Some of the heavily-indebted China Evergrande Group’s bondholders received a late interest payment just before the expiry of a grace period, giving the debt-stricken developer more time as it seeks to raise funds through asset sales, reports Bloomberg. Several holders of the 9.5% dollar note maturing in 2024 received notification they had been paid on Thursday, people with […]
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Chinese EV battery-maker Contemporary Amperex Technology (CATL) announced a rise of about 130% in both revenue and profit amid skyrocketing demand for their products in the world’s largest auto market, reports Caixin. In the three months through September, the company’s net profit attributable to ordinary shareholders totaled RMB 3.3 billion ($515.8 million) on revenues of […]
The US Senate has voted unanimously to green-light legislation to prevent businesses such as Huawei and ZTE from being given new equipment licenses from US regulators as they are seen as security threats, reports Reuters. The Secure Equipment Act, the latest effort by the US government to clamp down on Chinese telecom and tech firms, was approved […]
Chinese fund managers have added new-energy, pharmaceuticals and small liquor distillers to their portfolios during the third quarter, while reducing holdings in large tech companies and those related to the property sector, reports the South China Morning Post. Sungrow Power Supply, WuXi AppTec and Shanxi Xinghuacun Fen Wine Factory were among fund managers’ biggest increases […]
Probably the most significant event of the past week, for the longer term, was China’s test of a hypersonic missile that apparently has the ability to defeat any existing US defense system. The missile itself is of little interest in that, like the nuclear weapons of the Cold War era, they are unusable. To launch one guarantees a […]