Goldman evaluating role in China’s Megvii IPO after US blacklist

Goldman Sachs said on Tuesday it was reviewing its involvement in Megvii Technology’s planned initial public offering (IPO) after the U.S. government placed the Chinese artificial intelligence firm on a human rights blacklist. In an emailed statement in response to a request for comment on the Alibaba-backed Megvii IPO, Goldman said it was “evaluating in light of the recent developments.” Goldman is a joint sponsor of the Megvii IPO, alongside Citigroup and JPMorgan Chase, which both declined to


Goldman Sachs said on Tuesday it was reviewing its involvement in Megvii Technology’s planned initial public offering (IPO) after the U.S. government placed the Chinese artificial intelligence firm on a human rights blacklist. In an emailed statement in response to a request for comment on the Alibaba-backed Megvii IPO, Goldman said it was “evaluating in light of the recent developments.” Goldman is a joint sponsor of the Megvii IPO, alongside Citigroup and JPMorgan Chase, which both declined to
Goldman evaluating role in China’s Megvii IPO after US blacklist Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09
Keywords: news, cnbc, companies, chinese, firm, goldman, intelligence, evaluating, chinas, recognition, blacklist, shanghai, facial, megvii, ipo, role, public, companies


Goldman evaluating role in China's Megvii IPO after US blacklist

An attendee uses his smartphone to record a facial-recognition demonstration on himself at the Beijing Megvii booth at the MWC Shanghai exhibition in Shanghai, China, on June 27, 2019.

Goldman Sachs said on Tuesday it was reviewing its involvement in Megvii Technology’s planned initial public offering (IPO) after the U.S. government placed the Chinese artificial intelligence firm on a human rights blacklist.

The Trump administration said on Monday that Megvii and seven other Chinese companies were targeted because they were implicated in Beijing’s repression of Muslim minority populations in the Xinjiang Uighur Autonomous Region in the far west of the country.

In an emailed statement in response to a request for comment on the Alibaba-backed Megvii IPO, Goldman said it was “evaluating in light of the recent developments.” Sources had previously told Reuters the listing was scheduled for Hong Kong in the fourth quarter and might raise as much as $1 billion.

Risk consultants and Silicon Valley lawyers said that other U.S. companies involved with the blacklisted Chinese firms, whether as investors or as underwriters, are also likely to reevaluate their relationships.

Goldman is a joint sponsor of the Megvii IPO, alongside Citigroup and JPMorgan Chase, which both declined to comment.

Goldman had thoroughly evaluated the Megvii deal before initially signing onto it using its usual due diligence process, a person familiar with the matter said.

Known in the artificial intelligence business for its facial recognition platform Face++, Megvii will become the first Chinese AI firm to go public if the deal goes ahead. The company provides facial recognition and other AI technology to governments and companies including Alibaba, Ant Financial, Lenovo Group and Huawei.


Company: cnbc, Activity: cnbc, Date: 2019-10-09
Keywords: news, cnbc, companies, chinese, firm, goldman, intelligence, evaluating, chinas, recognition, blacklist, shanghai, facial, megvii, ipo, role, public, companies


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A look at auto insurance registration data in China may show Tesla sales surging

Tracking sales in China can often be opaque but one analyst believes data on automotive insurance registrations reveals that Tesla has strong demand in the key market. Potter’s research found that electric vehicle sales in China are increasingly made by unidentified “mystery buyers,” as well as fleets. However, in sales to actual Chinese consumers, Pipper Jaffray says Tesla has been steadily increasing its market share. Potter noted that insurance registrations are an imperfect way to calculate


Tracking sales in China can often be opaque but one analyst believes data on automotive insurance registrations reveals that Tesla has strong demand in the key market. Potter’s research found that electric vehicle sales in China are increasingly made by unidentified “mystery buyers,” as well as fleets. However, in sales to actual Chinese consumers, Pipper Jaffray says Tesla has been steadily increasing its market share. Potter noted that insurance registrations are an imperfect way to calculate
A look at auto insurance registration data in China may show Tesla sales surging Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-26  Authors: michael sheetz
Keywords: news, cnbc, companies, potter, deliveries, auto, look, shanghai, registration, sales, data, vehicles, jaffray, teslas, model, tesla, surging, china, insurance


A look at auto insurance registration data in China may show Tesla sales surging

Tracking sales in China can often be opaque but one analyst believes data on automotive insurance registrations reveals that Tesla has strong demand in the key market.

“Tesla’s deliveries to real, actual people are still rising at a triple-digit pace, despite being hamstrung by import duties, a flagging auto market, and a historical inability to tap EV subsidies,” Piper Jaffray analyst Alexander Potter wrote in a note to investors on Thursday.

Potter’s research found that electric vehicle sales in China are increasingly made by unidentified “mystery buyers,” as well as fleets. However, in sales to actual Chinese consumers, Pipper Jaffray says Tesla has been steadily increasing its market share.

The firm estimates Tesla’s third quarter deliveries – a closely watched measure of the company’s sales – in China are up more than 175% compared to the same period last year. Potter noted that insurance registrations are an imperfect way to calculate Tesla deliveries but defended it as a method, saying it still helps track demand.

Tesla shares rose 0.3% in trading from its previous close of $228.70 a share. Piper Jaffray has an overweight rating on Tesla with a $386 price target.

Most of the growth in China is being driven by the company’s cheaper Model 3, Potter said, while deliveries of the higher profit margin Model S and Model X vehicles “have actually declined by nearly 25%” year-over-year for the months of July and August. Despite that drop, Piper Jaffray remains optimistic about Tesla’s future in China.

“Tesla’s Shanghai facility should be operational in the next few months/quarters, and once it opens, margins should rise,” Potter said. “Even in a market like China, where EV models are commonplace … Teslas are among the only electric vehicles (EVs) that consumers actually want to buy.”

Baird analyst Ben Kallo similarly noted that Tesla’s factory in Shanghai factory is on track to begin making Model 3 vehicles by the end of this year.

“We think TSLA has been able to leverage lessons learned at Fremont and Gigafactory 1 to optimize the ramp of G3 in Shanghai; it took only ~9 months to construct, ahead of guidance,” Kallo said.

Kallo also pointed out that the production of both vehicles and batter packs at the Shanghai facility would help limit any possible impact from the ongoing trade war on Tesla. Baird has an outperform rating on Tesla, with a price target of $355 a share.


Company: cnbc, Activity: cnbc, Date: 2019-09-26  Authors: michael sheetz
Keywords: news, cnbc, companies, potter, deliveries, auto, look, shanghai, registration, sales, data, vehicles, jaffray, teslas, model, tesla, surging, china, insurance


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China’s 25 best start-ups to work for, according to LinkedIn

China’s hottest start-ups right now are those making major breakthroughs in artificial intelligence, according a new report from LinkedIn. Artificial intelligence businesses taking the lead in autonomous driving are among the most popular companies to work for in the country, dominating six of the top 10 positions in LinkedIn’s list of the best start-ups 2019. Horizon RoboticsGlobal headcount: 1,200 Headquarters: Beijing Artificial intelligence business Horizon Robotics produces technologies for


China’s hottest start-ups right now are those making major breakthroughs in artificial intelligence, according a new report from LinkedIn. Artificial intelligence businesses taking the lead in autonomous driving are among the most popular companies to work for in the country, dominating six of the top 10 positions in LinkedIn’s list of the best start-ups 2019. Horizon RoboticsGlobal headcount: 1,200 Headquarters: Beijing Artificial intelligence business Horizon Robotics produces technologies for
China’s 25 best start-ups to work for, according to LinkedIn Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-04  Authors: karen gilchrist
Keywords: news, cnbc, companies, chinas, headcount, shanghai, beijing, business, headquarters, work, linkedin, company, intelligence, technology, according, startups, best, startup, artificial


China's 25 best start-ups to work for, according to LinkedIn

China’s hottest start-ups right now are those making major breakthroughs in artificial intelligence, according a new report from LinkedIn. Artificial intelligence businesses taking the lead in autonomous driving are among the most popular companies to work for in the country, dominating six of the top 10 positions in LinkedIn’s list of the best start-ups 2019. But it is internet behemoth and online content platform ByteDance that tops the ranks as China’s most popular start-up this year. To be considered for this year’s list, companies had to be privately-held, be seven years or younger, and have 50 or more employees. They were then ranked based on LinkedIn user feedback across four criteria: Employment growth; engagement with employees; job interest; and ability to attract top talent from leading employers. CNBC Make It takes a look at the list of the 25 most attractive start-ups in China right now.

Top 25:

10. Tongdun Technology

Global headcount: 1,300 Headquarters: Hangzhou Hangzhou-headquartered Tongdun Technology is a risk management start-up launched in 2013 to help businesses with their decision-making processes. Six years on, the company has received several innovation awards and served 5,000 corporate customers from its 13 offices across Asia Pacific and the U.S.

Inside Tongdun Technology’s office. Tongdun Technology

9. Horizon Robotics

Global headcount: 1,200 Headquarters: Beijing Artificial intelligence business Horizon Robotics produces technologies for use in applications such as smart driving. The four-year-old start-up this year completed a $600 million Series B funding round, which valued the company at $3 billion. It was founded by the former head of Baidu’s Deep Learning Institute, Dr. Yu Kai.

8. Cambricon

Global headcount: 1,000 Headquarters: Beijing Three-year-old start-up Cambricon is an artificial intelligence chip developer. The 1,000-strong workforce is highly skilled, with 65% having a master’s degree in software algorithms, chip design and computer architecture. The fast-growing business is currently hiring across its offices in Beijing, Shanghai, Shenzhen, Xi’an, Hefei and Nanjing.

7. WM Motor

Global headcount: 3,000 Headquarters: Shanghai Autos manufacturer WM Motor launched in Shanghai in 2015 to drive ahead in the electric vehicles market. The four-year-old business, which has raised over $3 billion so far, has developed two electric vehicles to date and has ambitions to become a “new eco-service provider.”

6. 4Paradigm

Global headcount: 500-1,000 Headquarters: Beijing 4Paradigm is an artificial intelligence and technology provider for business clients. The company’s youthful workforce has an average age of 30, and more than half of them are university graduates with expertise in new technologies such as machine learning. The company is currently recruiting in its Beijing, Shanghai and Shenzhen offices.

5. Momenta.ai

Global headcount: 500-1,000 Headquarters: Beijing Momenta.ai in its own words “builds autonomous driving brains.” The auto business, which has products including highway autopilot and autonomous parking, last year became China’s first autonomous driving unicorn after receiving backing from Tencent and several state-owned investors.

4. YITUTech

Global headcount: 1,000 Headquarters: Shanghai YITUTech is an artificial intelligence start-up that provides facial recognition technology to businesses in industries ranging from security and medicine, to finance and retail. Currently, the $2 billion company is hiring specialists in engineering, research and development and project management in Shanghai and Beijing.

3. Bitmain

Global headcount: 2,500 Headquarters: Beijing Bitmain is a semiconductor design company known for its custom chip design for bitcoin mining machines. The business’ headquarters are in Beijing, but its has research centers globally — including the U.S., Canada, Switzerland, Russia and Brazil. It currently accepts unsolicited job applications.

2. DiDi

Global headcount: 5,000 Headquarters: Beijing DiDi Chuxing, commonly known as DiDi, is a Chinese ride-hailing business headquartered in Beijing. The company provides a full breadth of transportation services — ranging from taxis to buses and e-bikes — in over 1,000 cities worldwide. The seven-year-old start-up is also developing its own autonomous driving capabilities and has been hiring significantly in this area.

1. ByteDance

Global headcount: 50,000 Headquarters: Beijing ByteDance, which earlier this year was ranked by LinkedIn as one of the best companies to work for in China, also tops the charts for the country’s best start-up. The internet technology business has seen rapid growth in its seven years and now boasts a 50,000-strong workforce and several content platforms including news site Toutiao (meaning headlines) and video-sharing app TikTok. Increasingly, the company is focused on using machine-learning technology to tailor their product to audience’s interests, and is hiring in this regard.


Company: cnbc, Activity: cnbc, Date: 2019-09-04  Authors: karen gilchrist
Keywords: news, cnbc, companies, chinas, headcount, shanghai, beijing, business, headquarters, work, linkedin, company, intelligence, technology, according, startups, best, startup, artificial


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Chinese ride-hailing giant Didi plans to launch a robotaxi service in Shanghai

Chinese ride-hailing company Didi Chuxing shows off its autonomous vehicle fleet during the World Artificial Intelligence Conference in Shanghai, China in August 2019. Didi Chuxing, China’s version of Uber, announced plans to launch a robotaxi service in Shanghai where users will be able to hail driverless cars from the app. The ride-hailing company will deploy 30 different models of so-called level four autonomous vehicles in the Jiading district of Shanghai. Didi’s pilot project will combine b


Chinese ride-hailing company Didi Chuxing shows off its autonomous vehicle fleet during the World Artificial Intelligence Conference in Shanghai, China in August 2019. Didi Chuxing, China’s version of Uber, announced plans to launch a robotaxi service in Shanghai where users will be able to hail driverless cars from the app. The ride-hailing company will deploy 30 different models of so-called level four autonomous vehicles in the Jiading district of Shanghai. Didi’s pilot project will combine b
Chinese ride-hailing giant Didi plans to launch a robotaxi service in Shanghai Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: arjun kharpal
Keywords: news, cnbc, companies, plans, service, driverless, chinese, ridehailing, vehicles, company, shanghai, didi, autonomous, robotaxi, launch, giant, project, pilot


Chinese ride-hailing giant Didi plans to launch a robotaxi service in Shanghai

Chinese ride-hailing company Didi Chuxing shows off its autonomous vehicle fleet during the World Artificial Intelligence Conference in Shanghai, China in August 2019.

Didi Chuxing, China’s version of Uber, announced plans to launch a robotaxi service in Shanghai where users will be able to hail driverless cars from the app.

The ride-hailing company will deploy 30 different models of so-called level four autonomous vehicles in the Jiading district of Shanghai. Level four self-driving cars have a high degree of autonomy but a driver can still manually take control.

Didi’s pilot project will combine both autonomous vehicles and human-driving vehicles for the duration of the project.

It’s the latest company to announce a robotaxi pilot project as China tries to push development of its artificial intelligence (AI) industry, which includes driverless cars. China wants to become the world leader in AI by 2030.

Didi is not the first.

Technology giant Baidu is gearing up to launch a robotaxi service in Changsha later this year, while Pony.ai is carrying out its own project in the Nansha district of Guangzhou.

In the U.S., Google spinoff Waymo has teamed up with ride-hailing service Lyft to offer riders the option of a driverless car in Phoenix. Meanwhile, Tesla CEO Elon Musk said his company should have robotaxis on the roads in 2020.

Didi was granted permits to test autonomous vehicles in Shanghai on Wednesday. The company did not reveal a timeline for launching the pilot project.

Earlier this month, the company made its driverless car unit an independent company.


Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: arjun kharpal
Keywords: news, cnbc, companies, plans, service, driverless, chinese, ridehailing, vehicles, company, shanghai, didi, autonomous, robotaxi, launch, giant, project, pilot


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From Shanghai and Paris to Batuu: Everything Disney revealed about its parks, cruise lines and resorts at D23 Expo

Magic HappensBob Chapek, chairman of Disney parks, experiences and products, announced an all new parade coming to Disneyland called Magic Happens. ‘Frozen’ park land in Hong KongA “Frozen” theme park land is coming to Disney in Hong Kong. Cirque Du Soleil in Disney WorldWalt Disney has partnered with Cirque Du Soleil to create an all new show coming to Disney World in Orlando. Disney GenieA new digital platform called Disney Genie will be the central hub for planning the perfect day at Disney.


Magic HappensBob Chapek, chairman of Disney parks, experiences and products, announced an all new parade coming to Disneyland called Magic Happens. ‘Frozen’ park land in Hong KongA “Frozen” theme park land is coming to Disney in Hong Kong. Cirque Du Soleil in Disney WorldWalt Disney has partnered with Cirque Du Soleil to create an all new show coming to Disney World in Orlando. Disney GenieA new digital platform called Disney Genie will be the central hub for planning the perfect day at Disney.
From Shanghai and Paris to Batuu: Everything Disney revealed about its parks, cruise lines and resorts at D23 Expo Cached Page below :
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From Shanghai and Paris to Batuu: Everything Disney revealed about its parks, cruise lines and resorts at D23 Expo

Todd Wawrychuk | Disney Parks

In the days leading up to Disney’s D23 Expo panel on its parks and resorts, the company announced several major additions to its line up of destinations. On Sunday, the company is expected to expand on those reveals as well as detail a number of other exclusive updates about its theme parks and cruise lines. On Thursday, Disney unveiled concept art of its first Disney 360 project — The Star Wars: Galactic Starcruiser. The Star Wars themed hotel is being designed to be immersive for guests every minute of every day. The company also said that a theme park experience based on the animated feature “Moana” would be coming to Epcot. Journey of Water, as it has been called, will allow guests to interact with magical, living water. Additionally, Disney unveiled the name of the Tron-themed coaster coming to Magic Kingdom in 2021. It takes inspiration from the Shanghai Disneyland attraction. The coaster will be called: Tron Lightcycle Run. More reveals, updates and surprises were announced on Sunday.

Magic Happens

Bob Chapek, chairman of Disney parks, experiences and products, announced an all new parade coming to Disneyland called Magic Happens. The parade features music from Todrick Hall as well as floats based on “Coco,” “Moana,” “Sleeping Beauty” and more. The parade will debut in Spring 2020.

Mickey & Minnie: Runaway Railway

A new ride featuring old school versions of Minnie and Mickey Mouse is being housed in the old replica of the Chinese Theater in Disney’s Hollywood Studios in Orlando, Florida.

Hong Kong’s Disneyland Castle

The new castle is inspired by 13 different Disney princesses, including Cinderella’s coach, Snow White’s apple and Belle’s rose. The new icon will be called the Castle of Magical Dreams.

‘Frozen’ park land in Hong Kong

A “Frozen” theme park land is coming to Disney in Hong Kong. The land will give fans a chance to walk around Arendelle and even take a trip on Wandering Oakens Sliding Sleigh, a roller coaster.

Cirque Du Soleil in Disney World

Walt Disney has partnered with Cirque Du Soleil to create an all new show coming to Disney World in Orlando. The show will integrate iconic Disney characters. The performers will interact with animated characters, the company said during the panel. The music of the show will also integrate themes and melodies from well-known animated features. Previews begin in March 2020 and the show will debut in April 2020.

Disney comes to Target

Target on Sunday announced it’s opening dozens of permanent Disney stores within its own stores over the next year. Starting in October, 25 Disney stores will open at certain Target stores across the country, the company’s CEO said at the panel.

The Avengers Campus

These campuses in Orlando and Anaheim will let parkgoers become Avengers. The park lands will feature a Spider-Man attraction as well as the Pym Particles Test Kitchen. Worldwide Engineering Brigade aka WEB is a company that helps give regular people super powers. WEB will be home to the Spider-Man experience. Here you will get the chance to test out their webslinger vehicle. While driving the vehicle little spider bots are let loose and you must snatch them up with your new web-slinging powers. There is also an area based on Dr. Strange. Thor, Black Panther, Black Widow, and more will be walking around the park — you might also catch of a glimpse of the trickster Loki. Phase one of the project will open next year, Chapek said.

Marvel Art and Characters hotel in Paris

A new hotel in Paris will garner inspiration from Marvel’s iconic heroes. Rooms in the hotel will feature art and color designs based on fan-favorite characters.

Epcot

Big changes are coming to Epcot. Disney will be updating classic attractions and transforming locations to be more family-friendly and to have a little more Disney flair. The World Showcase will remain, but three more neighborhoods will be added: Discovery, Celebration and Nature. The new spaceship earth will focus on storytelling, Chapek said. He said many of the scenes that were part of the original will remain, but be updated. New moments will also be added. The exit to the ride will be called Dreamer’s Point and feature a new statue of Walt Disney. World Celebration will be filled with a wishing tree, a story fountain and a pavilion for live events. World Discovery will feature a “Guardians of the Galaxy” ride called Guardians of the Galaxy Cosmic Rewind. Mission Space will also be updated with a new restaurant. The restaurant is called Space 220, which is located in a space station sitting high above the Earth. It will open this winter. World Nature will feature The Journey of Water experience based on “Moana.” In the World Showcase, Remy from “Ratatouille” will appear in a ride in the France area of the park. The ride will shrink people down to the size of mice and they will race through Gusteau’s kitchen. A creperie will also be added to the France area. Additionally, a “Mary Poppins” attraction is coming to the United Kingdom area of the park. The company is adding a whole neighborhood based on Cherry Tree Lane. Epcot will also be getting a new nighttime spectacular called Harmonious. It will debut in 2020.

Walt Disney World’s 50th

The company will be celebrating the 50th anniversary of its Florida park with new food, accessories and other products.

Disney Genie

A new digital platform called Disney Genie will be the central hub for planning the perfect day at Disney. The app is designed to optimize your day in the parks with reservations, itineraries and mobile ordering.

Reflections

Is a country lodge-inspired hotel and resort. The location will have A-frame house and tree house accommodations for guests.

Star Wars: Galactic Starcruiser

A two-night adventure, Star Wars: Galactic Starcruiser is an immersive hotel. Guests will become part of the action by interacting with cast, crew and other passengers. You check in at Walt Disney World and take a launch pod that blasts you to the Star Cruiser. You emerge into the atrium. Guests will spend two days and two nights inside the massive ship. Each cabin has a glimpse of the galaxy around you. The choices you make affect the course of your journey, the company said during the panel. There is also a “port day,” a trip to the Black Spire Outpost on Batuu.

Expanding the fleet


Company: cnbc, Activity: cnbc, Date: 2019-08-25  Authors: sarah whitten
Keywords: news, cnbc, companies, cruise, company, disney, park, world, hotel, paris, revealed, lines, based, called, coming, feature, ride, resorts, expo, shanghai, d23, parks


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China, US officials meet for trade talks in Shanghai

Chinese Vice Premier Liu He (R) with United States Trade Representative Robert Lighthizer (2nd L) and Treasury Secretary Steve Mnuchin (L) before the start of talks at the Xijiao Conference Center in Shanghai on July 31, 2019. Top U.S. and Chinese trade officials met in Shanghai on Wednesday for talks in a bid to end a year-long trade war, despite low expectations for progress and combative remarks from U.S. President Donald Trump. As U.S. Trade Representative Robert Lighthizer and Treasury Secr


Chinese Vice Premier Liu He (R) with United States Trade Representative Robert Lighthizer (2nd L) and Treasury Secretary Steve Mnuchin (L) before the start of talks at the Xijiao Conference Center in Shanghai on July 31, 2019. Top U.S. and Chinese trade officials met in Shanghai on Wednesday for talks in a bid to end a year-long trade war, despite low expectations for progress and combative remarks from U.S. President Donald Trump. As U.S. Trade Representative Robert Lighthizer and Treasury Secr
China, US officials meet for trade talks in Shanghai Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-31
Keywords: news, cnbc, companies, china, secretary, officials, deal, mnuchin, chinese, shanghai, meet, huawei, month, lighthizer, talks, trade


China, US officials meet for trade talks in Shanghai

Chinese Vice Premier Liu He (R) with United States Trade Representative Robert Lighthizer (2nd L) and Treasury Secretary Steve Mnuchin (L) before the start of talks at the Xijiao Conference Center in Shanghai on July 31, 2019.

Top U.S. and Chinese trade officials met in Shanghai on Wednesday for talks in a bid to end a year-long trade war, despite low expectations for progress and combative remarks from U.S. President Donald Trump.

As U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin landed in the Chinese commercial hub on Tuesday, Trump accused Beijing on Twitter of stalling, and warned of a worse outcome for China if it continued to do so.

This week’s meetings, the first in-person trade talks since a G-20 truce last month, come as an official survey showed China’s factory activity shrank for the third month in a row in July, underlining the growing strains placed on the world’s second-biggest economy by the trade war.

Vice Premier Liu He met and shook hands with Lighthizer and Mnuchin at Shanghai’s Xijiao State Guest Hotel in front of media on Wednesday morning ahead of the day’s negotiations, but the officials did not make any public remarks.

The trade row has dragged on for more than a year, with the world’s two largest economies slapping billions of dollars of tariffs on each other’s imports, disrupting global supply chains and shaking financial markets.

The Shanghai talks were expected to centre on “goodwill” gestures, such as Chinese commitments to purchase U.S. agricultural commodities and steps by the United States to ease some sanctions on Chinese telecoms equipment giant Huawei Technologies, a person familiar with the discussions told Reuters earlier.

Trump had said on Twitter that China appeared to be backing off on a pledge to buy U.S. farm goods, and he warned that if China stalled in the hope that he wouldn’t win re-election in the November 2020 U.S. presidential contest, the outcome will be worse for China.

“The problem with them waiting … is that if & when I win, the deal that they get will be much tougher than what we are negotiating now … or no deal at all,” Trump said.

China’s state-owned Global Times tabloid said that U.S. negotiators should show sincerity and hold “reasonable expectations” after making “unrealistic demands that infringe upon China’s sovereignty and dignity.”

It said that if “Washington still holds the illusion that Beijing will somehow cave in and compromise on issues concerning sovereignty and other related core interests to reach a deal, then no deal is fine.”

The U.S. and Chinese delegations were scheduled to have had dinner at Shanghai’s historic riverfront Fairmont Peace Hotel on Tuesday night, but both teams avoided the media and did not make public comments.

The U.S. Commerce Department put Huawei on a national security blacklist in May, effectively banning U.S. firms from selling to Huawei, a move that enraged Chinese officials.

Trump had agreed last month to allow some sales to Huawei in a meeting with Chinese President Xi Jinping, but so far, U.S. semiconductor and software makers are still mostly in the dark about the administration’s plans.

In Sao Paulo on Tuesday, U.S. Commerce Secretary Wilbur Ross said decisions on license applications by U.S. firms to resume some sales to Huawei could come as early as next week.


Company: cnbc, Activity: cnbc, Date: 2019-07-31
Keywords: news, cnbc, companies, china, secretary, officials, deal, mnuchin, chinese, shanghai, meet, huawei, month, lighthizer, talks, trade


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China kicks off new Shanghai tech board as it tests new ways to improve volatile stock market

Zhang Hengwei | China News Service | VCG via Getty ImagesChina is trying again to boost the credibility of its volatile stock market. But retail participation has been relatively high, leading to much speculative activity that has caused many to call China’s stock markets a casino. It’s a very different circumstance given the Chinese financial market evolution, but I think it is meaningful. The new stock board is aimed at domestic investors, with minimal opportunity for foreign participation rig


Zhang Hengwei | China News Service | VCG via Getty ImagesChina is trying again to boost the credibility of its volatile stock market. But retail participation has been relatively high, leading to much speculative activity that has caused many to call China’s stock markets a casino. It’s a very different circumstance given the Chinese financial market evolution, but I think it is meaningful. The new stock board is aimed at domestic investors, with minimal opportunity for foreign participation rig
China kicks off new Shanghai tech board as it tests new ways to improve volatile stock market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-22  Authors: evelyn cheng
Keywords: news, cnbc, companies, stock, improve, tech, financial, volatile, tests, shanghai, kicks, companies, major, markets, chinese, ways, china, board, market, securities


China kicks off new Shanghai tech board as it tests new ways to improve volatile stock market

Chairman of the China Securities Regulatory Commission Yi Huiman presides over the launch ceremony of the SSE STAR Market or its Nasdaq-style tech board during the 11th Lujiazui Forum 2019 on June 13, 2019 in Shanghai, China. Zhang Hengwei | China News Service | VCG via Getty Images

China is trying again to boost the credibility of its volatile stock market. On Monday, China launched a new Nasdaq-style tech board — the Science and Technology Innovation Board, or “STAR Market” — on which 25 companies were listed, as the country attempts to address investor concerns like market volatility and lack of governance. China boasts the world’s second-largest equity market, just behind the U.S. More foreign capital is expected to flow into mainland Chinese stocks with their inclusion in major investment indexes. But retail participation has been relatively high, leading to much speculative activity that has caused many to call China’s stock markets a casino. Governance is also lacking. In the last few months, some major publicly-listed companies have reported executive criminal detentions, or the disappearance of billions of dollars that cannot be explained. In the meantime, Beijing would also like to keep its best companies listed at home. The country has produced some of the world’s largest technology companies, but they have chosen to list overseas. That’s partly due to stringent profitability requirements at home, and the brand credibility offered by markets such as New York or Hong Kong.

Pilot program

China’s chief securities regulator Yi Huiman has billed the new stock board as a pilot program, to try out new practices before implementation elsewhere. The focus is on valuable industries with major growth potential, such as high-tech equipment manufacturing and biotechnology. The board also creates a domestic investment channel for companies operating in areas of national security that cannot receive foreign capital.

China is centralized, different from the U.S. and Europe. It’s a very different circumstance given the Chinese financial market evolution, but I think it is meaningful. Andy Nybo director at Burton-Taylor International Consulting

Some of the key characteristics of the board are: Allowing some companies of a certain size to list before they have turned a profit

Making it easier for a company to go public by relying on a registration, rather than waiting for regulator approval — 57 companies went public on the Shanghai A-share market last year, versus 143 on Hong Kong’s main board, according to PwC.

Requiring individual investors to have assets of at least 500,000 yuan ($72,655) that can be invested, and two years of securities trading experience. All this sounds promising, except it’s the third time in 10 years that China has established a new major equity market. The last time was in 2013, when the over-the-counter New Third Board began operations. In 2009, the ChiNext was launched in Shenzhen. Neither has been able to gain the same investor interest as the primary A-share market. Anecdotally, many Chinese venture capital firms and other primary market investors are hopeful about a new platform that could allow them to exit investments more easily, and at a high valuation. The China Equity Strategy team at UBS Securities pointed out in a note that the implied average price-to-earnings ratio for the first batch of companies is 53, versus 49 for the ChiNext index.

But many investment funds are preferring to wait and see whether the new board will live up to expectations before commenting, or participating. The most critical thing the Sci-Tech Innovation Board has going for it is public support from Chinese President Xi Jinping, who announced plans for the board last November. Regulators and market participants took just over half a year to put everything together for Monday’s listing. The question is how much of that momentum will continue. “China is centralized, different from the U.S. and Europe. It’s a very different circumstance given the Chinese financial market evolution, but I think it is meaningful,” said Andy Nybo, director at Burton-Taylor International Consulting, which conducts financial markets research. “Regulators, political forces, will try to influence and support (the board) to see it’s a successful initiative.”

Individual vs institutional investors

The new stock board plays into Beijing’s general effort to build up its domestic financial system, which has far less international clout than the overall economy. China’s stock market, in its modern rendition, has existed for less than three decades, while the history of the New York Stock Exchange traces back more than 200 years. “(In China,) we’re likely to move from a world of largely lending-based financing to a little bit more of capital markets -based financing,” Peter Reynolds, partner at management consulting firm Oliver Wyman. “That journey requires a bit of infrastructure to sit beneath it, and parts of that infrastructure can be developed now and (is) being tested.” As an experiment, the Sci-Tech Innovation Board is quite small from a relative capital perspective. Heading into Monday’s launch, the 25 companies were expected to raise 37 billion yuan, according to a report by state news agency Xinhua. In contrast, the Shanghai Stock Exchange has a market valuation of $4.6 trillion, according to the World Federation of Exchanges. The new stock board is aimed at domestic investors, with minimal opportunity for foreign participation right now. But as a high-profile pilot program, its development bears watching for how China’s stock markets might look in the future.

What we are heading towards is a full confrontation … Can’t have a free market and a totally controlled market at the same time. James Early CEO of Stansberry China


Company: cnbc, Activity: cnbc, Date: 2019-07-22  Authors: evelyn cheng
Keywords: news, cnbc, companies, stock, improve, tech, financial, volatile, tests, shanghai, kicks, companies, major, markets, chinese, ways, china, board, market, securities


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Trump’s blacklisting of Huawei is hurting American chip firms

Components are displayed on a circuit board at the Qualcomm Inc. booth at the Mobile World Congress Shanghai in Shanghai, China, on Thursday, June 28, 2018. U.S. semiconductor stocks have been hit hard in the past month following President Donald Trump’s administration’s blacklisting of Huawei, which has raised the specter of wider restrictions to Chinese firms’ access to American technology. Semiconductors are one of America’s biggest tech exports and China is a crucial market because of the am


Components are displayed on a circuit board at the Qualcomm Inc. booth at the Mobile World Congress Shanghai in Shanghai, China, on Thursday, June 28, 2018. U.S. semiconductor stocks have been hit hard in the past month following President Donald Trump’s administration’s blacklisting of Huawei, which has raised the specter of wider restrictions to Chinese firms’ access to American technology. Semiconductors are one of America’s biggest tech exports and China is a crucial market because of the am
Trump’s blacklisting of Huawei is hurting American chip firms Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-05  Authors: arjun kharpal
Keywords: news, cnbc, companies, chinese, firms, blacklisting, shanghai, hit, american, trumps, china, month, world, hurting, huawei, permission, chip


Trump's blacklisting of Huawei is hurting American chip firms

Components are displayed on a circuit board at the Qualcomm Inc. booth at the Mobile World Congress Shanghai in Shanghai, China, on Thursday, June 28, 2018.

U.S. semiconductor stocks have been hit hard in the past month following President Donald Trump’s administration’s blacklisting of Huawei, which has raised the specter of wider restrictions to Chinese firms’ access to American technology.

Semiconductors are one of America’s biggest tech exports and China is a crucial market because of the amount of electronics manufacturers relying on U.S. chips.

Trump signed an executive order last month that gave permission to Commerce Secretary Wilbur Ross to block transactions that involve information or communications technology that “poses an unacceptable risk” to U.S. national security. Huawei was then put on a blacklist that requires American firms to get permission to sell to the Chinese networking equipment and smartphone giant.

The move has hit the businesses and share prices of U.S. chip firms.


Company: cnbc, Activity: cnbc, Date: 2019-06-05  Authors: arjun kharpal
Keywords: news, cnbc, companies, chinese, firms, blacklisting, shanghai, hit, american, trumps, china, month, world, hurting, huawei, permission, chip


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Tesla is investigating the apparent explosion of a parked car in Shanghai

Tesla said Monday it immediately sent a team to investigate an apparent explosion of one of its cars that occurred in Shanghai on Sunday evening local time. There are no known casualties at this time, the electric car company said in a Chinese-language post on Weibo, China’s version of Twitter. It was not immediately clear which Tesla model was affected, but reports indicated the car was parked at the time of the fire. In January, Chicago law firm Corboy & Demetrio said that there have been at l


Tesla said Monday it immediately sent a team to investigate an apparent explosion of one of its cars that occurred in Shanghai on Sunday evening local time. There are no known casualties at this time, the electric car company said in a Chinese-language post on Weibo, China’s version of Twitter. It was not immediately clear which Tesla model was affected, but reports indicated the car was parked at the time of the fire. In January, Chicago law firm Corboy & Demetrio said that there have been at l
Tesla is investigating the apparent explosion of a parked car in Shanghai Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: evelyn cheng
Keywords: news, cnbc, companies, version, worldwide, tesla, model, vehicles, parked, explosion, immediately, car, weibo, investigating, shanghai, apparent


Tesla is investigating the apparent explosion of a parked car in Shanghai

Tesla said Monday it immediately sent a team to investigate an apparent explosion of one of its cars that occurred in Shanghai on Sunday evening local time.

There are no known casualties at this time, the electric car company said in a Chinese-language post on Weibo, China’s version of Twitter. Tesla also said it is in active communication and cooperation with relevant departments about the situation.

It was not immediately clear which Tesla model was affected, but reports indicated the car was parked at the time of the fire.

In January, Chicago law firm Corboy & Demetrio said that there have been at least a dozen cases worldwide in the last five years of Model S batteries exploding in collisions and parked vehicles. The statement was part of a lawsuit filed against Tesla that alleged a 2014 Model S had a defective battery pack, causing an 18-year-old passenger to die in an accident last year, Reuters reported.

—Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: evelyn cheng
Keywords: news, cnbc, companies, version, worldwide, tesla, model, vehicles, parked, explosion, immediately, car, weibo, investigating, shanghai, apparent


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Aston Martin debuts its first electric car—take a look at the Rapid E

Aston Martin, a luxury British car manufacturer, debuted its new and first all-electric production car, the Aston Martin Rapide E, at Shanghai Motor Show in Shanghai, China, on April 16. There will only be 155 units made, according to Aston Martin. Though the price is only available upon application to buy, according to the website, it’s expected to cost around $330,000, according to CNN. There are twin rear-mounted electric motors, which produce 612 horsepower. All that gives the car a max spee


Aston Martin, a luxury British car manufacturer, debuted its new and first all-electric production car, the Aston Martin Rapide E, at Shanghai Motor Show in Shanghai, China, on April 16. There will only be 155 units made, according to Aston Martin. Though the price is only available upon application to buy, according to the website, it’s expected to cost around $330,000, according to CNN. There are twin rear-mounted electric motors, which produce 612 horsepower. All that gives the car a max spee
Aston Martin debuts its first electric car—take a look at the Rapid E Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: jimmy im, bloomberg, getty images, aston martin
Keywords: news, cnbc, companies, car, martin, cartake, hour, according, look, shanghai, 155, miles, rapid, electric, rapide, zero, aston, debuts


Aston Martin debuts its first electric car—take a look at the Rapid E

Aston Martin, a luxury British car manufacturer, debuted its new and first all-electric production car, the Aston Martin Rapide E, at Shanghai Motor Show in Shanghai, China, on April 16. There will only be 155 units made, according to Aston Martin.

Though the price is only available upon application to buy, according to the website, it’s expected to cost around $330,000, according to CNN.

The four-door Rapide E has a 6-liter, V12-engine and is powered by an 800V battery (encased in a carbon fiber and Kevlar casing) with a 65kWh capacity. There are twin rear-mounted electric motors, which produce 612 horsepower. All that gives the car a max speed of 155 miles per hour, and it can go from zero to 60 miles per hour in four seconds.


Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: jimmy im, bloomberg, getty images, aston martin
Keywords: news, cnbc, companies, car, martin, cartake, hour, according, look, shanghai, 155, miles, rapid, electric, rapide, zero, aston, debuts


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