U.K. sanctions Chinese firms over Russia ties
The British government announced its most severe economic sanctions against Russia to date, targeting its oil companies and tanker fleet. The list includes Chinese companies. China expressed firm opposition, has lodged representations with the U.K. and urged it to lift the sanctions, stating that it will resolutely counter any actions that harm its interests.
Chinese scientists claim breakthrough in solid-state batteries
Chinese scientists have successfully overcome a key hurdle in all-solid-state metal lithium batteries, potentially leading to a major breakthrough in battery endurance. A 100-kilogram battery, which previously supported a maximum range of 500 kilometers, is now expected to break the 1,000-kilometer ceiling.
Indonesia confirms purchase of Chinese J-10 fighter jets
On Oct. 15 local time, Indonesian Defense Minister Sjafrie Sjamsoeddin confirmed that the country will purchase J-10 fighter jets from China.
TSMC’s third-quarter profit soars
Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) on Oct. 16 reported third-quarter results that beat expectations, with revenue rising 30.3% year-on-year and net profit surging 39.1%. To meet strong AI-driven demand, the chip giant raised its full-year capital expenditure forecast.
Meituan warns food delivery war creates bubble
A fierce price war in China’s food delivery industry is inflating an unsustainable bubble, according to a top executive at Meituan, who cautioned that using subsidies to trade discounts for volume may offer only short-lived gains.
Yunji Technology jumps on Hong Kong debut
Hotel robotics company Beijing Yunji Technology Co. Ltd. closed up 26% on its trading debut in Hong Kong on Oct. 16, giving it a market capitalization of about HK$8.3 billion. The company raised about HK$660 million in its IPO.
CCB pledges over 5 trillion yuan for manufacturing
China Construction Bank Corp. (CCB) plans to increase its outstanding financing for the manufacturing sector to more than 5 trillion yuan ($688 billion) over the next three years, joining a national effort to advance new industrialization.
Hong Kong crypto firm’s stock halted by SEC
The U.S. Securities and Exchange Commission (SEC) has suspended trading in a Nasdaq-listed company with Hong Kong operations, after its stock price skyrocketed on a dubious plan to buy $100 million in cryptocurrency. The company’s Hong Kong office has been deserted, Caixin found this week.
NEWS SUMMARY
China recorded 178 million cross-border trips in the third quarter, with visa-free entries by foreigners increasing by 48.3% year-on-year, the National Immigration Administration said.
JD.com Inc. is expanding its automotive business by forming alliances with automakers including GAC and Chongqing Changan.
Apple Inc. released new MacBooks and other hardware featuring new chips to compete in the artificial intelligence PC market.
ASML explained its strong sales in the Chinese market, projecting a return to normal levels by 2026.
ByteDance Ltd. launched a new version of its Doubao model, with daily API calls nearly doubling in four months.
