China's new economic frontiers
The metropolis is already a rail-powered gateway to foreign markets – now, it wants to go one step further.
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South China Morning Post
5 minutes ago
- South China Morning Post
JD.com eyes US$2.6 billion takeover of Germany's Ceconomy to boost European presence
Chinese e-commerce firm is in advanced talks to acquire Ceconomy in a deal that could value the German electronics retailer at about €2.2 billion (US$2.6 billion). is considering an offer of €4.60 in cash for each Ceconomy share, according to Ceconomy's statement on Thursday. The potential offer price represents a 23 per cent premium to the company's closing price of €3.75 on Wednesday. No binding agreements had been signed so far and it was not certain a takeover offer would be made, the statement said. had been in discussions with the major shareholders of Ceconomy and any formal offer would hinge on their support, people familiar with the matter have said. Some big shareholders were hesitant to sign irrevocable agreements to tender their shares to which could potentially derail the deal, some of the people said. Shares of Ceconomy extended gains to as much as 15.5 per cent and touched their highest intraday level since November 2021 after the company statement on Thursday. Bloomberg News first reported in February that had revived its interest in acquiring the Frankfurt-listed company. The potential offer would exceed the €4.17 entry price for Ceconomy's largest shareholder, while founding family shareholders of Metro got their Ceconomy shares from its demerger, Bloomberg Intelligence analysts Tatiana Lisitsina and Darja Lema wrote in a note.
South China Morning Post
2 hours ago
- South China Morning Post
EU-China cooperation ‘only right choice', Premier Li Qiang says at business symposium
China and Europe should foster a 'healthy' economic relationship characterised by both competition and cooperation, the Chinese premier told European Union leaders and businesses on Thursday. At a business symposium held on the sidelines of the EU-China Summit on Thursday, Li Qiang urged both sides to find new grounds for collaboration. 'China and the EU can further leverage their complementary economic strengths, focusing on areas such as services trade, technological innovation, the green economy, and third-party cooperation to cultivate more new growth drivers for collaboration,' Li said, according to Xinhua. 'Looking back at the 50-year history of diplomatic relations between China and Europe, cooperation remains the only right choice for both sides.' Amid rising protectionism and unilateralism, if China and Europe join hands in upholding free trade and multilateralism while deepening economic and trade collaboration, they can serve as a stabilising anchor for economic globalisation and the stability of global industrial and supply chains, Li was quoted as saying. Li and European Commission President Ursula von der Leyen, along with other Chinese and EU officials, attended the symposium, which hosted nearly 60 representatives from business chambers and companies.
South China Morning Post
3 hours ago
- South China Morning Post
Beijing, EU agree on plan; Nvidia CEO Huang delights Chinese fans: SCMP's 7 highlights
We have selected seven stories from this week's news across Hong Kong, mainland China, the wider Asia region and beyond that resonated with our readers and shed light on topical issues. If you would like to see more of our reporting, please consider subscribing The EU and China agreed on a new mechanism to help smooth the export of rare earth elements and magnets, as Brussels pushed Beijing to take its trade concerns seriously, European Commission President Ursula von der Leyen said after a summit in the Chinese capital on Thursday. An X-47B Unmanned Combat Air System drone seen aboard the aircraft carrier USS George H.W. Bush in 2013. The US X-47B programme was cancelled 10 years ago. Photo: AFP Chinese aerospace engineers have a revolutionary software design that they say will allow them to overcome a major barrier to stealth aircraft development. Cambodian soldiers reload a BM-21 multiple rocket launcher in Preah Vihear province on Thursday. Photo: AFP Thailand launched air strikes on Cambodia on Thursday as a simmering border dispute erupted into open conflict, with soldiers on both sides exchanging fire and Cambodian troops unleashing rockets that killed at least 12 Thais, most of them civilians. A Chinese company has converted a giant cargo ship into a mobile fish farm as part of a project that aims to boost the nation's food security by repurposing old vessels for use in aquaculture. China's new mega dam project is being built on the Yarlung Tsangpo river, shown here in 2021, near Nyingchi city in the Tibet autonomous region. Photo: AFP On the eastern rim of the Tibetan plateau, China envisions a future powered by the roaring waters of the Yarlung Tsangpo, also known as the Brahmaputra. The river will be the site of a mega dam – the world's most ambitious to date – that promises to bring clean energy, jobs, infrastructure and prosperity to the region. Construction on the world's largest hydropower dam began on Saturday, according to Premier Li Qiang, who called it the 'project of the century'. But the project is not just about electricity and economic benefits – the stakes are far higher. Regional security, ecological stability and the future of one of Asia's great rivers all hang in the balance. Four Hong Kong Airlines passenger flights touched down at the city's airport while the highest typhoon signal was still in force on Sunday, with experts saying such landings were possible under the right wind and operational conditions. Nvidia CEO Jensen Huang captivates millions of Chinese fans with a charm offensive that includes wearing a Tang suit and speaking imperfect Mandarin. Photo: SCMP composite/AP/Kyodo Nvidia CEO Jensen Huang captivated millions of Chinese fans by donning a Tang suit and speaking in rusty Mandarin at the third China International Supply Chain Expo (CISCE), marking his third visit to China this year. Advertisement
