XPeng’s $31 Billion Gap Shows Hazy China EV Outlook
Bloomberg
23-09-18 02:14
Analysts are divided on the outlook for Chinese electric vehicle (EV) maker XPeng. The company has one of the widest price target gaps among members of the MSCI China Index, with analysts predicting a 169% surge or a 75% slump in the stock over the next 12 months. Price cuts across the Chinese EV sector and the uncertainty surrounding XPeng's $700m deal with Volkswagen AG have contributed to a $31bn valuation gap for the company. XPeng is now the third-most volatile Chinese stock, according to Bloomberg data, following Country Garden Holdings and its services arm.
Even in office-oriented Asia, hybrid working is taking root
South China Morning Post
23-09-18 07:30
The return to the office is creating tensions between employers and staff in the United States where office occupancy rates are the lowest. Although there is a strong consensus that fully remote work and enforced five-day-a-week in-person work are unworkable, there is little agreement on what a hybrid model means in practice, much less on how to define performance measures. There is also uncertainty over what hybrid working means for future demand for office space. In Asia, the real estate industry has been less severely impacted, with office re-entry rates in Shanghai, Beijing, and Seoul returning to pre-pandemic levels.
China lifts temporary curbs on gold imports as renminbi recovers
Financial Times
23-09-18 10:26
The People’s Bank of China (PBOC) has lifted temporary curbs on gold imports that were imposed on some lenders in an effort to defend the renminbi. The curbs initially caused the price of the precious metal to rise in China, with the spread between the Shanghai gold price and London hitting a record $121 per troy ounce last week. However, the spread narrowed after the PBOC relaxed the curbs last week, according to people familiar with the matter. China had reduced and stopped granting quotas for international gold imports by banks in August to ease a rush in purchases in order to hedge against a weaker domestic currency.
British qualifier Dart beats Niemeier as tennis returns to China after 4 years
Associated Press
23-09-18 14:19
The Guangzhou Open marked the return of elite women's tennis to China after a four-year absence due to COVID-19 travel restrictions and concerns about the well-being of Chinese player Peng Shuai. Harriet Dart, a British qualifier, won her first-round match against Jule Niemeier of Germany. Other notable results included Diana Shnaider of Russia upsetting No. 8 seed Claire Liu of the United States and Denmark's Clara Tauson defeating sixth-seeded Linda Fruhvirtova of the Czech Republic. Top-seeded Magda Linette of Poland also had a tough match but ultimately came back to win.
China economy best revived by easing of property restrictions
SCMP Opinion
23-09-18 22:30
Chinese authorities are reversing measures that have stifled the property market in an effort to revive the economy. The nationwide implementation of a property tax has been shelved, a move seen as a significant concession. The property tax law was intended to boost local governments' tax revenue and help narrow the wealth gap. However, authorities are now focused on reanimating the public's property-purchasing potential to help developers and shore up economic growth. Measures being taken include relaxing loan limits for real estate companies, allowing lenders to cut mortgage rates, and reducing the reserve requirement ratio. Major cities such as Beijing, Guangzhou, and Shenzhen have also eased restrictions on homebuyers. Despite the downturn in the property market, the Chinese economy is showing signs of stabilizing. Sales by state-backed developers remain healthy, and rents are rising.
Chinese EV maker Nio to issue US$1 billion in convertible senior notes
South China Morning Post
23-09-19 05:24
Chinese electric vehicle (EV) manufacturer Nio is planning to raise $1bn through convertible senior notes. The Shanghai-based company said that it will issue two batches of $500m notes, maturing in 2029 and 2030, convertible to American depositary shares. The funds will be used to reduce debt and strengthen the balance sheet. Nio has been viewed as China's answer to Tesla, with its premium EVs, but it currently lags behind the US automaker in terms of sales in China.
After two years in detention, a Chinese #MeToo journalist and a labor activist face trial this week
Associated Press
23-09-19 07:47
A Chinese journalist and a labor rights activist, both supporters of the #MeToo movement, are set to go on trial this week after two years in detention. Huang Xueqin, an independent journalist, helped spark China's first #MeToo case in 2018, while Wang Jianbing is known for his labor rights activism. Both have been charged with subversion of state power. China cracked down on the #MeToo movement as it sees social movements as a potential threat to its stability and the Communist Party's hold on power. The trial is scheduled to take place in the southern Chinese city of Guangzhou.
Tatjana Maria and Lucia Bronzetti advance to the second round at the Guangzhou Open
Associated Press
23-09-19 13:48
Tatjana Maria, the third seed, advanced to the second round of the Guangzhou Open by defeating Philippine qualifier Alexandra Eala. Maria will face Chinese wild-card Zhuoxuan Baiin in the next round. Three Chinese players also won their first-round matches: Zhuoxuan Baiin, Wang Xiyu, and Yuan Yue. Other winners included fourth-seeded Lucia Bronzetti, Daria Saville, and Moyuka Uchijima.
China's GAC Group to build EV parts with Apple supplier Luxshare
Nikkei Asia
23-09-19 14:41
Guangzhou Automobile Group (GAC) and Luxshare Precision Industry have started construction on a joint factory for electric vehicle (EV) control systems and other components in Guangzhou, China. The facility, which is expected to be operational by 2024, will enable GAC to increase in-house production of key EV parts and better compete with rival automakers. The joint venture between GAC and Luxshare will construct and operate the factory, which will also include a research and development hub. The project is expected to create over 1,000 jobs. Luxshare, which assembles iPhones for Apple, is looking to expand its auto-related operations.
Asian Games 2023: it’s all about the numbers in our 5 things to know
South China Morning Post
23-09-20 00:00
The second day of competition at the Hangzhou Asian Games has seen some interesting numbers emerge. There are nearly 12,000 athletes from 45 countries expected to compete, with nine sports in Hangzhou serving as Olympic Games qualifiers. The road to Paris 2024 will see athletes compete in archery, artistic swimming, boxing, breaking, hockey, modern pentathlon, sailing, tennis and water polo. In cricket, Hong Kong's women's team almost stole the spotlight with a record 172-run victory over Malaysia, while Mongolia suffered a 172-run defeat at the hands of Indonesia. The rowing events begin on Wednesday, and the opening ceremony will be environmentally friendly, featuring drones and clean fuel methane.
Would you like a phone with that car? EV maker Nio thinks Chinese buyers will
South China Morning Post
23-09-21 12:00
Chinese electric vehicle (EV) start-up Nio has launched a smartphone designed specifically for use with its vehicles. The device offers more than 30 car-specific features, such as initiating self-parking mode, unlocking the car with a button press even if the smartphone is powered off, and transitioning a video call from the phone to the car’s screen and speakers. The fully functional Android-based phone is priced from CNY6,499 ($890) to CNY7,499 and is compatible with all eight of Nio’s vehicle models.
Open House: Seized HK Mansion Listed for $112 Million Traces Fall of Evergrande Tycoon
Bloomberg
23-09-21 23:00
A mansion in Hong Kong that was seized from China Evergrande Group's chairman, Hui Ka Yan, is now up for sale. The 5,000-square-foot property, located in a wealthy Hong Kong neighborhood, was one of three houses that Hui bought in 2009 and formed his main residence when he was in Hong Kong. Hui's personal fortune swelled to $42 billion at its peak in 2017, but the collapse of Evergrande and President Xi Jinping's crackdown on excessive leverage in the real estate industry has caused his wealth to plummet. The house is on sale for HK$880 million ($112 million).
A Chinese Journalist Gave #MeToo Victims a Voice. Now She’s on Trial.
NY Times
23-09-22 04:30
Chinese journalist Huang Xueqin and labor rights activist Wang Jianbing have stood trial on subversion charges, following two years in detention. Both individuals were taken into custody in September 2021 and later charged with inciting subversion of state power. The vaguely worded offense has been seen as a tool to silence dissent in China. The trial is the latest example of the Beijing government's intensified crackdown on civil society. Huang was once a prominent voice in China's #MeToo movement, while Wang worked to promote the rights of people with disabilities and was also a #MeToo advocate.
Trial of two activists held since 2021 begins in secret in Guangzhou
Guardian
23-09-22 09:21
The trial of feminist activist Huang Xueqin and labour rights activist Wang Jianbing has begun in secret in the Chinese city of Guangzhou. The pair were detained in September 2021 and charged with “inciting subversion of state power.” They have been held largely incommunicado and subjected to secret interrogations, torture, and ill-treatment, according to advocates. Huang and Wang had organised weekly meetings for like-minded progressives in the year leading up to their arrest, to discuss issues such as feminism, LGBTQ+ rights, and labour issues. Their trial has attracted global attention to Beijing’s repression of civil society.
Cricket sinks into farce at Asian Games as another washout foils Hong Kong women
South China Morning Post
23-09-22 11:19
Rain has disrupted the women's cricket tournament at the Asian Games in Indonesia, with only 25.5 overs played in the quarter-finals. Hong Kong had been due to play Bangladesh in the second quarter-final, but the match was abandoned without a ball being bowled. The organisers decided that the team ranked highest would progress to the semi-finals. India scored 173-2 in their reduced 15-over match against Malaysia before rain ended the game after two balls of Malaysia's innings. Pakistan, the defending champions, were sent through to the semi-finals without playing.
Chinese journalist and MeToo activist Sophia Huang Xueqin has gone on trial for subversion, along with labour campaigner Wang Jianbing, according to campaigners. The two activists were detained in 2021 as part of China's crackdown on activists, and rights groups have raised concerns about their condition while in detention. Ms Huang and Mr Wang were arrested in Guangzhou in September 2021 while Ms Huang was on her way to the UK to begin a master's degree. They have been held in solitary confinement, and their trial proceeded under heavy guard. Amnesty International has called the charges against them "baseless" and motivated by the Chinese government's determination to crush critical voices.
Linette and Wang through to Guangzhou Open final. Khachanov passes first test at Zhuhai
Associated Press
23-09-22 15:12
Top-seeded Magda Linette and local favorite Wang Xiyu have advanced to the final of the Guangzhou Open. Linette beat Yulia Putintseva 6-2, 6-3, while Wang defeated Greet Minnen 6-3, 6-4. Linette will meet Wang in the final, and she is looking for her first title since 2020. At the Zhuhai Championships, top-seeded Karen Khachanov beat Alex Bolt 6-4, 6-4, and will play Mackenzie McDonald in the quarterfinals. Roman Safiullin beat Dan Evans 6-3, 6-3 at the Chengdu Open to reach the quarterfinals.
Callum Ah Chee on the cusp of 141-year first for football's Chinese-Australian community
ABC
23-09-22 20:31
Brisbane Lion Callum Ah Chee could become the first Australian man with Chinese heritage to win the AFL premiership. Ah Chee's great-great-grandfather, Owen, was a Cantonese immigrant who helped found the town of Derby, Western Australia. He married an Aboriginal woman, and their descendants include AFL players Brendon and Callum Ah Chee. A new book, Celestial Footy, explores the history of Chinese-Australian football pioneers, including Ah Chee's ancestors. The book also highlights the long tradition of Chinese-Australians playing Australian football, with Chinese miners and market gardeners playing football in Ballarat in the 1890s.
As easy as ordering pizza: How Gen Z is shifting the debate over fakes
The Sydney Morning Herald
23-09-22 19:00
The demand for replica designer bags, known as "dupes," is on the rise among younger consumers, driven by factors such as the high price of authentic luxury goods, the improved quality of counterfeit products, and the ease of purchasing fakes online. Platforms like DHgate allow consumers to buy replica bags for a fraction of the cost of the real thing, making them more accessible to a wider audience. In addition, the stigma once associated with owning fake designer bags is diminishing, as many younger consumers no longer feel ashamed to carry replicas. Gen Z, in particular, is reshaping attitudes towards counterfeits, with 37% of US respondents in this age group saying they are willing to wear counterfeit items.
Counterfeit bags are produced in various ways, including factories in China’s Guangzhou province that use prototypes to produce copies and “dark” factories that work alongside legitimate manufacturers. However, the theory that luxury brands themselves are involved in the production of counterfeits is unlikely, as these companies are in the business of destroying bags they don’t approve of. The quality of fake bags, especially “superfakes,” has improved significantly in recent years, making it difficult for experts and consumers to distinguish between real and counterfeit products.
While owning a fake bag is not illegal, selling fakes is considered a serious offense. Counterfeit goods are often used by criminal organizations to fund illegal activities, and they can also pose risks to consumers, as they are made using exploitative labor and low-quality materials. However, it is unlikely that individuals would be pursued by police or luxury brands for buying or carrying fake bags. The legal system can be expensive and time-consuming for brands to navigate, making it difficult to successfully prosecute counterfeiters. Additionally, counterfeiters are adept at exploiting legal loopholes to evade detection.
China's Guangzhou eases homebuying curbs to boost sales
Nikkei Asia
23-09-23 01:33
The city of Guangzhou has become the first of China's four top-tier cities to relax homebuying restrictions in some districts. The move is aimed at supporting housing sales after previous measures failed to revive the market. The new rules mean that households without a local hukou (residence permit) can buy a home after paying personal income tax or social insurance contributions for two consecutive years, compared to the previous requirement of five years. The city has also eased down payment ratios for second homes. However, the measures have so far failed to boost Guangzhou's property market significantly.
