Good Morning. Welcome to The Wire’s daily news roundup. Each day, our staff gathers the top China business, finance, and economics headlines from a selection of the world’s leading news organizations.
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The Wall Street Journal
- TikTok Is Eating Up Rivals. Can It Keep Users Hooked? — The app capitalized on consumers’ bite-sized attention span. Now rivals are competing for the same eyeballs.
The Financial Times
- Australia accuses China of ‘act of aggression’ as spy ship hugs coast — Intelligence vessel’s path close to naval communications centre interpreted as a sign of Beijing’s growing assertiveness.
- Arrest of Cardinal Zen send chills through Hong Kong’s Catholic church — Chinese city’s diocese had already cancelled masses to commemorate Tiananmen Square protests.
- China’s ‘homecomers’ herald flow of deals — Listings for groups expelled from the US are keeping lawyers busy.
- US-China rift becomes a legal feud — Trade war rhetoric has evolved into wrangling over laws and regulation in tech and finance.
The New York Times
- The World Tries to Move Beyond Covid. China May Stand in the Way. — Xi Jinping has redoubled his country’s efforts to control the virus, even as a growing number of leaders call on Beijing to change course.
Caixin
- In Depth: Downfall of Everbright Securities’ Top Brass Reveals Legacy of Cronyism and Corruption — Six board members and high-level executives at the brokerage have been dressed down for misconduct under the leadership of recently resigned Chairman Yan Jun.
- China’s Biggest Research Database Faces Antitrust Investigation — CNKI is being probed for anticompetitive behavior, the market regulator says.
- CATL-BYD Battery Rivalry Altered by Covid and Surging Material Costs — BYD gains market share in batteries as it makes it own electric vehicles while CATL suffers from depressed demand amid automaker shutdowns.
South China Morning Post
- Apple’s iPhone supplier Pegatron cuts production in Shanghai factory as city’s strict Covid-19 lockdown limits output — Pegatron’s production cutback in Shanghai raises the stakes for Apple to make further adjustments to its supply chain strategy in mainland China.
- China’s top chip maker SMIC warns of lower production from Shanghai lockdown as electronics demand ‘drops like a rock’ — The Shanghai lockdown could reduce production by 5 per cent this quarter, SMIC said, after the collapse of demand for gadgets like smartphones and computers.
- Shanghai aims to bring outbreak under control by May 20, even as cases jump for first time in 19 days — The city is aiming to achieve its ‘societal zero-Covid’ target by May 20, Wu Qing, the city’s executive vice-mayor, told a press briefing on Friday morning.
Nikkei Asia
- COSCO: China’s shipping giant expands its global influence — From Taiwan to Greece, state-owned group with military links is enmeshed in world trade.
- China chipmaker SMIC says phone, PC demand has dropped ‘like a rock’ — CEO says Ukraine war, China lockdowns to wipe 200m units off handset shipments.
- Beijing urges people to stay home but denies lockdown — China says it would ‘strictly limit’ unnecessary travel outside the country.
Bloomberg
- Blacklisted Chinese Equipment Used at UK’s Porton Down Labs — The UK’s Health Security Agency has been using video surveillance technology from under-fire Chinese firm Hangzhou Hikvision Digital Technology Co. at laboratories that conduct research into vaccines and deadly diseases, according to people familiar with the matter.
- China’s Newest Commodity Exchange Eyes Silicon as First Contract — China’s newest commodity exchange plans to launch its first contract later this year, focusing on industrial silicon after wild swings in the metal’s price in 2021.
- Shein’s Breakneck Growth Slows, Testing $100 Billion Valuation — Shein, the Chinese fast fashion giant that’s quickly become the third-most valuable startup in the world, is seeing a reality check with sales growth slowing from the lofty heights of the pandemic, just as it faces mounting pressure to live up to a $100 billion valuation.
Reuters
- Hong Kong police file complaints to lawyer groups over national security case — The police said its investigations had “revealed that a number of solicitors and barristers were suspected of professional misconduct when providing legal services” without giving names or specifics.
- China denies suspending passports, invalidating foreign residency cards — China’s immigration authority denied rumours that passport issuances were halted and that residency cards for living in foreign countries were being invalidated.
- Global brands set too much store in China recovery — Many companies are downplaying the impact as temporary. That’s overly optimistic.
The Economist
- China builds a self-repressing society — Xi Jinping sees strengths in Maoist tools of social control.
- China is wary of Hong Kong’s bureaucratic elite — The city’s leader-in-waiting has a civil-service background, but he has a redeeming feature: he’s a cop.
- China’s Grand Canal is full for the first time in decades — Is that a good thing?
Other Publications
- The Atlantic: Escape from Hong Kong — Three prodemocracy activists on the run from Beijing, three wild and bizarre journeys to—and through—America.
- Foreign Policy: Engagement With China Was Always a Long Shot — Beijing’s Leninist regime is fundamentally resistant to change. By Aaron Friedberg
- Grid News: Shanghai covid lockdown dilemma: Is it better to help your neighbors or let the government fail? — Hundreds of thousands in Shanghai have volunteered to ease a lockdown crisis. Not all are sure they’re doing the right thing.
