Chairman of China First Heavy Industries arrested for bribery
Lu Wenjun, chairman of China First Heavy Industries Co. Ltd. (601106.SH), has been arrested on suspicion of bribery, the state-owned equipment manufacturer announced Tuesday. Lu was previously placed under investigation for “serious violations of discipline and law.” He is the company’s legal representative. The company said its production and operations remain normal, with director Zhang Wenping serving as acting chairman and legal representative in the interim.
China’s ‘new three’ product exports rise in October
Exports of China’s so-called “new three” high-tech green products surged in October, defying a broader decline in the nation’s foreign trade weighed down by slumping shipments of traditional consumer goods. Exports of lithium-ion batteries, solar cells and new-energy vehicles rose 32.4% from a year earlier to $16.7 billion, according to data released Tuesday by the General Administration of Customs. That came in stark contrast to a 1.1% drop in total exports measured in dollar terms.
CNPC launches new power company
China National Petroleum Corp. (CNPC) on Monday launched a new power unit in Beijing. Dai Houliang, chairman of CNPC, said the new company will integrate the group’s internal power generation and consumption resources to build an integrated energy supply system. Dai emphasized that the move is a key strategic measure to develop new energy businesses and extend the power product value chain.
Three cross-provincial power projects approved
China has approved the construction of three new cross-provincial power interchange projects linking Hunan with Guizhou, Hunan with Guangdong and Chongqing with Guizhou, state broadcaster CCTV reported Tuesday. The projects, which will have a combined maximum transmission capacity of 9,000 megawatts, are scheduled for completion before the summer peak demand period in 2027.
China’s agricultural drone makers pivot to smarter navigation
China’s top agricultural drone manufacturers are recalibrating their approach, halting the decades-long arms race of ever-bigger machines to focus instead on smarter navigation systems. Leading players DJI Agriculture, a unit of SZ DJI Technology Co. Ltd. and Guangzhou Xaircraft Technology Co. Ltd. both recently rolled out new flagship drones with unchanged maximum takeoff weights of 149.9 kilograms — matching their 2024 predecessors. It’s the first time industry leaders have not pushed the weight boundary upward, marking a notable departure from the traditional “bigger is better” philosophy in agricultural drone design.
GAC appoints new general manager
Guangzhou Automobile Group Co. Ltd. (GAC) has appointed Xia Xianqing as its new general manager, completing a wider management reshuffle at the state-owned automaker that separates the top executive role from the chairman’s position. The appointment, announced on Sunday, means chairman Feng Xingya is no longer concurrently serving as general manager. Xia, born in 1973, was promoted from deputy general manager.
Aion launches first EREV model
GAC’s new-energy vehicle (NEV) division has unveiled its first extended-range electric vehicle (EREV) as it makes a strategic push into the hybrid segment with a competitively priced sedan. GAC Aion on Sunday launched the Aion i60, which is available in both all-electric and EREV variants. The EREV model, priced from 104,800 yuan ($14,761), is designed to compete directly with established players including BYD Co. Ltd. and Geely Automobile Holdings Ltd. in the increasingly crowded plug-in hybrid segment.
Global power grid bottleneck highlighted at COP30
At the 30th U.N. Climate Change Conference (COP30), participants highlighted the critical importance of power infrastructure in global climate governance. Dan Ioschpe, a senior leader at COP30, said that the challenge has shifted from how to generate renewable electricity to how grids can transmit it efficiently and resiliently. Ioschpe noted that global investment in power systems grew by only 9% in 2024, indicating a massive financing gap.
