Business Brief (Oct. 14): Chinese Stocks Continue to Fall
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A-shares fall amid escalating China-U.S. tension
China’s A-share market continued to fall Tuesday, with the Shanghai Composite Index closing down 0.62% after falling 0.19% the previous day. More than 3,600 stocks fell across the board Monday, though sectors like rare-earth permanent magnets, military, and semiconductors showed strength.
China’s exports beat expectations
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- China’s A-share market fell amid U.S.-China tensions; over 3,600 stocks dropped, but rare-earth, military, and semiconductor sectors showed strength.
- China’s exports exceeded expectations in September; a Xiaomi EV crash caused a fatality and share price drop; Agricultural Bank is taking over 200 rural branches.
- Israel and Hamas began exchanging hostages and prisoners; Guangzhou Metro now accepts foreign cards; Ant Group’s Hong Kong acquisition awaits Beijing’s review.
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Who’s Who
- Xiaomi
- A fatal crash involving a Xiaomi SU7 electric sedan resulted in the death of the 31-year-old driver. This incident, marking the third fire-related event for Xiaomi's debut vehicle this year, caused the company's shares to fall sharply.
- Agricultural Bank of China Ltd.
- Agricultural Bank of China Ltd. is a state-owned Chinese bank. It is set to acquire nearly 200 branches from failing rural lenders in Jilin province. This move aims to mitigate risks within the banking system of the northeastern region.
- Hangzhou Wahaha Group Co. Ltd.
- Hangzhou Wahaha Group Co. Ltd. is a beverage giant experiencing a power struggle. The former Chairwoman, Zong Fuli, recently stepped down from her leadership roles. Additionally, two key executives from Hongsheng Group Co. Ltd., which Zong controls and handles Wahaha's production and sales, have been sidelined.
- Hongsheng Group Co. Ltd.
- Hongsheng Group Co. Ltd. is controlled by Zong Fuli and handles production and sales channel operations for Wahaha. Recently, two key executives, Yan Xuefeng and Zhu Lidan, have been sidelined, with their positions listed as "pending" on the company's internal system.
- Ant Group Co. Ltd.
- Ant Group Co. Ltd.'s planned acquisition of a controlling stake in a Hong Kong-listed brokerage has been approved by the city's securities regulator. However, the deal is still awaiting a crucial review from Beijing, meaning its completion remains uncertain.
- China Vanke Co. Ltd.
- The chairman of China Vanke Co. Ltd., a property giant, has resigned. This news comes after the chairman was reportedly out of contact for approximately a month.
- Wingtech Technology Co. Ltd.
- Wingtech Technology Co. Ltd. (闻泰科技) is a Chinese tech firm planning to sue the Dutch government. This action comes after the Netherlands froze the operations of Wingtech's semiconductor subsidiary, Nexperia, and removed the company's control over it.
- Nexperia
- Nexperia, a semiconductor subsidiary of Chinese tech firm Wingtech Technology Co. Ltd., had its operations frozen and control stripped by the Dutch government. As a result, Wingtech Technology Co. Ltd. announced its intention to sue the Dutch government.
- EHang Holdings Ltd.
- EHang Holdings Ltd. (亿航智能) is a Chinese aircraft-maker. The company recently released a new long-range flying taxi.
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