The Chinese government has plans to set up a state pension company with registered capital of RMB 11.15 billion ($1.72 billion), according to Reuters. The move comes as the world’s most populous nation seeks to increase funds for its citizen’s retirement. China is wooing booth public and private sector involvement as it tweaks its $1.2 […]
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Chinese auto maker Geely warned of a possible short-term drop in performance due to the global chip shortage and the resurgence of Covid-19 cases, reports Reuters. Despite the warning, the company maintained its annual sales target, betting on new product launches. The company’s upbeat forecast and a strong first-half revenue growth helped send shares of the […]
Heavily indebted Evergrande is on track to face a record number of legal challenges in Chinese courts this year, reports the FT. An increasing amount of disputes with contractors is piling pressure on the struggling developer’s attempts to reduce its more than $100 billion in debts. Figures from Tianyancha, a data provider, showed that Evergrande […]
Baidu announced that it began mass-producing second-generation Kunlun Artificial Intelligence (AI) chips, as the Chinese tech giant fights to become a key player in the chip industry, reports Reuters. The new generation of Kunlun AI chips, using 7nm process technology, achieved a top computational capability two-to-three times the previous generation, Baidu said in a statement. […]
The Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler, has told SEC staff to “pause” the initial public offerings (IPOs) of shell companies that are commonly used by Chinese firms to list in the country, reports Caixin. In a video posted on his Twitter account Monday, Gensler said that he has asked SEC […]