Business and Tech News in China: internet giants, startups, SOEs

Mar 24, 2023 04:16 AM

South Korea’s Hanwha Wins Three More Approvals for Daewoo Shipbuilding Deal
China, Singapore and Vietnam join Britain, Japan and Turkey in clearing $1.53 billion takeover, leaving only South Korea and EU decisions up in the air
Mar 24, 2023 04:15 AM

Anti-Graft Crackdown Ensnares State Energy Giants
Corruption probes hit five executives from several enterprises as graft busters expand investigations across multiple sectors
Mar 23, 2023 04:49 AM

Lithium Prices Nosedive Amid Weaker Demand
Key material for EV batteries drops by half since November as end to China’s subsidies slams demand for electric vehicles
Mar 23, 2023 04:25 AM

China Clears First Homegrown mRNA Covid Vaccine
CSPC Pharmaceutical reports winning approval from National Medical Products Administration for shot targeting omicron variant
Mar 21, 2023 19:46 PM

Former Google China Chief Joins ChatGPT Mania With New AI Venture
Kai-Fu Lee dubbed the startup Project AI 2.0, which is the seventh company incubated by his early-stage VC firm
Mar 21, 2023 18:43 PM

Construction Restarts at Chinese-Backed Simandou Iron Ore Mine
Work on the West African mine, said to hold the world’s largest untapped deposit of high-grade iron ore, resumed after Guinean officials were finally able to get shareholders to move forward
Mar 21, 2023 05:02 AM

Former Chief of Chip Giant Unigroup Charged With Corruption
Zhao Weiguo, arrested in July, treated the state-owned enterprise as his personal fiefdom and handed out goodies to friends and relatives, graft busters say
Mar 20, 2023 21:14 PM

XPeng Predicts Revenue, Deliveries to Nosedive in the First Quarter
The Chinese electric-vehicle upstart forecasts a revenue drop of as much as 46% as vehicle sales slow
Mar 18, 2023 18:04 PM

China Cosco Unit Takes 25% Stake in New Egyptian Container Port
Cosco Shipping Ports invests in project at south entrance of Suez Canal as conglomerate seeks to expand into emerging markets
Mar 17, 2023 21:01 PM

Price War Among China’s Automakers Threatens Profitability, Analysts Say
A spate of promotional offers by manufactures to sell vehicles has been spurred by policy changes
Mar 16, 2023 21:20 PM

Baidu Launches Challenger to ChatGPT in Global AI Race
Investors’ immediate response to the prerecorded demo sent the tech giant’s Hong Kong shares tumbling 10% during the debut event
Mar 16, 2023 20:44 PM

Ping An Healthcare’s Cost-Cutting Pays Off as Loss Narrows
The firm behind medical app Ping An Health reported a 611 million yuan deficit for 2022, 60% less than the previous year
Mar 16, 2023 05:59 AM

Shagang Agrees to Pay Fosun $1.97 Billion for Nangang Iron & Steel Stake
Deal for 60% of Nangang is still up in the air as Nanjing Steel has right of first refusal and other bidders may include Citic Pacific and Fangda Steel
Mar 15, 2023 20:11 PM

China’s Excavator-Makers Unearth Growing Business Abroad
Exports of the construction equipment rose 14.9% in the first two months of the year, overtaking the domestic market
Mar 15, 2023 20:03 PM

China, Canada Mining Giants Book Bumper Profits on African Copper Project
Democratic Republic of Congo copper mine Kamoa-Kakula, operated by Zijin Mining Group and Ivanhoe Mines, generates over $1 billion profit in 2022
Mar 15, 2023 03:09 AM

LONGi Green Energy to Build $600 Million Solar Panel Plant in U.S.
Chinese solar wafer giant joins manufacturers taking on geopolitical and policy risks to cash in on new American incentives for clean energy factories
Mar 14, 2023 07:38 AM

Flight Service Rebound Between China and U.S. Remains Stalled
Pandemic-era limits hold flights to just over a 10th as many as before 2020 with little incentive or impetus to ramp services back up
Mar 13, 2023 21:16 PM

Automakers in China Are Racing to Slash Prices
A price war first seen in new-energy vehicles earlier this year is spilling into the market for conventionally powered cars as consumer demand weakens
Mar 11, 2023 04:41 AM

In Depth: TikTok Walks on Thin Ice Amid Western Security Fears
As the U.S., Canada and the EU torque up pressure and restrictions, ByteDance fights to avoid a government-forced spinoff of its gold mine
Mar 10, 2023 20:17 PM

Faraday Posts Losses, Awaits Capital to Start Making Car Unveiled in 2017
The EV-maker has postponed delivery on its first car model since 2018, but is angling to raise enough money to finally start production this month