ENN Energy Gets Privatization Offer at HK$24.50 Per Share
ENN Energy Holdings Ltd., a Chinese gas distribution company listed in Hong Kong, received an offer to go private from another unit of its parent company.
ENN received the offer at HK$24.50 ($3.15) per share, plus almost three shares of ENN Natural Gas, an affiliated firm, according to a filing.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNBC
29 minutes ago
- CNBC
Tesla's European car sales nosedive for fifth month as customers switch to Chinese EVs
Tesla new car sales in Europe fell for a fifth straight month in May, according to data from the European Automobile Manufacturers Association (ACEA), as customers pivot to cheaper Chinese electric vehicles. Data published Wednesday by ACEA found that Tesla's car sales in the European Union, Britain and the European Free Trade Association fell to 13,863 units in May, down 27.9% year-on-year. Tesla's European market share also dropped to 1.2% from 1.8% in May 2024. The figures reinforce a downward regional trend for the U.S. EV maker, which has suffered brand and reputational damage in part due to CEO Elon Musk's incendiary rhetoric and political activity. Musk spent nearly $300 million to help re-elect U.S. President Donald Trump and subsequently led a tumultuous initiative to slash federal agencies. Protests erupted at Tesla dealerships across Europe in response. The Tesla CEO has since left the Trump administration, amid a bitter online feud with the U.S. president. Chinese manufacturers maintained their strong momentum in Europe's new car market in May despite European Union tariffs on Beijing's EVs. Chinese automakers sold 65,808 units last month and more than doubled their market share in the region to 5.9%, according to data published Tuesday by JATO Dynamics. Tesla continues to battle rising competition from traditional automakers, as well as Chinese players. Auto giant BYD, for example, was recently found to have sold more pure electric cars in Europe than did Tesla for the first time. It had been thought Tesla's revamped Model Y compact sport utility vehicle could help to deliver a turnaround in the firm's fortunes. The Model Y was recently found to be instrumental in delivering a rebound in new car sales in Norway.
Axios
an hour ago
- Axios
Exclusive: OpenAI flags China's global ambitions
OpenAI says Chinese competitor Zhipu AI is aggressively courting governments in developing countries, aiming to entrench Chinese AI systems ahead of Western rivals. Why it matters: OpenAI and others argue that it's a must-win race between U.S. and China over whose technology will control a bot-filled world. Driving the news: OpenAI says a company called Zhipu AI is trying to pitch governments looking to invest in AI on their services as an alternative to the OpenAI for Countries push that launched last month. Zhipu AI is a foundation model developer that rivals DeepSeek with global ambitions, OpenAI says. "While promoting the development of domestic large-scale model technology, we also hope to contribute China's AI power to the world," Zhipu AI Chairman Liu Debing said last week. The company has backing from the Chinese government and from a unit of Saudi oil giant Aramco, which participated in the company's recent $400 million funding round. Zoom in: OpenAI says its analysts have found that Zhipu is trying to make inroads in various countries in Asia and Africa. "The goal is to lock Chinese systems and standards into emerging markets before US or European rivals can, while showcasing a 'responsible, transparent and audit-ready' Chinese AI alternative," the company said in a blog post. OpenAI, meanwhile, has been pitching companies in the Middle East, Asia and other regions to partner on AI infrastructure. The company announced its first deal last month: a partnership with the United Arab Emirates to build a massive Stargate UAE data center in Abu Dhabi. The big picture: The Trump Administration, tech leaders and others have positioned the battle over AI as the biggest of several must-win technology races, along with battles for leadership in semiconductors, quantum computing and alternative energy. Through a series of executive orders, Trump has rolled back policies and regulations from the prior administration in favor of an approach focused on fostering U.S. supremacy. "We believe that excessive regulation of the AI sector could kill a transformative industry just as it's taking off, and we'll make every effort to encourage pro-growth AI policies," Vice President J.D. Vance said at the Paris AI Action Summit in February.
Newsweek
2 hours ago
- Newsweek
Newsom California Initiative Accused of Links to Chinese Influence Network
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. An initiative supported by California Governor Gavin Newsom is part of a broader attempt by the Chinese Communist Party to build networks of influence in the biggest U.S. state, according to a new report from an advocacy group that it critical of Beijing's human rights record in Hong Kong. Newsom's office did not respond to Newsweek requests for comment. A California business association that has supported the initiative said it was purely economic and not political. China's consulate in San Francisco defended it as an example of mutually beneficial cooperation. The Washington, D.C.-based Committee for Freedom in Hong Kong Foundation (CFHK) said it had investigated a "Bay to Bay" initiative aiming to link San Franscisco's Bay Area to the burgeoning Greater Bay Area in southern China - a project presented by Chinese officials as an opportunity for business and to address climate change. "In these subnational engagements, the U.S. state and local officials are dealing with an apparatus orchestrated and led by China's central government and designed to benefit the CCP," according to the report, Hong Kong's Greater Bay Area and the CCP's Strategy to Influence U.S. State and Local Officials, published on Wednesday by the Washington, D.C.-based Committee for Freedom in Hong Kong Foundation (CFHK), an advocacy group for freedom and for political prisoners in Hong Kong. Such efforts could be "incompatible with US interests and values," said the author, Shannon Van Sant, CFHK's Strategy and Public Affairs Advisor, who cited the positions of those who had taken part in meetings from the Chinese side as well as Chinese state media accounts of meetings, Chinese government and U.S. business websites and other documents, including photographs. The initiative was similar to China's Belt and Road Initiative, or to its global network of "sister city" relationships that seeks to develop closer relationships with local officials - but that carried political risks as the ties also transmitted central government policy and influence and interference, said Van Sant. On the Chinese side there were plans to extend it to New York and Vancouver, she said. California Gov. Gavin Newsom meets with Chinese President Xi Jinping in the Great Hall of the People in Beijing on Wednesday, Oct 25, 2023. California Gov. Gavin Newsom meets with Chinese President Xi Jinping in the Great Hall of the People in Beijing on Wednesday, Oct 25, 2023. Office of the Governor of California via AP The Bay to Bay initiative was supported by San Francisco's Bay Area Council, a business association focused on developing the local economy. Reached by telephone, John Grubb, Chief Operating Officer of the Bay Area Council, told Newsweek that the council was a business group and not a political organization. Nevertheless it was aware of political risks: "So our work, everything, is always 'eyes wide open'." "We're Team players here. We're part of the U.S. team," Grubb said. "Our engagement was that this is an economic strategy, okay, in between these regions with China, to try to better integrate. And that's been our conversation. It hasn't been about other political or ideological aspects of that," Grubb said. A spokesperson for the Chinese consulate general in San Francisco told Newsweek: "The people of China and California share a long-standing tradition of friendship. Based on the principles of mutual respect, peaceful coexistence, and win-win cooperation, the two sides have had cooperation that delivers tangible benefits to both peoples and injects vitality into China-US relations." It said the Bay Area Council had for years created economic opportunities and that cooperation between China and California helped both to achieve climate goals. "We firmly oppose any attempt to distort and undermine China-US subnational cooperation through ideological prejudice and a Cold War mentality," it said. Two Bays A first "U.S.-China Bay to Bay Dialogue" was held in Berkeley in May 2024, signifying an upgrade for the effort which has been underway for several years, the CFHK report said. The dialogue took place side by side with a U.S.-China climate event. In attendance was Governor Newsom, according to several accounts that carried photographs of the meeting. Newsom's office did not respond to a request for comment on his presence. China's Greater Bay Area project was conceived by Duan Peijun, a professor of philosophy and strategy at the Central Party School in Beijing, the CCP's ideological and governance training center, Van Sant said. It is a national development strategy that is integrating Hong Kong, Shenzhen and more than half a dozen major cities in the province of Guangdong economically, technologically, and via infrastructure. China sent a 100-person delegation to the Berkeley dialogue including Yang Wanming, the president of a key political influence organization of the United Front, the Chinese People's Association for Friendship with Foreign Countries (CPAFFC), and the Guangdong Province Governor Wang Weizhong, according to China Daily. Also in attendance: officials from the Beijing's powerful National Development and Reform Commission, and Hong Kong Financial Secretary Paul Chan. The meeting followed a visit to China in October 2023 by Governor Newsom where he met Chinese leader Xi Jinping and signed five Memoranda of Understanding at the city, province and central government levels. Pushback "California is not even doing the bare minimum to protect their people and assets from the CCP, even though California is China's top state target," said Michael Lucci of State Armor, a Texas-based group spearheading what it calls a pushback to Chinese Communist Party interests in some state capitols. Texas had enacted 14 bills this year to counter China, and New York is advancing legislation to stop buying compromised Chinese technology, among other efforts, Lucci said. "Under Gavin Newsom, they are actually building deeper ties with CCP actors," Lucci said. In 2022, President Biden's National Counterintelligence and Security Center (NCSC), part of the Office of the Director of National Intelligence, said that subnational influencing by the Chinese Communist Party was a risk to the United States. Such relationships often yielded business benefits, but as tensions between Beijing and Washington have grown, "the government of the People's Republic of China (PRC) under President Xi Jinping has increasingly sought to exploit these China-U.S. subnational relationships to influence U.S. policies and advance PRC geopolitical interests," the NCSC said.
