Companies
1st LD-Writethru: Chinese shares close lower Tuesday
BEIJING, Jan. 25 (Xinhua) — Chinese stocks closed lower on Tuesday, with the benchmark Shanghai Composite Index down 2.58 percent, at 3,433.06 points. The Shenzhen Component Index closed 2.83 percent lower at 13,683.89 points. The combined turnover of stocks covered by the two indices came in at approximately 936.8 billion yuan (about 147.7 billion U.S. dollars), up from 864.2 billion yuan on the previous trading day. Stocks in the sector of gold and airport were the biggest winners. Stocks related to cloud gaming and digital currency led the losses. The ChiNext Index, tracking China’s NASDAQ-style board of growth enterprises, lost 2.67 percent to close at 2,974.96 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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