China’s top auditor has accused one of the country’s biggest state-owned banks of exploiting investment fund structures to evade billions of RMB in taxes, reports the South China Morning Post. This comes as Beijing steps up efforts to strengthen financial compliance. Bank of China evaded RMB 2.37 billion yuan ($348 million) in taxes by misusing preferential treatment […]
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Talks to sell a controlling stake in Evergrande Property Services have collapsed after liquidators of its bankrupt parent, China Evergrande Group, failed to reach a formal agreement with a prospective buyer, reports Caixin. The property-management firm announced the termination of negotiations midday Thursday, sending its Hong Kong-listed shares down 23.5% to close at HK$0.78 ($0.1). The […]
Polestar said on Thursday the Trump administration was forcing the electric-vehicle maker to stop selling vehicles in the United States beginning in the 2027 model year, reports Reuters. This comes as Washington ramps up its crackdown on Chinese vehicles. The US Commerce Department did not grant Polestar authorization to sell cars under the Connected Vehicles Rule, which […]
Chinese battery maker Hithium Energy Storage Technology is prioritizing localized partnerships and strategic regional manufacturing hubs to drive its overseas expansion, reports Caixin. Speaking at the Summer Davos forum in Dalian, Hithium chairman Wu Zuyu said Chinese companies should learn from the Japanese, South Korean, German and US firms that successfully traded technology for market access […]
Trip.com Group, China’s largest online travel agency, says it expects second-quarter revenue growth to be the slowest in more than three years and warns of a “significant fine” from an ongoing antitrust probe by the country’s top market regulator, reports the South China Morning Post. The company reported on Thursday that first-quarter revenue rose 17% to RMB […]