CX Daily: Earthquake Kills Over 100 in Northwest China as Rescuers Work in Sub-Zero Temperatures

TOP STORY

Earthquake /

Earthquake kills over 100 in Northwest China as rescuers work in sub-zero temperatures

At least 118 people in Gansu province and neighboring Qinghai have been killed in a 6.2-magnitude earthquake that struck shortly before midnight Monday in Northwest China, with rescue efforts continuing amid sub-zero temperatures.

The quake shook Jishishan county in Gansu’s Linxia Hui autonomous prefecture at 11:59 p.m. Monday and was recorded at a depth of 10 kilometers, according to China Earthquake Networks Center. ?

FINANCE & ECONOMY

Singapore?/

Singapore halts some remittance routes to China to curb frozen funds

Singapore’s regulator has ordered remittance companies in the city-state to halt the use of nonbank and noncard channels when transmitting money to persons in China from Jan. 1.

The three-month suspension follows reports of remittances to China through Singapore being subsequently frozen in their beneficiaries’ bank accounts in China by law enforcement agencies, the Monetary Authority of Singapore said in a statement late Monday. It is unclear why these funds had been frozen. ?

BUSINESS & TECH

Shipping?/

Chinese shipping giant COSCO halts Red Sea transit amid attacks

China COSCO Shipping Corp. Ltd. will suspend shipments through the Red Sea amid escalating attacks against commercial vessels in the area, joining its global peers and further raising some analysts’ concerns over disruption to global trade if the situation persists.

The Chinese shipping giant, which is the world’s fourth largest container shipping company by capacity, will be sending out notices to customers informing them of the service halt in the Red Sea area, a person at China COSCO Shipping told Caixin Monday. ?

XPeng?/

Alibaba to trim investment in XPeng with $391 million sell-off

Taobao China Holding Ltd., a subsidiary of Alibaba Group Holding Ltd., is planning to reduce its stake in the electric car startup XPeng Inc. to cash in around $391 million.

Taobao intends to sell 25 million of XPeng’s American depositary receipts, slashing its holding from 10.2% to 7.5%, New York-traded XPeng said in a Friday filing. After the sale, the online marketplace operator will remain XPeng’s second largest shareholder, after its co-founder He Xiaopeng. ?

TikTok?/

TikTok the first non-game app to hit $10 billion user spending milestone

Video-sharing platform TikTok has generated $10 billion in users’ spending, becoming the first non-gaming app to hit the milestone, according to market data provider data.ai.

The seven-year-old infotech brand is on track to see its revenue reach $14.6 billion in 2024, making it the highest earning mobile app ever, said a report by data.ai released Monday. ?

Quick hits?/

• China EV maker Nio wins $2.2 billion Abu Dhabi cash boost ?
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Tech Insider?/

• SenseTime plunges on co-founder’s death, EV-maker Nio’s $2.2 billion Abu Dhabi cash boost ?

Long Read?/

• Lessons from China’s push to go global ?

GALLERY

Deadly quake strikes Northwest China

A 6.2-magnitude earthquake hit Linxia in Gansu around midnight Monday, killing at least 118 in the province and neighboring Qinghai. The tremor struck at a depth of 10 kilometers (6.2 miles), according to China Earthquake Networks Center (CENC), with sub-zero temperatures at the epicenter straining rescue efforts. The strong temblor reduced buildings to rubble and damaged power networks and infrastructure in some parts of the affected area.