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Guotai Junan Securities and Haitong Securities announced the details of their merger plan on Friday. Photo: Shutterstock

China Business

China’s largest brokerage emerges from Guotai Junan-Haitong merger

Haitong’s shareholders will be able to swap their shares for Guotai Junan stock or receive cash in lieu.

Citigroup CEO meets Chinese officials as Beijing touts financial market reforms

Hong Kong stock sell-off deepens with benchmark capping weekly loss

Big Tech

Uber said to eye US$10 million stake in IPO of China’s Pony AI

The ride-hailing giant may consider using Pony AI’s autonomous-driving technology outside the US, a source says.

Uber is in talks to invest in the US IPO of Chinese robotaxi firm Pony AI. Photo: dpa
Uber is in talks to invest in the US IPO of Chinese robotaxi firm Pony AI. Photo: dpa

China Business

Unprofitable Chinese EV makers face ‘do-or-die moment’

Only those that can sustain operations without external funding will stay in the race amid overcapacity and tariff woes, analysts say.

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Biomedicine

Chinese biotech firms brace for Trump tariffs, US funding bill

Efforts to expand sales of high-value products in China and non-US markets would cushion the blow, analysts say.

Big Tech

Temu owner PDD sees 10% plunge in pre-market trading despite 44% revenue growth

PDD’s results, including a 66 per cent jump in net revenue, outperformed rivals, but it did not allay investor concerns amid e-commerce competition.

The logo of Chinese online budget shopping app Pinduoduo, pictured next to its mobile app on July 17, 2018. Photo: Reuters

Tech War

China’s Hua Hong Semiconductor to make auto chips for Europe’s STM

The move signifies the importance of the Chinese EV market and the country’s progress in legacy chipmaking.

The logo of STMicroelectronics is seen outside the company building in Montrouge, near Paris, France, July 12, 2022. Photo: Reuters
The logo of STMicroelectronics is seen outside the company building in Montrouge, near Paris, France, July 12, 2022. Photo: Reuters

Big Tech

China’s second-richest man blasts Pinduoduo for hurting domestic brands

The founder of bottled water company Nongfu Spring called Pinduoduo a main contributor to aggressive pricing causing ‘huge harm for Chinese brands’.

Big Tech

Baidu’s 3rd-quarter revenue falls 3% as economic woes hit ad spending

The internet search giant pulled in US$4.6 billion in the September quarter, with a decline in online marketing outpacing AI growth.

China Business

New World Development focused on debt management before M&A: Cheng

Developer is focused on liability management following a management shake-up in September to steady the ship, chairman Henry Cheng says.

A view of the group’s headquarters in New World Tower in Central. Photo: Jelly Tse

Big Tech

Alibaba merges domestic, global e-commerce units amid intensifying competition

The new group brings together Taobao and Tmall Group, Alibaba International and a slew of other e-commerce operations.

In another major corporate shake-up, Alibaba is putting both its domestic and international e-commerce operations under the leadership of Jiang Fan, who has delivered strong results for the company. Photo: Reuters
In another major corporate shake-up, Alibaba is putting both its domestic and international e-commerce operations under the leadership of Jiang Fan, who has delivered strong results for the company. Photo: Reuters

Big Tech

Apple’s iPhone sales fall during China’s Singles’ Day shopping festival: report

The event’s two-week sales period saw ‘a double-digit, year-on-year decline’ in iPhone sales amid stiff competition from Chinese rivals.

Big Tech

China’s second-richest man demands apology from ByteDance founder

Zhong Shanshan, founder of bottled-drinks giant Nongfu Spring, blames ByteDance’s social media apps for perpetuating online assaults.

China Business

Hong Kong stocks fall after 3 days of gains as traders await catalysts

Sentiment has cooled and cautious mood now dominates trading after the previous rally, Shengang Securities analyst says.

An electronic monitor displays the Hang Seng Index. The benchmark has lost 15 per cent since reaching a recent high in October. Photo: Sam Tsang

Big Tech

Alibaba CEO highlights AI advancement at China’s internet forum

The agenda at this year’s Wuzhen summit focuses heavily on AI, as China’s tech rivalry with the US grows.

Eddie Wu Yongming, CEO of Alibaba Group Holding, speaks at the 2024 World Internet Conference in Wuzhen, China, on Wednesday. Photo: EPA-EFE
Eddie Wu Yongming, CEO of Alibaba Group Holding, speaks at the 2024 World Internet Conference in Wuzhen, China, on Wednesday. Photo: EPA-EFE

Big Tech

Meituan aims to launch meal deliveries by drones in Hong Kong

The meal delivery giant joins a slew of Chinese tech giants vying for new growth in Hong Kong.

Blockchain

Shanghai court says crypto ownership legal in China amid bitcoin price surge

In an opinion on a recent lawsuit, a Shanghai judge wrote that cryptocurrencies have the attributes of property and thus holding it is legal.

Big Tech

Alibaba pulls in US$5 billion from dual-currency bond offering

The deal marks the biggest corporate bond issue of its kind in the Asia-Pacific region this year.

The net proceeds from Alibaba Group Holding’s latest bond offering will be used for general corporate purposes, including repayment of offshore debt and share buy-backs. Photo: Shutterstock

Big Tech

Apple reveals App Store revenue share in China as Huawei rivalry grows

The US giant says most of its App Store revenues in China are paid to developers and companies.

People line up outside an Apple store in Beijing as the iPhone 16 goes on sale in September. Photo: Reuters
People line up outside an Apple store in Beijing as the iPhone 16 goes on sale in September. Photo: Reuters

Big Tech

TikTok parent ByteDance offers top performers more stock options

ByteDance has adjusted its staff incentive policy for the second time this year, as Trump’s re-election boosts its valuation.

China Business

China Mobile in talks to buy broadband service provider HKBN

HKBN says its board received a proposal for a cash bid from China Mobile.

Policy

China’s Xi talks cyber unity as US seeks AI ‘Manhattan Project’

In video speech delivered to the annual World Internet Conference, Xi Jinping called for ‘inclusive’ cyberspace development as US-China fissures widen.

Chinese President Xi Jinping delivers remarks via video to the 2024 World Internet Conference, which opened in Wuzhen on November 20. Photo: Xinhua
OPINION
Christopher Tang

Opinion | To respond to a Trump trade war 2.0, China has a few tools at its disposal

Christopher Tang
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Boris Babic,Herman Cappelen

Opinion | The West can’t have it both ways on overcapacity

Boris Babic
Herman Cappelen
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Zhou Xin

My Take | Tesla is getting love from Chinese state media, but can the affair last?

Zhou Xin
Nicholas Spiro

Macroscope | The most important part of China’s fiscal stimulus? Expectation management

Nicholas Spiro
Nicholas Spiro

The View | China’s property prospects aren’t all doom and gloom

Nicholas Spiro
Nicholas Spiro

Macroscope | Will China replace India and Japan as Asia’s new investment darling?

Nicholas Spiro
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