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☆ China lost 36% of its billionaires to years of economic troubles and crackdowns
▼ + stars: | 2024-10-30 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +7 min

According to Hurun's 2024 rich list, China lost 432 billionaires since the high of 1,185 in 2021. Hurun, a private research group that has tracked Chinese billionaires since 1999, said the total peaked in 2021 with 1,185 billionaires, a figure which fell to 753, a decline of 432, or 36% of the total. It comes as some of China's superrich choose to lie low or leave the country, finding covert ways to take their money with them. "The stories of the individuals on the Hurun China Rich List tell the story of the Chinese economy," said Rupert Hoogewerf, Hurun's Chairman and Chief Researcher. AdvertisementThat led, among other things, to regulatory crackdowns on tech platform companies and campaigns against China's rich entrepreneurs.

Persons: —, crackdowns, China's superrich, Zhang Yiming, Bytedance, Yiming, Zhong Shanshan, Rupert Hoogewerf, Robin Zeng, Li, Kerry Brown, Xi, Jack Ma, Alibaba, Brown, Joel Gallo, China shouldn't, it's Organizations: Service, Reuters, King's College London, Ant Group, & Partners, Bloomberg, New York University Shanghai, Communist Locations: China, Taiwan, Greater China

☆ 8 things you need to know about EV startup founder William Li — known as China's version of Elon Musk
▼ + stars: | 2024-03-30 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +6 min

The Shanghai-based premium EV company was co-founded in 2014 by its CEO, William Li. William Li, also known as Bin Li, has been dubbed the "Elon Musk of China" for his push to develop self-driving EVs and his loyal fan base. He co-founded his first major company in his mid-twentiesBitauto, a car comparison website, was co-founded by Li in 2000. AdvertisementAnyone who purchases a Nio car can access "Nio Houses" equipped with meeting rooms, lounges, baristas, and supervised kids' play areas. To Li's dismay, Nio cars are not yet available for sale in the USLi has expressed dissatisfaction with the US tariffs on Chinese-made EVs.

Persons: William Li, Li, —, Bin Li, Elon, EVs, he's, Tesla, Zoey Zhang Li, Nio, Li livestreamed, HECTOR RETAMAL, ET7, ALY, Elon Musk Organizations: Service, REUTERS, Peking University, New York Stock Exchange, NYSE, CNBC, Reuters Locations: China, Shanghai, Anhui, Nio, Europe, Xiamen, Mexico

☆ China's macro backdrop has investors worried. Here are some stocks that could be safe from any weakness
▼ + stars: | 2023-09-20 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

A lackluster economic backdrop in China shouldn't keep Wall Street from buying opportunities in the world's second-largest economy, some investors say. Consumer growth bets Kirby named Yum China as one quality stock idea. He also expects Yum China could still benefit from a rebound in consumer spending in China. It's a spending category the fund manager doesn't expect will suffer from any weakness in the macro backdrop. Yum China is higher this year by more than 4%.

Persons: Ben Kirby, Kirby, Duke, It's, James Donald, Thornburg's Kirby Organizations: Thornburg Investment Management, KFC, Technology, doesn't, Lazard Investment, Lenovo Locations: China, Beijing, Botox, U.S

☆ Concerns about Apple in China hit two other Club stocks. Here's where we stand on all three
▼ + stars: | 2023-09-08 | by ( Morgan Chittum | ) www.cnbc.com time to read: +5 min

Club holding Apple (AAPL) isn't in danger of losing its footing, despite a recent market sell-off spurred by reports China is cracking down on iPhone usage. Still, Apple remains an "own-it don't-trade it" stock in the Club portfolio, as its standing as an aspirational brand in China shouldn't be affected by the government's apparent decision. Apple CEO Tim Cook "isn't just riding around saying, 'Boy, I sure hope China doesn't cut us off.' But if China were to confirm the new rules targeting iPhones, Apple is well-positioned to weather any near-term headwinds. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jim Cramer, Tim Cook, Cramer, —, Jim, Apple, Morgan, Morgan Stanley, Truist, DuPont, Jim Cramer's Organizations: Apple, Street, Bloomberg, Club, Broadcom, DuPont de Nemours, Huawei, DuPont Broadcom, CNBC, Getty Locations: China, Beijing, India, AVGO, Greater China, Wuhan

☆ What China's potential iPhone ban could mean for Club name Apple
▼ + stars: | 2023-09-06 | by ( Morgan Chittum | ) www.cnbc.com time to read: +3 min

AAPL YTD mountain Apple (AAPL) year-to-date performance Beijing's new rules, as reported by the Journal, come weeks before Apple's highly-anticipated launch event for the nascent iPhone 15 on Sept. 12. China accounts for about 40 million to 50 million iPhone units for Apple, according to Bank of America. The firm estimated Wednesday that the reported new Chinese ban could result in a 5 million to 10 million-unit headwind for Apple. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Customers try out new iPhones at an Apple store as iPhone 14 series go on sale on September 16, 2022 in Shanghai, China.

Persons: Apple's, iPhones, Jim Cramer's, Jim Cramer, Jim Organizations: Apple, Street, Huawei, Journal, Bank of America, CNBC, Visual China, Getty Locations: China, Beijing, U.S, India, Shanghai

☆ US trip pays off for Taiwan VP with China drills more 'thunder than rain'
▼ + stars: | 2023-08-21 | by ( Ben Blanchard | ) www.reuters.com time to read: +5 min

China has a particular dislike of Lai, the frontrunner in polls ahead of January's presidential election, due to his previous comments about being a "worker for Taiwan independence". In his public events he talked about peace and dialogue, though he also said that Taiwan would not back down in the face of threats. "These drills were a lot of thunder, but less rain." 'NO SURPRISES'Lo Chih-cheng, a senior lawmaker for the ruling Democratic Progressive Party, said Lai's trip was also about the broader process of showing him to the United States as a steady and trustworthy leader. China could take other, trade-related, steps to punish Taiwan, having previously stopped Taiwanese fruit and fish imports.

Persons: William Lai, Carlos Garcia Rawlins, Lai, Ma Chen, Shen Dingli, Lai Ching, Lo Chih, cheng, Lo, Ko Wen, Xi Jinping, Ben Blanchard, Raju Gopalakrishnan Organizations: International Airport, REUTERS, Rights, Taiwan, U.S, Liberation Army, National Defence University, United States, Relations, Democratic Progressive Party, Taiwanese Public, National Taiwan Normal University's Graduate, of Political, Thomson Locations: United States, New York, Paraguay, Taoyuan, Taiwan, Rights TAIPEI, China, U.S, United, Shanghai, Taipei, Beijing, Washington, Asia

☆ A Chinese official said 'Putin is crazy' but Beijing may be trying to have it both ways by distancing itself from the Ukraine war while still supporting Russia financially
▼ + stars: | 2023-01-14 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +4 min

Several Chinese officials tried to distance themselves from Putin and the Ukraine war, FT reported. China has not officially endorsed the war but continues to buy Russian energy and other exports. As of August, Chinese imports from Russia jumped by nearly 60% from the year prior, while exports to Russia increased by 26%, Reuters reported, citing customs data. And in the FT report published this week, several Chinese officials tried to distance China from the Ukraine invasion, even expressing mistrust in Putin directly. "Putin is crazy," one unnamed Chinese official told FT. "The invasion decision was made by a very small group of people.

Others, like China, have criticized the war without meaningfully reducing ties with Russia. The war prompted condemnation in the United Nations and saw Russia booted from the UN Human Rights Council. Beijing has walked a careful line since the invasion began, at times exhibiting impatience with Russia's war in Ukraine. Putin in September acknowledged that China had "questions and concerns" about the war while meeting with Xi in Uzbekistan. "Putin's allies are not 'turning on him,' only expressing dissatisfaction at the difficulties his war in Ukraine is causing them," he added.

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