Chinese telecoms giant Xiaomi has had $478 million in deposits in local bank accounts frozen by Indian tax officials in February. The action comes as part of an investigation into alleged tax evasion, reports Reuters. The fund freeze by tax authorities is in addition to another legal tussle Chinese smartphone giant Xiaomi faces where it […]
Category: Tech, Media & Telecom
AliExpress Russia, the e-commerce joint venture between Alibaba Group Holding and three Russian partners, including Mail.ru Group, has begun a wave of lay-offs, according to a Russian news report, as Chinese tech companies scale back their operations in the country after the invasion of Ukraine, reports the South China Morning Post. The job cuts, which […]
Key iPhone assembler Foxconn said it will be able to maintain its revenue levels this year despite the monthlong COVID lockdowns in China that have thrown supply chains into turmoil, reports Nikkei Asia. The Taiwanese company reported record quarterly revenue for January-March on Thursday, with Foxconn Chairman Young Liu telling investors that the company has […]
JD Technology, the fintech arm of Chinese e-commerce company JD.Com, has been forced to delay an up to $2 billion Hong Kong IPO because domestic regulatory approval for the listing has not been forthcoming, said four people with knowledge of the matter, reports Reuters. The financial technology, cloud and artificial intelligence arm of JD.Com applied […]
China’s overall vehicle sales for April plunged almost 48% from a year earlier as COVID-19 lockdowns hit factories and showrooms, but sales of electric vehicles surged and Chinese brands took share from global rivals, reports Nikkei Asia. The monthly sales volume was the lowest for the month in a decade, underscoring the economic toll of […]