CX Daily: Evergrande Life Executives Go Missing Amid Probes Into Financial Violations
TOP STORY
Probe?/
Evergrande Life Assurance Co. Ltd., the insurance arm of the beleaguered developer China Evergrande Group, is at the center of a new storm as a number of former senior executives have reportedly lost contact during mounting investigations into its financial mismanagement and ties to the collapse of its parent company’s property empire. ? Liang Dong, its former chairman, Zeng Songbai, the former general manager, and chief actuary Liu Zhanzhong could not be reached. Caixin learned from sources that several other former executives have been taken away by the authorities. ?
Election?/
Donald Trump has reclaimed the presidency in the U.S. election. In his first term in 2018 he declared a trade and tech war against China which encouraged the development of China’s domestic semiconductor industry, earning Trump the ironic title of “benefactor” among Chinese semiconductor professionals.
As he takes office again, how will the policies he pursues in his second term affect China?
Quick hit?/
BUSINESS & TECH
Shipbuilding?/
China’s onetime largest shipyard may restart production as soon as this month after lying idle?for nearly 10 years, Caixin has learned , in a sign that the global shipbuilding boom is still going strong.
Jiangsu Rongsheng Heavy Industries Co. Ltd., the company that runs the dormant shipyard, has been hiring staff and repairing equipment in preparation for production to resume, sources said. ?
Self-driving?/
Gulf oil nations undergoing an energy transformation are increasingly welcoming partnerships with Chinese intelligent driving firms chasing market expansion and investment.
On October 27, Hangzhou Hongjing Drive Technology Co. Ltd. presented its new hydrogen-powered truck at Saudi Aramco’s Tecshift Summit. The event, backed by Aramco’s venture arm Prosperity7, highlights key investments in sectors such as Artificial Intelligence (AI) and smart mobility. Prosperity7 has taken part in each of Hongjing’s four rounds of fundraising. ?
BRIEFING
A rundown of the news making headlines in and around China:
U.S. presidential election: A Foreign Ministry spokesperson said China respects the American people's choice in their election. Responding to questions at a regular press conference, the spokesperson said the country's policy toward the U.S. has been consistent and declined to respond to questions about Washington potentially imposing extra tariffs on imports from China. In February, Trump vowed a batch of trade measures aimed at China, including raising tariffs on all Chinese goods to 60%.
Xiaomi boss’s property insurer: A company controlled by Xiaomi Corp. Chairman Lei Jun has received approval to jointly set up a property insurer in China alongside Volkswagen Financial Services Overseas AG and France’s BNP Paribas Cardif. The approval comes less than a year after the Chinese tech giant launched its first electric vehicle (EV). Collaboration between automakers and insurance companies can generate synergies, especially as EVs have proved a challenging market for insurers. Even though insurers demand much higher premiums for EVs, due in part to higher maintenance costs, China’s industry rules that constrain premium pricing mean insurers still often lose money on the deal.
Autonomous driving funding: Chinese self-driving startup DeepRoute.ai LLC raised $100 million in its latest funding round. The company says it will spend the money on developing its autonomous driving platform, expanding collaboration with automakers and recruiting AI-savvy personnel. Some 20,000 vehicles using its platform have been delivered in the last few months.
ByteDance busts rulebreakers: TikTok-owner ByteDance Ltd. dismissed 103 staff members for ethical or rule violations. Eleven of the fired staff are now facing police probes, according to the internet giant's fourth report on ethical violations this year, which didn't specify when the employees were punished. One of the punished staff mentioned in the report was an intern who sabotaged one of the company's generative AI projects, a story which made headlines last month. ByteDance is increasing its efforts to enforce ethical conduct and enhance internal controls as its business continues to expand.? ?
Long Read?/