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Temu, the overseas e-commerce platform of PDD Holdings Inc. (PDD.US) , officially expanded its retail export business to the Tianjin Port Free Trade Zone recently, according to Chinese media.
The State Administration for Market Regulation (SAMR) has recently issued the Provisional Rules Against Improper Competitions on the Internet (literal translation of "網絡反不正當競爭暫行規定").
Citing sources, Bloomberg reported that US President Joe Biden is set to announce a major increase in tariffs on some Chinese goods this week, with total tariffs on EVs set to surge from 27.5% to 102.5%, while tariffs on other affected target industries are set to double or triple. Still, the exact scope is not yet clear.
HSBC HOLDINGS (00005.HK) +0.100 (+0.147%) Short selling $217.54M; Ratio 18.931% repurchased a total of 6.5729 million shares in the UK and Hong Kong markets on last Friday (10th), involving a total of $448 million, according to HSBC HOLDINGS' announcement.
The proposed US Biosecure Act restricting business with Chinese biotech companies such as WUXI APPTEC (02359.HK) +1.700 (+4.462%) Short selling $110.00M; Ratio 7.958% has been revised, delaying the deadline to sever ties. The news stimulated WUXI APPTEC to open rocketing 14.96% today, gapping up through the 50MA. It trades now at $41.95, surging 10.1%, with a volume of 3.4575 million shares, involving a capital of $150 million.
It is rumoured that US President Joe Biden will announce this week significant hikes to tariffs on some Chinese goods, with total tariffs on EVs rocketing from 27.5% to 102.5%.
It is reported that the US may increase its tariffs on Chinese electric vehicles. Fu Bingfeng, executive vice president and secretary general of the China Association of Automobile Manufacturers (CAAM), argued that trade protectionism and isolationism should not be allowed to become the theme of the NEV industry. The automobile manufacturing industry is a highly globalised industry, which requires a global vision and open-mindedness in order to promote the healthy development of the industry, he commented.
TENCENT (00700.HK) +7.200 (+1.941%) Short selling $845.93M; Ratio 10.947% will release its 1Q24 results next Tuesday (14th).
Li Bin, CEO of NIO-SW (09866.HK) -0.700 (-1.705%) Short selling $107.86M; Ratio 56.408% , said that the NIO brand focuses on the high-end market, while Onvo focuses on the household market, and needs to balance the experiential value and costs, according to China Business Network.