Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Chinese Self-Driving Truck Firm Aims to Cover Most of U.S. by 2024
Trending in China: Chinese Netizens Tell Indian Prime Minister Modi To ‘Shut The Door On The Way Out’ As He Quits Weibo
Trending in China: If You Can’t Beat Them, Join Them – Why Tencent is Laughing At Itself
Meituan Eyes Robot-Enabled Deliveries with $14 Million Investment in PuduTech
India Ban Could Hit TikTok’s Parent Company to the Tune of $6 Billion
Sina Weibo to Issue $750 Million in Bonds
Embattled Leshi Forced to Sell Smart TV, Livestreaming Trademarks and Swiss Cleaning Carmaker Launch Driverless Street Sweeper
Trending in China: How an ‘Old Godmother’ Took on China’s Internet Giant and Won
China’s IT Spending Expected to Hit $297 Billion: IDC
TikTok Moves Data Protection of European Users from U.S. to U.K. and Ireland
Trending in China: Dazed and Confused – China’s Elderly in Online Pandemic World
Alibaba-Owned Taobao Live Sacks Former Operating Head for Corruption
Tesla Supplier CATL Breaks Ground With New Battery Lab
Chinese Online Educator Zuoyebang Receives $750 Million Investment
Didi to Halt Service in Several Japanese Prefectures Citing Impact of Covid-19
Trending in China: ‘Robotaxis’ A Brave New World or Creating More Unemployment?
Lazada Appoints Former Alibaba Executive as New CEO
Trending in China: Getting Rich Quick by Investing in Street Vendors

By Heather Mowbray / Jun 04, 2020 05:19 PM / Trending Stories

What’s trending?

Shares in Hong Kong-listed SAIC-GM-Wuling Automobile (SGMW) were up as much as 120% during Wednesday’s trading session as Wuling microvans became the new coveted asset for would-be street vendors feeling warm vibes from the government.

What’s the story?

Premier Li Keqiang on Monday gave his public support of the country’s “vendor economy,” as a way to address urban unemployment and revitalize the economy in the wake of Covid-19 downturn, after years of regulations that have seen many street vendors disappear from city streets. The day after the premier’s comments, Wuling Motors announced that it would “start selling a new model cargo van — officially a mainstay of the market economy!”

The announcement led to a jump of more than 50% in the stock price of the affordable van company Tuesday. The share prices of other companies seen to benefit from a rise in street hawking, such as Zhejiang China Commodities City Group Co. Ltd., which operates the world’s largest small commodities wholesale market, and Yindu Kitchen Equipment Co. Ltd., a maker of commercial kitchen and dining equipment, both rose by the 10% daily limit.

What are people saying online?

The “vendor economy” has been trending with many people talking about their love for street culture, how important it is for the economy, but also joking about how it might be more profitable to be a street vendor now than in any other line of work. Posts about Wuling’s share price had 3 million posts alone. One Weibo user clearly thought not everyone had got the message, writing alongside the trending hashtag — city police have called me to clear away my stall, “I can’t believe it. Vendors are also part of the scenery of the city now.”

Beijing Real Estate Boss Dai seemed to think everyone should now do their business on the street, posting photoshopped images of the usually despised city police calling to invite vendors to set up a stall, a lawyer selling his services on a mat, and a bike advertising credit, funds, and financial advice.

Share this article
Open WeChat and scan the QR code