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China's Ministry of Commerce on Thursday emphasized the country's efforts to restrict illegal exports of military goods to Russia as it seeks to cast Beijing as a neutral player amid the ongoing war in Ukraine. The term refers to goods or technologies that can be used for civilian as well as military purposes. China on Saturday unveiled an export control law for dual-use items, set to take effect Dec. 1. Despite the timing of its release, the text of China's new export control law does not mention specific countries. And Xi did not mention the export controls in during his trip to Russia, according to official statements.

Persons: Xi Jinping, Vladimir Putin, Gabriel Wildau, Xi Organizations: SZ, Technology, China's Ministry of Commerce, Atlantic Treaty Organization, Saturday, U.S Locations: Shenzhen, China, Russia, Beijing, Ukraine, Kazan, Russian, Moscow

☆ China tightens export controls for tech and goods with military use, ahead of Xi's trip to Russia
▼ + stars: | 2024-10-21 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +2 min

A DJI Inspire 1 Pro drone is flown during a demonstration at the SZ DJI Technology Co. headquarters in Shenzhen, China, on Wednesday, April 20, 2016. China has unveiled a set of export control regulations for so-called dual-use items, which refer to goods or technologies that can be used for civilian as well as military purposes, ahead of President Xi Jinping's trip to Russia. The regulations come amid intensified U.S. sanctions targeting Chinese companies which the U.S. deems have been supplying dual-use goods, such as drones, to aid Russia's war effort in Ukraine. China has attempted to show that "it is following similar norms as other nations in terms of how it regulates trade in dual-use goods," he added. Alicia Garcia-Herrero, chief economist for Asia-Pacific at Natixis, however, suggested that Russia will likely be exempted from the possible export controls.

Persons: Xi, Mao Ning, Benjamin Cavender, Alicia Garcia, Herrero, Alex Capri Organizations: SZ, Technology, State, China Market Research Group, National University of Singapore Locations: Shenzhen, China, Russia, Ukraine, Russian, Kazan, Washington, Asia, Natixis

☆ Analysts pick winners from China stimulus measures
▼ + stars: | 2024-10-20 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Now that China's key ministers have spoken on stimulus, analysts have narrowed down the stocks likely to benefit. Chinese stocks have tempered their recent rally as investors await more policy details. Beyond interest rate cuts, the most tangible Chinese stimulus policies include subsidies to boost consumption with a trade-in program, along with incremental property market support. They screened for mainland-traded Chinese stocks with relatively high dividend yields and strong cash flow. While Chinese property developers may not bounce back right away, HSBC analysts expect construction software company Glodon, listed in Shenzhen, can benefit from property market stabilization.

Persons: David Chao, Morgan Stanley, Morgan, Ni Hong, Edward Chan Organizations: Asia Pacific, Aluminum Corp, Cement, HSBC, National Bureau of Statistics Locations: Japan, Invesco, Hong Kong, Anhui, Beijing, Shenzhen, Shanghai

☆ Poland received German request to arrest suspect in Nord Stream probe
▼ + stars: | 2024-08-14 | by ( ) www.cnbc.com time to read: +2 min

BORNHOLM, DENMARK - SEPTEMBER 27: Danish Defense shows the gas leaking at Nord Stream 2 seen from the Danish F-16 interceptor on Bornholm, Denmark on September 27, 2022. Poland has received a European arrest warrant issued by Berlin in connection with the 2022 attack on Nord Stream pipelines, but the suspect has already left Poland as Germany failed to include his name in a database of wanted persons, Polish prosecutors told Reuters. The multi-billion dollar Nord Stream 1 and 2 pipelines transporting gas under the Baltic Sea were ruptured by a series of blasts in September 2022, seven months after Russia launched a full-scale invasion of Ukraine. The German prosecutor general's office declined to comment on the media reports. The German interior ministry declined to comment and the justice ministry did not immediately reply to an emailed request for comment.

Persons: Anna Adamiak, Volodymyr Z, general's Organizations: Danish Defense, Reuters, Die Zeit, ARD, Public Prosecutor's, Polish Border Guard Locations: BORNHOLM, DENMARK, Danish, Bornholm, Denmark, Poland, Berlin, Nord, Germany, Baltic, Russia, Ukraine, Ukrainian, Warsaw, Polish

☆ The longest flight from China will take you to Mexico City
▼ + stars: | 2024-04-29 | by ( Kathleen Magramo | Hassan Tayir | ) edition.cnn.com time to read: +2 min

CNN —China Southern Airlines is launching its first-ever direct passenger flight from the megacity of Shenzhen to Mexico City, which will set the record as the longest nonstop regular commercial flight to originate in China. The inaugural flight will depart from the Chinese southern metropolis of Shenzhen on May 11, making a 16-hour nonstop journey to Mexico City, according to information available from China Southern Airlines. The upcoming route overtakes China Southern Airlines’ Guangzhou to New York flight, which covers a distance of 12,871 kilometers, as the furthest nonstop commercial flight to depart from a Chinese airport. China Southern Airline’s newest route would knock out Singapore Airlines’ Singapore to Los Angeles flight to take 8th place on the list of the world’s longest flights compiled by aviation analytics database OAG. China Southern Airlines was the first-ever Chinese carrier to operate flights to Mexico, launching the Guangzhou-Vancouver-Mexico City route in April 2017, according to reports from Chinese state media agency Xinhua at the time.

Organizations: CNN, China Southern Airlines, Mexico City, Airbus, SZ News, Singapore Airlines, China Southern, Singapore Airlines ’, Airlines, Xinhua Locations: Shenzhen, Mexico, China, Mexico City, Tijuana, Guangzhou, New York, Singapore, Singapore Airlines ’ Singapore, Los Angeles, United States, Europe, Vancouver

☆ Tesla settles lawsuit over Autopilot crash that killed Apple engineer
▼ + stars: | 2024-04-08 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +2 min

A Tesla Model X burns after crashing on U.S. Highway 101 in Mountain View, California, U.S. on March 23, 2018. Tesla has settled a wrongful death lawsuit brought by the family of Walter Huang, an Apple engineer and father of two who died after his Model X SUV, with Autopilot features switched on, crashed into a highway barrier near Mountain View, California, in 2018. The settlement comes as jury selection and a trial were just beginning on Monday in a California Superior court. The case was Sz Huang et al v. Tesla Inc. et al in a California Superior Court in Santa Clara County. In internal Tesla e-mails referenced in court filings, Tesla execs and engineers discussed how they had become complacent while driving their Tesla vehicles with Autopilot or related premium features switched on.

Persons: Tesla, Walter Huang, Huang, Huang's, Elon Musk Organizations: Tesla, Apple, National Transportation Safety, NTSB, California Superior Court Locations: U.S, Mountain View , California, View , California, California, Santa Clara County

☆ Former U.S. official's work for Chinese client stirs concern over disclosure loopholes
▼ + stars: | 2024-03-12 | by ( ) www.cnbc.com time to read: +4 min

Advocating for foreign clients is legal and U.S. law includes a public disclosure exemption for lawyers. The Paul, Weiss law firm declined to comment on the letter, and Lynch did not respond to Reuters emails. The U.S. Treasury and Commerce departments say DJI supported biometric surveillance and tracking of Muslim Uyghur minorities in China. "It is appalling that former senior U.S. officials use their connections to serve the interests of U.S. adversaries," Risch said. Others argue that stricter FARA rules on disclosure could give authoritarian countries like Russia and China cover for their own stifling of free speech.

Persons: Loretta Lynch, Obama, Lynch, Paul, Weiss, DJI, FARA, Jim Risch, Risch, Jonathan Turley, Turley Organizations: U.S, senior Defense Department, SZ DJI Technology Co, U.S . Department of Justice, Reuters, Department of Defense, China's Communist Party, U.S . Treasury, Commerce, The Defense Department, Pentagon, Justice, Republican, Senate Foreign Relations, American Civil Liberties Union, Justice Department, George Washington University Locations: FARA, U.S, China, WuXi, Russia

☆ Milan-Ljubljana train route to be revived after over 100 years
▼ + stars: | 2024-01-19 | by ( Julia Buckley | ) edition.cnn.com time to read: +5 min

Now, a new route opening up fast, direct access between two European countries will spin passengers back more than a century to the times of the Habsburg empire. It is thought that this is the first train from Milan to Ljubljana since the empire was dissolved in 1918. It’s also picking up the route of a night train from Budapest to Venice, which passed through Ljubljana, but finished in 2011. Since 2018, there has been a regional train from Trieste to Ljubljana, but train staff of the two operators switch at the border at Villa Opicina station. “Trieste and Ljubljana were first connected by train in 1857, when both cities were part of the Habsburg Empire.

Persons: we’ll, Stanley Tucci, Francesca Volpi, Slovenia’s, Habsburg, It’s, “, It'll, ”, Giovanni Vale, Markus Mainka, Trenitalia Organizations: CNN, intel, Slovenian Railways, Bloomberg, Getty, Spanish Riding, Austro, Croatian Railways, South Railway Company, Deutsche Bahn Locations: Habsburg, Italy, Slovenia, Slovenian, Milano Centrale, Milan, Ljubljana, Venice, Trieste, Postojna, Skocjan, Budapest, Villa, Rijeka, “ Trieste, Vienna, Zagreb, Belgrade, Balkans, Switzerland, Germany, Austria, Munich

HONG KONG, Dec 5 (Reuters Breakingviews) - Why would the world’s largest battery maker want to sell shares when it’s already flush with liquidity? It ended June with 102 billion yuan ($14 billion) in net cash, Moody’s calculates. CATL has just started production at a new facility in Germany and is building a plant in Hungary, its first forays West. The company’s long-term loans have increased more than tenfold to more than 70 billion yuan and its long-term bonds by around a third to nearly 20 billion yuan since 2020, per Visible Alpha. But as Zeng’s electric dreams accelerate, he’ll want to be sure CATL’s own batteries are fully charged.

Persons: it’s, CATL, Robin Zeng, Breakingviews, Tesla, Antony Currie, Thomas Shum Organizations: Reuters, Hong, Thailand’s, Ford Motor, Technology, Thomson Locations: HONG KONG, Switzerland, CATL, Hong Kong, Shenzhen, China, Europe, Germany, Hungary, Fitch, Indonesia, Swiss

☆ Tesla's China-made EV sales fall 17.8% in Nov, biggest drop since Dec 2022
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

BEIJING/SHANGHAI, Dec 4 (Reuters) - Sales of U.S. automaker Tesla's (TSLA.O) China-made electric vehicles (EVs) skidded 17.8% in November from the same month a year earlier, to 82,432 cars, China Passenger Car Association (CPCA) data showed on Monday. That marked the biggest fall since December 2022 when Tesla's sales of China-made EVs fell 21% on the year as the U.S. automaker reduced output and cut prices to deal with rising inventories and weakening demand. Xi expressed his support for Tesla's development in China, the automaker said in a Weibo post. Li Auto (2015.HK) last month said mass production and delivery of its first full EV are scheduled for February. Smartphone maker Xiaomi (1810.HK) has also moved closer to EV production, with a unit of automaker BAIC Group (1958.HK) applying for regulatory approval to build two Xiaomi-branded cars.

Persons: Tesla's, EVs, BYD, Tesla, Elon Musk's, Musk, Xi Jinping, Xi, Li Auto, Qiaoyi Li, Zhang Yan, Brenda Goh, Bernadette Baum, Kirsten Donovan Organizations: U.S, China Passenger Car Association, APEC, Reuters, Li, HK, BAIC Group, Thomson Locations: BEIJING, SHANGHAI, China, San Francisco, Weibo

☆ Tesla's China-made EV sales skid 17.8% on year in November
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Dec 4 (Reuters) - Sales of U.S. automaker Tesla (TSLA.O)'s China-made electric vehicles skidded 17.8% in November from the same month a year earlier, to 82,432 cars, China Passenger Car Association (CPCA) data showed on Monday. Deliveries of China-made Model 3 and Model Y cars rose 14.3% from October. Chinese rival BYD (002594.SZ), with its Dynasty and Ocean series of EVs and petrol-electric hybrid models, saw passenger vehicle deliveries set another record at 301,378 vehicles, up 0.09% from October and up 31% from a year earlier. Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Christopher Cushing and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, BYD, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Bernadette Baum Organizations: U.S, China Passenger Car Association, Thomson Locations: BEIJING, China

☆ 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's BYD says will keep reward system for smear campaign tipsters
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Issei Kato/File Photo Acquire Licensing RightsSHANGHAI, Dec 4 (Reuters) - China's electric vehicle giant BYD (002594.SZ) said on Sunday it would make permanent its system offering tipsters who report smear campaigns against the company up to 5 million yuan ($700,918). The company in June 2022 increased the maximum amount providers of such information could receive from 1 million yuan to 5 million yuan, saying that policy was valid for a year. "Such information should be legally effective and BYD will give the provider a generous reward once it verifies it to be true." In September, the company hit back against online discussions that said BYD had leaked commercial secrets, saying those posts were pure rumours. Warren Buffett-backed BYD is China's largest seller of electric and plug-in hybrid vehicles, and Tesla's (TSLA.O) closest rival in the global electric vehicle sales race.

Persons: Issei Kato, BYD, Warren Buffett, Brenda Goh, Gerry Doyle Organizations: Japan, REUTERS, Rights, Thomson Locations: Tokyo, Japan, Weibo

REUTERS/Rebecca Cook/File Photo/File Photo Acquire Licensing RightsWASHINGTON, Dec 1 (Reuters) - The Biden administration on Friday issued-long awaited guidance that will limit Chinese content in batteries eligible for electric vehicle tax credits starting next year. The FEOC rules come into effect in 2024 for completed batteries and 2025 for critical minerals used to produce them. Treasury said the few materials being exempted each account for less than 2% of the value of battery critical minerals. The rules are expected to further reduce the number of electric vehicles eligible for EV tax credits. Earlier this year, new battery and mineral sourcing requirements took effect with price and buyer income eligibility caps from Jan. 1.

Persons: Rebecca Cook, Biden, Joe Manchin, Manchin, David Shepardson, David Lawder, Chizu Organizations: Motors, Bolt, Orion Assembly, REUTERS, Rights, U.S, Treasury, Alliance, Automotive Innovation, Ford Motor, The Energy Department, Companies, Energy, Thomson Locations: Lake Orion , Michigan, U.S, China, Michigan, North Korea, Russia, Iran, North America, Washington

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

SummaryCompanies cpurl://apps.cp./cms/?pageId=house-poll poll dataNew home prices will likely rise in 2024Property sales, investment seen continuing to slide next yearBEIJING, Nov 29 (Reuters) - Prices of new homes in China are now expected to climb 3% this year after a slew of policy measures to support the country's beleaguered property market, up from earlier expectations for prices to be flat, a Reuters poll showed. But the poll of 11 economists, conducted Nov. 20-28, also showed expectations for 1% growth in new home prices in 2024 were little changed from an August poll. According to the poll, property investment is expected to slump 10% in 2023 and then 8.4% in 2024. Regulators are drafting a list of 50 property developers eligible for a range of financing support, including Country Garden (2007.HK) and state-backed China Vanke (000002.SZ), Bloomberg reported last week. (For other stories from the Reuters quarterly housing market polls)Reporting by Liangping Gao and Ryan Woo; Editing byOur Standards: The Thomson Reuters Trust Principles.

Persons: Huang Yu, Wang Xingping, Liangping Gao, Ryan Woo Organizations: China Index Academy, Fitch, Regulators, HK, Bloomberg, Thomson Locations: BEIJING, China

☆ China's Nio teams up with Geely on auto battery swapping
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +2 min

The deal makes Geely (GEELY.UL), whose brands range from Volvo to Zeekr, the second automaker to sign a battery swapping partnership with Chinese electric vehicle maker Nio. Battery swapping allows drivers to replace depleted packs quickly with fully charged packs, rather than plugging the vehicle into a charging point. They will look to establish an efficient battery asset management mechanism, build a unified battery swap operation and develop battery swappable vehicles compatible with each other's battery swap systems, the companies added. Battery swapping could ease the strain on power grids at peak times when drivers recharge, but industry analysts and executives expect it would only become feasible if batteries become more standardised. In 2021, Geely said it aimed to set up 5,000 battery swapping stations for EVs globally by 2025.

Persons: Annegret, Nio, Geely, Brenda Goh, Jacqueline Wong, Jamie Freed Organizations: REUTERS, Rights, HK, Zhejiang Geely Holding, Volvo, Changan Automobile, Nio, Beijing, Thomson Locations: Berlin, Germany, Rights BEIJING, Zhejiang, China

☆ China's BOE Technology to set up AMOLED production line worth $8.8 bln
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 28 (Reuters) - BOE Technology Group Co Ltd (000725.SZ) said on Tuesday that it and partners plan to invest 63 billion yuan ($8.81 billion) to set up AMOLED production line in the southwestern Chinese city of Chengdu. The project's products will mainly be high-end touch screens such as those on laptops and tablets, BOE said in a filing to the Shenzhen stock exchange. ($1 = 7.1527 Chinese yuan renminbi)Reporting by Beijing Newsroom; Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: BOE, Louise Heavens Organizations: BOE Technology Group Co, Beijing, Thomson Locations: BEIJING, Chengdu, Shenzhen

☆ Huawei to move smart car operations to new joint company with Changan
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 26 (Reuters) - China's Huawei (HWT.UL) said on Sunday it will move core technologies and resources in its smart car unit, which has chalked up robust sales for a number of new vehicles, to a new joint company owned up to 40% by automaker Changan Auto. The new company will engage in research and development, production, sales and service of intelligent automotive systems and component solutions, Huawei said in a press release. "The new company will ... work with partners to promote innovation and leadership in smart car technology and promote the prosperity and development of the automotive industry," the release said. "The two parties will jointly support the target company to become an industry leader in automotive intelligent systems and component solutions based in China," the filing said. Huawei has repeatedly said it does not make cars on its own but only helps other automakers make better vehicles.

Persons: Yu Chengdong, Changan, Laurie Chen, Brenda Goh, Edmund Klamann Organizations: Huawei, Changan Auto, Chongqing Changan Automobile, Shenzhen Stock Exchange, Seres, Chery, Thomson Locations: BEIJING, Chongqing, China, Shenzhen, Beijing, Shanghai

☆ Volkswagen to launch China-specific entry level electric platform
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +4 min

Volkswagen electric ID car is seen during a construction completion event of SAIC Volkswagen MEB electric vehicle plant in Shanghai, China November 8, 2019. Chinese new car buyers are younger, tech savvy and like a immersive digital experience from their cars, he added. China was a very “price-sensitive” market and Volkswagen needed to optimise costs, Brandstaetter said. Volkswagen in July struck a deal with Chinese EV maker Xpeng Inc (9868.HK) to boost its EV line up. It has two new models under development as part of that partnership that will target mid-level consumers and be produced on an older generation Xpeng platform.

Persons: Aly, Ralf Brandstaetter, Brandstaetter, “, Luehrmann, Volkswagen's, Zhang Yan, Brenda Goh, Victoria Waldersee, Kim Coghill Organizations: Volkswagen, SAIC Volkswagen, REUTERS, Rights, Volkswagen Group China Technology Company, SAIC, FAW, JAC Motors, Xpeng, HK, Thomson Locations: Shanghai, China, Rights HEFEI, BERLIN, Hefei, BYD, Germany

☆ Stellantis, CATL sign preliminary deal for LFP battery supply in Europe, consider JV
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Stellantis logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado Acquire Licensing RightsMILAN, Nov 21 (Reuters) - Carmaker Stellantis (STLAM.MI) and Chinese EV battery giant CATL (300750.SZ) said on Tuesday they signed a preliminary agreement for the supply of battery cells and modules for the automaker's electric vehicle (EV) production in Europe. The two companies said in a joint statement they were also considering a possible investment to set up a 50-50 joint venture to support the automakers' electrification strategy. Stellantis and CATL said the memorandum of understanding (MoU) announced on Tuesday outlined a long-term collaboration between the two groups, including "identifying opportunities to further strengthen the battery value chain". For its EV battery needs in Europe Stellantis is building three gigafactories, in France, Germany and Italy through its ACC joint venture with Mercedes (MBGn.DE) and TotalEnergies (TTEF.PA), while others might follow in the region.

Persons: David, Dee, Delgado, Alfa Romeo, Stellantis, CATL, Robin Zeng, Carlos Tavares, Giulio Piovaccari, Chizu Organizations: New York, REUTERS, EV, Franco, Jeep, Peugeot, Fiat, Alfa, ACC, Mercedes, Fiat Chrysler, PSA, Thomson Locations: Manhattan , New York City, U.S, Europe, Italian, France, Germany, Italy

☆ Banks may resist China’s push to help developers
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Stringer Acquire Licensing RightsSINGAPORE, Nov 21 (Reuters Breakingviews) - Beijing is giving Chinese banks another nudge to persuade them to play the property white knight. Regulators including the People’s Bank of China are drafting a “whitelist” of 50 property developers, including state-backed China Vanke (000002.SZ) and fully private ones like Seazen (1030.HK) and Longfor (0960.HK), Bloomberg reported citing unnamed sources. More importantly, barring specific lending targets, banks are likely to remain in wait-and-see mode because they fear getting stuck with a mountain of bad loans. Last December, Chinese banks pledged new credit lines worth around 3 trillion yuan ($424 billion) to a dozen developers deemed worth saving, following a similar effort by Beijing. But at a time when China’s outstanding property loans are contracting, such vaguely worded guidance loses relevance.

Persons: Stringer, Yawen Chen, Francesco Guerrera, Thomas Shum Organizations: REUTERS, Rights, Reuters, Regulators, People’s Bank of China, HK, Bloomberg, X, Walmart, Thomson Locations: Dalian, Liaoning province, China, Rights SINGAPORE, Beijing

At least Zeekr benefits from having a powerful parent, Geely Automobile, which is part of China’s largest privately owned auto group Zhejiang Geely. But Geely Automobile, which will maintain control of the business after the IPO, has a market capitalisation of only $12.3 billion. The company, owned by Chinese automaker Geely Automobile, hopes to use funds raised to expand its product line. The company reported a net loss of 3.9 billion yuan ($534 million) for the six months to the end of June 2023, compared with a 3.1 billion yuan loss a year earlier. Revenue grew by 136% to 21 billion yuan, with 13.2 billion yuan of that total coming from vehicle sales.

Persons: Zeekr, Xi Jinping, Joe Biden, Antony Currie, Thomas Shum Organizations: Reuters, U.S, Geely Automobile, HK, Graphics, European Union, Zhejiang, Investors, Revenue, Thomson Locations: HONG KONG, New York, Beijing, Washington, Brussels, China, U.S, Europe, China’s, Hong Kong

☆ China's Nio, Changan Auto to jointly develop battery-swapping EVs
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of NIO seen on an EL6 car model is pictured at the NIO House, the showroom of the Chinese premium smart electric vehicle manufacture NIO Inc. in Berlin, Germany August 17, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsSHANGHAI, Nov 21 (Reuters) - Nio (9866.HK) said on Tuesday it would partner with Changan Automobile (000625.SZ) to develop battery-swapping electric vehicles, in an attempt by the loss-making Chinese EV maker to ease costs. The partnership will also see Nio and state-owned Changan on building and sharing battery-swapping stations and standardising batteries, Nio said in a statement to Reuters. Battery swapping allows drivers to replace depleted packs quickly with fully charged packs, rather than plugging the vehicle into a charging point. By Nov. 21, Nio had 2,113 battery swapping stations in China and nearly 1 million charging poles.

Persons: Annegret, Nio, Tesla, Zhang Yan, Brenda Goh, Christopher Cushing, Miral Organizations: REUTERS, Rights, HK, Changan Automobile, Reuters, China Passenger Car Association, Thomson Locations: Berlin, Germany, China, Beijing

[1/3] The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Beijing needs to pull "multiple levers" at the same time to address the "vulnerabilities" in the financial system, local government financing, as well as consumer sentiment, said Edward Al-Hussainy, head of emerging market fixed income research at Columbia Threadneedle, which owns Country Garden bonds. China property sector slumpShoring up confidence is the biggest challenge facing Beijing and is key to getting homebuyers spending again, which analysts says isn't likely to happen soon given an uncertain economic outlook. Reuters reported last week that Chinese authorities have asked domestic financial behemoth Ping An Insurance Group to take a controlling stake in Country Garden. "You need to fix the macro environment first; if you don't earn enough how do you buy a property?," said Xu, whose firm holds China property dollar bonds.

Persons: Aly, Edward Al, isn't, Morgan Stanley, Ping, Ping An, Elliot Hentov, Steven Xu, Xu, Raymond Cheng, Goldman Sachs, Clare Jim, Davide Barbuscia, Karin Strohecker, Summer Zhen, Rae Wee, Sumeet Chatterjee Organizations: Shanghai Country Garden, REUTERS, HONG KONG, Columbia, Reuters, HK, Economic Work Conference, Reuters Graphics, HIT, Insurance Group, State Street Global Advisors, Country, Harmonia, Bloomberg, China, CIBM Securities, Thomson Locations: Shanghai, China, HONG, Beijing, outflows, Hong Kong, New York, London, Singapore

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