Chinese Firms

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Business Standrd brings you the latest headlines at this hour

ICEA wants bars raised for Chinese companies in Indian markets

Justifying its stance, the ICEA in a presentation said the country had big global EMS players from Taiwan and the US, and home-grown players that could meet the requirements here

Heavily indebted Chinese developer Evergrande proposes debt restructuring

A Chinese real estate developer whose struggle to manage more than USD 300 billion in debt rattled global financial markets announced a long-awaited plan on Thursday to restructure what it owes to foreign bondholders. The Evergrande Group, the global real estate industry's most heavily indebted company, ran short of cash after Beijing tightened controls on corporate debt the ruling Communist Party worries is dangerously high. Some other Chinese developers collapsed, leaving half-finished apartment blocks standing empty. Evergrande's struggle prompted fears about possible shockwaves for the global financial system. The Chinese central bank tried to reassure investors, saying its problems could be controlled and were unlikely to spill over. A deputy central bank governor, Pan Gongsheng, said this month the real estate industry finally was recovering following a wave of defaults. Pan said financing conditions for healthy developers had improved significantly. Evergrande's plan would .

G-7 weighs sanctioning Chinese, N. Korean firms for aiding Russia military

The aim is to coordinate a package of measures by Feb. 24, the one-year mark of Russia's invasion of Ukraine, the people said, asking not to be identified discussing sensitive matters

China introduces IceBurial tech amid rising number of Covid deaths

Amid the rising number of deaths in China due to COVID-19, it has introduced IceBurial technology which covers first-hand info and unique insights about China and the Chinese Communist Party

160 Chinese firms yet to be issued certificate for selling toys in India

The government on Friday said it has not yet issued a mandatory quality certificate to around 160 Chinese companies for selling toys in India, and the delay is due to the COVID-19 pandemic. From January 2021, India has made it mandatory to get the quality certification mark of 'ISI' from the Bureau of Indian Standards (BIS) for the sale of toys in the country. "Around 160 Chinese toy companies have applied for the BIS quality certification in the last two years. We have not yet issued to them in view of the COVID-19 pandemic," BIS Director General Pramod Kumar Tiwari told reporters. Normally, the BIS quality certification is issued after an inspection of the factories. Due to the pandemic restrictions and health concerns, the BIS officials could not visit China, he said. "Neither they invited us for inspection nor we could visit China because of the pandemic," Tiwari said. In the last two years, Tiwari said the BIS has granted the quality certificate to 29 foreign toy makers, out

Chinese tech giant Tencent Holdings wins approval for gaming blockbusters

It was only the second time the Chinese tech giant gained licences for blockbuster titles since Beijing resumed issuing them in April

Indian smartwatch players gear up to beat Chinese, global rivals in 2023

The Indian smartwatch market has not only grown exponentially on the home turf, but also performed exceptionally well at the global level and the domestic players expect to repeat the feat in 2023

Ban on TikTok's use on US govt devices likely to trigger more prohibitions

There could be more Congressional prohibitions against TikTok after a new ban on the use of Chinese social media app on US government devices with lawmakers keen on more action

US speeds up timeline in delisting threat for Chinese firms over audits

China and the US had been at odds over the issue for years, with Beijing citing national security concerns in opposition

Chinese EV firm Xpeng Aeroht's $1,40,000 car can fly over traffic jams

"The flying car is approaching reality and we think it was the right time to chip in," Brian Gu, Xpeng's president, said on the sidelines of the Dubai event, called GITEX

Georgia, New Hampshire ban Chinese app TikTok over security concerns

Governors Brian Kemp of Georgia and Chris Sununu of New Hampshire on Thursday immediately banned the use of TikTok and popular messaging applications from all computer devices controlled by their state governments, saying the Chinese government may be able to access users' personal information. Both Republican governors banned the messaging app WeChat and other apps owned by Chinese firm Tencent. Sununu went further, banning apps owned by Chinese firm Alibaba and telecommunications hardware and smartphones made by Chinese firms including Huawei and ZTE. Kemp also banned Telegram, saying its Russian control poses similar risks. The state of Georgia has a responsibility to prevent any attempt to access and infiltrate its secure data and sensitive information by foreign adversaries such as the CCP, Kemp wrote in a memo, using an acronym for the Chinese Communist Party. As such, it is our duty to take action to preserve the safety and security of our state against the CCP, entities it .

China's factories lose momentum amid tsunami of Covid cases as curbs ease

Outbreaks have the potential to cripple production or tear through employee rosters, threatening the global supply of everything from cars and golf carts to kitchen appliances and, of course, iPhones

OPPO announces OHealth H1, MariSilicon Y, and Air Glass 2 at Inno Day 2022

At its annual event called Inno Day 2022, Chinese electronics maker announced its maiden health monitor called OHealth H1, MariSilicon Y chip, and augmented reality headset Air Glass 2

India to be a semiconductor manufacturing hub: Rajeev Chandrasekhar

Chandrasekhar said India is well positioned to emerge as a major player in electronics and semiconductor products manufacturing as part of the 'China Plus One' diversification strategy

Tencent to hand $20 billion Meituan stake to shareholders as sales slip

Meituan said it would maintain its mutually beneficial business relationship with Tencent after the divestment, which comes as the Shenzhen-based tech giant shuts some unprofitable businesses

India launches probe into MG Motor as scrutiny on Chinese firms widens

The company's top management, including directors, managing director and auditors have been summoned next month by the ministry seeking more clarification

MHA asks states, UTs to take action against predatory Chinese lending apps

The Union Home Ministry has sought urgent strict action by law enforcement agencies against predatory lending apps as harassment, blackmail and harsh recovery practices by such Chinese-controlled entities have led to multiple incidents of suicides. In a communication to all states and Union territories, the home ministry said the issue has caused a serious impact on national security, economy and citizen safety. It said a large number of complaints have been reported across India related to illegal digital lending apps that provide short-term loans or micro-credits at exorbitant interest rates with processing or hidden charges, especially to vulnerable and low-income group people. The lenders use the borrowers' confidential personal data like contacts, location, photos and videos for blackmail and harassment. Harsh recovery practices followed by these illegal lending apps have claimed many lives across India. "This issue has caused a serious impact on national security, economy an

China's economy continues to struggle on Covid curbs, property woes

China's fragile economic recovery has been challenged this year by the country's adherence to Covid Zero, a policy intended to stamp out infections that has caused intermittent turmoil to supply chain

Chinese loan apps: ED freezes funds worth Rs 9.82 cr in payment gateways

The ED has frozen Rs 9.82 crore worth funds kept in merchant IDs with certain online payment gateways as part of an ongoing money laundering investigation against a "Chinese-controlled" investment token app. This is the second time that the ED has frozen funds kept in merchant IDs with certain online payment gateways. "Various Chinese-controlled entities like Comein Network Technology Private Limited and others, in service agreements with various NBFCs (non banking financial companies) were also operating multiple suspicious loan/other apps such as Cashhome, Cashmart, Easyloan etc. and they indulge in receiving funds from public on pretext of operating these apps (mobile applications)," the federal agency said in a statement. The app-based token under investigation in this case is HPZ and the entities whose funds have been frozen under the anti-money laundering law include Comein Network Technology Private Ltd, Mobicred Technology Private Ltd, Magic Data Technology Private Ltd, Bait