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CX Daily: Huawei’s HarmonyOS Next Is Set to Rival iOS and Android

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April 3  2024
 

China welcomes more foreign travelers. The country’s securities industry experiences another year of pay cuts. Plus, more about China’s coffee price war. If you haven’t already, click here to sign up for this briefing.
 

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TOP STORIES

Coffee /

In Depth: Luckin challenger pushes China’s coffee price war toward boiling point

China’s coffee market is in the midst of a price war, and it’s showing no sign of abating as the country’s leading affordable brand Luckin Coffee Inc. faces down challenger Cotti Coffee, the upstart launched by Luckin’s disgraced co-founders Lu Zhengyao and Qian Zhiya.

Forced out of Luckin for their role in perpetrating a $300 million fraud, Lu and Qian returned in late 2022 with a new venture and promptly went to battle with their former brainchild. They adopted the same low-price strategy, at one point undercutting Luckin’s best discount.
 

Huawei /

In Depth: Huawei’s HarmonyOS Next is set to rival iOS and Android

Huawei Technologies may be close to succeeding where Microsoft, Samsung and Alibaba failed: fielding a formidable third mobile operating system to compete with Apple’s iOS and the open-source Android.

The Chinese tech giant’s HarmonyOS Next, unveiled in January as the newest version of its proprietary operating system, marked a significant departure from the previous Android-compatible versions. The move signaled Huawei's determination to establish its own self-sufficient ecosystem of mobile applications like those built around iOS and Android.
 

Corruption /

Two officials of China’s non-communist political parties caught up in corruption investigations

Senior leaders of two of China’s non-communist political parties, namely the Chinese Peasants and Workers Democratic Party (CPWDP) and the Taiwan Democratic Self-Government League (TDSL), are among the latest officials from minor political parties caught up in the country’s wide-ranging anti-corruption campaign.

Sui Lu, former director of the general office of the CPWDP’s Central Committee, has been arrested for alleged crimes related to bribery, according to a Monday statement from the Supreme People’s Procuratorate.

In late March, the executive vice chairman of TDSL’s Central Committee, Li Yuefeng, became the subject of a probe for suspected “serious duty-related violations,” the country’s top graft busters announced in a one-line notice published on March 23.

  • Another of China’s former justice ministers faces graft probe
     

FINANCE & ECONOMY

Average salaries at Chinese mainland-listed brokerages fell for a second year running in 2023. Photo: VCG

Brokerages /

Gloomy China stock market hits brokers’ pay packets

China’s securities industry experienced another year of pay cuts in 2023 as the country’s depressed capital markets and the government’s campaign against excessive remuneration in the financial sector took their toll.

Disclosures from half of the 44 securities brokerages listed on the Chinese mainland that had published their annual reports by April 1 show a downturn in the industry’s financial performance. Their total revenue in 2023 fell 1.8% to 373.4 billion yuan ($53 billion) while their net profits attributable to their parent companies dropped 7.1% to 108.1 billion yuan, marking the second consecutive year of lower profitability.
 

Trust /

Defaulted Sichuan Trust goes bankrupt

Sichuan Trust Co. Ltd., which defaulted on billions of dollars in trust products nearly four years ago, has received approval from the top financial regulator to wind down, becoming China's second trust firm to go bust.

The National Administration of Financial Regulation (NAFR), in a brief statement published on its website, said it agreed that Sichuan Trust should enter bankruptcy proceedings and carry out subsequent work according to related regulations.
 

Index /

China’s new economy industries lose a step as capital inputs tumble

The contribution of high value-added industries such as biomedicine to China’s total economic inputs fell in March, with capital inputs sinking to an eight-month low, a Caixin index showed Tuesday.

The Caixin BBD New Economy Index (NEI) came in at 29.8 last month, indicating that new economy industries accounted for 29.8% of China’s overall economic input activities. The reading is down 1.5 points from 31.3 in February.
 

Quick hits /

BUSINESS & TECH

More overseas travelers are coming to China as the country eases visa requirements and makes local digital payment services more international-user friendly.

Travelers /

China welcomes more foreign travelers as visa waiver expands

China is experiencing an uptick in inbound travelers as the country intensifies its efforts to attract foreign visitors through eased visa requirements and enhanced convenience.

During the first three months, overseas booking of trips to China on the country’s largest online travel agency Trip.com surged 188% from the same period a year ago. During the Easter weekend, the number of bookings climbed 146% year-on-year, data from the company showed.
 

Hybrid /

China’s conventional carmakers try to cash in on hybrids’ growing popularity

A number of China’s conventional carmakers have launched or announced new hybrid models in an attempt to capitalize on the growing popularity of the cars as range anxiety persists among customers curious about going electric.

State-owned automaker Dongfeng Motor Group Co. Ltd. on Saturday unveiled the Aeolus L7 SUV, which it touted as the first model built with its novel hybrid car technology that allows the vehicle to operate as either a plug-in hybrid or an extended-range hybrid.
 

EVs /

Chart of the Day: Huawei’s EV brand tops upstart pack for third month

Aito, a premium electric vehicle (EV) brand co-developed by Huawei Technologies Co. Ltd. and Seres Group Co. Ltd., led vehicle sales among China’s main EV upstarts for the third straight month, as the Chinese telecoms equipment maker further encroaches into the country’s highly competitive EV market.

In March, Aito sold 31,727 vehicles, including 24,598 new M7 SUVs and 6,243 M9 SUVs, it said in a statement on Monday, without providing figures for the same period a year ago for comparison.

Quick hits /

Daily Tech Roundup /

Long Read /

GALLERY

Hard times hit hub for Beijing’s migrants

Recommended newsletter for you /

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Today’s CX Daily was compiled and edited by Kevin Guo ([email protected]).

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Text-only version of this email

Share Share Tweet Tweet Forward Forward APRIL 3  2024 China welcomes more foreign travelers. The country’s securities industry experiences another year of pay cuts. Plus, more about China’s coffee price war. If you haven’t already, click here to sign up for this briefing. Spring Sale | Subscribe today and get unparalleled coverage from both Caixin Global and The Wall Street Journal, for only $149.99 (75% off). Don't miss out on this exclusive offer. . TOP STORIES COFFEE / IN DEPTH: LUCKIN CHALLENGER PUSHES CHINA’S COFFEE PRICE WAR TOWARD BOILING POINT China’s coffee market is in the midst of a price war, and it’s showing no sign of abating as the country’s leading affordable brand Luckin Coffee Inc. faces down challenger Cotti Coffee, the upstart launched by Luckin’s disgraced co-founders Lu Zhengyao and Qian Zhiya. Forced out of Luckin for their role in perpetrating a $300 million fraud, Lu and Qian returned in late 2022 with a new venture and promptly went to battle with their former brainchild. They adopted the same low-price strategy, at one point undercutting Luckin’s best discount. HUAWEI / IN DEPTH: HUAWEI’S HARMONYOS NEXT IS SET TO RIVAL IOS AND ANDROID Huawei Technologies may be close to succeeding where Microsoft, Samsung and Alibaba failed: fielding a formidable third mobile operating system to compete with Apple’s iOS and the open-source Android. The Chinese tech giant’s HarmonyOS Next, unveiled in January as the newest version of its proprietary operating system, marked a significant departure from the previous Android-compatible versions. The move signaled Huawei's determination to establish its own self-sufficient ecosystem of mobile applications like those built around iOS and Android. CORRUPTION / TWO OFFICIALS OF CHINA’S NON-COMMUNIST POLITICAL PARTIES CAUGHT UP IN CORRUPTION INVESTIGATIONS Senior leaders of two of China’s non-communist political parties, namely the Chinese Peasants and Workers Democratic Party (CPWDP) and the Taiwan Democratic Self-Government League (TDSL), are among the latest officials from minor political parties caught up in the country’s wide-ranging anti-corruption campaign. Sui Lu, former director of the general office of the CPWDP’s Central Committee, has been arrested for alleged crimes related to bribery, according to a Monday statement from the Supreme People’s Procuratorate. In late March, the executive vice chairman of TDSL’s Central Committee, Li Yuefeng, became the subject of a probe for suspected “serious duty-related violations,” the country’s top graft busters announced in a one-line notice published on March 23. * Another of China’s former justice ministers faces graft probe FINANCE & ECONOMY Average salaries at Chinese mainland-listed brokerages fell for a second year running in 2023. Photo: VCG BROKERAGES / GLOOMY CHINA STOCK MARKET HITS BROKERS’ PAY PACKETS China’s securities industry experienced another year of pay cuts in 2023 as the country’s depressed capital markets and the government’s campaign against excessive remuneration in the financial sector took their toll. Disclosures from half of the 44 securities brokerages listed on the Chinese mainland that had published their annual reports by April 1 show a downturn in the industry’s financial performance. Their total revenue in 2023 fell 1.8% to 373.4 billion yuan ($53 billion) while their net profits attributable to their parent companies dropped 7.1% to 108.1 billion yuan, marking the second consecutive year of lower profitability. TRUST / DEFAULTED SICHUAN TRUST GOES BANKRUPT Sichuan Trust Co. Ltd., which defaulted on billions of dollars in trust products nearly four years ago, has received approval from the top financial regulator to wind down, becoming China's second trust firm to go bust. The National Administration of Financial Regulation (NAFR), in a brief statement published on its website, said it agreed that Sichuan Trust should enter bankruptcy proceedings and carry out subsequent work according to related regulations. INDEX / CHINA’S NEW ECONOMY INDUSTRIES LOSE A STEP AS CAPITAL INPUTS TUMBLE The contribution of high value-added industries such as biomedicine to China’s total economic inputs fell in March, with capital inputs sinking to an eight-month low, a Caixin index showed Tuesday. The Caixin BBD New Economy Index (NEI) came in at 29.8 last month, indicating that new economy industries accounted for 29.8% of China’s overall economic input activities. The reading is down 1.5 points from 31.3 in February. QUICK HITS / * China home sales drought persists with little recovery sign * India, Korea and Japan to see more IPOs while China stalls BUSINESS & TECH More overseas travelers are coming to China as the country eases visa requirements and makes local digital payment services more international-user friendly. TRAVELERS / CHINA WELCOMES MORE FOREIGN TRAVELERS AS VISA WAIVER EXPANDS China is experiencing an uptick in inbound travelers as the country intensifies its efforts to attract foreign visitors through eased visa requirements and enhanced convenience. During the first three months, overseas booking of trips to China on the country’s largest online travel agency Trip.com surged 188% from the same period a year ago. During the Easter weekend, the number of bookings climbed 146% year-on-year, data from the company showed. HYBRID / CHINA’S CONVENTIONAL CARMAKERS TRY TO CASH IN ON HYBRIDS’ GROWING POPULARITY A number of China’s conventional carmakers have launched or announced new hybrid models in an attempt to capitalize on the growing popularity of the cars as range anxiety persists among customers curious about going electric. State-owned automaker Dongfeng Motor Group Co. Ltd. on Saturday unveiled the Aeolus L7 SUV, which it touted as the first model built with its novel hybrid car technology that allows the vehicle to operate as either a plug-in hybrid or an extended-range hybrid. EVS / CHART OF THE DAY: HUAWEI’S EV BRAND TOPS UPSTART PACK FOR THIRD MONTH Aito, a premium electric vehicle (EV) brand co-developed by Huawei Technologies Co. Ltd. and Seres Group Co. Ltd., led vehicle sales among China’s main EV upstarts for the third straight month, as the Chinese telecoms equipment maker further encroaches into the country’s highly competitive EV market. In March, Aito sold 31,727 vehicles, including 24,598 new M7 SUVs and 6,243 M9 SUVs, it said in a statement on Monday, without providing figures for the same period a year ago for comparison. * Tesla China price hike meets slew of cuts from rival carmakers QUICK HITS / * Former chairman of state-owned automaker caught in corruption dragnet * China Vanke gets first Hong Kong sell rating as pressure mounts DAILY TECH ROUNDUP / * Flexible-screen maker Royole faces bankruptcy LONG READ / * China’s hydrogen future explained in eight questions GALLERY HARD TIMES HIT HUB FOR BEIJING’S MIGRANTS RECOMMENDED NEWSLETTER FOR YOU / * Caixin Must-Read Newsletter brings you the best of our coverage and stories you can’t miss.  You can opt in now and get hand-picked news coverage delivered to your inbox each week for free. Thanks for reading. If you haven’t already, click here to subscribe.  Thanks for reading. If you haven’t already, click here to subscribe.  TODAY’S CX DAILY WAS COMPILED AND EDITED BY KEVIN GUO ([email protected]). WE WOULD LOVE YOUR FEEDBACK FOR THIS BRIEFING. CLICK TO SEND US YOUR THOUGHTS OR HIT ‘REPLY.’ Copyright © 2024 Caixin Global Limited. All rights reserved. You are receiving this email because you opted in via our website. Follow us: Caixin Global Limited Floor 5, Building 6, Sanlitun SOHO 8 Gongti Beilu, Chaoyang District Beijing, Beijing 100027 China Add us to your address book Caixin Global | App | Newsletters |  | Contact Us | Mobile Apps
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