Page 2 - Chinese Companies

MG Motor India exploring options for a second plant, says official

Chinese car maker MG Motor India is exploring the possibility of setting up a second plant in the country, a company official said. Currently, the company has a manufacturing plant at Halol in Gujarat where the production capacity is 1.2 lakh units per annum. "We are exploring the option of putting up a second plant in India. It generally takes two to three years for a new plant to come into stream", Gaurav Gupta, deputy managing director of MG Motor India said on Wednesday evening. The company has not identified so far the location of the possible second plant. Starting operations in India four years back in 2019, the company is presently having five models and selling around 5,000 units per month. Out of the five models, two are electric vehicles (EV), he said. Gupta said the company plans to introduce a new model every year in India, either on the EV or ICE (internal combustion engine) platforms. He said at present, 25 per cent to 30 per cent of the company's sales are coming f

Panic buying? IT hardware imports rise 50% ahead of licence deadline

The rise in imports is expected to continue in September as well, as it takes 4-6 weeks for consignments to reach India

Alibaba CEO Eddie Wu: Little-known coder to continue Jack Ma's legacy

The appointment of Eddie Wu Yongming to replace the affable Daniel Zhang surprised insiders, even though the 48-year-old computer scientist has been with Ma from Alibaba's humblest beginnings

Involve Indian firms, officials in your ops: Govt to Chinese smartphone cos

Chinese smartphone-maker firms have been asked to appoint Indian officials to posts such as chief executive officer, chief operating officer, chief financial officer, and chief technical officer

Delay in visa approvals for Chinese hurting Indian businesses: Report

Apart from new projects, in several cases, companies do not have their India chief executive officers in the country for several months now

Sri Lanka confirms Chinese company request for exporting 100,000 monkeys

Sri Lanka on Wednesday confirmed China's request for importing 1,00,000 endangered monkeys from the cash-strapped island nation, amidst protests from environmental groups against the deal. Gunadasa Samarasinghe, the top bureaucrat in Sri Lanka's Ministry of Agriculture said that a privately-owned Chinese company connected to Zoological Gardens which are animal breeders had made the request to his ministry. We will not send the whole 100,000 in one lot. But we considered the request due to crop damages caused by the monkeys in several parts of the country. They will not be taken from conserved areas. The focus will be only in the cultivation areas, Samarasinghe told reporters. The toque macaque monkey is endemic to Sri Lanka and classified as endangered on the International Union for Conservation of Nature (IUCN) red list. Last week, Sri Lanka's agriculture minister Mahinda Amaraweera said that China's request for 1,00,000 monkeys to be exhibited at over 1,000 Chinese zoos could be

Alibaba likely to yield control of some business units in rejig: Report

Top executives of Chinese e-commerce and financial giant Alibaba said Thursday that the company is moving toward giving up control of some of its business units in a transition toward becoming a capital operator to optimise the value of its sprawling businesses. Alibaba CEO Daniel Zhang outlined details of a plan announced earlier this week to split Alibaba into six main groups as a prelude toward stock listings of some of its companies. The restructuring marks a new stage in Alibaba's growth after a series of setbacks as regulators cracked down on it and other tech companies. Alibaba, whose headquarters is in the eastern city of Hangzhou, will be in the nature of a holding company that is the controlling shareholder of the business group companies, Zhang said in a conference call. Alibaba's CFO, Toby Xu, said the company would continue to evaluate the strategic importance of group companies after they go public and decide whether or not to retain control. He declined to say when t

Chinese companies may need majority Indian partners to set up plants

Some global players are pushing for a 50-50 equity structure, pointing out that without such a split, most Chinese firms might not want to share their technology at all

China's Sunwalk Group intends to invest $2 bn in Pakistan telecom sector

The company started deployment and invested about USD 5 million and has the plan to deploy 5,000 km OFC as the next step, according to Business Recorder

US demands TikTok owner ByteDance sell stakes or face ban: Report

TikTok's owners may retain some form of ownership but through a passive structure

TikTok leadership considers splitting from ByteDance if deal with US fails

A divestiture, which could result in a sale or IPO, is considered a last resort, to be pursued only if the company's existing proposal with national security officials doesn't get approved

Chinese company BGI Group rejects rights accusation after US sanctions

BGI Group, one of the world's biggest genetics analysis companies, said on Sunday it never would be involved in human rights abuses after the US government said there was a danger some of its units might contribute to Chinese surveillance. Three BGI units were among Chinese companies added to an entity list last week that limits access to US technology on security or human rights grounds. The Commerce Department cited a risk BGI technology might contribute to surveillance. Activists say Beijing is trying to create a database of genetic information from Muslims and other Chinese minorities. The Chinese government accused Washington on Friday of improperly attacking China's companies. BGI, headquartered in the southern city of Shenzhen, said its services are only for civilian and scientific purposes. The US decision may have been impacted by misinformation and we are willing and able to clarify, BGI Group said in an emailed response to questions. It didn't mention Uyghurs or other .

Loan app with Chinese links: Karnataka HC says investigation necessary

Refusing to defreeze the accounts and set aside the show-cause notice issued to a Kerala-based loan app company, the High Court of Karnataka has cautioned against such apps owned by Chinese entities and individuals which are used to destabilise India. In a recent judgment, Justice M Nagaprasanna, while rejecting the petition of Inditrade Fincorp Ltd, registered in Kochi, said, "It is in public domain that several borrowers have committed suicide unable to bear the harassments of the representatives of such loan apps. The office-bearers of several of these companies which control and operate such mobile loan apps are said to be entities of China or individuals from China sitting as directors of such mobile loan apps. Therefore, it becomes necessary for an investigation, in the least to be conducted of any such company who would operate such loan apps and has transactions between each other." Refusing to stall the investigation against the company, the HC said, "The investigation woul

Chinese telecom equipment maker ZTE begins layoffs across departments

The job cuts will also reportedly impact senior employees who have worked for the company for more than 10 years

US Air Force opposes Chinese company's corn plant for North Dakota

The U.S. Air Force has told North Dakota leaders that it believes a Chinese company's plans to build a wet corn milling plant near its Grand Forks base poses a significant threat to national security, prompting city officials to say they'll move to stop a project once touted as an economic boon. The Fufeng Group's planned $700 million facility would be 12 miles (19 kilometers) from the Grand Forks Air Force Base, a location that triggered some local concern about potential espionage. Gov. Doug Burgum and U.S. Sens. John Hoeven and Kevin Cramer all Republicans pressed the federal government in July to expedite a review of any security risk. U.S.-China business ties have become strained amid growing tensions between the two countries over security and trade issues, which often overlap. China on Monday criticized U.S. controls on technology exports as a trade violation. Fears over spying have led the U.S. armed forces to prohibited the Chinese-owned app TikTok on military devices, and

Explained: Why Chinese electronics companies are getting a break in India

A small policy relaxation outside the rubric of Press Note 3 is designed to help global and domestic electronics manufacturing build a local supply chain ecosystem

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

Global wealth, Indian business

Comparing India and China's Fortune 500 performance may not be entirely fair, but it offers some thought-provoking facts at a time when India is flaunted as the only decent economic game in town

Govt yet to approve BIS certificates for 160 Chinese toy companies

The delay has been mainly due to the disruptions caused by the Covid-19 pandemic in China

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