Crackdown Pushes Telecom Fraud Gangs Out of Northern Myanmar
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A rundown of the news making headlines in and around China:
Telecom fraud: More than 53,000 Chinese citizens have been arrested in a crackdown on gangs of telecommunication scammers in neighboring Myanmar that have resorted to kidnappings and murder. The Ministry of Public Security announced Thursday that it has dismantled large fraud rings in northern Myanmar with the help of local authorities. However, the ministry acknowledged that some of the gangs have managed to continue to operate by fleeing deeper into the Southeast Asian country. The gangs have grown infamous for luring unsuspecting Chinese across the border with offers of high-paying jobs, only to force them to go to work scamming people over the phone and internet.
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- Over 53,000 Chinese citizens were arrested in a crackdown on telecom fraud rings in Myanmar, involving kidnappings and scams.
- China expanded its visa-free program to include nine more countries, allowing 30-day visa-free stays.
- PDD Holdings' stock dropped over 10% after reporting slower profit and revenue growth in Q3 2024, while Baidu's revenue fell 3% due to a decline in advertising and video business income.
- Contemporary Amperex Technology Co. Ltd.
- Contemporary Amperex Technology Co. Ltd. (CATL) is progressing with its European expansion, planning to complete the first phase of its plant in Hungary's second-largest city next year. This comes amidst changing EU policies on banning gasoline-powered vehicles by 2035.
- Shanghai Guoli Automobile Leather Decoration Co. Ltd.
- Shanghai Guoli Automobile Leather Decoration Co. Ltd. is an auto industry supplier based in Shanghai facing financial struggles. Workers protested on Thursday demanding unpaid wages, claiming they've been underpaid since March and stopped receiving pay entirely in October. The company's difficulties are linked to China's auto market shift towards EVs, leading to decreased orders for traditional vehicle seat covers, affecting joint venture automakers like those from Germany, Japan, and the U.S.
- PDD Holdings Inc.
- PDD Holdings Inc., behind the e-commerce platforms Temu and Pinduoduo, saw its shares fall over 10% after reporting slowed profit and revenue growth in Q3 2024. Net income rose 61% year-on-year to 25 billion yuan, with revenue at 99.4 billion yuan, missing expectations. The slowdown is attributed to intensified competition in the e-commerce sector.
- Baidu Inc.
- Baidu Inc.'s third-quarter revenue fell 3% year-on-year to 33.6 billion yuan, driven by declines in its online video subsidiary iQiyi, and a 4% fall in online advertising revenue. Despite this, net income grew 14% year-on-year, exceeding market forecasts.
- iQiyi
- iQiyi, a subsidiary of Baidu Inc., experienced a 10% year-on-year decline in income for the third quarter, contributing to an overall 3% revenue fall for Baidu. The drop in iQiyi's income was a significant factor impacting Baidu's financial results, as indicated in the article.
- March 2024：
- Shanghai Guoli Automobile Leather Decoration Co. Ltd. started shorting paychecks of workers.
- September 2024：
- Italy's prime minister called the proposed EU sales ban on gasoline-powered vehicles a 'self-destructive' policy.
- October 2024：
- Shanghai Guoli Automobile Leather Decoration Co. Ltd. stopped paying more than 2,000 workers altogether.
- November 20, 2024：
- CATL announced it is set to complete construction next year on the first phase of its plant in Hungary's second-largest city.
- November 21, 2024：
- More than 53,000 Chinese citizens were announced to be arrested in a crackdown on telecommunication scammers.
- November 21, 2024：
- Workers at an auto industry supplier in Shanghai gathered to demand unpaid wages.
- November 21, 2024：
- PDD Holdings Inc. shares tumbled more than 10% following a miss in third-quarter earnings.
- November 22, 2024：
- China's foreign ministry announced the expansion of the visa-free program to include nine more countries.
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