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☆ BYD recalls top-selling EVs because of steering component problem
▼ + stars: | 2024-09-30 | by ( ) edition.cnn.com time to read: +1 min

BYD has informed the Chinese regulator it is recalling nearly 97,000 electric vehicles (EVs) due to a manufacturing fault involving a steering control unit that could lead to fire risks, the market regulator said on Sunday. The Chinese automaker is recalling Dolphin and Yuan Plus EVs manufactured in China between November 2022 and December 2023, according to a statement from the State Administration for Market Regulation (SAMR). The company would ask its dealers to install a physical fix in the recalled cars, the SAMR statement added. Dolphin and Yuan Plus were BYD’s two top-selling models in 2023, which in total accounted for 26% of its three million cars sold in the year, according to data from the China Association of Automobile Manufacturers. It recalled a small batch of Tang plug-in hybrids in 2022 due to a defect in the battery pack that could cause fires.

Persons: BYD Organizations: State Administration, Market, Yuan, China Association of Automobile Manufacturers Locations: China

☆ Alibaba shares rise after it completes three-year regulatory overhaul
▼ + stars: | 2024-08-30 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Alibaba has completed a three-year regulatory "rectification" process following an antitrust fine it received on charges of monopolistic practices in 2021, China's market regulator said on Friday. In 2021, China's SAMR fined Alibaba 18.23 billion yuan ($2.6 billion) as part of an anti-monopoly investigation into the tech giant. Jefferies analysts said in a note Friday that the conclusion of the regulatory process was a "positive" for the company, which "highlights this is a new start and ensures compliance in operations." Ant Group itself also underwent a regulator-supervised rectification process, with most of the major issues resolved by last year. Regulatory concerns have been an overhang on the Alibaba stock, which has fallen more than 70% from its peak in 2020.

Persons: Alibaba, China's SAMR, Jefferies, Jack Ma, —, Christine Wang Organizations: China's, Administration, Market, Alibaba, Ant Group, Ant Locations: Beijing, China

☆ Broadcom expects $69 bln VMware deal to close before November deadline
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] A smartphone with a displayed Broadcom logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 30 (Reuters) - U.S. chipmaker Broadcom (AVGO.O) expects its $69 billion buyout of cloud-computing firm VMware (VMW.N) to close before the November deadline, the companies said on Monday, amid investor concerns about securing China's approval for the deal. The companies did not disclose details regarding China's approval on Monday, but said there was "no legal impediment" to the deal closing under U.S. merger regulations. Broadcom has received legal merger clearance in Australia, Brazil, Canada, the European Union, Israel, Japan, South Africa, South Korea, Taiwan and the United Kingdom, along with foreign investment control clearance in all necessary jurisdictions. The deal, Broadcom's largest ever, received EU antitrust approval after the company offered remedies to help rival Marvell Technology (MRVL.O).

Persons: Dado Ruvic, Joe Biden's, Harshita Mary Varghese, Devika Organizations: Broadcom, REUTERS, chipmaker Broadcom, VMware, China's, Administration of, Financial Times, U.S, European Union, Marvell Technology, Thomson Locations: Australia, Brazil, Canada, Israel, Japan, South Africa, South Korea, Taiwan, United Kingdom

☆ China does Intel a small favor
▼ + stars: | 2023-08-16 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

Acquire Licensing RightsNEW YORK, Aug 16 (Reuters Breakingviews) - Intel (INTC.O) can thank China later. The chipmaker on Wednesday terminated its $5.4 billion acquisition of Tower Semiconductor (TSEM.TA), after failing to secure approval from the country’s State Administration for Market Regulation. Beijing’s trustbusters are providing a helpful escape route from the intensifying technology trade war. Reuters GraphicsAdding Tower would have helped Intel boss Pat Gelsinger with his strategic pivot to making semiconductors designed by others. Tower uses old technology, however, while Intel’s new customers, including the U.S. Department of Defense and Qualcomm, want cutting-edge fabrication.

Persons: Pat Gelsinger, MaxLinear, China’s, Jeffrey Goldfarb, Sharon Lam Organizations: Dow Jones Industrial, Intel, Reuters, Tower Semiconductor, Administration, Market, NXP Semiconductors, U.S . Department of Defense, Qualcomm, Wall Street Journal, Motion Technology, Cisco Systems, Acacia Communications, Thomson Locations: San Diego , California, China, country’s, Washington, Beijing

New rules imposed in February force infant formula makers to invest heavily to re-make, test, certify and re-register their products for China, before potentially conducting new marketing campaigns. “The new standard requires higher product quality as well as stronger manufacturing techniques which are expected to eliminate many small-to-medium-size players,” said Quinn Mai, analyst at Euromonitor International, which estimates China’s infant formula market will fall 12.5% to $21 billion by 2025 due to shrinking demand. China's National Health Commission (NHC) cited infant safety when announcing the latest rules. Celia Ning, director at the nutrition research institute of formula maker Junlebao, said the registration process could "easily" take a year. Another, Fonterra (FCG.NZ), said it was progressing through the re-registration process but that infant formula made up a relatively small part of its China business, with declining birth rates and regulation driving industry consolidation.

Persons: ”, Quinn Mai, Jane Li, Li, Celia Ning, Junlebao, Ning, SAMR, Nestle, Marius Zaharia Organizations: Euromonitor, Health Commission, NHC, State Administration, Market, “, Unicef, Companies, Abbott Laboratories, Reuters, New Zealand's Ministry, Primary Industries, Milk, Global, Nestle, Danone, HK, “ Companies, Thomson Locations: HONG KONG, China, Auckland, “ Beijing, India, U.S, Hong Kong, Beijing, Lincoln

☆ Tesla to recall 1.1 million cars in China over potential safety risks, Chinese regulator says
▼ + stars: | 2023-05-12 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Tesla will recall more than 1.1 million cars in China due to potential safety risks, the country’s top market regulator said on Friday. The models to be recalled include imported Model S, Model X, Model 3 and China-made Model 3 and Model 6. An aerial view of Tesla's Shanghai Gigafactory on March 29, 2021. The company plans to make adjustments or add notification features to the recalled vehicles to reduce the risk, it added. In March, Tesla recalled more than 2,600 imported Model S cars in China, according to the SAMR.

☆ Chinese academic database fined by antitrust watchdog
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Dec 26 (Reuters) - China's State Administration for Market Regulation (SAMR) has fined China National Knowledge Infrastructure (CNKI) 87.6 million yuan ($12.6 million) for abusing a "dominant market position", the watchdog said on its website on Monday. SAMR launched an antitrust investigation into the Chinese academic database in May. ($1 = 6.9601 Chinese yuan renminbi)Reporting by Sophie Yu and Bernard Orr Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

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