China Economic ReviewShanghai Spacecom Satellite Technology, a space tech startup backed by the Shanghai municipal government, has raised RMB 6.7 billion ($943 million) to fund the construction of a low-orbit satellite constellation that will provide broadband access to the internet, reports Caixin. The Series A funding round was led by Shanghai Alliance Investment, an investment fund backed […]
Volvo Cars said on Thursday it would stop funding Polestar Automotive Holding and was handing responsibility for the struggling luxury car brand over to Volvo’s top shareholder China’s Geely Holding, reports Reuters. The announcement sent the Swedish automaker’s stock up more than 30% at market open. The heavy involvement by Swedish-listed Volvo Cars in Polestar, […]
Ant Group and the Shanghai municipal government have struck a partnership that would see the two parties deepen their collaboration in fields such as blockchain and artificial intelligence (AI), reports the South China Morning Post. Under the partnership, Ant Group, the fintech affiliate of Alibaba Group Holding, will “actively participate in building [an] artificial intelligence […]
China’s local governments spent a record RMB 1.23 trillion ($174 billion) on bond interest payments last year, up nearly 10% from 2022, official data showed Tuesday, reports Caixin. Outstanding local government debt has also been steadily climbing over the past few years, reaching RMB 40.74 trillion by the end of 2023—a 16% year-on-year increase, according […]
Computer networking company Netgear, has sued Huawei in California federal court, claiming the Chinese tech giant broke US antitrust law by refusing to license its patents on reasonable terms, reports Reuters. The complaint, filed late on Tuesday, also accused Huawei of fraud, racketeering and other offenses for allegedly withholding patent licenses for technology that Netgear’s routers […]