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☆ Huawei and Alibaba among companies seeking Chinese deepfake approvals
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

An AI (Artificial Intelligence) sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING, Sept 1 (Reuters) - China's cyberspace regulator has received 110 applications from Chinese technology companies such as Huawei (HWT.UL) and Alibaba (9988.HK) for approvals related to models that can be used to manipulate visual and audio data. This approval process is separate from the CAC's regulation of Chinese tech firms looking to push out generative artificial intelligence (AI) products, which have been in high demand ever since the success of U.S. firm OpenAI's ChatGPT. Five Chinese tech firms, including Baidu Inc (9888.HK) and SenseTime Group (0200.HK), on Thursday launched AI chatbots to the public after receiving government approval. Reporting by Eduardo Baptista, Josh Ye, and Brenda Goh Editing by David Goodman and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, OpenAI's, chatbots, Eduardo Baptista, Josh Ye, Brenda Goh, David Goodman, Mark Potter Organizations: Artificial Intelligence, REUTERS, Rights, Huawei, HK, Cyberspace Administration of China, CAC, Baidu Inc, SenseTime, Thomson Locations: Shanghai, China, Rights BEIJING

On Sunday, Evergrande reported losses of 33 billion yuan ($4.53 billion) for the first half of the year, versus a 66.4 billion yuan loss in the same period a year earlier. The Chinese property sector’s worsening debt crisis poses a significant challenge for President Xi Jinping and his policy makers, with the country’s economy already reeling from weaker domestic and overseas demand. China’s State Council Information Office, which handles media queries on behalf of the government, declined to comment on the property market and Evergrande’s fate. He sold the first complex the following year for 80 million yuan, according to Evergrande’s website. The committee investigated the matter after banks seized 13.4 billion yuan ($1.84 billion)of deposits held by the property-services unit in 2021.

Persons: Aly, Hui Ka Yan, Hui, Evergrande, Suppliers haven’t, ”, Anne Stevenson, Yang, Evergrande’s, Xi Jinping, Reuters wasn’t, Kelly Richmond Pope, ” Hui, “ Evergrande, Stevenson, Engen Tham, Julie Zhu, Clare Jim, Cassell Bryan Organizations: China Evergrande Group, REUTERS, Rights, China Evergrande, HK, Reuters, Suppliers, J Capital Research, Information Office, Political, Conference, Guangzhou Evergrande, soccer’s, Hong, Forbes, HengTen Networks, Management, Chicago’s DePaul University, Evergrande, Financial, Communist Party, “, China, Shanghai, Cassell, Low, Thomson Locations: China, Shenzhen, Guangdong province, Rights SHANGHAI, HONG KONG, United States, U.S, China’s, Henan province, Beijing, Hong Kong, Guangzhou, Evergrande, HengTen, Evergrande’s Hong Kong, Shanghai

☆ Fukushima: Japan PM pledges to help fishing industry after China seafood ban
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Fish and shrimp are seen at a seafood market in Shanghai, China August 25, 2023. REUTERS/Aly Song Acquire Licensing RightsTOKYO, Aug 31 (Reuters) - Japan's Prime Minister Fumio Kishida said on Thursday he would compile measures to help the fishing industry hit by China's ban on Japanese seafood, after visiting Tokyo's biggest fish market. "I will put together measures given the variety of opinions I heard from the fishing industry today," Kishida said to reporters following a visit to Toyosu fish market on Thursday, adding that requests included support to help fishing companies develop new sales avenues and holding discussions with China. Japan started releasing treated radioactive water from the wrecked Fukushima nuclear power plant into the Pacific Ocean last Thursday, prompting China, Japan's biggest trade partner, to impose a blanket ban on Japanese aquatic products. Fisheries Minister Tetsuro Nomura said last Friday the government would take steps to diversify Japan's fish exports for China-dependent products such as scallops.

Persons: Aly, Fumio Kishida, Kishida, Tetsuro Nomura, Sakura Murakami, Kantaro, Stephen Coates Organizations: REUTERS, Rights, Japan's, Nikkei, Fisheries, Trade Organization, Thomson Locations: Shanghai, China, Japan, Hong Kong, Tokyo, Lincoln

☆ Some offshore creditors of Country Garden consider forming group for debt revamp talks
▼ + stars: | 2023-08-30 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Kobre hosted a call with some of Country Garden's offshore creditors on Tuesday night, during which the law firm laid out Country Garden's primary business units, core assets which include its onshore and offshore property projects. A spokesperson for Country Garden on Wednesday declined to comment when asked by Reuters about the possibility of some offshore bondholders forming a group for debt restructuring talks. Country Garden has been talking with its onshore creditors to extend a 3.9 billion yuan private bond due Saturday. Country Garden's shares fell another 3.3% on Wednesday, taking its losses in the last month alone to more than 40%.

Persons: Aly, HONG KONG, John Han, Kim, Kobre, Han, Xie Yu, Sumeet Chatterjee, Kim Coghill Organizations: Shanghai Country Garden, REUTERS, Kobre, Reuters, Garden, Thomson Locations: Shanghai, China, HONG, New York, HK, Hong Kong

☆ Baidu among first to win China approval for AI models- Bloomberg News
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: 1 min

Baidu sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. REUTERS/Aly Song Acquire Licensing RightsAug 30 (Reuters) - China will approve the first batch of generative artificial intelligence services for public rollout as soon as this week, with tech giant Baidu (9888.HK) expected to be among the first to win consent, Bloomberg News reported on Wednesday. Reporting by Urvi Dugar in Bengaluru Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Urvi, Tomasz Janowski Organizations: Baidu, Artificial Intelligence, REUTERS, HK, Bloomberg, Thomson Locations: Shanghai, China, Bengaluru

REUTERS/Aly Song/File Photo Acquire Licensing RightsSHENZHEN, China/SHANGHAI, Aug 30 (Reuters) - Chinese chip stocks rallied on Wednesday following Huawei Technologies' (HWT.UL) launch of its new Mate 60 Pro phone, as investors speculated it could be using a 5G capable chip which, if true, would mark a win for China's local semiconductor sector. On Tuesday, the company began selling its Mate 60 Pro around midday for 6,999 yuan ($960) in an unusually low-key fashion, having given no advance notice or conducted advertising. The specifications provided for the Mate 60 advertised its ability to make satellite calls, but provided no information on the power of the chipset inside. Huawei, whose woes with Washington have become a key flashpoint in U.S.-China relations, declined to comment on whether the phone was 5G capable but said in a statement the Mate 60 series was its most powerful Mate model ever. CHIP SHARES JUMPChina's semiconductor sector (.CSIH30184) jumped more than 2.5% on Wednesday, sending weekly gains to roughly 8%.

Persons: Aly, Lu Deyong, Lu, Nicole Peng, David Kirton, Jason Xue, Mo Yelin, Lincoln Organizations: Huawei, Artificial Intelligence, REUTERS, Rights, Huawei Technologies, Reuters, chipmaking, Semiconductor Manufacturing International, Pro, Staff, Washington, China's Semiconductor Manufacturing International Corp, Sai MicroElectronics Inc, Thomson Locations: Shanghai, China, Rights SHENZHEN, SHANGHAI, Washington, Beijing, Shenzhen, Kirin, Mo

☆ US Commerce Secretary Gina Raimondo urges American businesses to keep investing in China (Analysis)
▼ + stars: | 2023-08-30 | by ( Michelle Toh | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —US Commerce Secretary Gina Raimondo urged American businesses to keep investing in China on Wednesday, even after saying some US firms had called the world’s second biggest economy “uninvestable.”Speaking at an American Chamber of Commerce event in Shanghai, the secretary encouraged companies to continue expanding in the country. “The message is to continue to do what you’re doing,” Raimondo told executives. Eric Zheng, president of AmCham Shanghai, told CNN after Raimondo’s appearance that he had not been hearing the term “uninvestable” from businesses on the ground. “In order to be globally competitive, they have to be in this market despite all the challenges.”Warm wordsRaimondo is the first US commerce secretary to visit China in five years. Andy Wong/APThe issue highlights the tightrope the commerce secretary is walking.

Persons: Gina Raimondo, ” Raimondo, Raimondo, Aly Song, ”, Wang Wenbin, Li Qiang, Antony Blinken, Janet Yellen, John Kerry, Eric Zheng, Andy Wong, Wang Wentao, Lifeng, Yellen, Foreign busineses, Chen Jining, Nazak Nikakhtar, Trump, Zheng, “, —, Jadyn Sham, Alex Stambaugh Organizations: Hong Kong CNN — US, American, of, Reuters, Shanghai, Biden, CNN, Covid, US Commerce Department, US Department of Commerce, Foreign, Department, Department of Commerce Locations: Hong Kong, China, Shanghai, Beijing, United States, decouple, “

☆ Factbox: What are global companies saying about China's economy?
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

People cross a street near office towers in the Lujiazui financial district in Shanghai, China, February 28, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsAug 29 (Reuters) - United States Commerce Secretary Gina Raimondo has said U.S. companies have raised concerns that China has become "uninvestible", pointing to fines, raids and other actions that have made it too risky to do business in the world's second-largest economy. Major global firms ranging from banks to chipmakers are taking a largely cautious stance on their China business amid a frail recovery of the country's economy from a pandemic slowdown. Following are comments from some of the top firms on their China business during the latest reporting season:Compiled by Savyata Mishra, Arunima Kumar, Niket Nishant, Granth Vanaik, Aditya Soni and Bhanvi Satija; Edited by Shinjini Ganguli and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Gina Raimondo, Savyata Mishra, Arunima Kumar, Niket Nishant, Granth Vanaik, Aditya Soni, Bhanvi, Shinjini Ganguli, Shounak Organizations: REUTERS, United States, Thomson Locations: Shanghai, China, U.S

A record 38 QDII funds had been launched this year until August 17, outpacing the 31 funds launched in 2022, Morningstar data shows. Tianhong, which is planning new QDII products, obtained a $120 million fresh QDII quota in July, less than it had hoped for. Rather than foreign capital selling China equities, this time it's Chinese investors’ outbound investment,” Liu said. HUGE DEMANDThe QDII program, launched in 2006, remains a key outbound investment channel for mainland Chinese investors, alongside the Qualified Domestic Limited Partnership (QDLP) programme. Tracy Liu, an individual investor working in the information technology industry, invested in an India-focused QDII fund in March.

Persons: Aly, Ivan Shi, Liu Dong, Becky Liu, Liu, ” Liu, Desiree Wang, Tracy Liu, Summer Zhen, Samuel Shen, Jason Xue, Vidya Ranganathan Organizations: REUTERS, Morningstar, Domestic Institutional, Nasdaq, Ben Advisors, Connect, Bond, U.S, Dow Jones, State Administration of Foreign Exchange, Tianhong, Management, Ant Financial, Standard Chartered Bank, Reuters, Qualified Domestic Limited, Asset Management Association of China, Guangfa NASDAQ, Technology, Morgan Asset Management, Morgan Asset Management China, Thomson Locations: Shanghai, Shenzhen, China, U.S, HONG KONG, SHANGHAI, Hong Kong, Vietnam, India, outflows, Japan, Russia

☆ Country Garden seeks to add 40-day grace period to onshore bond repayment
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING, Aug 29 (Reuters) - China's largest private property developer Country Garden Holdings (2007.HK) is seeking to add a 40-day grace period for the repayment of a 3.9 billion yuan ($535.3 million) private onshore bond due on Saturday, according to a document seen by Reuters. Country Garden did not immediately respond to a request for comment. In the document received by private bondholders on Tuesday, Country Garden added a new voting item of adding a grace period of 40 calendar days. A small bondholder, among those who vetoed the repayment extension plan last week, told Reuters he also planned to vote against the proposed new term.

Persons: Aly, Kevin Huang, Clare Jim, Li Gu, Jacqueline Wong, Edmund Klamann Organizations: Shanghai Country Garden, REUTERS, Rights, Garden Holdings, Reuters, Thomson Locations: Shanghai, China, Rights BEIJING, HK, Beijing, Hong Kong

☆ China Evergrande shares set to open down 14.3%
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: 1 min

China Evergrande Group's logo is seen on its headquarters in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Aug 29 (Reuters) - Shares of China Evergrande Group (3333.HK) are set to open down 14.3% on Tuesday, exending losses from the previous day when the embattled developer lost $2.2 billion, or 79% of its market value. On Monday, shares of the world's most indebted property firm resumed trading after a 17-month halt in a crucial step for the developer to restructure its offshore debt. Reporting by Anne Marie Roantree; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, HONG KONG, Anne Marie Roantree, Jacqueline Wong Organizations: REUTERS, China Evergrande, HK, Thomson Locations: China, Shenzhen, Guangdong province, HONG

☆ Country Garden's cash flow in focus as troubled firm set to report $7.5 bln loss
▼ + stars: | 2023-08-29 | by ( Clare Jim | ) www.reuters.com time to read: +4 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Country Garden shares were down over 3% in early trade on Wednesday. It has already flagged a net loss of up to 55 billion yuan ($7.55 billion) in the first six months, a staggering slide from the 6.7 billion yuan loss it posted in the second half of 2022 and from the net profit of 1.9 billion yuan it posted a year earlier. JP Morgan has estimated it would cost about 316 billion yuan to finish all the company's projects under construction, including both sold and unsold flats. On Tuesday, Country Garden proposed adding a 40-day grace period for the repayment of a 3.9 billion yuan private onshore bond due Saturday.

Persons: Aly, HONG KONG, JP Morgan, Clare Jim, Miral Organizations: Shanghai Country Garden, REUTERS, Garden Holdings, Garden, HK, Kingboard Holdings, Country Garden, China International Capital Corporation, City, China Overseas Land & Investment, Thomson Locations: Shanghai, China, HONG, HK, Hong Kong, Guangzhou, Malaysia

☆ China's Country Garden says $100 billion Malaysia project on track
▼ + stars: | 2023-08-28 | by ( A. Ananthalakshmi | ) www.reuters.com time to read: +3 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsKUALA LUMPUR, Aug 28 (Reuters) - Embattled Chinese developer Country Garden (2007.HK) said on Monday its $100-billion project in Malaysia was proceeding as planned and it had sufficient assets, despite concerns over its financial strength. Country Garden is building its largest overseas development, the massive Forest City project, across four reclaimed islands in the southern Malaysian state of Johor bordering the wealthy city state of Singapore. Malaysia's incentives should be "very positive" for Country Garden, said Steven Leung, Hong Kong-based director of UOB Kay Hian. Shares of Country Garden were up more than 8% on Monday.

Persons: Aly, Anwar Ibrahim, Anwar, Loong Kok Wen, Steven Leung, UOB Kay Hian, Clare Jim, Martin Petty, Clarence Fernandez Organizations: Shanghai Country Garden, REUTERS, HK, Malaysian, . Forest, Esplanade, Thomson Locations: Shanghai, China, KUALA LUMPUR, Malaysia, Singapore, Forest, Malaysian, Johor, Forest City, Hong Kong

☆ Evergrande loses $2 bln in value as trade resumes; extends creditor voting
▼ + stars: | 2023-08-28 | by ( Clare Jim | ) www.reuters.com time to read: +4 min

Its Hong Kong listed shares plunged 79% to HK0.35 in the afternoon session, narrowing losses from 87% at the opening. Market capitalisation shrank to HK$4.6 billion ($586.38 million from HK$21.8 billion ($2.78 billion) from when it last traded. Its units, China Evergrande New Energy Vehicle Group (0708.HK) and Evergrande Property Services Group (6666.HK), have both resumed trading in the past month after a 16 month halt. The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. ($1 = 7.8442 Hong Kong dollars)($1 = 7.2834 Chinese yuan renminbi)($1 = 7.8447 Hong Kong dollars)Reporting by Clare Jim; Additional reporting by Donny Kwok Editing by Kim Coghill and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Evergrande, Steven Leung, UOB Kay Hian, Aly, homebuyers, Clare Jim, Donny Kwok, Kim Coghill, Christopher Cushing Organizations: China Evergrande, HK, Hong, Hong Kong Stock Exchange, Energy Vehicle Group, Evergrande Property Services, China Evergrande Group, REUTERS, Prism Hong, Thomson Locations: HONG KONG, China, China's, Hong Kong, Shenzhen, Guangdong province, Prism Hong Kong, Shanghai

FILE PHOTO-Security guards stand at the BYD booth at the Auto Shanghai show, in Shanghai, China April 19, 2023. The deal will expand BYD Electronic's (BE) (0285.HK) customer base, product portfolio and its smartphone components business as it looks to capture Jabil's potential growth in the sector. Although now best known for its electric vehicle business, BYD started out by selling electronic components. BE's major business has been selling electronic components for consumer electronics products such as smartphones and laptops. This was one of three key business segments for BYD Electronic, accounting for more than 70% of its total revenue in 2022.

Persons: Aly, BYD, Tu Le, Jabil, Kenny Wilson, Wilson, Qin Chuan, Sameer Manekar, Brenda Goh, Stephen Coates Organizations: Security, Auto, REUTERS, U.S, Jabil Inc, HK, Jabil, Hong Kong Stock Exchange, Sino Auto, Apple Inc, Citi, BE, Thomson Locations: Auto Shanghai, Shanghai, China, Singapore, Chengdu, Wuxi, Hong Kong, EVs, Nanjing, Bengaluru, Yelin Mo, Beijing

☆ China Evergrande loses $2.4 bln in value as trade resumes after 17 months
▼ + stars: | 2023-08-28 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Next month, courts will decide on Evergrande's plan to restructure almost $32 billion worth of offshore debt obligations. Its Hong Kong-listed units, China Evergrande New Energy Vehicle Group (0708.HK) and Evergrande Property Services Group (6666.HK) have both resumed trading in the past month after a 16 month halt. The resumption of trading in all three companies is crucial for Evergrande Group because its offshore debt restructuring plan includes swapping part of the debt into equity-linked instruments backed by them. ($1 = 7.8435 Hong Kong dollars)($1 = 7.8442 Hong Kong dollars)($1 = 7.2834 Chinese yuan renminbi)Reporting by Clare Jim; Additional reporting by Donny Kwok Editing by Kim Coghill and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, HONG KONG, Steven Leung, UOB Kay Hian, homebuyers, Evergrande, Clare Jim, Donny Kwok, Kim Coghill, Christopher Cushing Organizations: China Evergrande Group, REUTERS, China Evergrande, Hong Kong Stock Exchange, Evergrande, HK, Energy Vehicle Group, Evergrande Property Services, Evergrande Group, Prism Hong, Thomson Locations: China, Shenzhen, Guangdong province, HONG, HK, China's, Hong Kong, Prism Hong Kong, Shanghai, Cayman

☆ Shares of Country Garden set to rise after it sells stake in development
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: 1 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Aug 28 (Reuters) - Shares of Country Garden (2007.HK) are set to rise 14.8% on Monday after it sold a minority stake in a mixed development in Guangzhou for 1.3 billion yuan ($178.35 million). On Friday, it also extended a creditor voting deadline to Aug. 31 to delay repayment for an onshore private bond worth 3.9 billion yuan, a filing seen by Reuters showed. ($1 = 7.2890 Chinese yuan)Reporting by Clare Jim; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, HONG KONG, Clare Jim, Jacqueline Wong Organizations: Shanghai Country Garden, REUTERS, HK, Reuters, Thomson Locations: Shanghai, China, HONG, Guangzhou

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. "It's pretty weak," said Sat Duhra, a portfolio manager at Janus Henderson who devises a macro score for countries by tracking seven factors including PMI surveys, real exchange rates, current accounts, growth estimates and liquidity. Even in Japan, the stock market success story of the year so far, portfolio manager Zuhair Khan at UBP Investments says he's shorting or avoiding companies reliant on China sales. However, I think more importantly, it has fallen short of initial expectations," said Jagdeep Ghuman, a portfolio manager for U.S. asset manager Nuveen. Reporting by Tom Westbrook and Rae Wee in Singapore, Dhara Ranasinghe in London and Summer Zhen and Xie Yu in Hong Kong.

Persons: Aly, Janus Henderson, Seema Shah, Zuhair Khan, Prashant Bhayani, it's, Jagdeep Ghuman, Nuveen, Tom Westbrook, Rae Wee, Dhara, Zhen, Xie Yu, Sam Holmes Organizations: REUTERS, Rights, BHP, PMI, Global Investors, UBP Investments, Vegas Sands, Wealth Management, U.S, Thomson Locations: Shanghai, Shenzhen, China, Rights SINGAPORE, London, Bangkok, Zealand, Europe, Thailand, Asia, Japan, Singapore, Hong Kong

☆ China's BYD H1 profit rises 204.7% as deliveries break record
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: 1 min

FILE PHOTO-Security guards stand at the BYD booth at the Auto Shanghai show, in Shanghai, China April 19, 2023. REUTERS/Aly Song/file photo Acquire Licensing RightsBEIJING, Aug 28 (Reuters) - China's BYD Co Ltd (002594.SZ), on Monday said first-half profit jumped 204.7% as the new energy vehicle maker broke its delivery record and retained its crown as China's biggest-selling auto brand. January-June net earnings reached 10.95 billion yuan ($1.50 billion), up 204.7% from 3.6 billion yuan a year earlier, on a 72.7% rise in revenue at 260.12 billion yuan, BYD said in a stock market filing. ($1 = 7.2928 Chinese yuan renminbi)Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Christopher Cushing and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, BYD, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Louise Heavens Organizations: Security, Auto, REUTERS, Rights, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING

☆ China's BYD H1 profit triples as deliveries break record
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +3 min

Net earnings for the six-months ending June 30 reached 10.95 billion yuan ($1.50 billion), up 204.7% from 3.6 billion yuan a year earlier, on a 72.7% rise in revenue to 260.12 billion yuan, BYD said in a stock market filing. The company posted a 6.82 billion yuan net profit for the April-June quarter, up 144.7%, a Reuters calculation showed. The Q2 earnings, the second highest quarterly number, was within BYD's net profit forecast of between 6.37 billion yuan and 7.57 billion yuan. Buoyed by its Dynasty and Ocean series of plug-in petrol-electric hybrids cars and battery-only electric vehicles (EV), BYD set a monthly sales record in July after deliveries hit 700,244 vehicles in the second quarter. Tesla recorded a decline in quarterly automotive gross margin in the second quarter, prioritising sales over earnings.

Persons: Aly, BYD, Warren Buffett's Berkshire Hathaway, Tesla, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Mike Harrison Organizations: Security, Auto, REUTERS, Rights, Volkswagen, Inc, U.S, EV, Tesla, BYD, China Association of Automobile Manufacturers, Reuters, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING, Shenzhen, Singapore, Australia

☆ Xpeng’s Didi deal is smart shortcut to growth
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

An Xpeng P5 electric vehicle (EV) is seen displayed during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. It’s buying compatriot Didi’s smart EV unit and paying $744 million, or 3.25% of its own stock. For its part, Didi seems to have given up its ambition to break into capital-intensive EV manufacturing, and that’s probably a smart move for a company stuck in listing limbo. It’s unclear if the deal with Didi will dilute VW’s shareholding but Xpeng’s worth is at least rising. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Aly, Didi, that’s, Li Auto, BYD, Una Galani, Thomas Shum Organizations: Auto Shanghai, REUTERS, Rights, Reuters, HK, Volkswagen, EV maker’s, X, Thomson Locations: Shanghai, China

☆ China halves stamp duty on stock trades to boost flagging market
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +2 min

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China October 25, 2022. REUTERS/Aly Song/File photo Acquire Licensing RightsBEIJING/SHANGHAI, Aug 27 (Reuters) - China halved the stamp duty on stock trading effective Monday in the latest attempt to boost the struggling market as a recovery sputters in the world's second-biggest economy. The finance ministry said in a brief statement on Sunday it was reducing the 0.1% duty on stock trades "in order to invigorate the capital market and boost investor confidence". Along with the finance ministry move, the China Securities Regulatory Commission (CSRC) is rolling out measures to shore up market confidence in investing in listed companies. China's leaders vowed late last month to reinvigorate the stock market - the world's second largest - which has been reeling as the post-pandemic recovery flags and a debt crisis in the property market deepens.

Persons: Aly, Xie Chen, CSRC, China's, Judy Hua, Joe Cash, Li Gu, William Mallard Organizations: REUTERS, Rights, Reuters, Shanghai Jianwen Investment Management, China Securities Regulatory Commission, Regulators, Ministry of Finance, State Council, Thomson Locations: Shanghai, Shenzhen, China, Rights BEIJING, SHANGHAI, Beijing

☆ China Evergrande H1 net loss narrows to $4.5 bln
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +1 min

A traffic light is seen near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Aug 27 (Reuters) - Property developer China Evergrande Group (3333.HK) on Sunday reported a January-June net loss of 33 billion yuan ($4.53 billion) versus a 66.4 billion yuan loss in the same period a year ago. The world's most indebted developer posted a combined net loss of $81 billion for 2021 and 2022 in a long-overdue earnings report last month, having posted an 8.1 billion yuan profit in 2020. Over that two-year period, revenue dropped 55% to 230.1 billion yuan. Liabilities reached 2.4 trillion yuan, up 23%, while its assets were worth 1.8 trillion yuan, down 20%.

Persons: Aly, HONG KONG, Evergrande, Clare Jim, Christopher Cushing, Hugh Lawson Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Sunday, Thomson Locations: China, Shenzhen, Guangdong province, HONG, China's, Hong Kong

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. REUTERS/Aly Song/File Photo Acquire Licensing RightsAug 28 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. As the week gets underway, asset markets across Asia yet again will be dominated by key economic indicators, market- and growth-supportive policy steps and diplomatic signals from China. The Asian market headwinds are strong and clear - financial conditions are tightening sharply, in large part due to the steady rise in U.S. Treasury yields. According to Goldman Sachs's financial conditions indexes, global, emerging market and Chinese financial conditions last week hit their tightest levels this year.

Persons: Aly, Jamie McGeever, Jackson, Jerome Powell, Christine Lagarde, Kazuo Ueda, Gina Raimondo, Goldman, Fed's MIchael Barr, Diane Craft Organizations: REUTERS, China Securities Regulatory Commission, . Commerce, Treasury, Higher, Thomson, Reuters Locations: Shanghai, Shenzhen, China, Asia, India, Indonesia, Vietnam, Beijing, Japan, U.S, Australia

☆ EV maker BYD buys Jabil's China manufacturing business for $2.2 billion
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO-Security guards stand at the BYD booth at the Auto Shanghai show, in Shanghai, China April 19, 2023. REUTERS/Aly Song/file photo Acquire Licensing RightsAug 28 (Reuters) - Electric vehicle maker BYD Co Ltd (002594.SZ) said on Monday its unit struck a deal with U.S.-based manufacturing firm Jabil Inc's (JBL.N) Singaporean unit to buy its product manufacturing business in China for 15.8 billion yuan ($2.17 billion). The deal will expand BYD Electronic (International) Co's (BE) customer base, product portfolio, and expand its business of smartphone components, and boost its growth as it looks to capture the potential growth in the sector. Jabil Circuit (Singapore), which manufactures printed circuit boards, established a unit this month with product manufacturing business in Chengdu and Wuxi, which will now be sold to the Chinese EV maker. ($1 = 7.2890 Chinese yuan renminbi)Reporting by Sameer Manekar in Bengaluru; Editing by Muralikumar Anantharaman and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Jabil, BYD, Sameer Manekar, Muralikumar Anantharaman Organizations: Security, Auto, REUTERS, BYD, U.S, Jabil Circuit, Thomson Locations: Auto Shanghai, Shanghai, China, Singapore, Chengdu, Wuxi, Bengaluru

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