AsianFin-staff
AsianFin Writer
850 articles
Minister Says Canada Weighs Tariff Hike on Chinese EVs following US
Canada now imposes a tariff of about 6% on Chinese vehicles. The White House earlier this week announced the tariff rate on Chinese EVs under Section 301 will increase to 100%, quadrupling the current tariff of 25%.
13 hours ago
Fangdd Shares Skyrocket 321% over China's Forceful Measures to Shore up Property Sector
China cancels the floor level of commercial mortgage rates for first and second homes, lower the minimum down payment ratios for housing mortgages, and establish a RMB300 billion facility to support the government-subsidized housing project. Local state-owned enterprises are encouraged to use the funds to buy reasonably-priced commercial homes.
13 hours ago
Baidu Q1 Net Income Surges 22% as AI Cloud Drives Marketing Despite Sales Slowdown
Baidu Core's online marketing revenue remained stable, while the end-to-end optimization of our AI technology stack continued to propel the growth of our AI Cloud revenue during the quarter, said Baidu CEO Robin Li.
14 hours ago
JD.com Q1 Net Income Beat Estimates with 14% Growth as Logistics Unit Reports Turnaround
JD Logistics reported its best ever net income in the first quarter of RMB238 billion, reversing loss of RMB1.12 billion the same period of 2023.
Yesterday
Alibaba Shares Jump 7% after Short Seller Citron Eyes Over 20% Surge, Bullish on AI Cloud
Alibaba earlier this week just reported its core public cloud offerings recorded double-digit year-over-year growth in revenue, and AI-related revenue increased triple-digit.
Yesterday
Tencent Vows to Double down Repurchase as Q1 Net Income Soars 54%
Revenue from online advertising gained 26% year-over-year due to increased engagement and ongoing enhancement of AI-powered ad infrastructure. The stellar growth of ad offset a 0.9% decline in game and social network business.
May. 15, 2024
US Treasury Secretary Yellen Hopes China React Rationally to New Tariffs on Key Sectors
“I don't believe that American consumers will see any meaningful increase in the prices that they face,” Yellen replied when asked about whether American consumers will bear the cost of the tariffs.
May. 15, 2024
Alibaba Shares Fall 6% after Q4 Profit Plunges despite Overseas Commerce Surge
Alibaba's revenue increased 7% year-over-year, beating analysts' estimates, and revenue from Alibaba International Digital Commerce surged 45% in the quarter ended March.
May. 14, 2024
China Pledges to Take Resolute Measures after US Hikes Tariffs on EV and Other Strategic Sectors
The US President Biden directs sharp increases in tariffs across strategic sectors such as semiconductors and impose new tariffs on cranes and medical products. The tariff rate on EVs under Section 301 will increase to 100%, quadrupling the current tariff of 25%.
May. 14, 2024
Shein Could Change IPO Venue to UK amid Ongoing US Listing Hurdles
The US IPO plan is still on the table, but Shein has started explore a listing on the London Stock Exchange with its financial and legal advisors early this year, and could file for a UK IPO as early as this month.
May. 13, 2024
China to Kick off 1 Trillion-Yuan Ultra-Long Treasury Bond Issuance to Boost Economy This Week
The ultra long-term special government bonds will help shore up the investment and consumption at the moment and lay the foundation for long-term high-quality development, said head of the National Development and Reform Commission (NDRC).
May. 13, 2024
Zeekr Shares Jump 35% in US Debut Despite Upcoming Elevated Tariffs on Chinese EVs
With an offer price at the top of a marketed range, Zeekr raised US$441 million, creating the biggest U.S. IPO by a China-based company since Didi Global Inc.'s in June 2021.
May. 10, 2024
EU Could Soon Shoot Itself in the Foot: BMW CEO Warns Against Tariffs on Chinese EVs
BMW CEO said introducing customs duties will harm the German industry much more than the other way around and undo EU's green deal. Volkswagen said tariffs generally carried retaliation risk.
May. 10, 2024
China Vows to Defend Itself with All Necessary Measures as New Tariffs on EVs and Other Key Sectors Loom
Reports said US will announce next Tuesday it will maintain existing tariffs on many Chinese goods under Trump, but will raise tariffs on EVs and medical supplies and add new tariffs to semiconductors and solar equipment.
May. 10, 2024
Geely's EV Maker Zeekr Said to Debut with Biggest Chinese US IPO since 2021
Based on the reported offer price, Zeekr will sell 17.5 million American depositary shares to raise $441 million, and command a market value of $5.1 billion.
May. 9, 2024
China May Greenlight Tesla's Robotaxi Test in the Country after Musk's Visit
Chinese officials told Musk that China hopes Tesla's test to "set a good example", but authorities didn't immediately approve its widespread use of FSD functions, China Daily reported.
May. 9, 2024
iPhone Shipments in China Rise 12% in March following a 37% Plunge in Previous Two Months
Apple CEO Tim Cook last week said it may come as a surprise to some people, but iPhone sales grew in China for the quarter ended March.
May. 8, 2024
Intel Lowers Q2 Revenue Guidance after US Revokes Some Licenses for Exports to China
Intel said the US Department of Commerce revoked certain licenses for exports of consumer-related items to a customer in China. Qualcomm said one of its export licenses for Huawei had been revoked.
May. 8, 2024
Tesla SVP Tom Zhu Said to Return to China after Musk's Surprising Visit in Bid to Boost Sales
Some Tesla employees refer to Zhu internally as the fireman for his ability to trouble shoot issues and meet high targets.
May. 8, 2024
US Said to Revoke Some Licenses for Chip Exports to Huawei
The US House Foreign Affairs Committee Chairman said the revocation, which blocks any chips sold to Huawei, is key to preventing China from developing advanced AI.
May. 7, 2024
TikTok Sues US for "Unconstitutional" Bill that Forces ByteDance Sale
TikTok seeks a court order to prevent the US government from enforcing the act that will“force a shutdown of TikTok by January 19, 2025, silencing the 170 million Americans who use the platform to communicate in ways that cannot be replicated elsewhere.”
May. 7, 2024
Xi Denies China's Overcapacity as EU Commission Head Signals Use of All Tools to Target Subsidized Chinese EVs in Europe
Chinese President Xi Jinping said China's new energy industry represents advanced production capacity, while the European Commission President Ursula von der Leyen said heavily subsidized Chinese products like electric vehicles (EVs) and steel are flooding Europe.
May. 6, 2024
Li Auto Shares Jump Over 6% after New EV Model L6 Orders Top 40,000
Li Auto said it accumulated more than 41,000 orders of L6 cars as of May 5 since its launch after it posted orders Saturday that orders reached 30,000 units.
May. 6, 2024
Apple Shares Surge Most Since 2020 after Q2 Sales in China Beat
Sales in Greater China fell 8% year-over-year in the fiscal second quarter ended March, still topped estimated decrease of 11%. Apple CFO Maestri the company saw growth in mainland China during the quarter. Apple CEO Cook said iPhone sales grew in China that quarter.
May. 3, 2024
China Firmly Opposes New US Sanctions on Chinese Firms in the Name of Support for Russia
20 companies based in mainland China and Hong Kong being sanctioned by the US government are accused of enabling Russia to acquire desperately needed technology and equipment from abroad.
May. 3, 2024
Starbucks Posts Stunning Q2 Earnings Miss as Sales in China Plunge 11%
Starbucks' global same-store sales surprisingly fell for the first time since 2020 with a year-over-year decline of 4%. CEO said many customers have been more exacting about where and how they choose to spend their money.
May. 2, 2024
Renault In Talks to Work with Li Auto and Xiaomi on EV Tech
Renault is the third leading Europe-based auto manufacturers which is seeking partnership with Chinese EV makers in less than a year.
May. 2, 2024
Nio Shares Soar Over 10% as Doubled Delivery in April Outperforms EV Peers Li Auto and Xpeng
None of Chinese EV companies posted more-than-doubled increases in their deliveries in April but Nio. BYD sales that month rose 49% year-over-year, while Li Auto and Xpeng's deliveries up 0.3% and 33%, respectively.
May. 1, 2024
Huawei Q1 Profit Leaps Over Sixfold as Smartphone Shipments Regain Top Spot in China
Huawei returned to the top spot after 13 quarters, shipping 11.7 million smartphones and capturing a 17% market share in Q1, Canalys said, attributing it to an enthusiastic market response to its Mate and nova series，
May. 1, 2024
Huwei Consumer Business Leader Yu Chengdong May Focus on Auto Unit after Leaving CEO Role
To leave the CEO role doesn't mean Yu's power is limited since he is still the top leader of Huawei Consumer Business Group with a role of chairman. Yu was said to have not been in charge of front line smartphone business since the second half of last year.
Apr. 30, 2024
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