On Tuesday, alleviating industry concerns that the new variant of the coronavirus disease that has been surging in northern China, Huang Libin, an official from China’s Ministry of Industry and Information Technology said, the outbreak will have an impact on… Read More ›
Chinese
Non-performing assets rise by more than 50%, Chinese banks write-off $466.6 billion in 2020
On Friday, in a statement, China’s top banking and insurance regulator said, the sector has written off $466.6 billion (3.02 trillion yuan) in non-performing assets in 2020, up by more than 50% from a year ago. At the end of… Read More ›
Tesla starts deliveries of Shanghai-made Model Y SUVs in China
On Monday, in a statement Tesla Inc said, it has commenced delivery of its Shanghai-made Model Y sports utility vehicles (SUV) to Chinese customers. In November 2020, Tesla had obtained permission from the Chinese government to start selling Model Y… Read More ›
China’s COVID-19 vaccine, CoronaVac, has general efficacy of less than 60% in Brazil trials
According to two sources who have seen the lab results, China’s CoronaVac, its COVID-19 vaccine, developed by Sinovac Biotech, has a general efficacy of less than 60% in clinical trial in Brazil. Brazil’s Sao Paulo’s Butantan biomedical center, which has… Read More ›
Australia blocks Chinese-state owned company from acquiring domestic peer involved in high profile construction projects
In a significant development, Australia has blocked a Chinese construction company from buying out a domestic builder involved in several high-profile projects, citing national security concerns, reported local media reports. In a regulatory filing to the Johannesburg stock market filing… Read More ›
Chinese EV maker Xpeng Inc secures $2 billion credit facility for expanding manufacturing and sales
On Tuesday, Chinese electric vehicle maker Xpeng Inc said, it has secured a $2 billion (12.8 billion yuan) credit line from five Chinese banks for expanding its manufacturing and sales. New York-listed Xpeng, which has a market value of $35… Read More ›
GM, China’s second biggest foreign automaker, records third straight downturn in sales
While China attracts global automakers saying its auto market is the world’s biggest, U.S. carmaker General Motors Co reported a 6.2% drop in vehicle sales in China during 2020. The carmaker suffered a prolonged sales slowdown in China throughout 2020…. Read More ›
Trump Administration bolsters executive order barring U.S. investment in Chinese companies
In a significant development, the Trump administration has further bolstered an executive order barring U.S. investors from purchasing securities of Chinese military-controlled companies. There is some disagreement among U.S. agencies on how tough to make the directive. In a statement,… Read More ›
China indefinitely suspends direct flights from UK
On Thursday, a spokesman for China’s foreign ministry said, Beijing will suspend direct flights to and from the United Kingdom until further notice. The announcement comes over fears of a new strain of the coronavirus spreading across the UK. “After… Read More ›
Companies that do not comply to U.S. auditing standards will be debarred from U.S. Stock Exchanges
On Monday, in a statement China said it firmly opposes U.S. President Donald Trump’s bill that would remove any Chinese companies from U.S. stock exchanges unless they adhere to U.S. auditing standards. Chinese companies have tapped the lucrative U.S. stock… Read More ›