China Roundup: Huawei sees 32% dip in revenue, and more

Huawei posts 32% drop in revenue as US ruling hurts phone sales

• The smartphone giant logged US$71.2 billion in revenue for the first nine months of the year, down from roughly US$104.9 billion in the same year-ago period.
• The decline in revenue comes as the company grapples with the impact of US sanctions, which cut off its access to advanced chips.
• Its net profit margin was 10.2% during the period compared to 8% in 2020.

Food delivery giant Meituan to build charging networks for electric motorbikes

• The company has already set up at least one battery-swapping station in a pilot program, which is located in Henan province.
• Meituan said it will roll out more stations through partnerships with third-party battery providers.
• The move comes as China saw over 300 million two-wheeled electric vehicles ride on its streets last year, equivalent to one electric bike, scooter, or motorcycle for every four people.

EV major Nio hires US chipmaker expert

• Nio named Hu Chengchen, the former tech lead at US-based Xilinx, as its chief expert and assistant vice president.
• Prior to this, the executive reportedly founding Xilinx’s research lab.
• The development comes after Nio logged a 26% drop in vehicle deliveries amid a global chip shortage.