China Tech News

CHINESE smartphone maker Xiaomi kicked off its initial public offering yesterday but the firm is likely to pull in about US$6.1 billion, far less than originally expected, with investors having mixed views about its main business.

Xiaomi had hoped to be the first company to list shares in Hong Kong at the same time as launching new Chinese Depository Receipts in Shanghai under new rules announced in April by mainland authorities to open up markets in the world's number two economy.

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CHINA'S central bank said yesterday that it will cut the amount of cash that some banks must hold as reserves by 50 basis points, releasing US$108 billion in liquidity, to accelerate the pace of debt-for-equity swaps and spur lending to smaller firms.

The reserve reduction, the third by the central bank this year, had been widely anticipated by investors amid concerns over market liquidity. But the 700 billion yuan (US$108 billion) in liquidity that the central bank said will result from the reduction in reserves was bigger than expected.

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The Swedish company, which has been operating in China for over 100 years, bears witness to the nation’s economic reforms initiated 40 years ago as it opened to the outside world. From there, it was no look*ing back!

Zhao Juntao, president of Ericsson China, talked with Shanghai Daily about the mo*mentous changes.

Zhao and Ericsson veterans Lars A. Stålberg and Per-Olof Björk are bringing their experiences together in a book to be pub*lished later this year. It’s entitled “Ericsson and China: A Lasting Relationship.”

Of course, Ericsson will be participating in the first China International Import Expo to be held in Shanghai in November.


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Latest technologies packed in solar-power backpacks, smart dustbins, eye-tracking VR and 3D facial modeling by a smartphone camera took the spotlight at the Mobile World Congress Shanghai yesterday.
The integration of technologies like 5G, artificial intelligence, Internet of Things, new energy and virtual reality has propelled consumers into a connected and smart society, industry officials said at the event which opened yesterday in Shanghai.

Solar-power backpacks, which can charge smartphones and computers, drew visitors to Hanergy booth at the event. Their products, including portable chargers, can charge themselves in most conditions such as cloudy days or low temperature environments.

The products offer users unlimited power supply and ease “concerns” about batteries running out of power in the digital society, Hanergy said.

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CHINA Mobile is teaming up with several partners to explore prospects in cloud, VR and smart driving sectors as the world’s biggest telecommunication carrier transforms its business and diversify its revenue.

The telco said yesterday its investment in Shanghai-based cloud service provider Ucloud will enable the two companies to cooperate on an eco-system, technology and products and share resources. Ucloud offers public cloud service for over 80,000 enterprises.

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US authorities have demanded the US arm of Glencore Plc hand over documents relating to its business in Nigeria, the Democratic Republic of Congo and Venezuela, sending shares in the parent company down more than 10 percent.

The Swiss-based commodities trader and miner received a subpoena from the US Department of Justice requesting documents and records on compliance with the Foreign Corrupt Practices Act and US money-laundering statutes.

Shares in Glencore, a major exporter of Nigerian and Venezuelan crude oil, fell as much as 13 percent, their biggest one-day fall in more than two years.

The documents requested from subsidiary Glencore Ltd relate to the group's business in the three countries from 2007 to present, Glencore said, adding it was reviewing the subpoena.

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THE US-initiated trade dispute has triggered retaliatory reactions from the country's major trading partners, casting a shadow over the business of global multinational firms.

As the country where the world's most Fortune 500 companies are based, the United States is expected to bear the brunt of escalating trade tension in its corporate sector.
The US Chamber of Commerce on Monday warned that the Trump administration's new tariffs on imports are likely to spark a global trade war, as other trading partners have announced billions of dollars in retaliatory tariffs against American products.

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CHINA will allow foreign individuals working on the Chinese mainland to open A-share accounts, the China Securities Regulatory Commission said in a statement yesterday.

Foreign employees with equity incentives working in A-share listed companies overseas will also be allowed to open a securities account to trade in A-shares, according to the CSRC which is also seeking public opinion until August 8 on the issue.

The securities regulatory body of the countries of qualified foreigners should have already established a regulatory cooperation mechanism with the CSRC, according to the statement.

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CHINA'S consumer inflation rose slightly faster in June amid higher food prices.



The Consumer Price Index, a main gauge of inflation, rose 1.9 percent year on year in June, faster than the 1.8 percent annual growth in May, the National Bureau of Statistics said yesterday.

On a monthly basis, the CPI dipped by 0.1 percent in June, and this dip was 0.1 percentage point slower from May.
Sheng Guoqing, the bureau’s senior statistician, cited the faster consumer inflation to a 0.3 percent rise in food prices, which lifted CPI growth by 0.05 percentage points.

Prices of eggs and vegetables surged 17.1 percent and 9.3 percent respectively to add 0.27 percent to CPI growth, while pork and fruit prices fell 12.8 percent and 5.3 percent year on year respectively.

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China's economy extended its steady growth, expanding higher than expected by 6.8 percent year on year in the first half of 2018, data released by the National Bureau of Statistics showed yesterday.



The gross domestic product rose 6.8 percent to 41.9 trillion yuan (US$6.3 trillion) in the first half from the same period of last year, the bureau said. The economic growth in the first quarter was 6.8 percent, and 6.7 percent in the second, thus maintaining a consistent growth of between 6.7 and 6.9 percent in 12 straight quarters.

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