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☆ Protesting Tesla China buyers vow more pressure over price cuts they missed
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +4 min

[1/4] Tesla owners unhappy with the U.S. carmaker's price cuts discuss their situation at a Tesla delivery centre in Shanghai, China January 10, 2023. Similar protests by Tesla owners have sprung up in cities including Henan, Wuxi and Hangzhou in recent days, according to owners and social media posts. Tesla has faced online backlash over previous price cuts in China before but nothing as widespread as the current spontaneous protests. "We trusted the brand so much that we cancelled our orders for other brands for Tesla," said Yu, who stayed with a group of about 25 protesters at the Tesla Shanghai facility late into Tuesday evening. Analysts have said Tesla's price cuts were almost certain to boost China sales, which tumbled in December, and force other EV makers to cut prices too.

☆ Alibaba signs cooperation agreement with authorities in China's Hangzhou -media
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Jan 10 (Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd (9988.HK) has signed a cooperation agreement with the government of Hangzhou, the city where the company is headquartered, local media reported on Tuesday. China's internet giants have been in the crosshairs of Chinese regulators for the past two years, but authorities have in recent months given increasing signs that relations between the government and China's tech sector will thaw, which would bode well for the sector's prospectsThe government-backed Zhejiang Daily reported that at the signing event, local authorities formulated specific measures to help develop the online platform economy. The signing comes just two days after Ant Group Co Ltd (688688.SS), the finance company long affiliated with Alibaba, announced Jack Ma had ceded control of the company. The announcemnt caused shares of Alibaba and other Ant Group affiliated companies to soar, as investors interpreted the move as possible cap to a years-long regulatory crackdown on the Chinese tech industry read moreOn Monday, Guo Shuqing, Communist party chief of the People's Bank of China, was quoted by state broadcaster CCTV as saying that rectification of the financial business of 14 online platform companies has been "basically completed," though he did not name any companies. read moreReporting by Josh Horwitz; Editing by Kirsten Donovan and Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

HONG KONG, Jan 9 (Reuters Breakingviews) - Jack Ma is leading China’s consumer internet out of the sin bin. After his fintech champion Ant said its founder will cede control, shares in affiliate Alibaba (9988.HK), rose 7% in Hong Kong on Monday morning. The company on Saturday announced that Ma's 50%-plus voting stake will be whittled down to roughly 6%, and a fifth independent director will join the board. Follow @mak_robyn on TwitterloadingCONTEXT NEWSChinese financial technology company Ant on Jan. 7 announced its founder Jack Ma will give up majority control of the company as part of a broader "corporate governance optimization". Ma held more than 50% of voting rights in Ant via his investment vehicle, Hangzhou Yunbo, which effectively controlled two other entities that owned a combined 53.46% stake in Ant.

☆ Jack Ma to relinquish control of Ant Group
▼ + stars: | 2023-01-07 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Jan 7 (Reuters) - Ant Group's founder Jack Ma will no longer control the Chinese fintech giant after the firm's shareholders agreed to implement a series of adjustments that will see him give up most of his voting rights, the group said on Saturday. Hangzhou Yunbo, an investment vehicle for Ma, had control over two other entities that own a combined 50.5% stake of Ant, the prospectus showed. Ant said that Ma and nine of its other major shareholders had agreed to no longer act in concert when exercising their voting rights, and would only vote independently. Ma previously possessed more than 50% of voting rights at Ant but the changes will mean that his share falls to 6.2%, according to Reuters calculations. "As a result, there will no longer be a situation where a direct or indirect shareholder will have sole or joint control over Ant Group," it said in its statement.

CNN —Chinese billionaire Jack Ma will no longer control Ant Group after the fintech giant’s shareholders agreed to reshape its shareholding structure, according to a statement released by the company on Saturday. After the adjustment, Ma’s voting rights will fall to 6.2%, according to the statement and CNN calculations. Before the restructure, Ma held 50.52% of voting rights at Ant via Hangzhou Yunbo and two other entities, according to its IPO prospectus filed with stock exchanges in 2020. As part of the company’s restructuring, Ant applied for an expansion of its registered capital from $1.2 billion to $2.7 billion. Ant Group is a fintech affiliate of Alibaba, both of which were founded by Ma.

☆ Ant Group founder Jack Ma to give up control in key revamp
▼ + stars: | 2023-01-07 | by ( ) www.cnbc.com time to read: +3 min

Alibaba founder Jack Ma attends the 5th World Zhejiang Entrepreneurs Convention at Hangzhou International Expo Centre on November 13, 2019 in Hangzhou, Zhejiang Province of China. Ant Group's founder Jack Ma will give up control of the Chinese fintech giant in an overhaul that seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago. China's domestic A-share market requires companies to wait three years after a change in control to list. Hangzhou Yunbo, an investment vehicle for Ma, had control over two other entities that own a combined 50.5% stake of Ant, the prospectus showed. "At least Ant investors can (now) have some timetable for an exit after a long period of uncertainty," said Clark, who is also an author of a book on Alibaba and Ma.

☆ Jack Ma's Alibaba, China tech giants are making a comeback post zero Covid
▼ + stars: | 2023-01-05 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Chinese tech giants are witnessing a dream start to the year. US-listed shares of Chinese e-commerce firms Alibaba (BABA), JD.com (JD) and Pinduoduo (PDD) added $53 billion to their combined market value on Wednesday. The surge comes as investors are feeling optimistic that Chinese regulators will go easy on tech firms this year and also introduce measures to boost growth in the industry. The change in sentiment comes after Jack Ma’s Ant Group won a key approval for capital expansion. Chinese tech companies have faced a sweeping regulatory crackdown since late 2020, which drove investors away.

☆ Tom Zhu: Elon Musk’s right-hand man at Tesla
▼ + stars: | 2023-01-04 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Tesla’s China chief has reportedly been given a big promotion. Tom Zhu, Tesla's executive in charge of China, speaks as a new Tesla experience store opens near West Lake on August 18, 2015 in Hangzhou, China. Zhu joined Tesla in 2014 and has been described as “pragmatic,” “industrious” and “a workaholic” by the Chinese media. Aerial view of Tesla Shanghai Gigafactory at Lingang New Area on July 11, 2021 in Shanghai, China. Tesla’s China successZhu’s reported promotion came after an impressive performance by Tesla’s China operations.

☆ Ant gets approval to expand its consumer finance business
▼ + stars: | 2023-01-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Ant Group's consumer finance unit has received approval to more than double its registered capital, a sign of progress in resolving regulators' concerns. Since the abrupt suspension of its massive IPO in late 2020, Ant has been working with Chinese regulators to restructure its business. Ant launched its consumer finance company in 2021 as part of the restructuring. On Friday, the China Banking and Insurance Regulatory Commission said it approved Ant's request to increase the amount of registered capital for the consumer unit, to 18.5 billion yuan from 8 billion yuan. Ant will still hold a 50% stake in the consumer finance company, according to the announcement.

☆ Tesla makes China boss Tom Zhu its highest-profile executive after Elon Musk
▼ + stars: | 2023-01-03 | by ( ) www.cnbc.com time to read: +4 min

In this article TSLA Follow your favorite stocks CREATE FREE ACCOUNTTom Zhu Xiaotong, Tesla's current executive in charge of China, speaks as a new Tesla experience store opens on Aug. 18, 2015 in Hangzhou, China. The move makes Zhu the highest-profile executive at Tesla after Chief Executive Elon Musk, with direct oversight for deliveries in all of its major markets and operations of its key production hubs. Under Zhu, Tesla's Shanghai plant rebounded strongly from Covid lockdowns in China. Tesla country managers in China, Japan, Australia and New Zealand continued to report to Zhu, the notice showed. Zhu, who was born in China but now holds a New Zealand passport, joined Tesla in 2014.

☆ China Dec factory activity extends declines on COVID infections - Caixin PMI
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +3 min

[1/2] A worker polishes a bicycle steel rim at a factory manufacturing sports equipment in Hangzhou, Zhejiang province, China September 2, 2019. The Caixin/Markit manufacturing purchasing managers' index (PMI) fell to 49.0 in December from 49.4 in November. China's larger official PMI survey on Saturday showed a much sharper decline, with the activity index falling to a near three-year low. The figures provide a snapshot of the challenges faced by Chinese manufacturers who now have to contend with surging infections after the country's abrupt COVID policy U-turn in early December. Chinese leaders have pledged to step up policy adjustments to cushion the impact on businesses and consumers of a surge in COVID infections at a time when a weakening global economy is hurting exports.

☆ As China abandons zero-Covid, what will the economy look like in 2023?
▼ + stars: | 2022-12-29 | by ( Laura He | ) edition.cnn.com time to read: +6 min

And with the global economy now facing significant challenges, including energy shortages, slowing growth and high inflation, China’s reopening could provide a much-needed and timely boost. China’s historic property downturn and a potential global recession could also cause more headaches in the new year, they added. They expect China’s economy to contract by 0.8% in the first quarter of 2023, before rebounding in the second quarter. Trade had powered much of China’s economic growth earlier this year, as exports were boosted by rising prices of the country’s goods and a weaker currency. “But a looming global recession means they probably have further to fall over the next few quarters.”

Nanjing, a historic city in eastern China, vowed to ensure daily supplies of fever medicines. The rapid spread of the virus across China has left many pharmacies sold out of medication to treat COVID-19. A major Chinese pharmaceutical company said this week that it expects the shortage of fever medicines to ease soon as manufacturers ramp up production. The Haikou-based drug manufacturer said there was a “short-term” shortage of its fever and cold medicines mostly due to hoarding. Tech giant Tencent announced this week that it had rolled out a program via its social messaging app Wechat allowing people to share surplus fever medicines.

HONG KONG, Dec 21 (Reuters Breakingviews) - China has become a headache for Western executives. The good news is that the dilemma need not require drastic action from U.S. and European chief executives, since local Chinese partners could solve the problem by relocating themselves. Foreign executives have had a hard time dealing with China’s zero-Covid policy, rising labour costs and U.S. tariffs. On the other hand, existing economic interests plus Beijing’s renewed push to attract foreign investment both argue for staying put. But if Chinese suppliers now start boosting foreign investment to keep hold of key customers, the government may have little choice but to give its blessing.

☆ China's cities battle first wave of COVID surge as wider spread looms
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: +4 min

China is currently in the first of an expected three waves of COVID cases this winter, according to the country's chief epidemiologist, Wu Zunyou. China reported some 2,097 new symptomatic COVID infections on Dec. 17. In Beijing, the spread of the highly transmissible Omicron variant has already hit services from catering to parcel deliveries. A third wave of cases would run from late February to mid-March as people returned to work after the holiday, Wu said. He said those in the community that are vulnerable should be protected, while recommending booster vaccines for the general public.

Hong Kong CNN —James Cameron’s “Avatar: The Way of Water” has premiered in China, 13 years after the original film took the country by storm. A poster of film 'Avatar: The Way of Water' is seen at a cinema on December 11, 2022 in Beijing, China. I immersed myself in the plot and enjoyed an unprecedented audio-visual feast.”Shot in the armThe “Way of Water” is expected to buoy China’s pandemic-depressed box office. By mid-December, China’s box office reached only 28.8 billion yuan ($4.1 billion), down nearly 40% from last year. The “Way of Water” accounted for 80% of screenings scheduled for Friday, the Maoyan data showed.

☆ As China seeks to live with the virus, COVID-control industries face decline
▼ + stars: | 2022-12-16 | by ( Eduardo Baptista | ) www.reuters.com time to read: +4 min

[1/2] Workers in protective suits wait for people at a nucleic acid testing site, as the coronavirus disease (COVID-19) outbreak continues, in Shanghai, China, December 9, 2022. A day later though, the 43-year-old lost her job as one of the city's many hazmat-suited COVID swab testers. The industries had become big business over the course of the pandemic and are huge employers even if precise statistics are hard to come by. It remains to be seen just how painful China's dismantling of its COVID-control infrastructure will be for companies and their staff. ($1 = 6.9605 Chinese yuan)Reporting by Eduardo Baptista; Editing by Brenda Goh and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ Blizzard tells China’s ‘World of Warcraft’ fans to back up data as it seeks new partner
▼ + stars: | 2022-12-14 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —“World of Warcraft” fans in China will have to back up their playing history as the distributor of the hit game winds down its agreement with Blizzard Entertainment. Blizzard, a unit of Activision Blizzard (ATVI), and its longtime Chinese partner, gaming giant NetEase (NTES), said last month they would not renew licensing agreements that are set to expire in January. Those deals had covered the publication of several popular Blizzard titles in mainland China, including “World of Warcraft,” “Hearthstone,” and “Diablo III,” since 2008. NetEase told fans last month that their “World of Warcraft” data would be “sealed” after servers for the game are shut down in January. Collaboration on “Diablo Immortal” is under a separate agreement that will continue, NetEase said in a November statement.

In this article BTC.CM=ETH.CM= Follow your favorite stocks CREATE FREE ACCOUNTKris Marszalek, CEO of Crypto.com, speaking at a 2018 Bloomberg event in Hong Kong, China. Paul Yeung | Bloomberg | Getty ImagesKris Marszalek wants everyone to know that his company, Crypto.com, is safe and in good hands. While no evidence has emerged of wrongdoing at Crypto.com, Marszalek's business history is replete with red flags. Over the course of 2008 and 2009, Marszalek and his partner were transferred nearly $3 million in payments from Starline, according to the documents. As a result, when the bank forced Starline into liquidation, Marszalek and his partner were forced into bankruptcy as well.

☆ Morgan Stanley upgrades China stocks as global investors cheer on Covid reopening hopes
▼ + stars: | 2022-12-05 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN Business —Global traders are increasingly feeling more bullish on China, as they bet the country will gradually unwind Covid restrictions following widespread protests. Starting Monday, Shanghai residents will no longer require a negative Covid test result to enter outdoor venues including parks and scenic attractions. “Multiple positive developments alongside a clear path set towards reopening warrant an upgrade and index target increases for China,” its analysts said in a research note on Monday. MSCI China, an index tracking major Chinese stocks available to global investors, will hit the 70 level by the end of 2023, according to Morgan Stanley. The offshore yuan, a key gauge of how international investors think about China, strengthened sharply against the US dollar on Monday.

☆ Global investors cheer on China reopening hopes
▼ + stars: | 2022-12-05 | by ( Laura He | ) edition.cnn.com time to read: +5 min

☆ Oil prices surge as OPEC maintains production cut targets and China's thawing Covid-zero stance sparks hope of demand recovery
▼ + stars: | 2022-12-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Crude oil futures jumped on Monday after OPEC said its oil policy will remain unchanged from October. Prices were also boosted by hopes that China's eyeing an exit from its Covid-zero stance. The production cut is equivalent to about 2% of the world's demand, and is the largest reduction since the outbreak of COVID-19. Back in October, OPEC+ had said that the decision was made "in light of the uncertainty that surrounds the global economic and oil market outlooks." OPEC's decision came two days after the European Union and the G7 agreed on a $60 a barrel price cap for Russian crude oil — a move that creates uncertainty in the oil markets.

Two protesters told Reuters that callers identifying themselves as Beijing police officers asked them to report to a police station on Tuesday with written accounts of their activities on Sunday night. "We are all desperately deleting our chat history," said another person who witnessed the Beijing protest and declined to be identified. Simmering discontent with stringent COVID prevention policies three years into the pandemic ignited into protests in cities thousands of miles apart over the weekend. Officials say the COVID policy has kept the death toll in the thousands, avoiding the millions of deaths elsewhere. In an editorial that did not mention the protests, People's Daily, the Party's official newspaper, urged citizens to "unswervingly implement" COVID policies.

☆ China police out in numbers to prevent more COVID protests
▼ + stars: | 2022-11-29 | by ( Eduardo Baptista | ) www.reuters.com time to read: +4 min

[1/3] Epidemic-prevention workers in protective suits stand guard at a residential compound as outbreaks of coronavirus disease (COVID-19) continue in Beijing, China November 28, 2022. Simmering discontent with COVID prevention policies three years into the pandemic ignited into broader protests in cities thousands of miles apart throughout the weekend. COVID in China keeps spreading despite significant sacrifices made by most of the country's 1.4 billion people to prevent its transmission, adhering to a zero-COVID policy of eradicating all outbreaks that has isolated China from the rest of the world. The lockdowns have exacerbated one of the steepest growth slowdowns China has faced in decades, disrupting global supply chains and roiling financial markets. In Hangzhou, the capital of the eastern Zhejiang province, videos on social media which Reuters could not independently verify showed hundreds of police occupying a large public square on Monday night, preventing people from congregating.

☆ China's stocks, yuan tumble as COVID protests rattle nerves
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +4 min

A U.S. crackdown on Chinese tech giants citing national security concerns also weighed on shares of technology firms. Nevertheless, the social unrest and rising coronavirus cases had fuelled expectations of an earlier end to China's zero-COVID policy, putting a floor under stocks and boosting tourism and consumer shares. "The market does not like uncertainties that are difficult to price and the China protests clearly fall into this category. While state media has not reported the protests, photos and videos of the protests circulated on social media. "The demonstrations ... mean the current COVID policy mix is no longer politically sustainable.

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