Yicai Global

Yicai Global serves as the English-language news division of Yicai (yicai.com), which is the foremost financial news organization located in Shanghai, China.

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Chinese Third-Party Payment Platform PingPong Expands in Malaysia, UAE

3 days ago | yicaiglobal.com | Liao Shumin

(Yicai) June 4 -- PingPong Payments, a Chinese provider of cross-border payment solutions, has expanded its global payment platform into the United Arab Emirates and Malaysia. "PingPong's global platform continues to expand its geographic presence by securing central bank licenses from the UAE and Malaysia," the Hangzhou-based company announced on May 29.
China's NavInfo, Alibaba Cloud Ally to Provide Smart Tech, Overseas Expansion Solutions for Carmakers

3 days ago | yicaiglobal.com | Tang Shihua

(Yicai) June 4 -- NavInfo, a Chinese supplier of digital mapping services, and Alibaba Group Holdings' cloud computing arm have linked arms to provide smart technology and overseas market expansion services to automakers. NavInfo and Alibaba Cloud plan to collaborate to expand their auto industry client numbers by leveraging their respective technological expertise and ecosystem resources, the Beijing-based firm announced late yesterday.
Nio to Still Turn Profitable in Fourth Quarter, CEO Says After First-Quarter Loss Widens 30%

3 days ago | yicaiglobal.com | Zhang Yushuo

Nio to Still Turn Profitable in Fourth Quarter, CEO Says After First-Quarter Loss Widens 30% audio is not supported! Nio to Still Turn Profitable in Fourth Quarter, CEO Says After First-Quarter Loss Widens 30% (Yicai) June 4 -- Nio is still expected to achieve its profitability target in the fourth quarter, its chief executive officer said after the Chinese new energy vehicle startup's net loss expanded by more than 30 percent in the first quarter.
China Expands Its Campaign to Promote NEVs In Rural Areas

3 days ago | yicaiglobal.com | Zhang Yushuo

(Yicai) June 4 -- China has launched this year’s campaign to promote new energy vehicles in rural areas, and it has a broader coverage than last year. This year’s NEV promotion campaign includes 124 models from BYD, Geely Automobile, GAC Aion, Xpeng Motors, Leapmotor, Li Auto, and other automakers, according to a joint notice issued by the Ministry of Industry and Information Technology and four other departments.
Chinese Cookware Maker Aishida to Invest Up to USD20.9 Million in New Vietnamese Plant

3 days ago | yicaiglobal.com | Liao Shumin

(Yicai) June 4 -- Aishida said the Chinese firm plans to invest no more than CNY150 million (USD20.9 million) to build a cookware, small appliances, and industrial robots production base in Vietnam. Aishida's unit Aishida Hong Kong will invest in the plant located in Dong Nai province, the Zhejiang province-based parent company announced late yesterday.
News Flash

3 days ago | yicaiglobal.com | Xu Wei |Liao Shumin |Zhu Yanran |Tang Shihua

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China’s Factory Activity Shrinks Quickest in 32 Months in May Amid Tariff Woes, Caixin PMI Shows

3 days ago | yicaiglobal.com | Xu Wei

(Yicai) June 3 -- China’s manufacturing sector ended a seven-month streak of expansion in May, shrinking at the fastest pace since September 2022 amid rising pressure from US tariffs, according to a widely watched private survey. The Caixin Manufacturing Purchasing Managers’ Index fell to 48.3 in May from 50.4 in April, slipping below the 50-point threshold that separates expansion from contraction.
China's Sinofibers to Invest USD190 Million to Lift Carbon Fiber Output Capacity

4 days ago | yicaiglobal.com | Tang Shihua

(Yicai) June 3 -- Sinofibers Technology plans to invest CNY1.4 billion (USD190 million) to raise its capacity to make space graded high-performance carbon fibers. The Chinese supplier of carbon fiber fabrics and composite materials intends to build a new plant in Changzhou, where it is based, that can produce 2,000 tons of high-performance carbon fibers a year, Sinofibers announced late on May 31. Production at 30 percent will likely start in the fourth year after construction begins, it added.
Citigroup Appoints Corporate Banking Veteran as New China President

4 days ago | yicaiglobal.com | Liao Shumin

(Yicai) June 3 -- Citigroup has appointed Zhang Wenjie, who has 30 years of experience in the corporate and institutional banking sector, as president of the US investment bank's Chinese arm. Zhang was also named chief executive and executive director of Citibank China, with the appointment subject to regulatory approval, Citigroup announced yesterday. He will succeed Lu Xuan, who stepped down as president, CEO, and director for personal reasons last November after serving for less than a year.
China’s Lopal Soars by Limit After Getting USD694 Million Battery Material Order From Eve Energy

4 days ago | yicaiglobal.com | Tang Shihua

(Yicai) June 3 -- Shares of Lopal Technology surged by the exchange-imposed daily trading limit after the Chinese battery materials supplier received an order worth more than CNY5 billion (USD694 million) from leading Chinese battery giant Eve Energy. Lopal [SHA: 603906] was trading up 10 percent at CNY12.66 (USD1.76) as of 2.20 p.m. in Shanghai today.