CX Daily: Cosco Alters Course in the Face of Shipping Headwinds

Shipping /

In Depth: Cosco alters course in the face of shipping headwinds

As the global shipping industry runs out of steam from the pandemic boom, China’s state-owned giant Cosco Shipping Holdings Co. Ltd. is pouring billions of dollars into a strategic shift.

The world’s fourth-largest operator of container ships is expanding its stakes in mammoth cargo-handling ports including an investment in Germany’s Port of Hamburg. It’s also investing in new dual-fuel container ships, getting into the massive automotive manufacturing supply chain business, and repositioning itself as an investment platform and logistical solutions supplier.

Space /

China plans to put nuclear-powered base on the moon by 2028

China plans to remotely set up a lunar base likely to be powered by nuclear energy by 2028 before attempting to land astronauts on the moon several years later. Beijing is looking to its lunar exploration program to vault it into the ranks of other major space powers.

“(We) hope our astronauts will be able to go to the moon in 10 years,” said Wu Weiran, chief designer of China’s lunar exploration program during an interview Monday with state broadcaster CCTV.

FINANCE & ECONOMY

The credit lines that China’s “Big Six” state-owned banks have offered to property developers are expected to lift the market in the short term and prevent credit risks from spreading to leading property developers, analysts said. Photo: VCG

Credit /

China’s ‘Big Six’ state banks offer developers $130 billion in credit lines

China’s “Big Six” state-owned commercial banks have offered at least 925 billion yuan ($130 billion) in credit lines to property developers, most of which qualify as high-quality players, in a move to help curb risk contagion amid a liquidity crunch in the battered real estate sector.

The moves, in response to regulatory calls, are expected to lift the market in the short term and prevent credit risks from spreading to leading property developers, analysts said.

Pension /

China designates first seven investments for personal pension system

China’s banking and insurance regulator Wednesday announced the first batch of insurance products available for consumers to purchase under the country’s newly launched personal pension system.

The first seven insurance products are provided by four life insurers and two pension insurance companies: China Life Insurance Co., People’s Insurance Co. of China, Taiping Life Insurance Co. Ltd., Taiping Pension Co. Ltd., Taikang Life Insurance Co. Ltd. and newly established National Pension Insurance Co.

Quick hit /

China signals likely reserve requirement cut to aid growth

BUSINESS & TECH

Tencent announced a special distribution of 958 million Meituan shares to shareholders on Nov. 16, 2022.

Tencent /

Top Tencent investor Naspers considers selling Meituan shares

Prosus NV, the Dutch unit of Tencent Holdings Ltd.’s largest shareholder Naspers Ltd., said it will consider selling the $4.6 billion of Meituan shares it will receive from Tencent as a special dividend.

South African media giant Naspers owns about 28% of the Chinese internet giant indirectly via Prosus. On Nov. 16, Tencent announced a special distribution of 958 million Meituan shares to shareholders. Naspers will receive nearly 262 million shares. Based on Meituan’s closing price Wednesday of HK$138.4 ($17.70) a share, the dividend will be worth about HK$36.1 billion ($4.6 billion) to Naspers.

Bosch /

Bosch opens Shanghai R&D center to take on Chinese heavyweights in autonomous driving

German auto-parts giant Robert Bosch GmbH opened a 150 million yuan ($21 million) smart driving research and development center in Shanghai, joining a host of Chinese tech firms betting that autonomous driving technology can revolutionize public transportation, a company executive said.

Located in Pudong New Area, the R&D center aims to develop a driving system that enables vehicles to achieve Level 3 autonomous driving capabilities on urban roads and highways, said Li Yin, China president of Bosch’s Cross-Domain Computing Solutions division.

BYD /

Carmaker BYD to hike prices as cost pressure mounts

Electric-vehicle (EV) giant BYD Co. Ltd. will raise prices for several of its vehicle models in China, citing the expiration of government subsidies and the rising cost of EV battery raw materials.

BYD will hike the prices of models in its Dynasty, Ocean and Denza series by between 2,000 yuan ($280) and 6,000 yuan each starting next year, according to a post on the firm’s official Weibo Wednesday. BYD said it will disclose the exact pricing at a later date.

Quick hits /

TuSimple tells SEC it can’t report earnings on time

Xiaomi’s revenue dives 10% after smartphone demand tanks

Long Read /

How China’s ESG policy is progressing

GALLERY

Japan tackles Germany in World Cup upset

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