3 d. ago Hong Kong exporters warn US tariffs to hurt sales during coming holiday season

The latest round of “reciprocal” tariffs imposed by the United States has taken a toll on American importer confidence, prompting Hong Kong exporters to warn of weak sales and price inflation in two of the country’s most important spending seasons, Thanksgiving and Christmas. Tariffs ranging from 10 to 41 per cent took effect on August 1 in 70 jurisdictions, including many in Southeast Asia where Hong Kong exporters produce goods for the US. Washington had a deal to extend the tariff truce with...

Events

4 d. ago BYD Stock Plummets. How China’s EV Price War Tanked Tesla Rival’s Earnings.

BYD Stock Plummets. How China’s EV Price War Tanked Tesla Rival’s Earnings.  Barron's

Events

7 d. ago BYD profits fall as mainland price war swamps EV export surge

China’s electric-vehicle (EV) king BYD reported a 30 per cent drop in profits in the second quarter as surging overseas sales failed to offset the negative impact of a brutal price war in the domestic market. The Shenzhen-based company earned 6.4 billion yuan (US$894.6 million) in the three months to June, down 29.9 per cent from a year earlier. Revenue grew 14 per cent year on year to 201 billion yuan. The second-quarter numbers are derived by comparing BYD’s interim earnings to its results for...

Economics

7 d. ago Profitability pressure grows for China’s state banks amid low rates

China’s top banks face continued pressure, as a slowing economy, lower interest rates and weak loan demand weighed on first-half earnings. Net profit at Industrial and Commercial Bank of China (ICBC), the world’s largest bank by assets, fell 1.4 per cent in the first half from a year earlier to 168.1 billion yuan (US$23.5 billion), according to its interim results announced on Friday after the market closed. Its net interest margin (NIM), a key indicator of a bank’s profitability, fell to 1.3...

Economics

8 d. ago Tesla Rival Li Auto Stock Falls After Earnings Amid China’s EV Price War

Tesla Rival Li Auto Stock Falls After Earnings Amid China’s EV Price War  Barron's

Events

8 d. ago China’s Price War Puts Alibaba Under Spotlight Before Earnings

China’s Price War Puts Alibaba Under Spotlight Before Earnings  Bloomberg.com

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8 d. ago Li Auto Stock Falls. How China’s EV Price War Dented Earnings.

Li Auto Stock Falls. How China’s EV Price War Dented Earnings.  Barron's

Events

8 d. ago Chinese automakers largely ignore Beijing’s plea to end bruising price war

Chinese automakers largely ignore Beijing’s plea to end bruising price war  Automotive News

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8 d. ago Chinese Carmakers Resist Beijing’s Call to End Brutal Price War

Chinese Carmakers Resist Beijing’s Call to End Brutal Price War  Bloomberg.com

Events

9 d. ago Meituan sales weaken, profit plummets amid ‘irrational’ delivery price war

Chinese on-demand local services giant Meituan saw second-quarter earnings fall, as it faced off against Alibaba Group Holding and JD.com in a costly instant delivery price war. Beijing-based Meituan on Wednesday reported weaker-than-expected revenue of 91.8 billion yuan (US$12.8 billion) in the quarter ended June 30. That was up 11.7 per cent from 82.2 billion yuan a year earlier, but fell short of the 93.7 billion yuan estimate by analysts. Net profit for the period tumbled 96.8 per cent to...

Economics

9 d. ago China’s industrial profits fall more slowly amid crackdown on price wars

China’s industrial companies saw their profits fall at a slower pace in July, in a potential sign that efforts to curb overcapacity are starting to ease the strain from aggressive competition among producers. Industrial profits declined 1.5 per cent last month from a year earlier, falling the least since they began shrinking in May, according to data released on Wednesday by the National Bureau of Statistics. For the first seven months of the year, earnings contracted 1.7 per cent year on...

Economics

9 d. ago China's industrial profits extend decline as demand, deflation woes take toll

China's industrial profits extend decline as demand, deflation woes take toll  Reuters

Politics

9 d. ago China’s Industrial Profits Extend Drop to Third Straight Month

China’s Industrial Profits Extend Drop to Third Straight Month  Bloomberg.com

Politics

9 d. ago China Industrial Profits Ease Drop With Crackdown on Price Wars

China Industrial Profits Ease Drop With Crackdown on Price Wars  Yahoo Finance

Economics

9 d. ago China's industrial profits slip 1.5% in July, slowest pace of decline in five months

China's industrial profits slip 1.5% in July, slowest pace of decline in five months  CNBC

Politics

9 d. ago China's industrial profits narrow declines to 1.5% in July as Beijing clamps down on price wars

China's industrial profits narrow declines to 1.5% in July as Beijing clamps down on price wars  CNBC

Economics

1 week ago China’s Factory Profits Fall Again — But Decline Slows After Beijing’s Anti

China’s Factory Profits Fall Again — But Decline Slows After Beijing’s Anti-Price War Push Takes Hold  Stocktwits

Economics

2 w. ago In China’s crippling price wars, an updated law seeks ‘sustainable equilibrium’

It has been a tumultuous couple of months for Alex Xu’s company – a solar panel manufacturer based in eastern China’s Zhejiang province – as product prices have surged by about 20 per cent. Long plagued by severe oversupply, China’s photovoltaic industry is grappling with cutthroat price wars and even loss-making sales. From Xu’s perspective, nearly half of the industry’s capacity is excessive. But a rebound in prices has followed recent calls from Chinese authorities to combat “involution”, or...

Events

2 w. ago China scrambles to fix price wars – by updating a law from 1998. Here’s why

It has been a tumultuous couple of months for Alex Xu’s company – a solar panel manufacturer based in eastern China’s Zhejiang province – as product prices have surged by about 20 per cent. Long plagued by severe oversupply, China’s photovoltaic industry is grappling with cutthroat price wars and even loss-making sales. From Xu’s perspective, nearly half of the industry’s capacity is excessive. But a rebound in prices has followed recent calls from Chinese authorities to combat “involution”, or...

Events

2 w. ago China expands regulatory arsenal in fight against solar industry price wars

Beijing has signalled stronger action against price wars, convening a high-level symposium of enterprises and regulators – including many left out of previous meetings – to tackle cutthroat competition in the solar sector. Authorities vowed to tighten oversight of new project investments, phasing out outdated capacity through market-based and rule-of-law approaches, according to the Ministry of Industry and Information Technology (MIIT), one of the meeting’s hosts. “Efforts will focus on...

Economics