China’s Hua Hong Group has developed advanced chip manufacturing technologies that can be used to produce artificial intelligence chips, reports Reuters, citing four people familiar with the matter. Such a move would mark a major milestone in Beijing’s efforts to boost tech self-sufficiency. The group’s contract chipmaking business, Huali Microelectronics, is readying a 7-nanometre (nm) chipmaking process […]
Category: Brief
Chinese household borrowing posted a record drop in February, reports Caixin. Household loans fell by RMB 650.7 billion ($94 billion) during the month, the largest contraction on record, according to data released Friday by the People’s Bank of China. Total social financing (TSF)—a broad measure of credit and liquidity in the economy—increased by RMB2.38 trillion in […]
Chinese e‑commerce giant JD.com has launched its Joybuy online marketplace in the UK, Germany, France, the Netherlands, Belgium and Luxembourg, reports Reuters. The move sees the company stepping up its push beyond its home market and taking aim at market leader Amazon. JD.com wants to internationalize its business and last year agreed to buy German electronics retailer Ceconomy, owner […]
Bubble tea producer Mixue is planning to build a theme park at its headquarters in Zhengzhou, the capital of central China’s Henan province, reports the South China Morning Post. The park will be based on its Snow King mascot, a singing snowman that has become one of Chinese retailing’s most recognisable intellectual properties (IPs), and offer […]
US fashion brand Guess has told customers it will close all its stores in mainland China by the end of March, reports the South China Morning Post. The move comes as analysts cite weak localization and strategy gaps. In late February, Guess informed customers via text messages that it would close all its online and offline […]