Huawei unveils new chip

BY CHINA DAILY Huawei on Friday unveiled a new smartphone chip, despite the challenges the company faces with US government restrictions. The move comes as Huawei announced that its smartphone shipments exceeded 100 million units by May 30 this year, about one month faster than the time it achieved the same figure in 2018. The new chip is designed with seven nanometer standards and is … Continue reading Huawei unveils new chip

JD sales for June 18 shopping gala hits record high, again

BY CHINA DAILY Chinese e-commerce giant JD, which initially coined the June 18 shopping carnival, reported its sales during the 18-day promotion that ended on June 18 reached a staggering 201.5 billion yuan ($29.2 billion), compared with 159.2 billion yuan a year ago. Xu Lei, chief executive officer of JD Retail, said with the ongoing consumption upgrade in China, high-quality and imported products are favored … Continue reading JD sales for June 18 shopping gala hits record high, again

Caterpillar: ‘We believe in free trade’

BY CHINA DAILY US construction machinery giant Caterpillar Inc believes there are good long-term prospects in the China market and the company plans to launch more products and services for local customers, a global executive said. Ramin Younessi, Caterpillar group president for construction industries, told China Daily that the US-based company is “very committed” to China and has a strong team for the long run … Continue reading Caterpillar: ‘We believe in free trade’

German firms find US less reliable than China

BY SCMP German companies think China is a far more reliable trading partner than the US or Great Britain, according to a survey by Commerzbank. China was ranked third in an assessment based on political and economic conditions affecting trade, with a score of 30, led by Germany itself way out ahead on 65, and France on 39. The US, in fourth place, was a … Continue reading German firms find US less reliable than China

Alibaba mulls second listing in HK to diversify funding as trade war escalates

BY SILVI WRITER and CHINA DAILY China’s e-commerce giant Alibaba Group Holding Ltd is considering raising $20 billion via a second listing in Hong Kong to diversify its funding channels and boost liquidity, according to a Bloomberg report citing sources. The company is working with financial advisers on the planned offering, and is aiming to file a listing application in Hong Kong confidentially as early … Continue reading Alibaba mulls second listing in HK to diversify funding as trade war escalates

Luck running out for Luckin as share prices fall

BY CHINA DAILY Shares in Luckin Coffee, Starbuck’s Chinese rival, fell below their initial public offering price on Wednesday, just days after its debut on the Nasdaq, triggering concerns over its profitability and long-term growth. Luckin Coffee shares closed at $14.75 on Wednesday, much lower than its IPO price of $17 per share. It has dropped by 40 percent from its peak listing price, when … Continue reading Luck running out for Luckin as share prices fall

China home to over 200 unicorns: Report

BY CHINA DAILY China in 2018 had 202 unicorns valued at a combined total of $744.6 billion, according to a Greatwall Strategy Consultants report. A unicorn is a privately held startup valued at more than $1 billion. Seven of the companies are considered super unicorns – companies valued at more than $10 billion, the report said. They are Ant Financial ($150 billion), Bytedance ($75 billion), … Continue reading China home to over 200 unicorns: Report