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

Jun 21, 2023 18:57 PM

Nio Wins $1.1 Billion Investment From Abu Dhabi-Backed Fund
Under the deal, CYVN Holdings will pay $738.5 million in cash for about 84.7 million new shares
Jun 21, 2023 05:58 AM

Polestar Forms Venture With Xingji Meizu to Build Auto Operating System
The new technology for in-car apps will go into cars sold in China
Jun 20, 2023 21:04 PM

Alibaba Boss Daniel Zhang to Step Down With Co-Founders to Take the Reins
Joseph Tsai will succeed Zhang as chairman in September, and Eddie Wu will take over as CEO
Jun 20, 2023 20:55 PM

Chinese E-Commerce Giants Stay Mum About Sales Figures for 618 Shopping Festival
The conspicuous silence about the annual shopping event is another sign that the recovery in consumer spending has been slower than anticipated
Jun 20, 2023 02:57 AM

Cathay Pacific to Hire More Mandarin-Speaking Cabin Crew
Passenger complaints of bias against non-English speakers on flight last month also lead Hong Kong airline to overhaul staff training
Jun 19, 2023 20:51 PM

Kuaishou, Taobao Tap Messi Mania to Give Livestream E-Commerce a Leg Up
The Argentinian World Cup champion’s interviews in Beijing brought in millions of viewers and publicity for the platforms
Jun 19, 2023 17:05 PM

EV-Maker Li Auto Readies Launch of City Assisted-Driving System
The Chinese firm will begin testing the software with a small group of users in Beijing and Shanghai this month
Jun 16, 2023 21:42 PM

In Depth: As Chinese Developers Inch Toward Offshore Debt Deals, Long-Term Headwinds Persist
The housing market won’t return to its glory days and companies may not be able to raise enough money to pay back all their borrowings, analysts say
Jun 16, 2023 06:37 AM

Chinese Drugmakers March Into Africa Seeking New Business Foothold
Humanwell joins Cheerland and Fosun with factory investments in the world’s fastest growing and most underserved continent
Jun 15, 2023 01:39 AM

Li Auto Aims to Sell 30,000 Cars in June
Founder and CEO Li Xiang vows to set a monthly sales record after a 146% jump in May deliveries, reflecting the company’s response to stiff competition
Jun 13, 2023 18:31 PM

Major Philippines’ Telco Banks On Rapid Digital Services Uptake, CEO Says
Globe Telecom is expanding its e-wallet and health care app as more and more people adopt the services since the start of the pandemic
Jun 13, 2023 04:27 AM

China’s EV Battery Industry Expansion Tests Transport Capacity
May production surges 57.4% year-on-year as experts see need for more-advanced transportation technology to keep up with demand
Jun 13, 2023 04:22 AM

Nio Ends Holdout in China’s Auto Price War
EV maker slashes bases prices $4,200 and pulls the plug on its free battery-swap service for car buyers
Jun 10, 2023 18:02 PM

EV-Battery Giant CATL Teams Up With Thai Automaker
The Chinese firm will supply Arun Plus with the technology and production line for manufacturing cell-to-pack batteries in Thailand
Jun 10, 2023 04:45 AM

China’s International Air Travel Recovery Remains Patchy
While domestic flight services returned to pre-pandemic levels, international flights in May were just 37.9% of the 2019 total
Jun 09, 2023 05:44 AM

Shandong Court Boots Levdeo’s Bankruptcy Petition as Immature
Maker of mini electric cars owes billions of yuan to bankers, dealers and suppliers after suspending production in January
Jun 09, 2023 05:25 AM

China’s Passenger Car Exports Doubled in First Five Months
Shipments abroad totaled 1.38 million vehicles from January through May, providing a bright spot for exporters amid weak global demand
Jun 09, 2023 03:26 AM

Sequoia’s Overhaul Puts China Spinoff Under the Spotlight
The new firm, known as HongShan in English, will need to move quickly to establish its brand among international investors, a private equity investor told Caixin
Jun 08, 2023 03:43 AM

Sanan Optoelectronics and STMicroelectronics in EV Chipmaking Venture
Chinese and European semiconductor producers to invest $3.2 billion in Chongqing factory making silicon carbide devices used in electric vehicles
Jun 07, 2023 19:07 PM

In Depth: The March of Chinese Robots Into Domestic Factories
After doubling their market share over five years, automated industrial machines are set to make further inroads in China thanks to demand from the electronics industry and for factory upgrades