British steel nationalization
The U.K. government nationalized British Steel, which was previously controlled by China’s Jingye Group. Jingye said the move was “robbery” and a trampling of the international rule of law, noting that it reserves the right to seek compensation.
Auto industry competition
China’s Ministry of Industry and Information Technology held a meeting with key automakers, urging them to resist irrational competition and strengthen product testing and safety evaluations.
NEWS SUMMARY
Moonshot AI is expected to launch an IPO in Hong Kong in as soon as six months.
Ikea is closing eight stores in China following the closure of seven stores in February.
Contact editor Lin Jinbing (jinbinglin@caixin.com)
