Category: Business
Micron says it will continue to invest in China
China Aerospace Science and Technology Corporation establishes commercial rocket company
China Aerospace Science and Technology Corporation Commercial Rocket Co., Ltd. was officially established in Shanghai on September 26, 2024 with a registered capital of 1 billion yuan.
Geely plans to build car assembly plant in Vietnam
China's Geely Automobile plans to expand production and set up a car assembly plant in Vietnam as part of a series of investment commitments worth nearly $170 million.
Demand for Moutai in mainland China cools
Wholesale prices for Kweichow Moutai’s liquor also continued to fall this year during the peak sales season, as continued weak demand prompted the company to repurchase shares for the first time in its history.
Black Myth: Wukong sold 20 million copies in its first month
One month after the release of the Chinese 3A game "Black Myth: Wukong", the latest data released by data analysis company VG Insights today showed that the game's sales on the Steam platform have reached 20 million copies, with total revenue exceeding US$961 million.
Hong Kong Monetary Authority cuts interest rates for the first time in four years
Following the pace of the US Federal Reserve's interest rate cut, the Hong Kong Monetary Authority also announced a 0.5 percentage point cut in the base interest rate on Thursday (September 19, 2024). This is the first interest rate cut by the Hong Kong Monetary Authority in four years.
Tencent's Ma Huateng returns to being China's richest man
Ma Huateng, co-founder of Chinese tech giant Tencent, has regained his spot as China's richest man.
China imports African sheep meat products for the first time
China imported mutton from the African island nation of Madagascar. This is the first time that China has imported mutton products from Africa.
Nearly 30,000 noodle shops closed in China in the first half of the year
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.
IBM China withdraws access rights from R&D employees
IBM China has reportedly shut down the access rights of IBM China employees in R&D and testing positions, including those in Beijing, Shanghai, Dalian and other places, affecting more than 1,000 people.
Walmart plans to sell stake in JD.com
JD.com's shares plummeted as Walmart, the largest retailer in the United States, seeks to sell its stake in JD.com in an effort to raise up to US$3.74 billion.
China's express delivery business volume has exceeded 100 billion pieces this year
China's express delivery business volume has exceeded 100 billion pieces this year, 71 days ahead of last year.
Starbucks China's performance continues to decline
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.
Baidu's Robin Li's wife reduces her stake in Baidu
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.