HANGZHOU, CHINA & ZUG, SWITZERLAND / ACCESSWIRE / February 19, 2021 / The Concordium Foundation (Concordium) and the Geely Holding Group (Geely) have signed a Joint Venture agreement. The joint venture will use Concordium s Blockchain Technology to become a leading Blockchain Technology- and Service Provider in China.