TOKYO — For the first time in almost two decades, Tencent Holdings founder Pony Ma will not directly hand out traditional red envelopes of cash to employees to celebrate the Lunar New Year. Such are the precautions being taken in China, even in Tencent’s home base of Shenzhen, some 1,100 km away from Wuhan, the epicenter… Continue reading Wuhan lockdown spurs corporate Japan’s contingency response
Author: Nikki News Feed
China’s AutoX raises ‘tens of millions’ of dollars in fundraising
BEIJING — AutoX, a Chinese startup that develops autonomous vehicles, said Monday it had completed its Series pre-B financing round, taking in “tens of millions” of dollars, local tech media 36Kr reported. Shenzhen-based Hongzhao Fund led the round, which concluded at the end of 2019, while Chaoshan Capital and Shenzhen IMT Industry Group also participated.… Continue reading China’s AutoX raises ‘tens of millions’ of dollars in fundraising
China’s startup funding slump hits early-stage businesses
SHANGHAI/TOKYO — Chinese startups are facing an increasingly tough financing landscape after data showed a slide in the amount raised last year as investors shift to backing companies with track records. Chinese startups raised 774.1 billion yuan ($112 billion) in 2019, down nearly 36% from a year ago, according to Jingdata, a unit of an… Continue reading China’s startup funding slump hits early-stage businesses
China won’t end EV subsidies after cuts spark sales slump
BEIJING — China looks to extend the expiring subsidies supporting the purchase of electrified vehicles as the country hopes to reverse the recent decline in sales, a senior Chinese official said Monday. Beijing had begun phasing out the subsidies for so-called new-energy vehicles, and the incentives are scheduled to conclude by the end of this… Continue reading China won’t end EV subsidies after cuts spark sales slump
Mitsui & Co. to make electric vehicle motors in India
TOKYO — Japanese trading house Mitsui & Co. will produce electric vehicle motors in India in partnership with Taiwanese motor manufacturer Teco Electric and Machinery, likely becoming the first Japanese company to make EV motors in the country. Teco is the world’s fourth-largest industrial motor maker, with annual sales of around $1.63 billion. The Taiwanese… Continue reading Mitsui & Co. to make electric vehicle motors in India
Asian stocks fall as China keeps benchmark lending rate unchanged
HONG KONG (Nikkei Markets) — Asian shares outside of Japan fell Monday after China unexpectedly left the benchmark lending rate unchanged. The Nikkei Asia300 index slid 0.3% to 1,424.40. On Monday, China maintained the monthly loan prime rate, a reference rate used for pricing floating rate loans, at 4.15%. Capital Economics had forecast that the… Continue reading Asian stocks fall as China keeps benchmark lending rate unchanged
Exclusive: Vingroup plans Thai bonds as funding options narrow
HANOI/BANGKOK — Vingroup, Vietnam’s largest company, plans to issue this year its first baht-denominated bonds, according to sources, as the sprawling conglomerate seeks to expand its loss-making cars business and has all but exhausted its funding options at home. The move to issue Thai debt may carry financial risks for Vingroup, which is in the middle… Continue reading Exclusive: Vingroup plans Thai bonds as funding options narrow
Financial heavyweights pull Hong Kong shares off highs
HONG KONG (Nikkei Markets) — Hong Kong shares headed lower on Monday, as investors appeared to pause after optimism over Sino-American trade relations lifted the city’s main equity benchmark to multi-month highs. The Hang Seng Index slipped 0.4% to 28,942.57 by noon after ending at a seven-month high on Friday. Among heavyweights, pan-Asia insurer AIA… Continue reading Financial heavyweights pull Hong Kong shares off highs
Toyota chief sees son’s potential to become ‘master driver’
NAGOYA, Japan — Toyota Motor President Akio Toyoda on Friday said his son was in the running to become the automaker’s “master driver” — the chief test driver who determines whether new models are ready for the market. Toyoda spoke at the Tokyo Auto Salon car show in Chiba Prefecture. His son, Daisuke Toyoda, is a senior… Continue reading Toyota chief sees son’s potential to become ‘master driver’
Geely in talks to pump cash into Aston Martin: FT
LONDON (Financial Times) — China’s Geely has held talks with Aston Martin investors and management as it considers pumping much-needed cash into the luxury carmaker. The Chinese company is conducting due diligence as it looks at taking a stake in the UK group, which is in need of fresh finances, said four people familiar with… Continue reading Geely in talks to pump cash into Aston Martin: FT