Category: Business

China's weak economy has led to sluggish private consumption, which has severely impacted the catering industry. In addition to Beijing's Din Tai Fung announcing the closure of 14 branches in North China and Xiamen, high-end ramen restaurants that were once popular in China are facing unprecedented difficulties. In the first half of the year, nearly 30,000 registered noodle restaurants closed.

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In the second quarter of 2024, Starbucks China's revenue was US$734 million, down 11% year-on-year; same-store sales fell 14%, and same-store transaction volume and customer unit price both fell 7%. This is the second consecutive quarter that Starbucks China's revenue and same-store sales have fallen.

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Baidu released an announcement on the proposed reduction of holdings by its related parties, showing that Ma Dongmin, the wife of Baidu founder, chairman and CEO Robin Li, reduced her holdings of Baidu by 260,000 shares on July 1, 2024, cashing in approximately US$22.41 million.

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Japan's Honda Motor Co announced on Thursday (July 25, 2024) that it will close a factory in China and halt car production at another plant as it seeks to start producing more electric vehicles in response to fierce competition from Chinese brands.

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