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15 Chinese Companies to Watch in January 2023 - Consumer Sector

We at EqualOcean tracked the major funding rounds or industry events that took place in China's consumption space in January 2023. And the following is a list of deals that we have selected for you, based on a number of criteria, including the funding amount, the financial backers, and the segments in which the companies operate.

Chinese E-commerce Giant Pinduoduo Achieves Revenue of CNY 37.64 Bn in Q1 2023, Up 58% YoY

Since this year, Pinduoduo has accelerated its strategic transformation from fast to stable, from speed to quality. Currently, Pinduoduo aims to integrate high-quality development across all domains of platform governance, merchant ecology, high-quality supply chain, and high-quality consumption.

China’s Smartphone Giant Xiaomi's Revenue in Q1 2023 Exceeds CNY 59.48 Bn, Down 18.9% YoY

In 2023, Xiaomi’s overall business mode will shift from scale expansion to quality enhancement. According to the financial report for Q1 2023, Xiaomi's overall inventory amounted to CNY 42.6 billion, a decrease of over 24% from the same period last year, achieving three consecutive quarters of decline, and the lowest level in the past nine quarters.

Tech Giant Tencent’s Revenue in Q1 2023 Exceeds CNY 149.99 Bn, and Net Profit Up 27% YoY

On May 17, 2023, Tencent announced its 2023 first quarterly report. In Q1 2023, its advertising business returned to high growth, and its gaming business performed well overseas.

Chinese Tech Giant Baidu’s Revenue in Q1 2023 Exceeds CNY 31.1 Bn, Net Profit Up 48% YoY

On May 16, 2023, Baidu announced its financial results for Q1 2023. Thanks to the improvement of the macroeconomic situation and the enterprise's continuous measures to reduce costs and increase efficiency, Baidu's profitability improved significantly, with a substantial increase of nearly 50% in net profit.