While overall trade dropped in the first quarter, China imported twice as many U.S. soybeans and six times as much pork than a year ago, according to China Customs.
A planned four-minute photo session for the officials to address reporters ended up lasting one hour and 15 minutes as both sides kept wanting to say more -- NBC News
$TSLA numbers due out in coming days. Unlikely it will beat BYD's 2023 figure of +3 million cars produced.
More on BYD's big year and how other Chinese EVs are doing, including where there are delays
Two of China's biggest non-state-owned companies have now reported results for the June quarter:
$BABA saw revenue +14% yoy -- fastest since Sept '21
Huawei saw revenue +4.8% yoy -- fastest since late '22
BYD's rise crept up on many but its blade battery release was a major milestone. Company may not have beat Tesla in BEVs for FY23 but it did in 4Q23.
Full story with
@ArjunKharpal
Including insights from
@SinoAutoInsight
@TaylorOgan
CATL and BYD headcount has tripled in recent years.
In the last 12 mo, at least 10 different vocational education schools have announced they are in talks for or have launched training institutes with BYD.
More on the story here:
"[The 600-plus company whitelist] is a good first step but there are thousands of manufacturing companies in Shanghai that are shut down." - AmCham China
This article is dedicated to my grandfather, Morris Hong, who died this week in New York at the age of 90 after testing positive for Covid-19. His vast knowledge of history, love for reading books and tremendous support for his grandchildren will be sorely missed.
“The primary Covid impact now seems to be on Services ... Either consumers aren’t convinced that Covid is under control or the long-anticipated rise of Services is in greater jeopardy.” latest from
@ChinaBeigeBook
iPhone 15 hit stores in China today. At $AAPL flagship in Sanlitun, Beijing, people kept joining the line all morning. Mall area scattered with people holding Apple product bags.
So what's the market outlook?
(story with
@ArjunKharpal
and
@onlyyoontv
)
China is trying to make it easier for foreign visitors to pay (in a country where local payment apps dominate).
A PBOC deputy governor shares exclusive details on what changes are in the works:
From this year's auto show in Shanghai, I got a strong sense of how conservative BYD is. That strategy has helped them sell tens of thousands of electric cars in China so far.
Munger:
#bitcoin
#cryptocurrencies
are "luring people into the concept of easy wealth without much insight or work. That's the last thing on earth you should think about." via
@firstadopter
Many Chinese electric car companies are spending a hefty portion of their revenue on R&D.
Where is the money going and will it build a competitive edge?
Full story here:
In parts of corporate China, age is not just a number. A new reality TV show and some companies are trying to change that culture, which can help businesses be more productive overall.
$BIDU says it can operate 10 public robotaxis without a safety driver
says it can operate 4
- Both companies plan to add more in the future
- A human staff member is still required to sit in the robotaxi.
From e-cigarette start-ups to fresh food delivery, China's investing scene is getting shaken up by the virus. With so many companies struggling with cash flow right now, it's going to be harder to ride short, trendy bursts.
Citi, one of the most bullish on China's growth, has cut its 2022 GDP forecast to 4.2% (vs 5.1% previously)
Morgan Stanley and S&P have also cut to 4.2%
JPMorgan to 4.3%
In many conversations about what will change at the upcoming national party congress, the only constant (other than Xi staying in power) is uncertain speculation
The landscape is quickly changing for VCs in China.
In 2023, the 20 largest deals were far larger and in significantly different sectors than they were in 2019 or 2013 (Pitchbook data)
More details here:
Citi, one of the most bullish on China's growth, has cut its 2022 GDP forecast to 4.2% (vs 5.1% previously)
Morgan Stanley and S&P have also cut to 4.2%
JPMorgan to 4.3%
HK's Hang Seng Index has closed at its lowest in 6 years [since March 2016].
Among the many Chinese internet/tech stocks that sold off: HK-listed shares of $BILI down 19.4%