7 hours ago
Xiaomi falls as EV stocks widen ahead of electric car exhibition in Barcelona
Chinese smartphone company Xiaomi announced its upcoming electric car, the SU7 sedan, on December 28, 2023.
CNBC | Evelyn Chen
Hong Kong-listed Xiaomi shares fell 1% in midday trading on Monday, following a sharp decline in the electric car maker’s shares.
The Chinese smartphone company said it has identified a niche market of consumers who will pay for upcoming electric vehicles.
Prior to the car’s international launch at Mobile World Congress in 2018, Weibin Lu, president of Xiaomi Group, said, “China already has 20 million smartphone-based premium users, so this is a premium model.” “We think it’s a good starting point for us in the segment,” he told CNBC. Barcelona starts on Monday.
“I think the initial purchase will overlap quite a bit with smartphone users,” Lu said.
Chinese EV maker Nio’s stock price fell nearly 5%, while Xpeng’s stock price fell nearly 1%. Hong Kong’s Hang Seng Index was down 0.7% by midday trading.
— Shreyashi Sanyal, Evelyn Chen
7 hours ago
South Korea announces measures to counter “Korean discount”, stock market rises
South Korea’s financial regulator on Monday announced steps to overhaul Japan’s strategy and improve corporate governance to boost its undervalued stock market and combat the “Korean discount.”
Korean Financial Services Commission We provided details about the “Corporate Value Improvement Program,” which prioritizes shareholder returns through various incentives, including tax breaks.
South Korean authorities noted similarities with Japan’s program, which saw the Tokyo market hit its highest level in 34 years.
The Financial Supervisory Board announced that it will also introduce a “Korea Value-Up Index” for institutional investors such as pension funds.
— Shreyashi Sanyal
8 hours ago
Veteran investor David Roche would rather invest in India, Indonesia and Japan than China.
Veteran investor David Roche would rather invest in India, Indonesia and Japan than China.
Asked about the outlook for India and Indonesia, the president of Independent Strategy told CNBC’s “Squawk Box Asia”: “They’re definitely going to have more money than China at this point.” “By the way, I would still have more money in a place like Japan than I would have in China,” he added.
Roche said China has many “fundamentally cheap” companies, but major problems such as deflation still plague the economy. Still, Roche said the Chinese market could recover.
“If the market goes down like it did in China, the market will recover,” he said.
—Li Yingshan
9 hours ago
Negotiations to sever relations with China have gone too far, Asian Development Bank says
China remains an important trading partner for many countries around the world, and the common narrative of a superpower being cut off from the global economy goes too far, the Asian Development Bank says.
“China remains probably the largest trading partner for the majority of countries in the world,” Albert Park, ADB’s chief economist, told CNBC. “I think the talk of China being cut off from the global economy is probably either very overdone or very partial in general.”
The economic powerhouse remains its largest trading partner with more than 120 countries, and remains the largest trading partner with Japan, South Korea, Taiwan and Vietnam. According to the Wilson Center, a US think tank..
China also continues to play a major role in the global economy As the world’s largest trading economy This despite trade tensions between China and the US worsening since 2018.
—Li Yingshan
12 hours ago
