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The Latest Breaking News from Caixin

Chinese Computer Maker Says Its Chip was Made With ‘Support’ From Intel

Powerleader Computer System came under fire after industry experts revealed its new processor unit was seemingly identical to a product made by the U.S. giant

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Weekly Must-Read: China’s Proposed New Curbs on Private Securities Funds Spark Controversy

Draft rules tightening control of fundraising, investment and management have triggered concerns they will constrain securities funds’ freedom to execute their investment strategies

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China Battery Maker CALB Rescinds Job Offers to Hundreds of Fresh Graduates, Sources Say

The move comes amid belt tightening due to shifting market demand in the electric vehicle market

Caixin Global

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Weekly Must-Read: China’s Effort to Move Mountain of ‘Hidden Debt’ Faces Uphill Climb

Local governments’ invisible debt could be as high as almost $10 trillion, double Japan’s GDP, posing a risk of destabilizing the banking and financial sector

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Shenzhen Residents Evacuated From Building After Support Column Cracks

More than 1,000 people were ordered out of the 14-story mixed-use building, with authorities still investigating the cause of the incident

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China’s First-Quarter Light-Industry Exports Fall 2.63%

Decline in bellwether for total exports reflects soft European and U.S. demand for consumer goods like footwear, furniture, toys and kitchenware

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Weekly Must-Read: What’s Behind China’s ‘Missing’ Foreign Exchange Reserves

The mismatch in the trade surplus and foreign exchange reserve data reflects that wealth is being held increasingly by the people, not the state

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Major Covid Outbreak ‘Unlikely’ in Near Term, Expert Says

Official data show infections nationwide remains low, with the number recorded in early April at ‘the lowest level’ since December

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ING Sues ICBC for $171 Million in Copper Deal Losses

Dutch banking giant alleges breach of contract by China’s largest bank in transactions involving copper trader Maike Metals

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Another Shanghai Exchange Official Comes Under Graft Investigation

Liu Ti, former deputy general manager, is taken away by authorities, joining a parade of senior securities industry officials ensnared in crackdown

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Hospital Fire Kills 21 People in Beijing

Blaze starts around noon in eight-story inpatient wing of Changfeng Hospital in Fengtai District; cause under investigation

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Weekly Must-Read: China’s EV Battery Boom Goes Bust

The rush to build up capacity as vehicle sales surged over the last few years has led to an overhang that resulted in production and job cuts, as well as falling prices

Caixin Global

Weekly Must-Read: Raging Price War Poses Survival Threat for Automakers

Only a handful of EV and smart car winners may remain standing as China’s crowded vehicle industry faces a massive shake-out

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Citic Unit to Acquire Controlling Stake in Steelmaker From Debt-Strapped Fosun

After a last-minute bid, a firm owned by the state-owned heavyweight will pay about $2 billion for the 60% stake in Nanjing Nangang Iron & Steel United

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Caixin Global

Hong Hao: Caixin China Manufacturing PMI Doesn’t Actually Disappoint

It doesn’t make much sense to compare the gauge to China’s official indexes as it is more focused on the export sector and small and midsize enterprises

Caixin Global

Caixin China New Economy Index Shrinks on Decline in Capital Investment

The gauge that tracks the size of high value-added industries such as biotech dropped 1.2 points to 28.3 in March

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Weekly Must-Read: Alibaba Splits Into Six Business Units in Biggest Overhaul

The $220 billion e-commerce colossus will become a holding company and grant management and financing independence to the new enterprises

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Shanghai Composite Index Fell 0.16% on Wednesday

Shenzhen Component Index closed up 0.13%

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Exclusive: Former Exim Bank Executive Pleads Guilty to Taking Bribes

Li Li, known as the ‘godmother’ of China’s shipping industry, has been charged by prosecutors with accepting almost $14.5 million in ill-gotten gains, sources tell Caixin

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Chinese Police Arrest Multiple Pro Soccer Players

Shandong Taishan midfielder Jin Jingdao is among those taken into custody March 17 amid speculation of a broadening corruption probe

Caixin Global

Henan Rural Banking Scandal Claims Another Senior Official

Wu Jinpeng, former deputy chief of Henan Rural Credit Union, turns himself in to authorities investigating multibillion-dollar swindle

Caixin Global

China Imports of Australian Coal Surge After Embargo Lifted

Purchases of the dirty fuel jumped 21% to more than 207,000 tons in February as trade tensions between two countries ease

Caixin Global

Shagang Agrees to Pay Fosun $1.97 Billion for Nangang Iron & Steel Stake

Deal for 60% of Nangang is still up in the air as Nanjing Steel has right of first refusal and other bidders may include Citic Pacific and Fangda Steel

Caixin Global

Weekly Must-Read: TikTok’s Chinese Twin Is Taking On Alibaba and Meituan for E-Commerce Market Share

Like ByteDance’s TikTok, the Douyin video sharing app deploys live-streaming in the competition for consumers in the online marketplace

Caixin Global

Caixin China New Economy Index Expands on Surge in Capital Investment

The gauge that tracks the size of high value-added industries such as biotech rose 1.2 points to 29.5 in February

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