Shein is going brick and mortar (sort of)

The Hang Seng Index soared more than 5% today and there were gains in Shanghai and Shenzhen amid persistent rumors of an end to COVID-zero.

Shein is going brick and mortar (sort of): Fast fashion brand Shein 南京希音电子商务 will open its first physical store in Tokyo on November 13, although the store will not actually sell any products, instead, customers can try on clothing and scan QR codes to make an online purchase.

BYD goes higher still: BYD Auto 比亚迪汽车 has announced a new monthly record of electric vehicle (EV) sales in October of 217,800 units, a year-on-year increase of 168.78% and an increase of 16,541 units compared to September. According to the China Passenger Car Association, a total of 680,000 EVs were sold in China in October, which would give BYD a market share of 32%.

Ant Group has 2.5 million merchants: Mobile payments and fintech company Ant Group 蚂蚁集团 (formerly known as Alipay) announced yesterday that its platform has 2.5 million merchants worldwide serving more than a billion customers. During the past six months, the number of overseas merchants increased by 150%.

Lenovo revenue dives for first time in two years: Lenovo 联想 has reported third quarter revenue of $17.09 billion, a year-on-year decrease of 4.36%, the first revenue decrease since the first quarter of 2020, and net profit of $541 million, an increase of 6%.