The average mobile MAUs of short video app Likee increased by 86.2% to 150.3 million from 80.7 million in the corresponding period of 2019.

The average mobile MAUs of global live streaming services increased by 20.4% to 102.3 million from 85.0 million in Q2 2019, among that:

• 41.2 million were from YY, which increased by 6.0% year over year;
• 61.1 million were from outside of China
  • 29.4 million from Bigo Live, which increased by 41.3% year over year
  • 31.7 million from HAGO, which increased by 25.3% year over year.

The average mobile MAUs of video communication service was 204.4 million. The total number of paying users of YY decreased by 2.2% to 4.1 million from 4.2 million in the corresponding period of 2019, primarily due to the impact of COVID-19.

During the quarter, Bigo Live’s mobile MAUs and paying users achieved very impressive growth, and live streaming revenues of Bigo segment contributed more than half of Joyy’s total live streaming revenues for the first time ever.

On the short-form video front, Joyy also focused on cultivating Likee’s global ecosystem by diversifying its content offerings, refining its product features, and tailoring its expansion initiatives to different regions.

Likee’s total MAUs increased by 86.2% year over year to 150.3 million in Q2 2020.

Financial Highlights

Net revenues increased by 36.3% to RMB5,840.1 million (US$826.6 million) from RMB4,284.8 million in the corresponding period of 2019.

Net income from continuing operations attributable to controlling interest of JOYY Inc.2 was RMB619.4 million (US$87.7 million), compared to net loss RMB6.1 million in the corresponding period of 2019, primarily due to the impact of income from fair value change in investment.

Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY Inc increased by 38.3% to RMB493.6 million (US$69.9 million) from RMB357.0 million in the corresponding period of 2019, primarily due to the decrease in the operating loss of Bigo Inc (“Bigo”).

This year, the total operating revenues of the 500 listed Chinese companies reached 50.5 trillion yuan, an increase of 11% over the previous year; and the net profit reached 4.2 trillion yuan, an increase of more than 16% compared with last year.

The annual revenue threshold of listed Chinese companies on Fortune 500 list this year is close to 17.8 billion yuan, which is nearly 10% higher than that of last year. Last year, China’s GDP exceeded 99 trillion yuan, which means that the total income of the 500 listed companies on the list is still more than half of China’s GDP in that year.

The top three companies in this year’s Fortune 500 list have not changed, with Sinopec, PetroChina and China State Construction Engineering (CSCEC).

Ping An Insurance of China ranks fourth and still ranks first among non-state-owned enterprises. Jingdong (JD.com) and Alibaba, two “Internet service and retail” enterprises, both ranked higher. Among them, JD rose to 13th place and Alibaba ranked 18th.

From the industry point of view, with the gradual profitability of some top Internet service companies, the net profit created by the industry on the list increased by more than 300% year-on-year.

2019 is the first year of “new infrastructure”, but because of its relatively low absolute proportion in fixed assets investment, “old infrastructure” still plays an indispensable role.

The total revenue of infrastructure, construction, power, construction machinery, port and logistics related industries in the Fortune 500 list of China’s “traditional infrastructure” reached 8.6 trillion yuan, 17.7% higher than the previous year’s 7.4 trillion yuan. This industry is still one of the important pillars of stable economic growth.

This year, there are 39 new and re-listed companies on Fortune China 500, of which Pinduoduo is on the list for the first time and ranks 321st with total revenue of 30.1 billion yuan.

Another new company worth mentioning in the Internet field is Joyy. This company, which mainly deals in live game broadcasting, is also on the list for the first time, and ranks 359th on the list with revenue of about 25.6 billion yuan.

In addition, the newly listed companies also include Grandjoy Holdings Group, which is engaged in real estate investment and management, and the “king of smartphones in Africa” Transsion.

In terms of profitability, the situation is the same as the previous year. In addition to several major commercial banks and insurance companies, the top 10 companies by net income are still Alibaba Group Holding Co., Ltd., China Mobile Co., Ltd. and Tencent Holding Co., Ltd.

The total profits of the ten companies last year were about 1.7 trillion yuan, nearly 40% of the total profits of the top 500 companies.

In 2019, 15 listed companies in Fortune 500 failed to make profits, with a total loss of about 80.7 billion yuan. Qinghai Salt Lake Industry Co., Ltd. ranks first in the loss list, with a loss of more than 45.8 billion yuan. iQiyi, the second-largest-loss company, lost 10.3 billion yuan.

Pinduoduo, which competes for users in the first and second-tier cities with low commodity prices, has a loss of more than 6.9 billion yuan in 2019, ranking third in the loss list.

Among all the listed companies, the real estate industry accounts for 4 of the top 10 companies with the highest ROE. Among them, Yanlord Land Group Co., Ltd. has an ROE of 43.5%. Netease was second by ROE. The agriculture, forestry, animal husbandry, and food and beverage industries have three seats in the Top Companies by ROE list, which are:

• Foshan Haitian seasoning Food Co., Ltd.
• Wenshi Food Group Co., Ltd.
• Guizhou Maotai Liquor Co., Ltd.

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Top 500 Companies in China