Category: Business
Business news from the east.
BYD Overtakes Tesla in EV Sales
BYD passed Tesla in Q4 2023 in terms of sales of pure EVs, benefiting from an aggressive price battle its US competitor initiated last year. [more…]
China Unveils New Gaming Regulations
Chinese regulators have announced rules aimed at curbing spending and rewards in video games, causing panic among investors. Online games are not allowed to provide rewards [more…]
Alibaba To Partially Sell Off Stake in XPeng
Alibaba’s Taobao China plans to sell 25 million shares of Xpeng’s American Depositary Shares (ADSs), worth about $391 million, following this news a 7.54 percent [more…]
Ant Group and Huawei Partner to Create Native HarmonyOS Apps
Chinese financial technology giant Ant Group has partnered with Huawei to develop native applications for the HarmonyOS operating system. The move follows previous collaborations with [more…]
China Factory Activity Contracted in November, Overall Activity Sees Expansion
In November, China’s manufacturing activity shrank for a second straight month, according to a National Bureau of Statistics official survey. The manufacturing sector’s official purchasing [more…]
Shein Seeks to Go Public in US IPO
Chinese fast-fashion company Shein has submitted an initial public offering (IPO) application to a securities regulator in the United States. The company, which was recently [more…]
PDD Holdings Earnings Beat Estimates by Nearly Double
PDD Holdings, an online retailer well-known for providing cheap prices on its Pinduoduo and Temu apps, announced a 94% increase in Q3 2023 revenue to [more…]
Alibaba Cancels Plan for Cloud Unit Spinoff
Alibaba Group Holding has declared that it would not move forward with a full spin-off of its cloud computing unit. Citing US export limitations on [more…]
Didi Posts First Profit Since 2021 As it Plans Hong Kong IPO
Didi Global Inc. has posted its first profit since 2021 suggesting a steady recovery in the ride-hailing market in China. Revenue increased 25% to 51.4 billion [more…]
Xiaomi Sets 11.11 Record of $3.11 Billion in Sales
Xiaomi claimed record sales across all platforms during the Singles Day shopping festival. The company broke the annual promotion record selling more than 22.4 billion [more…]
