Good Morning. Welcome to The Wire’s daily news roundup. Each day, our staff gathers the top China business, finance, and economics headlines from a selection of the world’s leading news organizations.
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The Wall Street Journal
- China to Upgrade Ream Naval Base in Cambodia, Fueling U.S. Concerns — Officials in Washington have said for years that Beijing plans to establish a naval outpost in the Southeast Asian country.
- Video: Satellite Images Show China’s Military Expansion on Land and at Sea — Military analysts say China’s build-up in recent years has been unprecedented.
- Chinese Internet Stocks Hit Three-Month High — Regulatory approval of videogames seen as a sign that Beijing is easing pressure on tech giants.
The Financial Times
- TikTok Shop’s troubled UK expansion: staff exodus and culture clash — Chinese-owned social media group launches investigation into ‘toxic’ working practices at London offices.
Caixin
- In Depth: College Student Depression Hides Anxieties About Jobs and Covid — With China’s huge and growing number of students, the public health crisis has had an enormous impact on a signification portion of the population.
- China Deploys Asset Management Giants in Cleaning Up Small Banks — Top banking regulator presses AMCs to play a greater role in reducing risks related to nonperforming assets of small and medium-sized banks.
- Biden’s Southeast Asia Solar Tariff Reprieve a Bright Spot for Chinese Producers — U.S. temporarily lifts tax on PV cells and modules from suppliers in Cambodia, Malaysia, Thailand and Vietnam, many of which are backed by Chinese companies.
South China Morning Post
- Nike’s running app to stop service in China next month, following similar moves by Airbnb and Kindle — Sports giant Nike will close two apps in China next month, citing ‘business reasons’, in the latest example of a Western firm retreating from the mainland Chinese market amid a tighter regulatory environment.
- ByteDance’s private valuation falls by US$100 billion in one year as IPO plans remain up in the air — A deal in April values the TikTok owner at about US$300 billion, a quarter less than last year, but still puts it among the biggest Chinese tech firms.
- Huawei pursues more patent-licensing deals for 4G, 5G mobile technologies to boost sales amid struggles with US sanctions — Most premium Android smartphones in the global market use licensed 4G and 5G mobile technologies from Huawei.
- China R&D key part of ‘global portfolio’, but technology leaks remain concern, report says — An overwhelming majority of European firms will increase research and development spending in China this year, according to a report released on Wednesday.
- Chip-making tools firm ASML to hire 200 staff in China as Covid restrictions ease, including sanctions compliance role — ASML, known for its critical chip-making tools that use on Extreme Ultraviolet Lithography, is expanding its China workforce 14 per cent this year.
Nikkei Asia
- China readies massive bank bailout fund as slowdown looms — Lifeline for big institutions aims to mitigate systemic risk in times of turmoil.
- Disappearance of China’s online sales king is blow to Alibaba — Li Jiaqi is latest superstar livestreamer to go silent amid crackdown on sector.
- Lithuania minister urges EU countries to leave China’s ’17+1′ bloc — Top diplomat on mission to find trading partners to replace Beijing.
- Cambodia breaks ground on China-funded Ream Naval Base expansion — Officials again deny site will be used by People’s Liberation Army.
Bloomberg
- Australian Chinese News Site Hit by Cyber Attack, Media Reports — One of Australia’s largest Chinese-language media platforms came under cyber attack early in the hours of June 4, potentially putting users’ information at risk, The Australian newspaper reported Wednesday.
- BYD May Sell Batteries to Tesla, Executive Tells State Media — BYD Co., the automaker backed by Warren Buffett, is readying to sell its own batteries to Tesla Inc., an executive at the Chinese company has told state media.
- Chinese Carmaker Joins SpaceX in Low-Earth-Orbit Satellite Race — A company controlled by one of China’s top carmakers just put its first satellites into space. But Geespace, a unit of China’s Geely automotive empire, says its ambitions are more modest than Elon Musk’s plans for Space Exploration Technologies Corp.
Reuters
- Exclusive: Under Biden, China has widened trade lead in much of Latin America — China has widened the gap on the United States in trade terms in large swathes of Latin America since U.S. President Joe Biden came into office early last year, data show, underscoring how Washington is being pushed onto the back foot in the region.
Exclusive: Didi pursues EV stake, aiming to emerge from regulatory shadows — China’s Didi is in talks with state-backed Sinomach Automobile to buy a third of its electric-vehicle unit, two sources said. - Nike says to end run club app in China; to offer ‘localised solution’ — China has put new curbs on internet companies in areas such as content, and has also imposed new laws, such as one on personal information protection designed to protect users’ data privacy.
- Italy’s PM Draghi vetoes technology transfer to China — Rome has stopped foreign interests in Italy seven times since the introduction of the golden powers in 2012.
- Foreign investors returned to China capital markets in May despite lockdowns — Even as tough anti-virus restrictions persisted, foreign investors bought a net $2.5 billion worth of beaten-down China-listed shares last month, the biggest tally in four months.
Other Publications
- Quartz: Another US consumer service is leaving China — Nike has announced that it will suspend its popular Nike Run Club in mainland China starting in July.
- Los Angeles Times: After his son died on a USC film shoot, a father is still looking for answers — Moviemaking was 29-year-old cinematographer Peng Wang’s dream. He grew up in a small town in northern Sichuan province, where his family ran a small convenience store and scrimped and saved everything to support their son’s filmmaking career.
- CSIS: CCP Inc. in West Africa — How Chinese Party-State Actors Secured Critical Minerals in Guinea.
