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☆ Pinduoduo: Americans are flocking to Temu and making its Chinese owner very rich
▼ + stars: | 2024-05-23 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The Shanghai-based company reported Wednesday that net profit soared 246% to 28 billion yuan ($3.9 billion) in the first quarter of 2024, more than double the average analyst estimate of 12.62 billion yuan ($1.7 billion), according to LSEG data. Revenue jumped 131% to 86.81 billion yuan ($12 billion) in the period, also comfortably beating expectations. He is still the company’s biggest shareholder, with a stake of 25% stake, and ranks as China’s second richest man with a fortune of nearly $52 billion, according to the Bloomberg Billionaires Index. Temu, PDD’s international app, was launched in 2022, and as of last November it had acquired nearly 17% of the US online discount store market, according to Earnest Analytics. Last month, South Korean regulators investigated Temu on suspicion of false advertising and unfair ppractices, according to the Yonhap news agency.

Persons: Nomura, PDD, Colin Huang, Pinduoduo, Alibaba’s Taobao, Morgan Stanley, ”, Lei Chen, Chen Organizations: Hong Kong CNN — PDD Holdings, Revenue, Nasdaq, Bloomberg, Data Locations: Hong Kong, Shanghai, “, PDD’s, Alibaba, Hangzhou, Beijing, China, European

☆ China’s 618 shopping festival begins with biggest-ever Apple price cuts and a boycott
▼ + stars: | 2024-05-22 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Apple is offering unprecedented price cuts in China as big brands and retailers launch promotions for the annual “618” shopping festival in the face of sluggish consumer demand. The JD.com Inc. headquarters during a ceremony marking company's 20th anniversary and 618 shopping event in Beijing, China, on Sunday, June 18, 2023. The 618 shopping festival, a key barometer of consumption in the country, has seen growing competition by e-commerce sites and retailing brands to offer discounts. One statement, issued by 10 publishing houses in Beijing, said the boycott was a necessary move to “maintain the stability and prosperity” of the book publishing market. Even major state-owned publishing companies voiced opposition to “chaotic” price wars.

Persons: Apple, Alibaba —, Alibaba, Rihanna, iPads, ”, Jefferies Organizations: Hong Kong CNN, Apple, Huawei, Vivo, JD.com, Inc, Bloomberg, Getty, Counterpoint Research, Xiaomi, Shanghai Century Publishing Locations: Hong Kong, China, Shanghai, Beijing

☆ China is trying to end its ‘epic’ property crisis. The hard work is just beginning
▼ + stars: | 2024-05-21 | by ( Laura He | ) edition.cnn.com time to read: +7 min

“The policymakers recognize the urgency to prevent an outright property crisis,” said Zhaopeng Xing, senior China strategist at ANZ Research. According to Goldman Sachs, the total value of unsold homes, unfinished projects and unused land in China is about 30 trillion yuan ($4.1 trillion). On Friday, Tao Ling, deputy governor of the PBOC, said the relending program could eventually underpin 500 billion yuan ($69 billion) worth of bank loans to support the buying. The Housing Ministry said Friday that local governments can instruct local state-owned enterprises to help purchase some unsold homes from developers. Just the beginningAddressing the oversupply of unsold homes is only the first step, experts say.

Persons: ”, Zhaopeng Xing, Goldman Sachs, it’s, Tao Ling, Ting Lu, Nomura, Helen Qiao, It’s, Tao, ” Jing Liu, Taylor Wang, Xing, Goldman, Donald Trump, Michelle Lam, Wei Yao, Société Générale Organizations: Hong Kong CNN —, ANZ Research, Goldman, People’s Bank of China, Greater China, Bank of America, Housing Ministry, HSBC, European Union Locations: China, Hong Kong, Hong Kong CNN — Beijing, Beijing, Greater, Société, Japan

☆ Housing market: China unveils sweeping measures to rescue its crisis-hit property sector
▼ + stars: | 2024-05-17 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China has unveiled wide-ranging measures to rescue its property sector, including asking local governments across the country to buy unsold homes from beleagured developers and easing rules on purchases. In a coordinated move, the People’s China of China (PBOC) announced that it will set up a nationwide program to provide 300 billion yuan ($41.5 billion) in loans to fund state purchases of unsold homes. The 300 billion yuan provided by the central bank could eventually underpin 500 billion yuan ($69 billion) worth of credit to support such purchases, she estimated. Expectations that Beijing was preparing a plan to have local governments across the country buy millions of unsold homes have successfully buoyed China stocks. On Friday, He also urged local governments to buy back or directly purchase land that has been sold to developers but not yet used.

Persons: Lifeng, Tao Ling, Larry Hu, ”, Société Générale Organizations: Hong Kong CNN, Communist, China Real Estate Business, Macquarie Group, Reuters, provident Locations: China, Hong Kong, Beijing

☆ In Beijing, Xi and Putin left no question of their close alignment in a divided world
▼ + stars: | 2024-05-17 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +7 min

Putin’s two-day state visit comes as Western leaders have leant on Xi to ensure that soaring exports from his country aren’t propping up the Russian war effort – a claim Beijing denies. Putin also traveled to Beijing with top security officials who the Russian president said Thursday would join informal talks on Ukraine. Beijing, which says it is neutral on the war, has repeatedly defended its trade with Russia as part of normal bilateral relations. Xi, analysts say, is seeking to keep Putin as a close partner, while not stepping over Western red lines. For that reason, she added, “he’s okay with on-going dependency between Russia and China – and with inequality in this relationship.”

Persons: Xi Jinping, Vladimir Putin’s, Xi, Putin, Putin’s, Andrey Belousov, Sergey Shoigu, “ Putin, he’s, Kurt Volker, “, ”, Alexandra Prokopenko Organizations: Hong Kong CNN, United, –, Israel, Hamas, Russian, Russian Security, Chinese Communist Party, Chinese Foreign Ministry, Observers, CNN, Carnegie Russia Eurasia Center Locations: Hong Kong, Beijing, United States, Taiwan, Gaza, Russian, China, ”, Russia, North Korea, Ukraine, China’s Harbin, Siberia, Europe

☆ Arup revealed as victim of $25 million deepfake scam involving Hong Kong employee
▼ + stars: | 2024-05-16 | by ( Kathleen Magramo | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —A British multinational design and engineering company behind world famous buildings such as the Sydney Opera House has confirmed that it was the target of a deepfake scam that led to one of its Hong Kong employees paying out $25 million to fraudsters. A spokesperson for Arup told CNN on Friday that it notified Hong Kong police in January about the fraud incident, and confirmed that fake voices and images were used. “Unfortunately, we can’t go into details at this stage as the incident is still the subject of an ongoing investigation. According to Hong Kong police, the elaborate scam saw the employee duped into attending a video call with people he believed were the CFO and other members of staff, but all of whom turned out to be deepfake recreations, Hong Kong police revealed in February. Authorities around the world are growing increasingly concerned about the sophistication of deepfake technology and the nefarious uses it can be put to.

Persons: Hong Kong CNN —, Arup, ” Rob Greig, Michael Kwok Organizations: Hong Kong CNN, Sydney Opera, Hong Kong, CNN, Hong, Beijing Olympic Games, Arup’s East Locations: Hong Kong, British, Hong, Arup’s East Asia

☆ China teases plan to buy unsold homes to fix property crisis. Markets are loving it
▼ + stars: | 2024-05-16 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The index has rallied nearly 30% from its January low, having entered a bull market earlier this month. Longfor Group, the ninth largest homebuilder in China, surged 11%, becoming the top performing stock on the Hang Seng Index. “We think this is a largely symbolic move to show support for the sector with a ‘national team’ for the housing market,” said Citi analysts. “We are cautiously optimistic about the ‘government-led buying on unsold units’ as it’s still being rolled out in more cities, “ said Jeff Zhang, an equity analyst at Morningstar. Nasdaq Golden China Index, which tracks Chinese companies listed on Wall Street, has gained 11% since the start of April.

Persons: ”, “, Jeff Zhang Organizations: Hong Kong CNN, Longfor, China Holdings, National Development, Reform Commission, ’, Citi, ING Group, Morningstar, homebuyers, Communist Party, Nasdaq Locations: China, Hong Kong, Beijing, Hangzhou, Xi’an, Chengdu, Shanghai

☆ Vladimir Putin arrives in China for state visit as Russian troops advance in Ukraine
▼ + stars: | 2024-05-15 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Russian President Vladimir Putin has arrived in Beijing for the start of a two-day state visit underlining close alignment with Chinese leader Xi Jinping as Russian troops advance in Ukraine. Ahead of the trip, Putin hailed the “unprecedented level of strategic partnership” between the countries in an interview with Chinese state media Xinhua. The two leaders – who declared a “no limits” partnership weeks before the February 2022 invasion – have continued to strengthen their countries’ diplomatic, trade and security ties since Russia’s invasion of Ukraine. Xi hosts Putin in Beijing as the Chinese leader comes under under mounting pressure from the US and Europe to ensure exports from China aren’t propping up Russia’s war effort. This is the fourth in-person meeting between Xi and Putin – known for their personal chemistry – since the invasion and Putin’s second visit to Beijing in that time.

Persons: Vladimir Putin, Xi Jinping, Putin, Volodymyr Zelensky, Russia’s, China’s, –, Xi Organizations: Hong Kong CNN, West, Wednesday, Xinhua, ”, Trade, China aren’t, Kremlin Locations: Hong Kong, Beijing, Ukraine, Kharkiv, Gaza, ” Beijing, United States, Europe, China, Moscow, Harbin, China’s, Heilongjiang, Russia’s

This week, Xi is welcoming him to China for a two-day state visit — their fourth in-person meeting since Russia’s onslaught in Ukraine began. China has repeatedly defended its trade with Russia as part of normal bilateral relations. Russia has also become China’s main oil supplier, overtaking Saudi Arabia, according to official Chinese trade data. Governments warn against support for Russia’s war effortThe wartime surge in trade, and growing purchases of oil, have sparked criticism in the West that China was helping to fund Russia’s war. It mirrors Xi’s state visit to Russia in March 2023, which was the Chinese leader’s first overseas trip after starting a norm-shattering third term as president.

Persons: Vladimir Putin’s, Xi, Putin, Antony Blinken, Emmanuel Macron, Ursula von der Leyen, Von der, ’, Volodymyr Zelensky, Joe Biden, Biden Organizations: Hong Kong CNN, United, European Union, International Monetary Fund, —, EU, White, European Commission Locations: China, Hong Kong, Russia, Ukraine, Russian, United States, Saudi Arabia, India, West, Beijing, France, Chinese

☆ Putin to meet Xi in China as world convulses from global conflicts
▼ + stars: | 2024-05-14 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +10 min

Pyongyang – which has an economy almost entirely dependent of China – is believed by Western governments to be aiding Russia with war supplies. Xi has ramped up his calls for Europe and other countries to help the world avoid a “Cold War,” suggesting they resist what Beijing sees as US efforts to contain China. They have also criticized Israel and the United States – converging with mounting global backlash, especially across the Global South against Israel’s war. The conflict has also impacted how China and Russia view their relations with countries there, he added. China “wants to use Russia” for its aims, but Russia is making China weak, he said.

Persons: Xi Jinping, Vladimir Putin, Putin, –, It’s, China –, Xi, France –, Jens Stoltenberg, Sergei Guneyev, ”, Li Mingjiang, Manoj Kewalramani, Russia doesn’t, Stringer, Gaza —, Sergey Lavrov, presser, Wang Yi, Israel, “, Privately, Shen Dingli, China “, Alexander Dugin, Donald Trump, Li Organizations: Hong Kong CNN, West, NATO, Forum, Singapore’s Nanyang Technological University, EU, Takshashila, Boys, Getty, United, Global, Shanghai Cooperation Organization, Russia, Weibo, Moscow, CNN Locations: Hong Kong, China, Russian, Gaza, Ukraine, Moscow, Washington, Iran, North Korea, Pyongyang, Russia, Tehran, Beijing, Europe, France, Serbia, Hungary, Bangalore, Rafah, AFP, Israel, United States, Kewalramani, South, Taiwan, Shanghai, Singapore

Hong Kong CNN —Hong Kong’s leader responded on Tuesday after three people were charged by British police for allegedly spying on behalf of the city’s intelligence services. Relations between Hong Kong and its former colonial ruler Britain have soured in recent years following mass pro-democracy protests in the Chinese city in 2019 and 2020. The British government has criticized Hong Kong’s Beijing-backed crackdown on almost all opposition in the years following the protests, while Hong Kong authorities have bristled at Britain providing a safe haven for pro-democracy leaders sought by the Hong Kong police. Hong Kong leader Lee noted in his Tuesday news conference that one of the men charged was the office manager of the Hong Kong Economic and Trade Office in London but did not directly address a question over whether it was involved in surveillance of Hong Kong dissidents in the UK. Hong Kong Chief Executive John Lee is speaking at a press conference on April 30, 2024.

Persons: Hong, Chi Leung, Peter, Wai, Matthew Trickett, Chung Biu Yuen, Hong Kong’s, John Lee, ” Lee, Chi Leung Wai, Yui Mok, Jonathan Brady, Yuen, Louisa Cieciora, Lee, Vernon Yuen, ”, Dominic Murphy Organizations: Hong Kong CNN, British, Hong, city’s Metropolitan Police, Hong Kong, Embassy, Westminster Magistrates, Administrative, Police, Hong Kong Economic, Trade Office, . Hong, Economic, Trade, Metropolitan Police, UK National Security, Crown Prosecution Service, Command, Met Police Locations: Hong Kong, Westminster, London, city’s, Britain, Hong Kong’s Beijing, . Hong Kong, England

☆ Chinese journalist imprisoned for her Covid reporting due to be released after four years
▼ + stars: | 2024-05-13 | by ( Nectar Gan | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —A Chinese citizen journalist who has been behind bars for four years over her reporting on the initial Covid-19 outbreak in Wuhan is due to be released Monday after serving her sentence, according to supporters and a court verdict. Zhang is due to finish her sentence on Monday, according to the court verdict on her case obtained and published by human rights groups. In the lead-up to her expected release on Monday, supporters and rights groups have called on the Chinese government to free Zhang on schedule. Failing healthThe 40-year-old has been on multiple hunger strikes since being detained and her health conditions have sparked concerns from supporters and rights groups. During a previous hunger strike, Amnesty International alleged Zhang was shackled and force fed, treatment the group said amounted to torture.

Persons: Zhang Zhan, ”, Zhang, ’ ”, Zhang’s, “, ” Zhang Organizations: Hong Kong CNN, Twitter, YouTube, Amnesty International, China’s Ministry of Foreign Affairs, CNN, Foreign Ministry Locations: Hong Kong, Wuhan, Shanghai, China

☆ Apple, Tesla and Starbucks struggle in China’s economic slump after making a fortune for decades
▼ + stars: | 2024-05-13 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —For decades, Western companies made a fortune betting on the inexorable rise of the Chinese consumer. Now an economic slump and the emergence of ferocious local competitors means those bets look less safe as price wars erupt. Tesla’s China market share shrank to 4% in April, almost halving from 7.7% in March, according to data released by the China Passenger Car Association on Friday. In the 1990s, “every company in the West” was hiring consultants and having boardroom meetings about how to do more in China, according to Stevenson-Yang. He added that he continues to feel optimistic about the Chinese market in the long term.

Persons: ”, Anne Stevenson, Yang, Stevenson, aren’t, Yang Wang, Kevin Frayer, Tim Cook, iPhones, Cotti, Luckin, Belinda Wong, “, McDonald’s, Wallace Organizations: Hong Kong CNN, China Passenger Car Association, J Capital Research, EV, Apple, Starbucks, Counterpoint Research, Macao —, Huawei, China Academy of Information, Communications Technology, Luckin Coffee, McDonalds, KFC, Burger Locations: China, Hong Kong, Shanghai, United States, Germany, Brazil, Beijing, Greater China, Taiwan, Macao, Starbucks China, Dominos, India

☆ China’s Xi Jinping highlights Europe’s divisions ahead of expected Putin visit
▼ + stars: | 2024-05-12 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +9 min

Chinese state media played up the warm diplomacy, with headlines proclaiming China’s “ironclad” bond with Serbia and “golden friendship” with Hungary. Both are sure to closely watch any summit between Xi and Russian President Vladimir Putin in China, expected to happen soon. Chinese leader Xi Jinping is welcomed at the airport in Belgrade on May 7 for his two-day state visit. Xi also marketed a shared worldview during his meeting with Orban in Hungary, which is a member of both the EU and NATO. Chinese leader Xi Jinping talks with Hungarian Prime Minister Viktor Orban in Budapest on May 9.

Persons: Xi, Peng Liyuan, Aleksandar Vucic, Viktor Orban, China’s, Vucic, Orban –, Emmanuel Macron, Ursula von der, Vladimir Putin, Orban, Hungary “, ’ ”, Philippe Le Corre, ”, Putin, Le Corre, Xi Jinping, Dimitrije Goll, Xi’s, Serbia’s Vucic, ” Vucic, Bruno Le Maire, BYD, Liu Dongshu, Vivien Cher Benko, Tamas Matura, Mark Rutte, Olaf Scholz, Matura, Von der, “ Orban, Gabor Scheiring Organizations: Hong Kong CNN, Russia, Ukraine, China, Europe …, Asia Society, Center for, Forum, Anadolu, Getty, EU, NATO, ”, Xi, Hong Kong’s City University ., Hungarian, Central, Dutch, Georgetown University Locations: Hong Kong, France, Ukraine, China, Belgrade, Budapest, Paris, Serbian, Hungarian, Serbia, Hungary, Europe, Russia, Russian, ”, Europe … Hungary, Center for China, Beijing, United States, EU, Hong, Central, Eastern Europe, Eastern, Moscow, Qatar, “ Hungary

☆ Japan aging: Women’s participation in ‘naked festival’ a sign of how aging is forcing changes to male-centric traditions
▼ + stars: | 2024-05-10 | by ( Himari Semans | Chris Lau | ) edition.cnn.com time to read: +8 min

Tokyo/Hong Kong CNN —With a history spanning more than 1,200 years, “hadaka matsuri,” or the naked festival, is Japanese masculinity on full display. Some women in Japan still battle deep-rooted cultural expectations that require them to take the role of “shufu,” or housewife, experts say. But in the naked festival, women have recently found hope. Men strip naked — except for a delicate piece of crotch-covering white loincloth — to take part in the naked festival at Konomiya Shrine on February 22, 2024. Women — donning happi, a traditional festive coat — are responsible for carrying a bamboo offering during the naked festival at Konomiya Shrine on February 22, 2024.

Persons: —, Saudi Arabia —, “, Christopher Gallagher, ”, we’ve, ” Haruhiko, Atsuko Tamakoshi, Chris Gallagher, Enyukai, Ayaka Suzuki, Mitsuko Tottori, Yoko Kamikawa, Fumio, Kaori Katada, Hiyori Kon, Sumo, won’t Organizations: Hong Kong CNN, Economic, Japan, Reuters, Mikiko, Hosei University, pre, CNN, ”, Ministry of Health, ” Eto, Organization for Economic Cooperation, Development, Japan Airlines, Netflix, Little Locations: Tokyo, Hong Kong, Japan, jostle, Germany, Britain, United States, India, Saudi Arabia, Konomiya Shrine, Konomiya

☆ Asia heatwave: Record temperatures cancel classes, widening learning gaps across Southeast Asia
▼ + stars: | 2024-05-09 | by ( Heather Chen | Kathleen Magramo | ) edition.cnn.com time to read: +8 min

His class of 43 students pass around mini hand-held fans during lessons on most days to keep cool. More than 33 million children were impacted as a result of the heatwave, according to groups like Save the Children and UNICEF. The worst hit were poor children in rural areas whose families couldn’t afford devices like laptops and tablets to facilitate remote learning, UNICEF says. “We don’t allow children outside when temperatures get too hot,” said Bong Samreth, who teaches at a public school in Phnom Penh. Loose, lightweight and light colored clothing was also advised for students to protect them from sunburns and heat exposure.

Persons: Seila, ”, “, —, Sheldon Yett, ” Yett, Bong Samreth, Ezra Acayan, Benjo Basas, Basas, Mirasol, Hang Chuon Naron, Ferdinand Marcos Jr, Chaideer Mahyuddin, it’s, Joy Reyes Organizations: Hong Kong CNN, CNN, Children, UNICEF, UN, ”, Volunteers, Getty, Governments Locations: Hong Kong, Cambodia, Phnom Penh, South, Southeast Asia, Bangladesh, Philippines, Tondo, Manila, Pangasinan, Philippine, Banda Aceh, Indonesia, AFP

☆ Big Chinese cities are making it easier to buy homes to boost depressed property market
▼ + stars: | 2024-05-09 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Last October it removed curbs in most districts, and in March loosened restrictions on purchases of second homes. Other cities have also taken major steps to make the process of buying property easier. Changsha, the capital city of Hunan province, has also lifted home purchase curbs since last month. “The April Politburo meeting set a more supportive tone for the property sector, prioritizing the reduction of existing home inventory,” they said. “This may suggest that more local governments may be allowed to purchase homes directly from the market for social housing purposes.”

Organizations: Hong Kong CNN, Geely, Hangzhou Housing Security, Real, Administration, Getty Images, homebuyers, Communist Party, UBS Locations: China, Hong Kong, Hangzhou, Chengdu, China's, Sichuan, Getty Images Chengdu, Changsha, Hunan province, Evergrande, Beijing

☆ Qu Jing: Baidu’s PR chief sparks a PR nightmare for the Chinese tech giant
▼ + stars: | 2024-05-09 | by ( Nectar Gan | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —Chinese search engine giant Baidu has found itself in a public relations crisis, thanks to its own PR chief. Qu, Baidu's vice president and head of communications, has sparked backlash over her comments endorsing a tough workplace culture. China’s young workers have increasingly spoken out against the harsh workplace culture that has come to dominate many industries. Qu had asked all members of the PR team to create their personal accounts, according to the person, who requested anonymity. A former Baidu employee said Qu brought Huawei’s aggressive corporate culture with her to Baidu.

Persons: Qu Jing, Qu, I’m, ” Qu, “, ”, Jing, China’s, Ivy Yang, ” Yang, Alibaba, Jack Ma, Ma, Baidu, Cristina Organizations: Hong Kong CNN, Baidu, Xinhua, Huawei, CNN Locations: China, Hong Kong, Weibo

☆ In Europe, Xi looks to counter claims it’s aiding Russia in Ukraine
▼ + stars: | 2024-05-07 | by ( Simone Mccarthy | Xiaofei Xu | ) edition.cnn.com time to read: +6 min

“China is neither the creator of the crisis, nor a party to it or a participant. The trip will also see Xi visit Serbia and Hungary, with the leader’s visit to Belgrade coinciding with the 25th anniversary of NATO’s bombing of the Chinese embassy in the city that killed three. Beijing has defended its trade with Russia as part of normal bilateral ties; it also says it does not provide weapons to parties in conflict. It has not been accused of sending lethal weapons to Russia, but rather goods with military use. Beijing supports efforts recognized by both Russia and Ukraine, with “equal and just discussions of all possible peace plans at the conference,” he said.

Persons: Xi Jinping, ” Xi, Emmanuel Macron, Ursula von der, “, ramped, Macron, Xi “, he’s, ”, ” Macron, presser, Xi, Vladimir Putin, von der Leyen, Putin Organizations: Hong Kong CNN, French, European, NATO, Biden, Kyiv Locations: Hong Kong, Ukraine, China, Europe, Moscow, “ China, Paris, Washington, Beijing, Russian, Serbia, Hungary, Belgrade, Serbian, Balkans, Russia, France, “, Israel, Switzerland

☆ Nintendo says Switch successor will be unveiled by March 2025
▼ + stars: | 2024-05-07 | by ( Jerome Taylor | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Nintendo says it plans to announce the followup to its popular Switch console by March 2025. “We will make an announcement about the successor to Nintendo Switch within this fiscal year,” Shuntaro Furukawa, the company’s president, wrote on X on Tuesday. “It will have been over nine years since we announced the existence of Nintendo Switch back in March 2015.”The announcement will be welcome news to fans who have been salivating for years over the prospect of a potential Switch successor, which Nintendo bosses have remained tight lipped about. The company expects to sell 13.5 million Switch units in the current financial year, according to Reuters, compared to sales of 15.7 million units last year. There’s the Nintendo Switch OLED and its rich, immersive screen; the standard Nintendo Switch with its tried-and-true hybrid design; and the cheaper and smaller Nintendo Switch Lite for those who mainly play on the go.

Persons: “, ” Shuntaro Furukawa Organizations: Hong Kong CNN — Nintendo, Nintendo, Reuters, Sony, SONY, Microsoft Locations: Hong Kong

☆ Tourism in China surges during May Day holiday but travelers turn frugal
▼ + stars: | 2024-05-06 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China has reported a surge in tourism during the just concluded Labor Day holiday, but travelers cut back on their spending, in a sign that consumption in world’s second largest economy remains sluggish. That was 28% more than the number of trips taken during the Labor Day holiday period in 2019, which lasted only four days. This year’s Labor Day tourism revenue was 166.89 billion yuan ($23.6 billion), only 13.5% higher than the 2019 level. Passengers at Nanjing Railway Station in East China's Jiangsu province on May 5, the last day of the Labor Day holiday. On Monday, a private sector survey showed that the Caixin/S&P Global services PMI fell to 52.5 in April from 52.7 in the previous month.

Organizations: Hong Kong CNN, Labor, Tourists, Ministry of Culture, Tourism, Passengers, Nanjing Railway, PMI, TD Securities, P Global, National Bureau, Statistics Locations: China, Hong Kong, Nanjing, East China's Jiangsu

☆ China’s Chang’e-6 moon probe stands by for launch as space race with US heats up
▼ + stars: | 2024-05-02 | by ( Simone Mccarthy | Marc Stewart | ) edition.cnn.com time to read: +6 min

China’s planned 53-day mission would see the Chang’e-6 lander touch down in a gaping crater on the moon’s far side, which never faces Earth. China became the first and only country to land on the moon’s far side during its 2019 Chang’e-4 mission. Ambitious missionThe Chang’e-6 probe will be a key test for China’s space capabilities in its effort to realize leader Xi Jinping’s “eternal dream” of building the country into a space power. This time, to communicate with Earth from the moon’s far side, Chang’e-6 must rely on the Queqiao-2 satellite, launched into lunar orbit in March. This time, China has said the Chang’e-6 mission will carry scientific instruments or payloads from France, Italy, Pakistan and the European Space Agency.

Persons: China’s, “, Ge Ping, Xi Jinping’s, James Head, Luo Yunfei, Bill Nelson, –, ” Nelson Organizations: Hong Kong CNN, China, Space Administration’s, of Lunar Exploration, Space Engineering, Brown University, China News Service, Luna, NASA, European Space Agency Locations: China, Hong Kong, Hainan, United States, Russia, Chang’e, India, Japan, Texas, France, Italy, Pakistan

☆ Labor Day isn’t the holiday it once was for China’s workers
▼ + stars: | 2024-04-30 | by ( Chris Lau | Hassan Tayir | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —Like hundreds of millions of workers in China, Hao Zeyu, an algorithm engineer at an electric vehicle maker, is getting five days off this week for the Labor Day holiday. So, why has a decades-old policy caused so much upset in a country whose Communist Party leadership pays annual homage to International Workers’ Day? Trending topicIn recent weeks, complaints about this year’s Labor Day leave arrangements have exploded on Chinese social media. Tourists visit the Qiansimen Jialing River Bridge during the May Day holiday on May 1, 2023 in Chongqing, China. Labor Day isn’t the only holiday to get the adjusted rest policy.

Persons: Hao Zeyu, Hao, “, ” Hao, ”, Yao, Max Teng, it’s, Yaer Tuerdi, Pang Dong Lai, Yu Donglai, Yu, Teng Organizations: Hong Kong CNN, Labor, CNN, Communist Party, International Workers, Workers, Weibo, Tourists, China News Service, University of Wellington, “ Workers Locations: China, Hong Kong, Chongqing, United States, United Kingdom, Kentucky, Henan

☆ Hong Kong stocks are back from the dead. Here’s why
▼ + stars: | 2024-04-30 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Hong Kong’s benchmark Hang Seng Index surged more than 7% in April as the best-performing major index in the world. The valuation of Hong Kong stocks has also become more “compelling” relative to the rest of the Asian region after the pullback last year, said Zhikai Chen, head of Asian equities at BNP Paribas Asset Management. He added that there is a shift in investors’ sentiments as Chinese economic data turned more positive. Innes said global investors are currently “underweight” in Chinese markets, including Hong Kong, because of geopolitical tensions and concerns surrounding potential fallout from the upcoming US elections. Stock exchange data showed that southbound investors (meaning investment from mainland China into Hong Kong) have bought nearly $20 billion of Hong Kong-listed stocks in March and the first three weeks of April on a net basis.

Persons: ”, Kelly Chung, Zhikai Chen, Stephen Innes, David Chao, Nomura, Xiaomei Chen, Angelina Lai, Innes, Kong, BNP Paribus Organizations: Hong Kong CNN, Hong, Value Partners, BNP, Management, P Global, PMI, Kong's, Reuters, US, People’s Bank of, HK, “ Locations: China, Hong Kong, United States, Beijing, India, James’s, People’s Bank of China

☆ Zhang Yongzhen: Chinese virologist shared crucial Covid-19 data. Then his research hit hurdles
▼ + stars: | 2024-04-30 | by ( Simone Mccarthy | Yong Xiong | ) edition.cnn.com time to read: +9 min

The ordeal is just the latest hindrance to Zhang’s research since 2020, according to a colleague who has been in contact with the Chinese scientist in recent years. The “institute always respects … and supports scientific researchers and students in carrying out normal research work,” the statement said. The earlier post by Zhang’s students said the two days originally allocated by the center for them to move their scientific work was insufficient. Following the release of the data, Zhang’s lab had limitations placed on it, which barred it from isolating the Covid virus, Holmes said. That included imposing restrictions by April 2020 on the publication of academic research on the origins of the novel coronavirus.

Persons: Zhang Yongzhen’s, Zhang, ”, hadn’t, Hector Retamal, Edward Holmes, Holmes, ” Holmes, “, He’s, Zhang Yongzhen, ” Zhang, “ He’s, It’s, virologist Organizations: Hong Kong CNN —, Shanghai, Health, Weibo, Zhang’s, Chinese Center for Disease Control, CNN, Fudan University, Health Clinical, Getty, World Health Organization, Nature, University, Sydney, CDC, China’s National Health Commission, Oxford University Press, Shanghai Public Health Center, Natural Science Foundation of China Locations: China, Hong Kong, Shanghai, Wuhan, AFP, Beijing

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