China Evergrande Group said on Tuesday a winding-up petition was filed against it by investment holding firm Top Shine Global in Hong Kong for not fulfilling a financial obligation of HK$862.5 million ($109.91 million), reports Reuters.

On Monday, Reuters reported that Top Shine Global, an investor in Evergrande’s unit Fangchebao (FCB), had filed the petition saying the embattled property developer had not obliged to a deal to repurchase shares it bought in FCB. Top Shine in March last year bought 0.46% of FCB, a Chinese online real estate and automobile marketplace, for HK$750 million.

Evergrande in an exchange filing said it will oppose the petition, adding, it would not impact its offshore debt restructuring plan in works that is slated to be announced before the end of next month.

Germany’s BMW said on Thursday that production has formally begun at a new plant in China with an investment of RMB 15 billion ($2.24 billion) as the carmaker accelerates electric vehicle (EV) production, reports Reuters. The Lydia plant, BMW’s third car assembly facility in China, located in the northeastern city of Shenyang, Liaoning province, will increase BMW’s annual output in the world’s biggest auto market to 830,000 vehicles from 700,000 in 2021, the company said.

The plant is designed to be capable of producing battery-powered electric cars only according to market demand on its flexible manufacturing lines, BMW said.

The first model that will roll off the Lydia plant’s production lines is the i3, a pure electric mid-sized sports sedan, BMW said, increasing the range of its EV models for Chinese customers to 13 next year.

Alipay, the mobile and online payments service operated by Ant Group, is the most trusted brand in mainland China, according to a survey published on Wednesday by US-based global decision intelligence company Morning Consult, reports the South China Morning Post.

More than half, or 53%, of consumers surveyed in China said they use Alipay daily, according to Morning Consult. The survey found that the proportion of Alipay users is larger among young people, 55% of millennials and 61% of Gen Z consumers.

The Alipay app, which has about 1.2 billion users globally, is one of the most widely used digital wallets in China. Alipay and rival payments service WeChat Pay, operated by Tencent Holdings, have a combined market share of more than 90% in the world’s second-largest economy, where the impetus has been to establish a cashless society.

China’s new registrations for companies have fallen sharply in recent months, a sign of how the country’s coronavirus lockdowns could have long-term implications for economic growth, reports Bloomberg.

Some 2.3 million businesses were registered nationwide from March through May, down 8% from the same period a year earlier, according to data from Chinese company registration service Tianyancha. April saw the steepest drop at close to 19%.

In Shanghai, where restrictions began in March and eventually led to a citywide lockdown, the number of registered companies plunged 63% in the three-month period to fewer than 49,000, according to the Tianyancha data.

Didi Global will trade on the New York Stock Exchange for the last time on Friday, ending a wild 11-month ride on the prestigious US market while leaving investors in the lurch about its future direction, reports Nikkei Asia. Didi shareholders voted overwhelmingly to back the company’s delisting plan on May 23 after the ride-hailing group said that Beijing officials had made clear that they would not lift a ban on adding new customers unless Didi first left the NYSE.

Until now, the company has not notified shareholders of its NYSE exit date. However, two persons briefed on Didi’s plans told Nikkei Asia that the ride-hailing group would trade only until Friday.

It remains unclear when Beijing will again allow Didi to sign up clients and bring its apps back to popular app stores.