10 h. ago China’s top baijiu maker faces sobering reality as austerity trims profits

China’s premier liquor distiller Kweichow Moutai – a brand that had, over decades, become synonymous with sumptuous feasts – is heeding a renewed mandate for austerity from Beijing, distancing its products from the extravagant hard-drinking lifestyle with which it had been linked in the public consciousness. Management at the company, valued at 1.86 trillion yuan (US$258.73 billion), has pledged to comply with strictures stressing thrift – guidelines that have helped to remove Moutai’s expensive...

Politics

14 h. ago Nvidia will stop including China in its forecasts amid US chip export controls, CEO says

Nvidia will stop including China in its forecasts amid US chip export controls, CEO says  CNN

Politics

19 h. ago Nvidia CEO says Huawei has everyone ‘covered’ if US chip ban on China stays

Nvidia founder and CEO Jensen Huang said his company’s technology remained a generation ahead of those developed by China, but warned that Huawei Technologies was in a position to expand its semiconductor business should US chip export curbs stay in place. In an interview with US broadcaster CNBC on Thursday, Huang appeared to echo recent published remarks made by Huawei founder and CEO Ren Zhengfei, who said the Chinese company’s Ascend artificial intelligence (AI) processors lagged behind...

Politics

20 h. ago Xpeng and Chinese EV peers aim to win over Hongkongers amid global push

Chinese electric vehicle (EV) maker Xpeng aims to start offering Hong Kong consumers smart cars featuring semi-autonomous driving systems next year as it gears up to take on Tesla’s FSD (Full Self-Driving) feature outside mainland China. He Xiaopeng, co-founder and CEO of the Guangzhou-based carmaker, said in Hong Kong on Thursday that testing of its Xpeng Navigation Guided Pilot (X NGP) driver-assistance system in the city would take only two months before sales could begin. However, he added...

Politics

24 h. ago Huawei 'has got China covered' if the U.S. doesn't participate, Nvidia CEO tells CNBC

Huawei 'has got China covered' if the U.S. doesn't participate, Nvidia CEO tells CNBC  CNBC

Politics

24 h. ago Nvidia bets on European AI push amid shrinking China revenue

Nvidia is trying to woo European markets with new partnerships and a pledge to build 20 new artificial intelligence (AI) factories across the continent, as the US chip giant grapples with declining sales in China amid Washington’s tightening export controls. CEO Jensen Huang, speaking at the annual VivaTech conference in Paris on Wednesday, said the company was building the world’s first “industrial artificial intelligence cloud” for European manufacturers. The Germany-based facility, a key part...

Politics

31 h. ago With early stablecoin law, Hong Kong looks to keep edge as finance hub

With the passage of one of the world’s most comprehensive stablecoin laws two weeks ago, Hong Kong is looking to stay at the forefront of global finance while addressing lessons from past industry setbacks, according to analysts. Being a “first mover” in stablecoin legislation “reflects the determination” of the city’s government to “unlock value that they see in this sector, given the number of hurdles from past incidents”, said Melvin Deng, CEO of digital asset trading firm QCP Capital. Hong...

Politics

43 h. ago Huawei founder sheds light on China’s strategy to overcome US curbs

Recent comments from Huawei Technologies founder and CEO Ren Zhengfei regarding US chip restrictions have shed light on China’s strategies to overcome Washington’s sanctions, according to analysts. In a front-page interview published on Tuesday by the People’s Daily, the mouthpiece of the Communist Party, the 80-year-old Ren expressed confidence that there was no need to worry about China’s access to advanced chips, asserting that the nation could achieve computing capabilities comparable to the...

Politics

48 h. ago Starbucks has received 'a lot of interest' for China business stake, CEO tells FT

Starbucks has received 'a lot of interest' for China business stake, CEO tells FT  Reuters

Economics

2 d. ago China backs South Africa against ‘hegemony and bullying’ amid US tensions

Beijing is ready to work with South Africa to oppose global “hegemony and bullying”, Chinese Defence Minister Dong Jun said on Tuesday, amid growing tensions between Pretoria and Washington over South Africa’s ties to Russia and controversial US asylum policies. The remarks came during a meeting in Beijing with General Rudzani Maphwanya, chief of the South African National Defence Force, according to a statement released by China’s Ministry of National Defence. It was Dong’s first public...

Events

3 d. ago Macau’s closure of satellite casinos to favour licensed resort operators

Macau’s licensed integrated resorts will emerge stronger with the closure of 11 satellite casinos in the city, as gambling activities are expected to shift to the casinos’ main properties and bolster their profit margins, according to analysts. The shares of the three casino operators affected by the move advanced after the closures were announced on Tuesday. The move affected 11 casinos licensed by Macau’s concessionaires but operated by third parties, down from as many as 21 in 2022 before the...

Politics

3 d. ago China EV registrations in week 23: Nio 2,630, Xiaomi 4,370, Tesla 8,640, BYD 54,850

China EV registrations in week 23: Nio 2,630, Xiaomi 4,370, Tesla 8,640, BYD 54,850  CarNewsChina.com

Politics

3 d. ago China EV insurance registrations for week ending Jun 8: Nio 2,630, Tesla 8,640, Xiaomi 4,370

China EV insurance registrations for week ending Jun 8: Nio 2,630, Tesla 8,640, Xiaomi 4,370  CnEVPost

Politics

3 d. ago Huawei chips are one generation behind US but firm finding workarounds, CEO says

Huawei chips are one generation behind US but firm finding workarounds, CEO says  Reuters

Economics

3 d. ago Hong Kong medical device maker to expand China facility amid US, EU barriers

Vincent Medical Holdings, a Hong Kong-based medical device maker, has doubled down on manufacturing in China by investing in automation and digitalisation, instead of moving operations abroad amid rising trade barriers in the US and Europe. The maker of disposable radiology products and respiratory devices is building a factory in Kaiping in the western part of the Greater Bay Area, CEO Raymond Choi Cheung-tai said in an interview. Trial operations could start before the end of the year, he...

Politics

3 d. ago US students discover Unit 731 horrors, and an American war crime cover

As thousands of students gather this week for the finals of the National History Day contest in the US state of Maryland, one research project may stand out – not only as a sobering reminder of an infamous, often forgotten Japanese military unit, but also for America’s role in keeping its war crimes quiet. The project, a documentary produced by four students from a New Mexico high school, is an investigation of Unit 731 – a secret group that carried out unspeakable experiments on people in China...

Events

3 d. ago Chinese stocks ‘not particularly cheap’ with weak earnings power, JPMorgan says

Chinese equities are not as cheap as they seem because the nation’s economic slowdown has weakened corporate earnings, making it imperative for investors to screen stocks and sectors carefully to pick winners, according to JPMorgan Asset Management. While they traded at 14 times historic earnings in line with the average valuation over the past decade, investors were getting less oomph from the current scenario because the return on equity was faltering due to weaker profitability trend, said...

Politics

3 d. ago US soybean farmers move to reduce dependence on China as trade war grinds on

Soybean farmers in the United States have stepped up efforts to diversify their export markets while maintaining China as a critical buyer, despite ongoing trade tensions between the two superpowers, according to the head of a leading industry association. Jim Sutter, CEO of the US Soybean Export Council, said that while concerns about possible disruptions persist, China’s strong demand for soybeans – a crucial commodity for food and livestock feed – would ensure the US remains an important...

Events

4 d. ago China’s Geely hits the brakes on new plant construction globally: Li Shufu

Geely Auto, the mainland’s second-largest carmaker, will not build new plants amid excess capacity worldwide, a move that is likely to ripple across the sector as most Chinese companies are finding it difficult to make profits. Chairman Li Shufu told the Chongqing Auto Show over the weekend that the company would avoid building excess capacity and instead focus on improving its technological capabilities to become a key player in the future of mobility. “The global automotive industry is mired...

Events

4 d. ago Hong Kong firms must consider national interests in commercial deals: John Lee

Hong Kong businesses must consider national interests while pursuing commercial deals, the city’s leader has said, arguing that the two are not mutually exclusive. In an interview with the Post as he marked three years in office, Chief Executive John Lee Ka-chiu stressed the importance of local companies keeping national interests in mind while seeking profits. Hong Kong tycoon Li Ka-shing’s CK Hutchison Holdings has recently drawn the ire of Beijing over a controversial deal to sell its...

Economics