Adidas is more confident about sales this year as it notes stronger-than-expected demand for its products across the world, despite a boycott by consumers in mainland China. The German sportswear retailer expects currency-neutral sales to rise at a “high-teens” rate this year, with a “significant” acceleration already seen in the second quarter, the company said on […] Read more
Chinese tech giant Huawei said Wednesday that its revenues dropped sharply in the first quarter as U.S. sanctions took a toll on its business. Huawei’s revenues fell 16.5% year-on-year to 152.2 billion Chinese yuan ($23.5 billion) in the three months ending March 31, according to unaudited financial results revealed by the company on Wednesday. It […] Read more
China — Tesla faces mounting pressure in China as state media and regulators criticize the electric car maker following a woman’s protest at a major auto show this week. Tesla could be facing one of its worst public relations crises in China, a market investors see as critical for its growth. On Monday, a woman who claimed […] Read more
BEIJING — Chinese-run stock trading apps are riding a surge of global interest in day trading, as competition grows for Robinhood. Futu and Tiger Brokers, both listed in the U.S., launched a few years ago as apps allowing Chinese users to trade U.S. or Hong Kong stocks. Now both are forecasting hundreds of thousands of new users […] Read more
Huawei said Monday that U.S. sanctions on the company are partly to blame for the ongoing global chip shortage that’s the subject of a White House conference on Monday. Eric Xu, Huawei’s rotating chairman, said the sanctions imposed over the last two years on the Chinese tech company are, “hurting the global semiconductor industry” because they have […] Read more
China’s leadership in the digital currency space is turning a larger spotlight on U.S. initiatives, but similar efforts stateside aren’t likely any time soon. With its entry into the still-sparsely populated world of central bank digital currency, China takes a society that already leans heavily on electronic payments and mainstreams it. This also gives the […] Read more
Chinese electric car company BYD is feeling the hit of rising battery material costs. Backed by U.S. billionaire Warren Buffett, the automaker announced late Monday that net profits attributable to shareholders in the first quarter will be between 200 million yuan ($30.4 million) and 300 million yuan. “Affected by the price fluctuation of upstream raw materials, the profit of […] Read more
GUANGZHOU, China — Xiaomi launched a slew of new smartphones on Monday, with one high-end device aimed at international markets as it looks to push into the premium segment and fill the void left by rival Huawei’s troubles. The devices are: Mi 11 Lite and Mi 11 Lite 5G Mi 11 Pro Mi 11 Ultra […] Read more
Colin Huang, the founder of fast-growing Chinese e-commerce giant Pinduoduo, has resigned as chairman. In a shock move, the company announced on Wednesday that Huang stepped down from the board of directors to explore future growth ideas. Pinduoduo listed on the technology-focused Nasdaq stock exchange in New York in July 2018, just three years after it was […] Read more
Bitcoin’s value surpassed $1 trillion on Tuesday as the price of the cryptocurrency jumped. The digital coin’s price rose on Tuesday and its market capitalization went above $1 trillion in mid-morning trade Singapore time, according to CoinDesk. Bitcoin extended those gains hitting a 24-hour high of $54,348.57 in early afternoon Singapore time, around 7% higher than […] Read more
