Chinese companies going global. Global companies capitalizing on the size and growth of the China market. State-owned enterprises. Policy-based state investment. Startup unicorns with Chinese characteristics. There is no shortage of business stories to tell in China.
Soon after an Evergrande Group subsidiary announced that it would bring six new electric cars to market, China’s biggest real estate developer is making news for all the wrong reasons.
A day before TikTok and WeChat were due to be taken off app stores in the U.S., both apps were saved from the ban — TikTok by Trump’s “blessing” of a restructuring deal, and WeChat by a free speech lawsuit. The future of both apps is hard to predict.
The Trump administration is poised to implement a Chinese Great Firewall–style block on WeChat starting on September 20, with downloads of the app barred and network interruptions ordered. Downloads of TikTok will also be blocked, but the company has until November 12 to strike a deal with Oracle before also suffering technical freezes.
As of September 15, any manufacturer selling products globally that may eventually be sold to Huawei needs to get a license from the U.S. government. At least eight companies have applied, but will any get approved?
It’s already listed on the NYSE, but now Autohome plans to raise a war chest on the Hong Kong Stock Exchange.
Retail sales in China were up 0.5% in August from a year before, one of many indicators showing the Chinese economy returning to normal.
A subsidiary of China Evergrande, a real estate conglomerate, is charging ahead with new big name investors and new electric cars despite multiple failures over the past two years.
ByteDance, wary of political risk after Beijing designated parts of its algorithms as “sensitive technologies,” will not sell TikTok to Microsoft or anyone else. Instead, the company is proposing to partner with Oracle, a Silicon Valley company with Trump-friendly executives.
Huawei and ByteDance are both approaching U.S.-imposed deadlines that could dramatically alter their business models and global reach. They are among several Chinese companies increasing their investment in Singapore to hedge against U.S.-China tension.