HSBC’s biggest investor has demanded that the bank split off its western business and focus on China, in the latest geopolitical tussle to rock the lender. Chinese insurance giant Ping An, which owns 9.2pc of the business, is said to have presented the break-up plans to Mark Tucker, HSBC’s chairman, and chief executive Noel Quinn.…
As 25m people in Shanghai enter their fourth week in stringent isolation, authorities are playing an increasingly desperate game of cat and mouse. But it’s not just omicron that they are attempting to stamp out. Chinese censors are battling to block an outpouring of online anger, including the “Voice of April” – a six-minute montage…
Tesla is forcing its workers to sleep on the floor of its Shanghai factory as Elon Musk’s carmaker restarts production in China amid a stringent Covid lockdown. The company is providing staff with sleeping bags and mattresses as they are forced to live at the plant as part of the Communist state’s “closed-loop” lockdown regime. …
One of China’s top coal-producing regions has shuttered its mines and evacuated more than 120,000 people after unseasonably heavy rainfall flooded the province, with more rain forecast. The deluge in northern Shanxi comes just months after record floods hit the country’s central Henan province in July – killing more than 300 people – and raises fears…
Zhang Yiming, co-founder of TikTok owner ByteDance, told employees of the Chinese technology giant in a memo that he will step down as chief executive, the company disclosed on Thursday. He will be succeeded by co-founder Rubo Liang. The move, first reported by Reuters, represents the biggest corporate shake-up at ByteDance since its launch in 2012. The company…
