CX Daily: The Bidding War for Fosun’s Nangang May Heat Back Up

Reform /

China plans deeper reforms to modernize key areas of government and party

China has drafted plans to deepen institutional reform in key areas of the party and government to continue modernization efforts in national governance, according to the official Xinhua News Agency.

The reform will be done in coordination with the country’s top decision-making bodies as well as central and local authorities. It is aimed to make institutional setups adopt a more science-based approach and improve management efficiency, while optimizing the allocation of functions and refining operating mechanisms, Xinhua reported.

Covid-19 /

South Korea will end testing for travelers from China

South Korea will lift Covid testing requirements for travelers from China next month, the latest easing of restrictive measures against its neighbor as China’s omicron wave recedes, according to state media.

Starting March 1, South Korea will no longer require inbound travelers from China to get tested for Covid upon arrival, Chinese state broadcaster CCTV reported, citing South Korean health authorities. However, the requirement for travelers from China to submit negative nucleic acid test results prior to departure will last until March 10.

FINANCE & ECONOMY

On Feb. 17, 2023, in Huizhou, Guangdong province, local residents look at an apartment. Photo: VCG

Homes /

More Chinese families planning to buy a home, survey shows

The number of Chinese families planning to buy a home in the fourth quarter of 2022 more than doubled amid the easing of property policies and Covid-19 restrictions, according to a survey of users of online payment platform Alipay.

In the October-to-December period, 16.6% of respondents said they plan to buy a home over the next three months, up from 7% in the third quarter and 8.1% a year earlier, according to the survey report published Tuesday.

Chinese property developers signal barrels of red ink for 2022

Private /

Chart of the Day: Private sector’s shrinking share of China’s top stocks

The share of private enterprises in the total market capitalization of China’s top 100 listed firms has suffered an unbroken decline since peaking in mid-2021, according to new research by U.S. think tank the Peterson Institute for International Economics (PIIE).

As of the end of 2022, companies less than 10% state-owned comprised 42.8% of the total market cap of China’s top 100 listed firms, down 1.7 percentage points in six months, data compiled by PIIE researchers Tianlei Huang and Nicolas Véron show.

Private firms’ share of the total market cap has been sliding since it struck 55.4% at the end of June 2021, according to PIIE’s half-yearly data.

Quick hits /

China’s clogged roads show economic recovery gathering pace

Fisher: Why ‘selling the rally’ will make you sorry

BUSINESS & TECH

Shagang is China’s largest privately owned steelmaker.

Steel /

Exclusive: The bidding war for Fosun’s Nangang may heat back up

Jiangsu Shagang Group agreed in October to buy 60% of Nanjing Nangang Iron & Steel United Co. Ltd. for $16.5 billion yuan ($2.21 billion). Now the deal may fall apart as rivals crank up a bidding war.

Shagang completed a 55-day due diligence review but has yet to sign a formal agreement with seller Fosun International Ltd., Caixin learned from sources. Now several other bidders — including state-owned Citic Pacific Special Steel Group Co. Ltd. and Jiangxi Fangda Steel Group Co. Ltd. — are also mounting rival offers, and Shagang is feeling the threat of losing the deal.

Meituan /

Meituan gears up for Hong Kong expansion with rider recruitment

Chinese food delivery giant Meituan launched a recruitment campaign in Hong Kong signaling a push into the Asian financial hub dominated by foreign on-demand service leaders foodpanda and Deliveroo.

Meituan is hiring delivery workers including motorcycle and bike riders as well as so-called foot soldiers who can dispatch orders by foot, a recruitment document showed.

Batteries /

China’s No. 3 EV-battery maker vows to appeal CATL patent case

China Aviation Lithium Battery Technology Co. Ltd. (CALB) said it will appeal a Fuzhou court’s patent infringement ruling that came out in favor of its larger rival Contemporary Amperex Technology Co. Ltd. (CATL), the latest development in a years-long legal battle between the two companies.

The Fuzhou Intermediate People’s Court ordered Hong Kong-traded CALB, China’s third-largest electric-vehicle (EV) battery-maker, to immediately stop selling products that violate CATL’s patents and pay the plaintiff 35.8 million yuan ($5.2 million) in damages, according to CALB’s Tuesday filing to the stock exchange.

Quick hits /

IQiyi waters down plan to cash in on popular feature after user uproar

Nio to add 1,000 battery-swapping stations in 2023

Long Read /

The safest and most endangered jobs in a ChatGPT world

GALLERY

Rural migrants hunt for work

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