Saudi Arabia’s largest power producer, ACWA Power, is intensifying its expansion into China’s renewable energy sector, with plans to boost capacity to more than 30 gigawatts and grow assets worth to more than $50 billion by 2030, according to its China head, reports Caixin. “China is critical for us,” said Saleh Al Khabti, ACWA Power’s […]
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China will work with all parties in the Shanghai Cooperation Organisation to take the regional security forum to a new level, Chinese leader Xi Jinping said on Monday, unveiling his ambition for a new global security order that poses a challenge to the US, reports Reuters. The Shanghai Cooperation Organisation has set a model for […]
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Huawei H1 profit drops 32%
Huawei Technologies saw a nearly one-third decline in profit in the first half of the year, despite reclaiming the throne in China’s smartphone market, according to a filing from its shareholding entity Huawei Investment & Holding, reports the South China Morning Post. Net profit during the period fell 32% year on year to RMB 37.2 billion […]
Chinese electric vehicle (EV) makers Leapmotor and Xpeng reported record sales last month, spurred by the popularity of their inexpensive cars, as a price war faded following Beijing’s intervention to cool the market, reports the South China Morning Post. After EV builders held back on discounts and interest-free loans to comply with Beijing’s call to […]
Hong Kong Exchanges and Clearing (HKEX), which recently reclaimed the crown as the world’s largest market for new listings, announced new rules on Friday to reduce the public float requirement for initial public offerings (IPOs), reports the South China Morning Post. The new rules lower the barrier to raise capital for companies that are already […]