Highlighted links for Monday, October 3, 2022

Below are links to other noteworthy reports published in the last 24 hours from and about China.

BUSINESS AND TECHNOLOGY:

Smartphone maker Honor defies market slump with sales boom
Honor saw sales grow in mainland China in August despite market downturn / TechNode
“This was the worst August for smartphone sales in China since 2015, according to CINNO Research, a Chinese consultancy,” but Honor — formerly owned by Huawei — “saw a 4.3% monthly growth compared with July, selling 3.6 million units to top the sales chart for the month.”

Head of Chinese memory chipmaking giant steps down
CEO of Chinese chipmaker Yangtze Memory steps down / Nikkei Asia (paywall)
Simon Yang (楊士寧 Yáng Shìníng), the CEO of Yangtze Memory Technologies, China’s top memory chipmaker, “has stepped down, fueling uncertainty over a strategically important company that has sparked concerns among U.S. lawmakers over a potential deal with Apple.”

Home prices fall again in China
China’s September new home prices fall for third straight month, private survey shows / Reuters
“New home prices in China fell for the third straight month in September as a mortgage boycott across the country and a slowing economy discouraged potential home buyers, a private survey showed on Saturday.”

James Bond’s car, backed by China’s Geely
China’s Geely buys 7.6% stake in Aston Martin Lagonda / AP
“Geely Holding Group, one of China’s biggest independent automakers, has bought a 7.6% stake in British luxury brand Aston Martin Lagonda and said Friday it looks forward to potential opportunities to collaborate.”
China’s Geely takes 7.6% stake in Aston Martin / Nikkei Asia (paywall)

China’s export machine slows down
Export slowdown reveals cracks in one of China’s economic pillars / Caixin (paywall)
“China’s disappointing trade figures in August highlighted an increasingly apparent trend — that export growth has been slowing since mid-2021. Chinese goods exports grew 23.9% year-on-year in dollar terms in the third quarter last year, and 22.7% in the fourth, according to Caixin calculations based on data from the General Administration of Customs.”

Deloitte China fined for audit breaches in U.S.
SEC fines Deloitte China $20 million for audit shortfalls / Caixin (paywall)
“The U.S. Securities and Exchange Commission (SEC) fined a major Chinese affiliate of Deloitte, one of the ‘Big Four’ accounting firms, $20 million for breaching various rules, including asking some clients do their own audit work.”
Deloitte China allowed clients to do own audit work, finds SEC / FT (paywall)
U.S. SEC fines Deloitte’s China affiliate $20 million for auditing violations / Reuters

Desperate real estate developers
In mortgage boycott hotspot, some home builders are only pretending to restart construction / Caixin (paywall)
“Even as an official deadline approaches, some real estate developers in the Central Chinese city of Zhengzhou don’t have the money to restart construction on stalled residential projects, and are only going through the motions to pass inspections, sources said.”

Tesla sells a record number of vehicles, though not enough to meet estimates
Tesla deliveries miss estimates, slowed by logistic snarls / Bloomberg (paywall)
“Tesla Inc. delivered 343,830 cars worldwide in the third quarter, eking out another record as a growing tide of consumers make the switch to electric vehicles and the Austin, Texas-based company boosts production at four auto plants on three continents.”
Tesla sold record 343,000 vehicles in third quarter / NYT (paywall)
Tesla sales bounce back in Q3 but fall short of estimates / AP
Tesla slides as logistic issues widen deliveries and production gap / Reuters

Hozon to roll out electric vehicles in Israel
Chinese EV company Hozon enters Israel / TechNode
“Chinese electric vehicle maker Hozon said Wednesday that it is partnering with Blilious Group, an Israeli car distributor and a regional partner of battery giant CATL, to sell its Neta U and V entry-level crossovers to local customers.”

Xiaomi assets frozen, Apple seeks to expand production in India
China’s Xiaomi says it will protect its business interests after India freezes its assets / Reuters
“Chinese smartphone maker Xiaomi Corp on Sunday said it was ‘disappointed’ with an Indian order that froze $682 million of its assets and would continue to protect its interests.”
India enforcement body says $682 million block on Xiaomi’s bank assets upheld / Reuters
India has a $1.2 trillion plan to snatch factories from China / Bloomberg (paywall)
China’s zero-COVID pursuit has seen stocks plunge $5 trillion since 2021, benefiting India / SCMP (paywall)
Apple to make iPhone in India as tech giant seeks to diversify production away from China / AFP via HKFP
“Apple will manufacture its new flagship smartphone in India, the US tech giant said Monday, as it seeks to diversify production away from a dependence on China.”

China’s embattled property sector gets a boost from Beijing support
China property stocks, bonds rally after report of $85 billion lifeline / Bloomberg (paywall)
“Chinese developer stocks and bonds rallied after Bloomberg reported that the nation’s financial regulators told the biggest state-owned banks to provide financing worth at least $85 billion to the battered property sector.”
China property shares rally on policy support / FT (paywall)
China property woes trigger decline in global cement output / FT (paywall)
China property optimism spurs market rally as funding encouraged / Bloomberg (paywall)

China’s state-owned oil giant Sinopec delists in London
China’s Sinopec intends to de-list ADSs from London Stock Exchange / Reuters
“China Petroleum and Chemical Corp, the world’s biggest oil refiner by capacity, said on Monday it intended to de-list its American Depositary Shares (ADSs) trading on the London Stock Exchange (LSE).”
China’s Sinopec set to delist from London Stock Exchange just a month after its decision to exit New York / SCMP (paywall)

SCIENCE, HEALTH, AND ENVIRONMENT:

Hong Kong to ease more COVID rules after ditching hotel quarantine
Hong Kong government to further ease coronavirus measures / Reuters
“The Hong Kong government said on Friday it aims to ease some coronavirus curbs in an orderly way as pandemic trends in the Asia financial hub were continuing to stabilize.”

POLITICS AND FOREIGN AFFAIRS:

When money from Beijing is tight
China tightens lending taps, leaving African markets vulnerable / Bloomberg (paywall)
“Developing countries in Africa are losing a champion that for years allowed them to borrow at cheaper rates than they could find in capital markets.”

Lives torn apart by the property crisis
‘She got an abortion, broke up with me’: The human suffering behind China’s property crisis / Channel NewsAsia
“Millions of Chinese are in limbo as cash-strapped developers halt construction. Some of them may have already been touched by tragedy. The programme Insight uncovers their stories.”

Are Chinese people reaching the end of their patience for COVID zero?
China’s ‘absurd’ COVID propaganda stirs rebellion / NYT (paywall)
“The use of propaganda in the country has been on overdrive in the pandemic, with some Chinese citizens arguing the language has bordered on ‘nonsense.’”

Former Tibet governor indicted on bribery charges
Former Tibet official latest to fall in China graft sweep / AP
“A former vice governor of China’s sprawling Tibet region has been indicted on charges of accepting bribes, state media reported Friday.”

Uyghur issue at the UN
Exiled Uyghur leader predicts UN debate on Xinjiang next year / Nikkei Asia (paywall)
“The leader of an organization of exiled Uyghurs believes a turning point will come next year when the U.S., U.K. and other countries table a debate at the UN Human Rights Council on treatment of Uyghurs and Muslim minorities in Xinjiang, an autonomous region in western China.”

Speculation swirls around China’s Party congress, which begins in less than two weeks
China’s Communist Party congress / FT (paywall)
Why are women unlikely to win promotion race at China’s Party congress? / SCMP (paywall)
Xi Jinping’s position is secure but growing gloom will have impact / Nikkei Asia (paywall)
Party congress to zero in on China’s direction for next 5 years – and beyond / SCMP (paywall)
China’s demographic crisis looms over Xi Jinping’s third term / FT (paywall)

Taiwan seeks bigger global voice with new launch of English TV channel
Taiwan launches English language TV channel to give it more international punch / Reuters
“Taiwan launched its first English-language news, lifestyle and entertainment television channel on Monday to give it a bigger voice internationally at a time China when is squeezing the island’s footprint and seeking to assert sovereignty.”
Taiwan launches English TV channel to give it more international exposure / Straits Times
Taiwan’s first English TV channel to tell its side of China story / SCMP (paywall)

U.S., China, and competition in the Indo-Pacific
Solomon Islands signs U.S.-Pacific partnership statement in about-face / Nikkei Asia (paywall)
“The Solomon Islands signed on to a joint statement by the U.S. and Pacific Island nations this week, a reversal by the China-leaning government that some observers see as a result of hard-nosed diplomacy by Prime Minister Manasseh Sogavare.”
White House hosts first Pacific islands summit as China makes inroads / Washington Post (paywall)

Philippines and U.S. host joint naval drills to counter China
Philippines and U.S. kick off naval exercises amid China tension / Reuters
“The armed forces of the United States and Philippines launched two weeks of joint naval exercises on Monday, reinforcing a close military alliance at a time of regional uncertainty over tensions between Washington and Beijing.”
U.S., Philippine forces hold combat drills to brace for crisis / AP

Nurturing patriotism with space travel
Hongkongers in space: Beijing invites ‘patriots’ from city to join manned mission / HKFP
“China will be recruiting astronauts in Hong Kong and Macau, inviting specialists to conduct research and scientific experiments in space.”
Wanted: Aspiring Chinese astronauts from Hong Kong and Macau / SCMP (paywall)

SOCIETY AND CULTURE:

Dangerous baby beauty standards pushed on social media
In China, social media is fueling dangerous beauty trends — for babies / Sixth Tone
“Many Chinese parents believe it’s their duty to ensure their children conform to traditional beauty standards. That’s driving the rise of troubling — and, in some cases, potentially life-threatening — infant beauty products.”

Chinese social media users have a new nickname for Russia
Why Russia is nicknamed the “weak goose” on Chinese social media / What’s on Weibo
“Multiple Chinese (military) bloggers started using ‘weak goose’ (菜鹅) term in light of Russia’s fading victory.”

Reggae music is on the rise in China
Reggae’s Chinese roots run deeper than you think / World of Chinese
“Reggae is becoming better understood, more popular, and is even starting to infiltrate popular music in China.”

Chinese reactions to Cuba’s legalization on gay marriage
How the Chinese internet saw Cuba’s vote on gay marriage, surrogacy / SCMP (paywall)
“Cuba’s legalization of same-sex marriage and ‘altruistic’ surrogacy has revived debate half a world away in a major trading and ideological partner, China.”