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

Feb 16, 2023 20:22 PM

Major Duck Snack Chains Predict Profit Plunge
Zhou Hei Ya, Huangshanghuang and Juewei say strict Covid curbs and high ingredient costs will hit their 2022 bottom line by 70% to 90%
Feb 16, 2023 05:41 AM

Travel Site Mafengwo Secures New Funding From State Investors
Southwestern China’s Guizhou province provides undisclosed backing for 17-year-old ‘hornets nest’ as post-pandemic travel rebounds
Feb 15, 2023 20:25 PM

China’s Renewable Energy Capacity Overtakes Coal for First Time
New additions to solar power generation fueled the jump in 2022 as the sector looks set to meet ambitious carbon emissions goals
Feb 15, 2023 20:09 PM

Online Grocer Dingdong Posts First-Ever Quarterly Profit After Slashing Costs
The turn to profitability also comes with the demise of former archrival Missfresh, which in July shuttered its mainstay instant-delivery retail business
Feb 15, 2023 05:41 AM

China’s Video Game Industry Posts First Drop in Five Years
Sales shrink 10.3% to $39 billion as pandemic impedes new product development and slowing economy weighs on demand
Feb 14, 2023 19:09 PM

Beijing Government Pledges Support for Homegrown Answer to ChatGPT
In a white paper released Monday, authorities highlighted the Chinese capital’s leading role in the country’s AI research, promising support for local tech firms in the sector
Feb 14, 2023 06:29 AM

Geely EV Unit Zeekr Wraps Up $750 Million Funding Round
Valuation jumps to $13 billion with new backing from CATL, Mobileye tycoon Amnon Shashua and three state-affiliated funds
Feb 13, 2023 20:38 PM

China Approves Licenses for 87 New Video Games in February
Tencent and ByteDance are among developers getting titles approved as industry attempts to claw back after nine-month suspension
Feb 13, 2023 20:21 PM

China’s Electronics-Makers Dash Hopes for Post ‘Zero Covid’ Hiring Blitz
Manufacturers in eastern and southern China haven’t been hiring as many workers as expected due to sluggish growth in new orders
Feb 10, 2023 18:35 PM

Chip Designer Loongson Fends Off Lawsuit Over Its First Self-Developed CPU
Beijing court rules that the 3A5000 processor did not infringe on a U.S. company’s chip architecture IP
Feb 10, 2023 04:31 AM

Huawei Suspends Auto Business Chief Wang Jun
Disappointing progress for ‘Huawei Inside’ smart car business model is behind suspension as tech giant pushes for profitability, source close to company tells Caixin
Feb 09, 2023 21:01 PM

In Depth: China’s Slumping Office Rental Market Faces a Steep Climb in 2023
Lingering concerns about demand and a rush of new supply hitting the market uncut hopes for a quick recovery this year
Feb 09, 2023 05:54 AM

Yum China Profit Slumps 90% in Fourth Quarter on Covid Disruptions
Operator of KFC and Pizza Hut reports January rebound and sees a stronger 2023 as it plans to add more than 1,100 new outlets
Feb 09, 2023 05:27 AM

JD Warehouse-Backed REIT Jumps 11.6% in Shanghai Debut
Real estate investment trust raises $259 million as part of government push to expand funding sources for infrastructure investment
Feb 09, 2023 04:00 AM

China Slams the Door on ‘1 Yuan Airfares’ Spawned by the Pandemic
In a three-year sea of red ink, state assets administration tells seven government-owned airlines they can’t keep selling tickets for less than 60% of full price
Feb 08, 2023 19:44 PM

WM Motor Dealers Are Turning Out the Lights
A number of sellers of the startup’s electric vehicles have halted operations, with the company blaming supply chain disruptions
Feb 07, 2023 20:35 PM

Real Estate Slump Pushes China Baowu Steel to Speed Up Overseas Expansion
The state-owned steelmaker plans to kick off construction of multiple projects, after the domestic industry was hobbled by the sharp decline in property construction last year
Feb 06, 2023 20:44 PM

Lunar New Year Rail Traffic Surges Near Pre-Pandemic Levels
Some 102 million passenger trips were made on the country’s railways between Jan. 22 and Feb. 1
Feb 06, 2023 19:29 PM

China Launches Pilot to Make Most ‘Public’ Vehicles NEVs
Under the trial, participating cities will build out new-energy infrastructure to help them replace older vehicles with ones that don’t run on fossil fuels
Feb 04, 2023 17:44 PM

Fugitive Hong Kong Mogul Auctions Up to $2 Million in Luxury Handbags
Joseph Lau Luen-hung is selling rare Hermès bags in the largest single-owner handbag sale ever held in Asia, according to Sotheby’s