Companies
1st LD-Writethru: Chinese shares close mixed on Monday
BEIJING, Oct. 26 (Xinhua) — Chinese stocks closed mixed on Monday, with the benchmark Shanghai Composite Index down 0.82 percent to 3,251.12 points. The Shenzhen Component Index closed 0.48 percent higher at 13,191.25 points. The combined turnover of stocks covered by the two indices stood at 633.6 billion yuan (about 94.96 billion U.S. dollars), shrinking from 687.7 billion yuan the previous trading day. Losers outnumbered gainers 854 to 535 on the Shanghai bourse, while gainers outweighed losers 1,144 to 1,055 in Shenzhen. Companies related to digital currencies or charging piles led the gains, with Shanghai-based service provider Trust Alliance Information Development Inc., Ltd. climbing 7.6 percent to 15.44 yuan per share. Firms in the securities sector led the losses. The ChiNext Index, China’s NASDAQ-style board of fast-growing enterprises, gained 0.65 percent to close at 2,617.74 points.
China
Government subsidies don’t boost Chinese firms’ productivity
China’s industrial subsidies have caused considerable controversy both internationally and domestically. Trading partners have accused China of unfairly favouring its indigenous firms with subsidies, leaving foreign companies at a disadvantage in the race to lead the technologies of the future.
Governments around the world regularly spend an enormous amount of money subsidising businesses. But few spend like China. A 2022 report suggests that China spends 1.7–5 per cent of its GDP on industrial policies, more than most countries.
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Chinese Smartphone Manufacturer Lays Off 3,000 Employees Following Closure of Chip Design Division
OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).
OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).
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Company Owned by Chinese Billionaire Guilty of Paying $1 Million in Bribes to LA Councilman
A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.
A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.
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