China Tobacco: The world’s most profitable company you’ve never heard of
With $214 billion in profits last year and 40% of the world’s cigarette consumption, China Tobacco is the most profitable company in the world.
Chang Che
Chang Che was The China Project’s Business & Technology staff writer. His work has been published in The Washington Post, The Atlantic, Foreign Affairs, Nikkei Asia, and The LA Review of Books. You can follow him on Twitter at @changxche.
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Battery giant CATL is looking to expand in the United States. Washington might grant approval — on the condition that CATL shares its tech.
Sinopec pulls the plug on Russian oil projects
China’s oil and gas giant, Sinopec, has suspended investments in both a major petrochemical plant and a marketing venture in Russia, heeding sanction concerns.
Shanghai lockdown sends its economy reeling
After a record number of COVID cases were reported on Sunday, Shanghai went into its largest citywide lockdown since the start of the pandemic.
Luckin Coffee doubles its sales in its fourth quarter
Despite delisting from U.S. stock exchanges, Luckin Coffee turned things around with a double in sales at the end of last year.
Douyin unveils new content rules to safeguard minors
A new set of rules released by Douyin aims to curb young Chinese users from being corrupted by online media.
Foxconn will launch its own electric car brand
Taiwanese giant Foxconn is launching a new line of electric vehicles, as the Apple supplier aims to build itself into a premium car brand.
Following Tencent, mass layoffs at JD.com
JD.com is trimming 10-15% of the staff at a group-buying division, adding to the list of Big Tech firms that are slashing jobs to survive Beijing’s regulatory storm.
Chengdu: China’s future gaming and tech hub
Gaming entrepreneurs are flocking to set up shop in Chengdu, as younger Chinese people flee the stresses of urban life.
Can China secure its food and own the future of farming?
China’s rise has been accompanied by a growing dependence on the rest of the world for food. Now, in the age of hot wars, cold wars, and climate change, Beijing wants to ensure that “the rice bowls of the Chinese people are filled with Chinese grain.”