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Daniel Ren

Articles by Daniel Ren

Shanghai Stock Exchange pulls out all the stops to keep trading going as city government locks down Pudong area to contain Covid-19

March 28, 2022

[unable to retrieve full-text content]Shanghai’s stock exchange is going to extraordinary lengths to keep the bigger half of the world’s second-largest capital market ticking, locking technicians, compliance officers and back-office clerks in the building, as China’s premier commercial city goes into a rolling lockdown to contain a resurgent outbreak of Covid-19. Hundreds of staff at the bourse are working in a “closed loop”, essentially living in the office, to ensure trading goes on as normal after the whole of Pudong New Area…

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Coronavirus China: Tesla shuts down Gigafactory 3 for two days for Shanghai to mass test workers to push back against Covid-19 relapse

March 16, 2022

[unable to retrieve full-text content]Tesla will suspend all operations at its Gigafactory 3 in Shanghai for two days to allow health authorities to test every employee for the Omicron variant as the Covid-19 outbreak threatens to flare up again in China’s commercial hub.Production of Tesla’s Model 3 electric sedans and Model Y sports-utility vehicles (SUVs) will be halted on Wednesday and Thursday while the factory is sealed off, according to two people familiar with the arrangement. Tesla’s spokespeople did not respond to…

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Year of the Tiger: Tesla’s lead in China’s EV market is whittled away by NIO, Xpeng, Li Auto and other home-grown brands

February 6, 2022

[unable to retrieve full-text content]Tesla’s dominance in the world’s largest electric car market may come increasingly under pressure in the Year of the Tiger, as China’s home-grown brands develop new models to pick up the slack left by Elon Musk’s company.To get there, NIO, Xpeng Motors and Li Auto – the three most aggressive local EV start-ups – will have to spend heavily to assemble and launch smart, all-electric vehicles amid the lingering shortage of semiconductor chips that may leave a 20 per cent shortfall in this year’s…

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Chinese luxury spending unlikely to bounce back to pre-coronavirus levels any time soon, Bain says

February 3, 2022

[unable to retrieve full-text content]Mainland Chinese consumers’ spending on luxury items is unlikely to recover to pre-Covid-19 levels any time soon, owing to limited international travel and a bearish view on the economy, global consultancy Bain and Company said.“We expect Chinese consumers’ personal luxury purchases to recover to pre-Covid levels between the end of 2022 and the first half of 2023,” said Xing Weiwei, a partner at Bain. “This will be supported by continuous repatriation of spending and boosted by the gradual…

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