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
- U.S. Audit Deal or No Deal, Dozens of Chinese Companies Believe They Won’t Have to Delist — Many smaller Chinese companies listed in the U.S. are using a workaround to stringent audit rules.
- Tesla Deliveries From China Jump, but BYD Races Ahead in Country — Elon Musk’s EV maker sees boost after upgrading Shanghai assembly lines, but most of the cars exported.
- China Tightens Travel Restrictions as Covid Fight Intensifies — Authorities urge people to stay put during coming holidays as they battle most extensive resurgence of the virus in two years.
- China’s Lending Strategy in Emerging Markets Risks Prolonging Borrowers’ Pain — Financial stress is testing Chinese lenders’ approach, which has included rescheduled payments and more credit for troubled borrowers.
- Tencent Deal Cools Investors’ Hopes of Ubisoft Takeover — Shares in the maker of Assassin’s Creed fell after the Chinese conglomerate boosted its stake.
- Apple’s New iPhones Create Buzz in China, but Local Rivals Loom — Consumers like company’s move not to raise prices on some models.
The Financial Times
- Evergrande crisis deepens after lender seizes headquarters — Indebted Chinese property developer defaulted on loan and twice failed to sell Hong Kong building.
- Tencent shares worth $7.6bn appear in Hong Kong clearing system — Potential sale comes as global investors unwind some of the world’s biggest bets on Chinese tech.
- India and China undercut Russia’s oil sanctions pain — Customs data suggest demand from Beijing and New Delhi is largely offsetting loss of sales to Europe.
- Europe beats US on Chinese listings for first time — London and Zurich benefited from $2.1bn in fundraising this year as US and China debated auditing rules.
The New York Times
- Twilight of Entrepreneurs in China as More Leave the Country — Two of China’s best-known entrepreneurs, Pan Shiyi and Zhang Xin, stepped down from their top jobs at the real estate development company they built.
- China’s Zero-Covid Approach Explained as Chengdu Lockdown Is Extended — The country where the coronavirus first emerged is committed to going to great lengths to stop its spread.
- Climate Change Could Worsen Supply Chain Turmoil — A drought that has crippled economic activity in southwestern China hints at the kind of disruption that climate change could wreak on global supply chains.
- Solomon Islands’ Leader, a Friend of China, Gets an Election Delayed — The prime minister claims the country can’t afford to hold national elections next year. His opponents see a power grab linked to Beijing’s influence.
- China’s ‘Zero Covid’ Bind: No Easy Way Out Despite the Cost — From vaccines to propaganda, Beijing has prioritized politics over science, creating conditions that make it difficult for China to join other countries in adapting to life with the coronavirus.
Caixin
- In Depth: How China Is Trying to Get Debt Dodgers to Pay Up — China is pushing ahead with long-awaited legislation designed to crack down on the dishonest tactics that debtors — including government agencies — use to dodge court orders demanding they repay their debts.
- HKEX Mulls Speeding Up Reviews for Homecoming Listings — Chinese companies threatened with being kicked out of the U.S. represent an opportunity for Hong Kong, exchange’s chairwoman says.
- Soho China’s Founding Billionaire Couple Step Down From Top Management — Pan Shiyi and Zhang Xin hand over the office builder’s reins to a pair of vice presidents as they focus on arts and philanthropy.
- Honda Sets Up New Venture to Procure Batteries From CATL — EV-making partners Dongfeng Motor and Guangzhou Automotive will be co-owners as the Japanese auto giant organizes its global battery supplies.
South China Morning Post
- China’s yuan dilemma: Beijing ‘faces a choice’ between cutting rates and a weakening currency — Depreciation pressure on the yuan may constrain China’s ability to expand monetary policy in the second half of the year to shore up slowing economic growth, economists say.
- China, Israel free-trade deal, Beijing’s first in Middle East, in ‘last stages’ amid troubles with US — After discussions dating back to 2016, a breakthrough trade deal between China and Israel is ‘in its last stages’, Israeli sources say.
- Taiwan’s Tsai Ing-wen tells US lawmakers she’s ‘confident’ about trade agreement — Taiwanese president thanks congressional delegation for ‘rock-solid support’ and says negotiations under new trade pact framework will begin soon.
- ByteDance abandons TikTok-like e-commerce app as world’s most valuable unicorn pushes on with cost-cutting — ByteDance retreats from unprofitable sectors, as tightened regulations and economic headwinds weigh on the Chinese internet industry.
Nikkei Asia
- Analysis: In cryptic lingo, Premier Li says rivers only flow forward — Emphasis on reform and opening-up puts brakes on Xi’s economic policies.
- U.S.-led Indo-Pacific nations to consider emergency chip stockpile — Plan for mutual transfers of vital goods would be triggered by wars, pandemics.
- How China’s fast-fashion app Shein beat Uniqlo’s market value — Network of local suppliers and focus on overseas markets pay off.
Bloomberg
- Battery Maker CALB Said to Win Nod for $2 Billion Hong Kong IPO — CALB Co., a Chinese battery supplier for electric vehicle makers, has received approval from the Hong Kong stock exchange for an initial public offering, according to people familiar with the matter.
- Legendary China Bets Unwind as Buffett, SoftBank, Naspers Sell — For early backers, they’ve been some of the most profitable Chinese stock investments of all time: Tencent Holdings Ltd., Alibaba Group Holding Ltd. and BYD Co.
- CLSA Pushes Out Banker Who Proposed Moving Summit to Singapore — CLSA Ltd.’s global head of corporate access is leaving the investment bank after his proposal to hold the firm’s flagship annual conference in-person in Singapore drew criticism from senior executives in Beijing.
- Unpaid Bills Surge by $2 Billion at China’s Covid Test Providers — Testing is a core part of China’s strategy to contain Covid, but companies that provide such services are finding it harder to get paid on time.
Reuters
- Analysis: China debt restructuring policy under scrutiny as more countries demand relief — China is the world’s largest bilateral lender but discloses little on lending conditions and also on how it renegotiates with borrowers in distress, so interest in how it handles Zambian debt is intense.
- Pentagon stops accepting F-35 jets to check for Chinese content — The U.S. Pentagon has stopped accepting new F-35 jets after it discovered a magnet used in the stealthy fighter’s engine was made with unauthorized material from China, a U.S. official said on Wednesday.
- Swiss summon Chinese ambassador to press human rights concerns — The ministry cited a report last week by the United Nations human rights commissioner that China’s “arbitrary and discriminatory detention” of Uyghurs and other Muslims in Xinjiang may constitute crimes against humanity.
Other Publications
- The Economist: Introducing The Prince — Our China correspondent Sue-Lin Wong hunts for the real story of China’s leader Xi Jinping in our new eight-part podcast launching on September 14th.
- The Economist: Zero-covid is making it tougher for Chinese strivers to get ahead — Paths to the middle class are narrowing.
- Foreign Affairs: America Could Lose the Tech Contest With China — How Washington Can Craft a New Strategy. By Eric Schmidt and Yll Bajraktari
In Case You Missed It:
- The Wire China: Supercharging CALB — With a Hong Kong IPO, the state-backed battery maker has ambitious plans.
