Temu’s website seen displayed in Hong Kong on November 3, 2022. Photo: Bloomberg

All TikTok wants for Christmas is US shoppers, as Chinese apps take on Amazon

Pinduoduo and ByteDance’s TikTok are trying to follow the success of Shein in the US, but taking on e-commerce giant Amazon will prove a herculean task.

6 Dec 2022 - 1:23AM

Macau approves asset exchange backed by former HKEX boss Charles Li

Macau has approved a new asset-exchange platform backed by Charles Li Xiaojio, the former CEO of HKEX, in the latest sign that the former Portuguese colony is diversifying its economy to cut reliance on gaming and tourism.

Macau has approved a new asset-exchange platform backed by Charles Li Xiaojio, the former CEO of HKEX, in the latest sign that the former Portuguese colony is diversifying its economy to cut reliance on gaming and tourism.

5 Dec 2022 - 9:20PM

Hong Kong MPF members earn HK$20,300 each, total assets exceed HK$1 trillion

The total assets of Hong Kong’s Mandatory Provident Fund rose back above the psychologically important HK$1 trillion (US$128 billion) mark in November after a record monthly bounce.

The total assets of Hong Kong’s Mandatory Provident Fund rose back above the psychologically important HK$1 trillion (US$128 billion) mark in November after a record monthly bounce.

5 Dec 2022 - 6:27PM

Yuan strengthens past 7 per US dollar as China eases Covid-19 curbs

China’s onshore yuan finished the domestic trading session on Monday at its strongest level since mid-September, bolstered by Beijing easing some coronavirus curbs and expectations of slower US interest rate increases.

China’s onshore yuan finished the domestic trading session on Monday at its strongest level since mid-September, bolstered by Beijing easing some coronavirus curbs and expectations of slower US interest rate increases.

5 Dec 2022 - 5:43PM

‘I can’t get work’: Covid knocks back China’s efforts to close wage gap

China’s sluggish economy and strict zero-Covid policy have hit low-income earners hard, leaving them vulnerable to slipping back into poverty while undermining Beijing’s pledge to reduce income inequality.

China’s sluggish economy and strict zero-Covid policy have hit low-income earners hard, leaving them vulnerable to slipping back into poverty while undermining Beijing’s pledge to reduce income inequality.

5 Dec 2022 - 11:00AM

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Russian e-commerce platform Ozon. Photo: EPA-EFE

Russian e-commerce giant Ozon sees ‘window of opportunity’ for Chinese cross-border sellers

Ozon sees a ‘window of opportunity’ for Chinese merchants in Russia as Western brands retreat, and as e-commerce infrastructure improves.

4 Dec 2022 - 9:30AM

As ‘iPhone City’ stumbles, Foxconn pumps money into another China plant

Foxconn Technology Group said it has made 1 billion yuan (US$142 million) in new investment towards its facilities in the northern Chinese city of Taiyuan.

Foxconn Technology Group said it has made 1 billion yuan (US$142 million) in new investment towards its facilities in the northern Chinese city of Taiyuan.

3 Dec 2022 - 6:00PM

Shared voice clip dispels rumour of Evergrande founder’s suicide

Evergrande is keeping the world’s banks and capital markets on tenterhooks as it grapples with interest payments and billions in debt, all of which are supposed to be worked out in a massive corporate overhaul.

Evergrande is keeping the world’s banks and capital markets on tenterhooks as it grapples with interest payments and billions in debt, all of which are supposed to be worked out in a massive corporate overhaul.

2 Dec 2022 - 9:30PM

‘Calibrating’ Covid-19 strategy critical to China’s economic recovery: IMF

IMF managing director Kristalina Georgieva says China is being held back by Covid-19 lockdowns and challenges in the real estate sector, while it has a leading role to play in preventing fragmentation of the global economy.

IMF managing director Kristalina Georgieva says China is being held back by Covid-19 lockdowns and challenges in the real estate sector, while it has a leading role to play in preventing fragmentation of the global economy.

2 Dec 2022 - 6:00PM

US report dispels China’s Belt and Road Initiative ‘debt trap’ narrative

Report shows China held 19.6 per cent of Sri Lanka’s US$37.6 billion external debt at the end of 2021, but downplayed suggestions of a so-called Chinese debt trap around Beijing’s signature Belt and Road Initiative.

Report shows China held 19.6 per cent of Sri Lanka’s US$37.6 billion external debt at the end of 2021, but downplayed suggestions of a so-called Chinese debt trap around Beijing’s signature Belt and Road Initiative.

2 Dec 2022 - 10:00AM

China’s top memory chip maker YMTC on cusp of becoming a global market leader

YMTC is poised to become a tech leader in its market segment after releasing ‘the first 200+ layer 3D NAND Flash’ chip on the market, ahead of rivals Samsung, SK Hynix and Micron.

YMTC is poised to become a tech leader in its market segment after releasing ‘the first 200+ layer 3D NAND Flash’ chip on the market, ahead of rivals Samsung, SK Hynix and Micron.

2 Dec 2022 - 1:22AM

US dollar has ‘peaked’, China’s central bank says, as Fed ponders rate slowdown

The yuan hit a two-week high against the US dollar after the US Federal Reserve said rate increases could be scaled back, which could suppress the ‘upward momentum of the dollar’, according to China’s central bank.

The yuan hit a two-week high against the US dollar after the US Federal Reserve said rate increases could be scaled back, which could suppress the ‘upward momentum of the dollar’, according to China’s central bank.

5 Dec 2022 - 1:40PM

South Korea’s China exports tumble 25 per cent as world’s No 2 economy sputters

South Korea’s shipments to China have fallen for six consecutive months, but November’s decline was the sharpest since mid-2009 as widespread lockdowns dampened demand for Korean tech products such as semiconductors.

South Korea’s shipments to China have fallen for six consecutive months, but November’s decline was the sharpest since mid-2009 as widespread lockdowns dampened demand for Korean tech products such as semiconductors.

2 Dec 2022 - 6:44AM

Can Taiwan revive its moribund tourism industry after reopening?

Taiwan intends to restore tourist arrivals to pre-pandemic levels of about 10 million per year by 2024, but industry insiders say that is ‘optimistic’, as airlines are still rebuilding capacity and visitors are spending cautiously.

Taiwan intends to restore tourist arrivals to pre-pandemic levels of about 10 million per year by 2024, but industry insiders say that is ‘optimistic’, as airlines are still rebuilding capacity and visitors are spending cautiously.

1 Dec 2022 - 10:51AM

Protests at Foxconn factory knock iPhone supplies down by a fifth

Shipments of the higher-end iPhone 14 Pro and 14 Pro Max are expected to fall short by 15 million to 20 million units, after workers’ protests disrupted production.

Shipments of the higher-end iPhone 14 Pro and 14 Pro Max are expected to fall short by 15 million to 20 million units, after workers’ protests disrupted production.

30 Nov 2022 - 8:00PM

Hong Kong crypto exchange AAX hit by losses at 10kM trading unit: source

Former employee says AAX’s troubles have been partly caused by trading strategies and risk management practices at its market maker 10kM Trading.

Former employee says AAX’s troubles have been partly caused by trading strategies and risk management practices at its market maker 10kM Trading.

2 Dec 2022 - 11:13AM

China’s small lenders face risks as economic slowdown exacerbates bad loans

China’s small lenders will bear much of the risk in China’s banking industry, as an economic slowdown caused by the country’s zero-Covid policy exacerbates their weaker fundamentals, according to Moody’s and CCXI.

China’s small lenders will bear much of the risk in China’s banking industry, as an economic slowdown caused by the country’s zero-Covid policy exacerbates their weaker fundamentals, according to Moody’s and CCXI.

29 Nov 2022 - 8:34PM

Chinese e-commerce giant JD.com plans to pull back from Indonesia, Thailand

JD.com is looking to exit from joint ventures JD.ID in Indonesia and JD Central in Thailand, as the company sharpens its focus on mainland China.

JD.com is looking to exit from joint ventures JD.ID in Indonesia and JD Central in Thailand, as the company sharpens its focus on mainland China.

30 Nov 2022 - 9:30AM

Eastern China’s Hefei now home to country’s first advanced tech application hub

The Advanced Technology Application and Promotion Centre represents a major national initiative located in Hefei, capital of eastern Anhui province, instead of at the southern tech hub of Shenzhen.

The Advanced Technology Application and Promotion Centre represents a major national initiative located in Hefei, capital of eastern Anhui province, instead of at the southern tech hub of Shenzhen.

28 Nov 2022 - 6:30PM

Can China’s depressed mortgage rates bring homebuyers back to the market?

Average borrowing costs have fallen to a 13-year low and are possibly cheaper in certain cities across China.

Average borrowing costs have fallen to a 13-year low and are possibly cheaper in certain cities across China.

28 Nov 2022 - 8:30AM