GBA Briefs: 18/3/2020

Mobile payment surges: Mobile payments surged by 73.6% year-on-year in the fourth quarter of 2019, accounting for around half of the country’s electronic payments, or 94.9 trillion yuan. Caixin.

Gree expands medical investment: The Zhuhai-based major appliance manufacturing giant Gree plans to pump 1 billion yuan into the research and development of high-end medical equipment, as the group’s chairwoman Dong Mingzhu cited the country’s “inadequacy of core technology” on Tuesday. Caixin.

Tencent music sings: Tencent Music has finally turned a profit of 1.04 billion yuan in the fourth quarter of 2019, a turnaround from the net loss in the same period of 2018, signalling the business model can sustain itself as paying users grew 47.8% year-on-year. Caixin.

Shenzhen invests in sports: Shenzhen authorities have announced a series of financial support for the city’s sports industry, offering millions of yuan in subsidies to sports events and industrial parks, as well as up to 80 million yuan to professional clubs.

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