Nov 27, 2024 07:10 PM
CHINA
Xi Meets Singapore’s Lee in Beijing
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A rundown of the news making headlines in and around China:
Xi meets Lee: President Xi Jinping met with Singapore’s Senior Minister Lee Hsien Loong in Beijing on Wednesday. Xi praised Singapore’s achievements during Lee’s tenure as prime minister from 2004 to earlier this year, citing Lee’s support for cooperation with China, and called for deeper cooperation in future. The pair both hailed the success of the Suzhou Industrial Park, which is jointly managed by the two nations’ governments, as it had its 30th anniversary this year.
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- President Xi Jinping met Singapore's Senior Minister Lee Hsien Loong in Beijing to discuss future cooperation and praised the success of the Suzhou Industrial Park on its 30th anniversary.
- A Hong Kong jury acquitted a Chinese bank executive, Zhang Jingguo, of attempted rape charges; his employer was unaware of the allegations until shortly before the trial.
- SF Holding raised $745 million in its secondary listing in Hong Kong to enhance its logistics network and technology development.
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Who’s Who
- Huawei
- Huawei, in partnership with JAC, has launched its first electric vehicle model under the brand Maextro, the S800 sedan, with preorder prices starting at 1 million yuan. Maextro is part of the Harmony Intelligent Mobility Alliance, where Huawei provides smart driving technologies. The S800's chassis is designed for advanced self-driving capabilities, but analysts note that wealthy Chinese drivers seldom drive their own cars and may not be interested in these technologies.
- JAC
- JAC, partnered with Huawei, has developed the electric vehicle brand Maextro and revealed its first model, the S800 sedan. The partnership is part of the Harmony Intelligent Mobility Alliance, where Huawei provides smart driving technologies.
- Maextro
- Maextro, an electric vehicle brand by Huawei and JAC, unveiled its first model, the S800 sedan, with preorder prices starting at 1 million yuan ($138,000). It's the fourth brand under Huawei's Harmony Intelligent Mobility Alliance. The S800 features a chassis designed for advanced self-driving technologies. However, analysts note that wealthy Chinese drivers typically show little interest in new-energy vehicles or smart-driving technologies, as they often don't drive their own cars.
- SF Holding
- SF Holding Co. Ltd. raised HK$5.8 billion ($745 million) in a secondary listing in Hong Kong. The logistics giant plans to use 45% of the funds to enhance its international logistics network, 35% to optimize domestic services, and 10% for advanced technologies and ESG initiatives. SF is the largest integrated logistics provider in Asia and the fourth largest globally by 2023 revenue, but its market share has been affected by a price war in China's courier industry.
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What Happened When
- June 2021：
- The alleged attempted rape offense by Zhang Jingguo occurred, and it was reported to Hong Kong police
- 2023：
- A price war began in China's courier industry, affecting SF Holding Co. Ltd.
- By 2023：
- SF Holding Co. Ltd. became the largest integrated logistics service provider in Asia and the fourth largest globally by revenue
- 2024：
- Suzhou Industrial Park, jointly managed by China and Singapore, celebrated its 30th anniversary
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