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☆ Elon Musk is tightening his grip on Tesla
▼ + stars: | 2024-05-06 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +2 min

Top Tesla exec Tom Zhu has been redeployed to China, Electrek reports. Several other top execs have left Elon Musk's company. Musk is consolidating power at Tesla as a vote over his $47 billion pay package looms. AdvertisementOne of Tesla's top executives has been reassigned to China in another sign that Elon Musk is tightening his grip on the electric carmaker. Prior to the move, Zhu had assumed more responsibilities at Tesla as Musk was increasingly occupied by X, according to Electrek.

Persons: Tom Zhu, —, Elon, Elon Musk —, Zhu, Musk, Zhu —, Tesla, Drew Baglino, Rohan Patel, That's Organizations: Elon Musk's, Service, China, X, Reuters, North, Business, Street Locations: China, Shanghai, Delaware

☆ U.S. automakers like GM are rapidly losing ground in China, once an engine for growth
▼ + stars: | 2024-05-06 | by ( Michael Wayland | ) www.cnbc.com time to read: +13 min

China was once a profit engine for GM, and its top sales market from 2010 to 2023. GM revealed several vehicles last week in China, including plug-in hybrid versions of its Buick GL8 minivan, a best-seller in China, and the Chevrolet Equinox crossover. "We think clearly that market has shifted and the landscape has shifted … with the capability of the Chinese [automakers]," Barra said. But it has had to aggressively cut prices to compete against Chinese automakers such ay BYD, Nio and others. Stellantis CEO Carlos Tavares earlier this year called Chinese automakers his company's "No.

Persons: Mary Barra, Jeff Kowalsky, we're, Barra, Paul Jacobson, GM wasn't, John Murphy, Michael Dunne, Dunne, Mark Fulthorpe, They'll, they've, Tesla, lockdowns, Elon Musk, Tingshu Wang, Reuters Tesla, Morgan Stanley, Adam Jonas, Musk, Junheng Li, Stellantis, Carlos Tavares, Zhu Jiangming, We've, We're, Ford, John Lawler, Lawler Organizations: General Motors Co, Bloomberg, Getty, General, GM, U.S, Chevrolet, SAIC, GM Pan, Asia Automotive Technology Center, Nurphoto, PSA Groupe, Chrysler, EVs, GM's, Buick, Wuling Motors, Motors, Bank of America Securities, China, Hummer, Durant Guild, America's, Detroit, P Global Mobility, Ford Motor, Tesla, Reuters, EV, Baidu, Warren Capital, Ford, Guangzhou Automobile Group, India & Asia, Lincoln, Lincoln Nautilus Locations: Detroit , Michigan, China, Barra, Beijing, Asia, Shanghai, Russia, India, Thailand, Australia, North America, South Korea, Brazil, Europe, GM's U.S, Qingdao, East China's Shandong, Indonesia, U.S, Nio, Greater China, South America

☆ Crypto ETF trading in Hong Kong will attract different types of investors: ChinaAMC
▼ + stars: | 2024-04-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrypto ETF trading in Hong Kong will attract different types of investors: ChinaAMCThomas Zhu, head of digital assets at ChinaAMC, says the move will allow "different bitcoin miners and long-term bitcoin holders to participate in the ETF market."

Persons: ChinaAMC Thomas Zhu Locations: Hong Kong

☆ China’s growing love of luxury watches remains strong, despite economic headwinds
▼ + stars: | 2024-04-19 | by ( Leona Liu | ) edition.cnn.com time to read: +9 min

Despite economic challenges looming large — including prolonged downturns in both the housing and stock market — China’s fascination with luxury watches remains undiminished. Cyril Zingaro/WWGF/KeystoneCertainly at this year’s fair, well-dressed, well-accessorized Chinese customers appeared unfazed by economic uncertainties. After more than 20 years working in the region, he believes China’s economic slowdown is just a temporary phase. “The situation may be slightly (more) challenging for mid-level luxury brands (whose clients’ disposable incomes are potentially more at the whim of market forces). Collectors appreciate the craftsmanship, rarity, and heritage associated with luxury timepieces, which can hold or increase in value over time.

Persons: Matthieu Humair, Cyril Zingaro, Jackson Yee, Jaeger, Zhu Yilong, Wang Yang, Xiao Zhan, David Sadigh, Patek Philippe, Van Cleef, ” Sadigh, Valentin Flauraud, ”, Ricardo Guadalupe, “ We’ve, Pierre Albouy, Keystone Carson Chan, Richard Mille Asia, Bonhams, ” Chan, Raphael Young, Lange, Söhne, Wilhelm Schmid, Lumen, Chan, Vacheron, Young, Roger Dubuis, Dior, Louis Vuitton, Gucci — Chanel, Hermes, Hermès, Attelé, Chanel, Mademoiselle Chanel, “ Organizations: Geneva CNN —, Federation of, Swiss Watch Industry, IWC, Digital Luxury, CNN, Keystone, Fondation, “, Berkley, Couture Locations: Geneva, China, Hong Kong, Asia, Switzerland, Chopard, Europe, “, Asia — China, Guadalupe, Swiss, watchmaking

☆ Now is the 'best time' to hedge and add U.S. treasurys to your portfolio: CIO
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNow is the 'best time' to hedge and add U.S. treasurys to your portfolio: CIOHelen Zhu of NF Trinity discusses portfolio construction strategy and her thoughts on short and long dated U.S. treasurys.

Persons: Helen Zhu Organizations: NF Trinity

☆ StanChart CEO Winters meets China FX regulator, launches investment banking unit
▼ + stars: | 2024-03-26 | by ( ) www.cnbc.com time to read: +2 min

Standard Chartered CEO Bill Winters met with the head of China's foreign exchange regulator on Monday, a month after the bank suspended new investments by its clients in the country into offshore products via a quota-based channel. "We have confidence in China's continued financial sector opening and economic transition," Winters said. "The inauguration of SCSCL will enhance Standard Chartered's ability to serve clients domestically and internationally, deepening and diversifying our capabilities in China". StanChart started hiring staff in China since 2023 as it geared up to launch the investment banking unit targeting niche bond deals, chairman of the unit said last year. Blackstone's Schwarzman held a meeting on Monday with the chief secretary of Communist Party of China, Cai Qi, a statement from China's Ministry of Foreign Affairs shows.

Persons: Bill Winters, Winters, Zhu Hexin, StanChart, Zhu, China's, StanChart's Winters, Noel Quinn, Blackstone's Schwarzman, Cai Qi, Cai Organizations: China's, Administration of Foreign Exchange, SAFE, Standard Chartered Securities China, China Development, Communist Party of China, China's Ministry of Foreign Affairs Locations: London, China, U.S, Los Angeles

WASHINGTON (AP) — If some U.S. lawmakers have their way, the United States and China could end up with something in common: TikTok might not be available in either country. But while U.S. lawmakers associate TikTok with China, the company, headquartered outside China, has strategically kept its distance from its homeland. Since its inception, the TikTok platform has been intended for non-Chinese markets and is unavailable in mainland China. Some have insisted they be called “global companies” instead of “Chinese companies.”But for TikTok, this may not be enough. “America’s foremost adversary has no business controlling a dominant media platform in the United States.

Persons: TikTok, Joe Biden, Zhiqun Zhu, ” Zhu, Alex Capri, Hinrich, ” Capri, Capri, Zhang Yiming, Mike Gallagher, ”, Gallagher, “, Sen, Tom Cotton, Shou Zi Chew, beholden, Chew, Nancy Pelosi, ” Chew, Thomas Zhang, Zhang, It's, Donald Trump, Trump Organizations: WASHINGTON, Bucknell University, “, National University of Singapore, Hinrich Foundation, Chinese Communist Party, CCP, Communist, Wired, Republicans Locations: United States, China, Beijing, Hong Kong, U.S, Washington, there's, Chinese, Chew

☆ Inside Startupland's 'Shroom Boom'
▼ + stars: | 2024-03-13 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +11 min

This story is available exclusively to Business Insider subscribers. Frohman is part of a small but growing community within the startups industry that is experimenting with small doses of psilocybin to improve focus and productivity. Business Insider spoke with multiple founders and investors who microdosed, but wished to be anonymous. The person declined to share their name for publication, but their identity is known by Business Insider. Vancouver-based Filament Health is working to expand access to natural psychedelics through an extraction and drug-discovery process, while brick-and-mortar shops Shroomyz and Fun Guyz are further fueling the Canadian "'Shroom Boom".

Persons: Scott Frohman, Frohman, hasn't, Microdosing, James Fadiman —, Koel Robinson, Robinson, Richard Laver, Steve Jobs, Peter Grinspon, Grinspon, Peggy Van de Plassche, Van de Plassche, She's, Justin Zhu, I'm, microdosing, they're, It's Organizations: Business, Rocket Beverage Group, Erewhon, Foods, Massachusetts General Hospital, Harvard Medical School, BMO, PsyMed Ventures, Noetic Fund Locations: Florida, San Francisco, Denver, Minneapolis, In Oregon, California , Iowa, Washington State, Vermont, Massachusetts, Vancouver, Palo Santo

☆ China's deflation risk 'is real,' JPMorgan economist says
▼ + stars: | 2024-03-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's deflation risk 'is real,' JPMorgan economist saysZhu Haibin, JPMorgan's chief China economist, discusses China's annual parliamentary meeting, the country's economic policies and its growth outlook.

Persons: Zhu Haibin Organizations: JPMorgan Locations: China

☆ China EV shares are feeling the heat as price war concerns grow
▼ + stars: | 2024-03-05 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +3 min

While consumer interest is improving, the "wait for a better price" sentiment continues to constrain sales volumes for EV makers, Ding said. watch nowAt least 30% of China's entire auto market is made up of electric vehicles, with most of those EVs coming from homegrown brands. Hong Kong-listed shares of Li Auto fell 3.9%, while Nio shares dropped 3.6% and Xpeng was down 1.8%. BYD shares were up 0.4%. Despite price cuts announced earlier, Tesla still lost market share in China in January, mainly in the large cities, according to Morgan Stanley.

Persons: Tesla, Yuqian Ding, Ding, Xpeng, Morgan Stanley, Li, Li Auto, SCMP, Zhu Jiangming, Nio, BYD, Bernstein Organizations: Getty, HSBC Qianhai, CNBC, Li Auto, China Morning, Reuters Locations: Hong Kong, China, Stellantis

Taipei, Taiwan CNN —American support for Taiwan will continue no matter who wins the upcoming US election, House Rep. Mike Gallagher told an audience in the democratic island on Thursday, as tensions simmer between Taipei and Beijing. “I’m confident regardless of how the presidential election goes, we will maintain our support not only for Taiwan but also a posture of internationalism and engagement,” Gallagher told reporters in the capital Taipei. Gallagher said American efforts to support Ukraine’s defense against Russia’s invasion were also critical to deterring Beijing from using force against Taiwan. American lawmakers regularly visit Taiwan and have supported legislation to bolster US support for the island and its defensive capabilities. 07:53 - Source: CNNTroubled watersThe delegation’s visit comes during a period of heightened tensions between China and Taiwan, sparked by the drowning of two Chinese fishermen near Taiwan’s Kinmen Island last week.

Persons: Mike Gallagher, “, ” Gallagher, Gallagher, Donald Trump, Trump, Joe Biden, Raja Krishnamoorthi, Tsai Ing, Lai Ching, Tsai, ” Tsai, China, ”, ” “, …, ” Zhu Fenglian, Chen Chien Organizations: Taiwan CNN, Communist Party, Taiwan, NATO, Democratic, Washington, CNN, Taipei, Republican, Wisconsin, Chinese Foreign Ministry, Taiwan Affairs Locations: Taipei, Taiwan, Beijing, China, Ukraine, Europe, Raja, United States, Taiwanese, ”

☆ Women in China Aren't Having Kids. 3 of Them Told Us Why.
▼ + stars: | 2024-02-11 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +8 min

Read previewWhen it comes to settling down and having children, 26-year-old Bihan Chen views the choice in simple terms: It's a bad investment. Falling birth rates saw China's population shrank in 2022 for the first time since the early 1960s. "When it comes to having children, I don't have a shred of desire, only fear. AdvertisementOthers cited the loss of personal freedom as a key obstacle to having children. Having children remains a deeply personal decision that can't be evaluated by finances alone.

Persons: —, Chen, Emily Huang, Huang, Xi Jinping, Xi, Zhu Zheng, haven't, Dudley L, Poston Jr, Rich, we've, Lanjie Wang, Wang, Collin Meisel, might've, Yi Organizations: Service, Business, Women's Congress, Getty, Texas, M University, Weibo, University of Denver's, Center for International Futures, Publishing, University of Wisconsin, Project Syndicate Locations: China, Beijing, Weibo, Xinhua, Japan, Korea, America, Madison

☆ Hainan Airlines is handing out Rokid AR glasses for in-flight entertainment
▼ + stars: | 2024-02-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

A passenger tries out a pair of Rokid AR glasses on a Hainan Airlines flight in China. BEIJING — Hainan Airlines this week started letting passengers on some routes use Rokid's augmented reality glasses for free for in-flight entertainment, the tech startup announced Thursday. Chinese start-up Rokid claimed it's the first time AR glasses — which allow computer-generated images to be superimposed on the real world — have been used at scale on flights. The device allows wearers to see the real world using what the company calls "spatial computing" technology. He claimed Rokid was in talks "with lots of airlines" for similar partnerships, including at least one major international operator.

Persons: Rokid, Misa Zhu, Zhu, wasn't Organizations: Hainan Airlines, CNBC Locations: China, BEIJING, Hainan

☆ Atmospheric river: Definition, relationship to hurricanes, potential benefits, and more FAQs answered
▼ + stars: | 2024-02-08 | by ( Jenny Mcgrath | ) www.businessinsider.com time to read: +7 min

Atmospheric rivers are rivers of water vapors low in the Earth's atmosphere. Below, we answer some FAQs about atmospheric rivers. What causes an atmospheric river? Atmospheric rivers and hurricanes have a few things in common, Cordeira said, but "the processes in the atmosphere that give rise to a hurricane are different than the processes that give rise to atmospheric rivers." In 1994, MIT researchers Yong Zhu and Reginald E. Newell published a paper about "atmospheric rivers and bombs."

Persons: Jason Cordeira, Cordeira, El, it's, Carlos Barria, they're, Yong Zhu, Reginald E, Newell, Ralph et al Organizations: Service, Los Angeles Times, Scripps Institution of Oceanography's Center, Western, National Oceanic, Atmospheric Administration, West, Scripps Institution of Oceanography, REUTERS, MIT, University of California Locations: West Coast, Southern California, Mississippi, California, California , Oregon, Washington, Europe, Chile, New Zealand, Australia, West, Bolinas , California, Hawaii, San Diego

HUA HIN, Thailand (AP) — Rising Russian star Diana Shnaider bounced back from a turbulent second set to upend defending champion Zhu Lin of China 6-3, 2-6, 6-1 for her maiden title at the WTA Thailand Open on Sunday. In the second, Zhu mounted a comeback, winning four consecutive games from 2-2, to force a decisive third set. Following a toilet break, Shnaider returned to the court with renewed intensity. As Zhu struggled to maintain focus, Shnaider seized the opportunity to break her opponent three times to clinch the decisive set and claim her first WTA title. Photos You Should See View All 45 ImagesIt was Shnaider’s second WTA final appearance, having previously lost to Ons Jabeur in Ningbo, China last September.

Persons: HUA, Diana Shnaider, Zhu Lin, Zhu, Shnaider, “, I’m, ” Shnaider, ”, Miyu Kato, Aldila, Guo, Xinyu Jiang, ___ Organizations: WTA Thailand, North Carolina State University, WTA Locations: HUA HIN, Thailand, China, Ningbo, Japan, Indonesia, Auckland, Cleveland

Here's a look at the phenomenon:___WHAT IS AN ATMOSPHERIC RIVER? Atmospheric rivers are long and relatively narrow bands of water vapor that form over an ocean and flow through the sky, transporting much of the moisture from the tropics to northern latitudes. While traditional cold winter storms out of the north Pacific build the Sierra snowpack, atmospheric rivers tend to be warm. ___WHERE DID THE TERM ATMOSPHERIC RIVER COME FROM? Atmospheric rivers are often referred to as ARs.

Persons: Yong Zhu, Reginald E, Newell Organizations: National Oceanic, Atmospheric Administration, . Geological Survey, U.S ., Scripps Institution of Oceanography's Center, Western, California -, NOAA, Massachusetts Institute of Technology Locations: California, Hawaii, West Coast, United States, Mississippi, U.S . West Coast, Sierra Nevada, California - Nevada

☆ Crypto fund creator Su Zhu said his 3 months in a Singaporean prison were 'really enjoyable' because he finally didn't have internet, caffeine, or alcohol
▼ + stars: | 2024-01-26 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewPrison is awesome, says disgraced crypto star Su Zhu. "You have an insane amount of time to read," Zhu said. AdvertisementAnother prison plus, Zhu said, is that the facility lights are shut off from 9:30 p.m. to 5:30 a.m., allowing for the "best sleep in my life." Since leaving prison, Zhu has been posting AI-generated photos of oxen and buffalo on X, in an attempt to promote a new crypto project called Ox.Fun.

Persons: —, Su Zhu, Zhu, Jack Reacher, Kyle Davies, Liquidators Organizations: Service, Arrows Capital, Business, Three Arrows, Voyager, The New York Times Locations: Singapore, Bali, Bahrain, Dubai, The

Gould is more bullish than many on Wall Street, as the average price target of analysts polled by LSEG is $484.42. Analyst Harold Antor downgraded the stock to hold from buy and slashed his price target by $4 to $8. Analyst Jeffrey Stantial upgrade the sports betting stock to buy from hold and raised his price target by $5 to $45. Stantial's new price target implies shares can jump 19.9% over the next year from Thursday's close. UBS raised its rating on Texas Instruments to buy and increased its price target to $195 from $170.

Persons: Chipmakers, Wells, Bernstein, PDD, Robin Zhu, Zhu, Temu, there's, Shein, — Alex Harring, Alan Gould, Gould, Jefferies, Hertz, Harold Antor, Antor, There's, Saul Martinez, Martinez, Alex Harring, Stifel, Jeffrey Stantial, Stantial, Wells Fargo, Aaron Rakers, Mark Zuckerberg, Zuckerberg, TXN, Timothy Arcuri, FCF –, Fred Imbert Organizations: CNBC, UBS, Texas, Nvidia, Meta, PDD Holdings, Netflix, HBO, LSEG, Hertz, EV, Jefferies, HSBC, Discover, Facebook, Big Tech, Texas Instruments Locations: China, Thursday's

☆ China's economic growth is set to slow in 2024. Here's what Wall Street is predicting
▼ + stars: | 2024-01-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

China was due Wednesday to release GDP figures for 2023, and previously announced an official target of around 5% growth for the year. Despite significant growth in sectors such as tourism and electric cars, China's economy last year did not rebound from the pandemic as quickly as many banks had initially expected. watch nowThe International Monetary Fund in November also cited China's policy announcements as a reason for its decision to raise the 2023 growth forecast to 5.4%, from 5% previously. However, the IMF said it still expected China's growth to slow in 2024 to 4.6% "amid continuing weakness in the property market and subdued external demand." In the long term, analysts generally expect China's economy to slow further from a high base.

Persons: Pan Jianyong, Goldman Sachs, Morgan Stanley, Li Qiang, Haibin Zhu, Li Organizations: Co, Getty, Visual China, BEIJING —, Economic, Tuesday, UBS, Citi, JPMorgan, CNBC, China, China Economic, Monetary Fund Locations: MEISHAN, CHINA, Sichuan, Meishan, Sichuan Province, China, Davos, Beijing, decelerating

☆ Chinese rival to Apple’s Vision Pro raises $70 million, doubles down on new strategy to win consumers
▼ + stars: | 2024-01-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Chinese AR glasses and software company Rokid announced it raised $70 million in a funding round led by the government of Hefei city. BEIJING — Chinese augmented reality glasses and software company Rokid this week announced it raised 500 million yuan ($70 million) in a funding round led by the government of Hefei city. Augmented reality (AR) technology allows digital images to be imposed over the real world. Apple' s Vision Pro virtual reality headset, set for release on Feb. 2, also allows users to see the real world using what the company calls "spatial computing" technology. Rokid sells AR glasses for consumers.

Persons: Rokid, Misa Zhu Organizations: CNBC Locations: Hefei, BEIJING, Hefei city, Shanghai, China

☆ Binance might be peak for U.S. crypto enforcement cases, says CFTC official
▼ + stars: | 2023-12-05 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Representations of cryptocurrencies are seen in front of displayed Binance logo in this illustration taken November 10, 2022. U.S. regulators have brought several cases against crypto firms such as Binance, helping to establish "guardrails" to bring "order and structure" to the market, CFTC Commissioner Kristin Johnson told an FT crypto and digital assets summit. She urged crypto firms to study the Binance settlement to see what sort of governance regulators look for at crypto firms. The CFTC will also be "deeply thoughtful" on requiring better disclosures at crypto firms that are vertically integrated, combining different activities under one roof. In the meantime, crypto firms are setting up shop in Britain to build an ecosystem that can service the rest of the world and benefit from "nuanced" regulators, Quintenz said.

Persons: Dado Ruvic, Kristin Johnson, Johnson, Brian Quintenz, Quintenz, Xiao, Xiao Zhu, Huw Jones, Mark Potter Organizations: REUTERS, Futures Trading Commission, Treasury Department, Justice Department, European Union, CFTC, KKR, Thomson Locations: U.S, Binance's, Britain

☆ Wall Street’s new e-commerce darling just overtook Alibaba in market cap — one analyst says it's a 'standout growth stock'
▼ + stars: | 2023-12-05 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

PDD's current market capitalization is nearly $190 billion, compared to Alibaba's market capitalization of $185.8 billion, LSEG data showed. PDD posted 94% growth in third-quarter revenue from a year earlier, far outpacing Alibaba's 9% growth during the same period. Analysts say that consumers increasingly looking for bargains in the face of economic uncertainties have helped boost PDD's growth domestically and internationally. "PDD's strong 3Q23 results imply both sustainable market share expansion of its domestic e-commerce business and strong growth momentum of ... Temu," they told clients. PDD "remains a standout growth stock" amid a broader base economic slowdown in China, wrote The Benchmark Company in a Nov. 29 report.

Persons: Morgan Stanley, PDD, Morgan Stanley Morgan Stanley, Eddy Wang, Kathy Zhu, Gary Yu, Temu's, Temu, Andre Chang, Alex Yao, Nancy Liu, Morningstar Morningstar, Chelsey Tam, Fawne Jiang, Long Lin Organizations: PDD Holdings, Investment, JPMorgan, Morningstar, Alibaba, PDD's Nasdaq, JPMorgan JPMorgan, China Internet, Morningstar Asia, Company Locations: China, 4Q23, U.S, Europe, Australia, New Zealand, Morningstar Morningstar Asia, Temu

☆ China's big pig breeders dig in as losses and debts mount
▼ + stars: | 2023-12-04 | by ( Dominique Patton | ) www.reuters.com time to read: +6 min

BEIJING, Dec 4 (Reuters) - The biggest pig breeders in China, consumer of fully half the world's pork, seem to have bitten off more than they can chew. More huge losses are expected next year, putting China's pig enterprises under pressure to slim down their breeding herds and sell off farms, many of which are sitting empty. But now, especially given the companies' high debt levels, the analyst said: "It's hard for them to borrow any money from the banks." That follows a 17% surge in the first nine months of this year at China's 15 big market-listed breeders even as they reported 200 billion yuan in combined net losses. China's agriculture ministry has warned of heavier losses for the sector in early 2024 than a year ago and urged pig producers to cut output.

Persons: Lyle Jones, Hope Liuhe, they're, Flora Zhu, Dominique Patton, Edmund Klamann Organizations: Inc, Dalian Commodity Exchange, Tech - Bank, Jiangxi Zhengbang Technology, Analysts, Muyuan Foods, Foodstuff, WH, HK, Smithfield Foods, Hua'an Securities, China Corporate Research, Fitch, Beijing, Thomson Locations: BEIJING, China, Fujian Aonong, Jiangxi, Beijing

☆ China EV brand Zeekr puts US IPO on hold - sources
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

People walk past a booth of Zeekr, Chinese automaker Geely's premium electric vehicle (EV) brand, at a shopping mall in Beijing, China November 3, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsHONG KONG/SYDNEY Nov 30 (Reuters) - Zeekr, Chinese automaker Geely's premium electric vehicle (EV) brand, has put its U.S. initial public offering (IPO) on hold due to a mismatch in valuation expectations, according to two sources with direct knowledge of the matter. The sources could not be named because they were discussing confidential information. "The company has made a public filing to the SEC and is proceeding with the preparatory work," a Zeekr statement said. It declined to answer Reuters questions about the deal being put on hold due to the company's valuation target not being met and uncertain market conditions.

Persons: Tingshu Wang, Julie Zhu, Scott Murdoch, Jamie Freed, Christopher Cushing Organizations: REUTERS, SEC, Thomson Locations: Beijing, China, HONG KONG, SYDNEY, Hong Kong, Sydney

Main auto partner Chongqing Changan Automobile (000625.SZ) and relevant parties will own up to 40% of the new firm, a Changan Auto statement showed on Sunday. Neither Changan Auto nor Huawei disclosed financial details. Changan Auto referred Reuters to its Sunday statement and declined to comment further. Huawei has partnerships with other auto companies, including Seres Group (601127.SS) and Jianghuai Automobile (600418.SS), as well as with Changan Auto involving EV brands Avatr and Deepal. The proposed deal will also smooth the way for the business' listing, as Huawei had planned, said two of the people.

Persons: Ren Zhengfei, Ren, Richard Yu, Julie Zhu, Zhuzhu Cui, David Kirton, Brenda Goh, Christopher Cushing Organizations: Huawei Technologies, Changan Auto, Bosch, Chongqing Changan Automobile, Huawei, Auto, China Ordnance Equipment Group, China South Industries, FAW Group, Dongfeng Motor, HK, Reuters, Seres, Jianghuai, Changan, EV, Thomson Locations: HONG KONG, SHANGHAI, Chongqing, China, Changan, Shanghai

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