The Caixin-Sinica Business Brief

This week on the Caixin-Sinica Business Brief: The U.S. Senate targets American investments in China, China’s first U.S. IPO under new listing rules moves a step closer, Beijing plans to relax rules on foreign firms investing in bad-debt managers. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business brief: WeChat lets users link overseas cards for everyday payments in China, U.S. climate envoy John Kerry visits China Rio Tinto warns of slowing iron ore shipments as China recovery falters, and China vows to create a bigger, better, and stronger private sector. In addition, Kelly Wang gives the latest on China's efforts to lower drug prices and the impact it's having on big pharma. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: Tesla and Chinese rivals signal a truce in the EV price war, top property developers see June’s new sales take a dive, and China's commerce minister encourages investment by foreign drugmakers In addition, Yukun Zhang discusses the reasons behind China's lackluster credit demand. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On this week’s episode, Chinese entrepreneurs mobilize for an AI race with the U.S., food-delivery giant Meituan buys an AI startup for more than $200 million, and LVMH’s billionaire CEO kicks off his China tour to woo local consumers. In addition, Kelsey Cheng explains the restructuring of Alibaba. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: VC giant Sequoia reorganizes and spins off its China unit under geopolitical concerns, China puts drafting a national AI law on its legislative agenda, and Chinese education companies race to develop ChatGPT-like products, In addition, we speak with Kelsey Cheng about Huawei's struggling automotive business. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: The Comac C919 takes its maiden commercial flight, Beijing-based ChatGPT rival files for Hong Kong IPO, and China moves ahead with a Shanghai international reinsurance market plan. In addition, Yukun Zhang talks about how the UBS acquisition of Credit Suisse is playing out in China. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: Hong Kong greenlights retail cryptocurrency trading, Meituan launches a food delivery app in Hong Kong, Dalian Wanda bonds sink amid concerns on repayment and unit’s IPO plan, and China approves Microsoft’s Activision Blizzard acquisition deal In addition, Jonathan Breen talks about Hong Kong's efforts to revive its position as Asia's business hub in the wake of the COVID pandemic. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On this week's episode, Oppo shuts down its chip-designing business, Baidu’s quarterly revenue exceeds market expectations, and a Chinese comedy producer takes $2 million hit for a military pun. In addition, Yukun Zhang tells how a Shandong-based steel cord maker faked its numbers and defaulted on bond repayments — and why the court's ruling on compensation may have an impact beyond this specific case. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On this week’s episode of the Caixin-Sinica Business Brief, a Softbank-backed Chinese robot startup has filed for a multimillion-dollar IPO in Shanghai, LinkedIn will scale back its China presence amid market headwinds, U.S. auditors have found unacceptable rates of deficiencies in its China inspections, and a banking veteran is set to lead China’s new financial regulator. In addition, Kelsey Cheng explains why so many Chinese businesses are headed to Saudi Arabia. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this week’s episode: Evergrande's offshore debt restructuring hits another roadblock, CATL's revolutionary battery has its eye on electric flight, a Chinese city is paying civil servants in digital yuan, and China’s president affirms the country’s commitment to peace in Ukraine. In addition, Kaiser speaks with Jonathan Breen about chipmaking equipment export restrictions and how Dutch and Japanese companies might still manage to sell into China. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: China's 1Q GDP grew by a surprising 4.5%, ByteDance sticks to its strengths with release of products for AI developers, private equity investment in China plunges to an eight-year low, and a Beijing hospital fire leaves 29 dead. In addition, Kelsey Cheng talks about why Apple's Chinese contract manufacturers are diversifying, mainly into auto parts. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: China's SINOPEC inks a deal to take a share in a major Qatar LNG producer, while China Southern Power Grid expands its presence in South America, and prices for lithium continue to fall amid weak demand for electric vehicles. Plus, we talk to Zhang Yukun about a major corruption scandal in the shipping industry. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief, China’s ‘big three’ airlines post huge losses in 2022, table tennis superstar caught up in extortion scandal, and Huolala operator sets Hong Kong IPO in motion. In addition, Kelsey Cheng talks about the ongoing price war among Chinese automakers. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: TikTok chief defends the app’s independence in U.S. Congressional hearing, Tron founder faces U.S. lawsuit for crypto misconduct, and China Huarong warns of $4 billion loss for 2022. In addition, Kelsey Cheng joins to talk about the controversy surrounding the plan to relocate the enormous Zhongda textile market in Guangzhou. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: A reshuffle in the central government’s top brass, Chinese solar wafer giant to build a multimillion-dollar factory in the U.S., and scandal-rocked chip investment ‘Big Fund’ gets a new boss. In addition, Yukun Zhang tells us about insurers selling retirement community living bundled with insurance products. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: China will create a vast new financial regulator, TikTok unveils a new data security program in Europe, BYD enters the U.K. passenger car market, and Chinese local governments offer sweeteners to potential buyers to boost car sales. In addition, Kelsey Cheng joins to talk about ByteDance's Douyin — TikTok's Chinese cousin — and its aggressive moves into e-commerce and food delivery, areas dominated by giants Alibaba and Meituan. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this week’s episode: Huawei spinoff Honor looks to challenge Apple and Samsung in Europe, and TikTok tries to make itself less addictive to teens. Plus, Mercedes pivots to EV battery recycling in China, and, the country’s richest woman succeeds her father as chairperson of property developer giant Country Garden. In addition, Yukun Zhang joins to discuss how an averted public bus shutdown in the Shangqiu, Henan, illustrates the difficulties that local governments are experiencing with their finances. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: Alibaba posts better-than-expected quarterly profits, GAC seeks more China-made chips to ease foreign dependence, and at least six killed in Inner Mongolia mine collapse. In addition, Caixin Global reporter Zhang Yukun tells us what we know about the disappearance of well-known deal-maker Bao Fan, the founder and CEO of China Renaissance. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Breif: Warren Buffet cashes in on BYD as his sell-down continues, Hua Hong Semiconductor reports its 10th straight quarter of record revenue, and ByteDance takes on Meituan by venturing into food delivery. In addition, we speak with Denise Jia of Caixin-Global about China's huge appetite for minerals, which is only increasing as the electric vehicle industry continues to expand. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: A spat over a wandering balloon upsets U.S.-China relations, Baidu promises its own AI chatbot in March, and Beijing officials warn against NFT and metaverse scams. In addition, we speak with Caixin Global's Kelsey Cheng about Ant Financial's progress toward getting back in the good graces of Beijing regulators. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: Top securities regulator rolls out registration-based IPO system for Shenzhen and Shanghai main boards, IMF upgrades China’s GDP forecast, and trucking startup TuSimple denies report of potential U.S. spying probe. In addition, we speak with Kelly Wang of Caixin Global about China's efforts to develop a new generation of soccer talent. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On this week's episode: Roughly two dozen countries put curbs on travelers from China, Alibaba signs deal with Hangzhou government, and Shenzhen plans cash handouts to boost the birthrate. In addition, Zhang Yukun, finance reporter at Caixin Global, explains how scammers bilked PFM firms in China for millions of yuan. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: Pharmacies told to give out free meds, China to boost the supply of Pfizer’s Paxlovid, Xiaomi slashes staff after a third consecutive down quarter, and ‘Avatar 2’ breathes some life into the tepid Chinese box office. In addition, Kelsey Cheng joins to discuss China's weakening exports — and why export growth is weak despite favorable exchange rates. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: Mainlanders rush to Macao for mRNA shot, exit from ‘zero Covid’ spurs air travel revival, and U.S. and Chinese regulators make major progress in audit dispute. In addition, we speak with Caixin Global finance reporter Yukun Zhang about the challenges that the Big Four accounting firms face in China even after the apparent resolution of the longstanding audit dispute. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: Guangzhou eases Covid curbs, UBS economist predicts China to fully reopen in the third quarter of 2023, housing sales slump persists despite rescue efforts. Plus, Kelsey Cheng of Caixin Global discusses new options for retirement savings as households look to diversify from real estate. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: China’s property sales remain sluggish despite government efforts, Tencent wins new game license after 17-month drought, and Alibaba posts surprise loss amid crisis in consumer confidence In addition, Caixin Global finance reporter Yukun Zhang talks about the downfall of Tian Huiyu, the once high-0flying banker and former president of China Merchants Bank who has been investigated for corruption charges and expelled from the Communist Party. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: China cuts quarantine time for international travelers, China’s home-grown GPS rival is fitted in almost every new smartphone shipped in the country; and carmaker BYD launches its first luxury EV brand in a challenge to high-end foreign brands. In addition, Jonathan Breen talks about how Beijing is addressing abuse of the cough medicine DMX. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: Chinese Miners Ordered to Divest From Canadian Lithium Projects. Plus, Chinese bank moves to recoup billions of unpaid Evergrande loans, and how Apple supplier Foxconn is trying to stop workers from fleeing Covid lockdown. We also speak with Caixin Global editor Josh Drummer about the success— and the challenges — of EV battery giant CATL as it seeks to expand into international markets. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: Wildfires rage in Sichuan and Chongqing as a heatwave and drought turn forests into tinderboxes and reservoirs evaporate; Huawei's Ren Zhengfei warns of dire difficulties ahead for the telecoms equipment giant; a labor scam in Hong Kong fleecing people lured to Southeast Asia with the promise of high-paying jobs is uncovered; and SMIC announces plans for a massive new wafer fab in Tianjin. In addition, we speak with Nandini Venkata about the fallout from a leaked high school entrance exam in Shanghai. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: China’s central bank lowers two key interest rates by 10 basis points; China’s Foreign Ministry releases a white paper on Taiwan; Beijing defends its controversial decision to suspend climate cooperation with the U.S.; Hainan continues to wrestle with a COVID outbreak; fast-fashion giant Shein overtakes Amazon in app downloads; and ByteDance shells out $1.5 billion to acquire a private hospital through subsidiaries. In addition, we speak with Caixin Global’s Nandini Venkata about the new virus that’s been discovered in China. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: Sino-U.S. relations continue to suffer in the aftermath of U.S. House Speaker Nancy Pelosi’s controversial trip to Taiwan; the U.S. expands its ban on the sale of semiconductor design equipment to China; Chinese electric vehicle battery maker CATL sues a rival over alleged IP infringement; troubled property developer Evergrande abandons plans to build a massive soccer stadium in Southern China; and China’s two largest online game publishers see zero new titles approved in the latest government list. In addition, we speak with Caixin Global’s Nandini Venkata about Alibaba’s turbulent ride in the U.S. as it faces a potential delisting over the ongoing audit controversy. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: U.S. President Joe Biden and Chinese President Xi Jinping hold a call lasting over two hours ahead of a possible visit to Taiwan by U.S. Speaker of the House Nancy Pelosi and a congressional delegation; Beijing will stick with its “zero-COVID” strategy despite the economic hit; and China’s digital currency gets some new measures to combat privacy violations and prevent laundering. In addition, we speak with Caixin Global’s Nandini Venkata about why Chinese company Miniso is under attack by short-sellers. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: Beijing backs down over the use of "quarantine bracelets" after online backlash; Didi served with large fines for violations of data and personal security laws; Hong Kong cops bust a fake marriage ring, arresting over 100 individuals; and U.S.-China tensions flare over Nancy Pelosi's plans to visit Taiwan next month. In addition, we speak with Caixin Global financial news reporter Yukun Zhang about the scandal involving village banks in Henan province. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: A senior executive has left ByteDance, the company behind TikTok after his hardware initiatives were unsuccessful; a knife attack in a Shanghai hospital results in multiple injuries to hospital staff; Hong Kong eases some COVID control measures; an iron ore mining project in Guinea is once again on hold after the Chinese and Guinean sides fail to come to an agreement; and a major Chinese contract manufacturer for smartphones plans a public listing. In addition, we speak with Caixin Global podcast producer Nandini Venkata about a worrying outbreak of the flu — yes, the flu, not COVID — in South China. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: Xi Jinping swears in Hong Kong's new chief executive, John Lee, and says that Hong Kong must be governed by "patriots;" a Hong Kong investor sues to have embattled developer Evergrande liquidated; China is on track to increase coal production by 200 million tons in 2022; and Chinese cities reduce spending for the second half of the year amid economic slowdowns and fiscal shortfalls. In addition, we speak with Manyun Zou about China's green energy trading market. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: The USTR is still wavering on easing tariffs as Katherine Tai sees tariffs as "leverage" against China; Xi Jinping calls economic sanctions a "double-edged sword" in his opening speech at the BRICS Summit; TikTok's Chinese sister company Douyin wins rights for digital broadcast of the World Cup; and EV maker NIO responds after two people are killed when one of its pilot cars crashes through a wall at a parking garage and plummets three stories. In addition, Nandini Venkata, Caixin Global's podcast producer, joins Kaiser to discuss the scandal in Henan over abuse of the COVID health code app. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: China’s top regulator quashes rumors of a revived Ant Group IPO; the debate over IVF for single women in China heats up; China’s defense minister Wei Fenghe spits some fire at the Shangri-La Dialogue; and new COVID outbreaks threaten openings in Shanghai and Beijing. In addition, we speak with Caixin Global financial reporter Yukun Zhang about mass COVID testing, one of the main weapons in China’s anti-COVID arsenal. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: A kerfuffle in China over images in textbooks; the chairman and CEO of a financial services company faces a two-year ban on securities trading; the numbers are down again this month as Shanghai and other Chinese cities emerge from lockdown; EU says that China will take advantage of Russia’s energy woes; and a bit reshuffle at Ant Financial. In addition, we speak with Caixin Global podcast producer Nandini Venkata about Amazon’s decision to pull one of its most popular products — the Kindle, and the Kindle bookstore — out of China. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: USTR Katherine Tai is still not saying whether the Biden administration will lift some tariffs on Chinese goods; Chinese companies listed in the U.S. face a November deadline to resolve the longstanding audit issues; Luckin Coffee reports its first-ever operating profit; Airbnb checks out of China; and Beijing targets stimulus at airlines and consumers in hopes of reviving an economy clobbered by COVID lockdowns. We also speak with Nandini Venkata, Caixin Global's podcast producer, about the difficulties of traveling out of Shanghai as lockdowns appear to come to an end. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: Ridesharing giant Didi Global says it will not complete a cybersecurity review before its pending delisting from the NYSE; Hong Kong authorities bust a money-laundering scheme; and Joe Biden dangles the possibility of dropping Trump-era tariffs, even as Beijing bridles at changes to the language on a State Department “fact sheet” on Taiwan. In addition, we speak with Caixin Global podcast producer Nandini Venkata for an update on China’s COVID-19 outbreak and unpopular lockdowns, as well as the latest on mRNA vaccines. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: The Beijing leadership doubles down on its controversial “Dynamic Zero-Covid Strategy”; foreign companies feel the pinch from the Covid lockdowns, especially in logistics, according to a new European Union Chamber of Commerce survey; China’s regulators appear to back off a bit from their ongoing crackdown on China’s fintech sector; the Asian Games, scheduled to be held in Hangzhou, have been postponed; and China’s central bank extends a $15 billion credit line to fire up the coal sector. In addition, we speak with Caixin Global podcast producer Nandini Venkata about the horrifying story now making the rounds on the internet of an elderly woman mistakenly believed to be dead and zipped into a body bag at an elderly care facility. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: Beijing scrambles to control a COVID-19 outbreak in the capital, undertaking mass testing; leading commercial drone maker DJI suspends operations in both Russia and Ukraine; asset management companies report soaring profits — as do makers of COVID test kits; and three Chinese nationals are dead after an apparent suicide attack at a Confucius Institute in Karachi. In addition, we speak with Caixin Global podcast producer Nandini Venkata for the latest in the case of Richard Liu, the founder of e-commerce giant JD.com, who was acquitted of rape charges but is being sued for damages by the original plaintiff, who claims that Liu assaulted her in September of 2018 in Minneapolis, Minnesota. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: The lockdown in Shanghai continues as residents scramble to find sources of food and officials move against price gouging; the intercity logistics sector feels the pinch of the lockdowns, according to new research; TSMC sees revenues and profits growing healthily amidst huge demand for chips; the head of a joint ICBC-Goldman Sachs fund steps aside amidst speculation that he may be implicated in the investigation of two of his employees; and China — the world’s largest importer of crude oil — will be paying through the nose as energy prices soar. In addition, we speak with Caixin Global financial reporter Yukun Zhang about the fate of NFTs in China. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: China’s ambassador to the United Nations calls for an investigation into the killings of civilians in Bucha, in the Kyiv suburbs; more grim allegations of human trafficking emerge in China; China’s top securities watchdog says new rules governing overseas IPOs will be fast-tracked; Bain reports declining private equity activity in China as exits decline; and JD.com founder Richard Liu steps down as CEO — the latest high-profile tech leader to relinquish day-to-day operational control as regulations tighten. In addition, we speak with Caixin Global deputy copy desk chief Joshua Dummer about the COVID-19 situation in Shanghai. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week on the Caixin-Sinica Business Brief: China’s ambassador to the United States says that China’s relationship with Russia does have a bottom line; Chinese consumer drone powerhouse DJI is upbraided over its inability to ground drones used by Russian forces in Ukraine; Shanghai battles an outbreak of the Omicron variant; ZTE shares jump as the company is released from probation by the U.S.; Weibo is added to the list of noncompliant U.S.-listed Chinese companies, and is threatened with potential delisting; and Chinese real estate developer Sunac files for an extension on payments on a $630 million onshore bond. In addition, we speak with Caixin Global podcast producer Nandini Venkata for the latest on the tragic crash of a China Eastern plane — a Boeing 737 — a week ago. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.