Latest news with #Hangzhou
South China Morning Post
12 hours ago
- Business
- South China Morning Post
Meituan executive bemoans ‘irrational' instant-commerce price war with Alibaba, JD.com
Meituan executive said the company had no choice but to join the latest round of what he called 'irrational competition' against rivals and Alibaba Group Holding in China's instant delivery sector , even though the blizzard of discounts being offered to woo buyers had become disconnected from business fundamentals. 'We didn't want to take part in [the price war], as we don't think it makes sense,' Wang Puzhong, head of Beijing-based Meituan's core local commerce business, said in an interview on Tuesday with local media outlet LatePost. Meituan felt it had to join the fight to avoid looking like 'the loser', he was quoted as saying. 'We are good at fights, but not belligerent.' Wang's comments came after the three major players in the country's food delivery and instant commerce sector doubled down in a no-holds-barred fight for market share, as the competition expanded from prepared-food delivery to on-demand delivery of groceries, among other items. The battle reached a crescendo over the weekend, with all three companies offering hefty subsidies . Alibaba owns the Post. Hangzhou-based Alibaba also joined the fray, announcing a 50 billion yuan subsidy programme for consumers and merchants over the next 12 months to boost consumption on its Taobao Shangou service, alongside reported ' Super Saturdays ' sales over the next 100 days. Asked about Meituan's thoughts on its rivals' subsidy programmes including Alibaba's pledge, Wang said it was 'definitely an irrational competition' that would lead to mounting losses for the competitors. Alibaba and did not immediately respond to requests for comment on Thursday.
South China Morning Post
17 hours ago
- Business
- South China Morning Post
Wahaha heiress Kelly Zong's inheritance battle puts Chinese family firms in spotlight
Kelly Zong Fuli, chairwoman and CEO of mainland China's largest soft-drinks producer Hangzhou Wahaha Group , is embroiled in a wealth-inheritance dispute that has prompted questions about the sustainability of the country's family businesses. The daughter of late founder Zong Qinghou is facing two lawsuits as three plaintiffs, claiming to be her half-brothers and half-sister, seek to prevent her from dealing with assets worth about US$2 billion. The feud surfaced just a year after the heiress won a battle for control of the company following her father's death in February 2024 at 79. The company asserted on Monday that the lawsuits were unrelated to its operations, but the situation provoked commentary about the prospects for family-owned firms amid a shaky economy and keen competition. 'No one waves a red flag when business is good, even though family businesses' questionable corporate governance and management structure cannot support their further growth,' said Wang Feng, chairman of Ye Lang Capital, a Shanghai-based financial services group. 'Family feuds and power battles in boardrooms may hurt employee morale and brand image, particularly at a time when the companies are undergoing succession from first-generation entrepreneurs to their offspring.' Wahaha said on Monday that it would not provide any further official response, the Southern Metropolis Daily reported. The company could not be reached for comment. According to a January Hong Kong court document obtained by the Post, the plaintiffs – Jacky, Jessie and Jerry Zong – were demanding that Kelly Zong honour her father's will because the late founder had promised them trusts valued at US$700 million each.
Yahoo
19 hours ago
- Entertainment
- Yahoo
Kung fu crash! Humanoid robot hilarious slips during martial arts showcase
Crowds at a sports event in Hangzhou, China, were treated to a hilarious high-tech showdown on July 12, when two humanoid robots showcased their martial arts prowess. The sparring bots threw kicks, punches, and even pulled off a 360-degree spin – until one of them dramatically wiped out mid-move and hilariously bounced right back up.
Yahoo
2 days ago
- Business
- Yahoo
Digital initiative turns city into innovation hub
Govt support for startups credited with nurturing technological transformation HANGZHOU, China, July 16, 2025 /PRNewswire/ -- A report from When Canadian entrepreneur Nikk Mitchell first landed in Hangzhou, the capital city of Zhejiang province, more than a decade ago, he expected to stay for just a year — long enough to enjoy the misty lake views and ancient pagodas before moving on. Today, as co-founder and CEO of FXG — a virtual-reality startup — he remains firmly rooted in a metropolis that has become a bellwether for China's technological leap. "China captured me," he said while sitting in his studio in Dream Town, a government-backed tech park that has become a haven for startups. He credited the city's success to a strong research ecosystem, a robust industrial supply chain that helps convert concepts into commercial products, and a policy environment that actively supports innovation. "For Hangzhou, it's the government support that makes this a really friendly place to do business," he said. That support has helped nurture companies like artificial intelligence startup DeepSeek, as well as Game Science, the developer behind the hit title Black Myth: Wukong, and Unitree Robotics, which dominates the global market for quadruped robots — a phenomenal rise that Mitchell believes is no coincidence. In the eyes of analysts and business leaders, Hangzhou over the past two decades has become a powerful symbol of China's technological transformation. They believe that today's boom traces its roots to 2003, when Xi Jinping, then secretary of the Communist Party of China Zhejiang Provincial Committee, launched the "Digital Zhejiang" initiative. Backed by a total investment of 62.5 billion yuan ($8.7 billion) in information infrastructure, the initiative overhauled the region's internet infrastructure, setting a foundation for data-driven industries. "Faster networks, higher reliability and expanded digital services did more than boost businesses," said Gong Sen, director of Zhejiang University's Centre for International Studies on Development and Governance. "They enabled a more responsive government and paved the way for a smarter city." Gong said that development of sound digital infrastructure enabled Zhejiang to lead the way for China in pushing forward the development of one-stop government services. Meanwhile, Xi also showed foresight in pointing out that Zhejiang, as one of China's major economic powerhouses, needed to play a greater role in the nation's sci-tech innovation drive. In March 2006, he presided over a provincial conference on independent innovation, proposing targets to develop Zhejiang into a region with strong innovation and sci-tech capacities. Xi's early push for digital connectivity helped Hangzhou leap ahead of its peers and establish a durable edge in China's fast-growing digital economy, Gong said. Over the past two decades, companies like Alibaba have played a defining role in shaping China's digital economy, from e-commerce and cloud computing to digital payments. Others, including NetEase, have driven advancements in hard tech and gaming. Hangzhou is a place where entrepreneurs are not only building products, but also laying the groundwork for a future driven by AI, blockchain and smart technologies, said Cai Guoxiang, vice-president of Rokid, a Hangzhou-based producer of AI-powered smart eyewear. The continuity of government efforts to develop the city into a digital hub is one of the key reasons for the emergence of leading tech startups, Cai said. "This continuity — spanning from the e-commerce revolution to the current AI surge — has cemented Hangzhou's reputation not just as a home for tech giants, but as a breeding ground for the next generation of innovation," Cai said. That foundation has evolved into a full-fledged industrial cluster — an entire ecosystem — centered around AI, he added. These companies collectively represent Hangzhou's early wave of technological strength. Now, with the rise of a new generation of innovation driven by artificial intelligence, a second wave is taking shape, Cai said. While Xi's policies created the groundwork for Hangzhou's tech boom, the region's officials have driven the vision forward through a host of initiatives to cut red tape and offer key incentives to startups. "Officials often told us: 'We won't bother you if you don't need us — but if you do, we'll be there.' It's more than a slogan — it reflects a real commitment," Cai said. In other words, the government stays out of the way when things are running smoothly, but steps in immediately when businesses need help, he added. "After meeting the criteria for a municipal subsidy program, we submitted our application online. Eight minutes later, we received the funds — 3 million yuan. That level of speed shocked even us," Cai said. "When you combine that with Hangzhou's investment in research, funding and infrastructure, it's no wonder the city has emerged as a leading hub for innovation. It's not a miracle. It's a product of intention — and execution." Targeted support Lou Hangjie, deputy head of the bureau of science and technology in Hangzhou's Yuhang district, said that offering practical, targeted support for tech companies has always been a policy priority for local authorities. In Yuhang, where many startups are based, high-tech enterprises can secure up to 600,000 yuan in subsidies, while graduates launching new ventures receive three years of rent relief and additional grants of up to 500,000 yuan. Administrative requests are funneled through a single online platform that sends inquiries to the appropriate department — often generating responses in mere hours. At the same time, businesses can lodge complaints or request administrative assistance through a unified online platform that routes their queries directly to relevant government departments. "The playing field is level for all businesses, whether domestic or foreign," he said. Huang Kaisheng, dean of the Yangtze Delta Region Institute of Tsinghua University, Zhejiang, said the strategic blueprints once envisioned by Xi have since laid the groundwork for Hangzhou's emergence as China's leading digital economy hub and a global center of innovation. "Hangzhou's transformation — from a follower to a front-runner in the innovation race — offers a vivid example of how systematic top-level design, bold reform and an inclusive innovation ecosystem can reshape a city's future," he said. Huang said the experience of Hangzhou, and Zhejiang in general, offers a key playbook for other cities to boost their innovation drive. "For cities, success in innovation hinges on building a dynamic innovation network that links technology, capital, industry and policy," he said. Meanwhile, long-term thinking is essential, he added. "Rather than chasing short-lived trends, cities must invest consistently in basic research and talent development." Forging connections Another reason that Mitchell, the Canadian entrepreneur, has stayed in Hangzhou is the personal connection he's forged with local officials — a relationship that, over time, has come to feel more like friendship. "I have more than 30 government officials on my WeChat," he said. "When we hit a rough patch and needed serious help, they weren't just worried about losing an investment — they were worried about me, Nikk Mitchell, as their friend." "And when things turned around and we were back on our feet, they were genuinely happy for me — like friends would be." "To me, that is why I don't think my company's headquarters will ever leave Hangzhou," Mitchell said. View original content to download multimedia: SOURCE Sign in to access your portfolio
Yahoo
2 days ago
- Automotive
- Yahoo
Zeekr Group to Report Second Quarter 2025 Financial Results on August 14, 2025
HANGZHOU, China, July 16, 2025 /PRNewswire/ -- ZEEKR Intelligent Technology Holding Limited ("Zeekr Group" or the "Company") (NYSE: ZK), the world's leading premium new energy vehicle group, today announced that it will report its unaudited financial results for the second quarter ended June 30, 2025, before the U.S. markets open on Thursday, August 14, 2025. About Zeekr Group Zeekr Group, headquartered in Zhejiang, China, is the world's leading premium new energy vehicle group from Geely Holding Group. With two brands, Lynk & Co and Zeekr, Zeekr Group aims to create a fully integrated user ecosystem with innovation as a standard. Utilizing its state-of-the-art facilities and world-class expertise, Zeekr Group is developing its own software systems, e-powertrain and electric vehicle supply chain. Zeekr Group's values are equality, diversity, and sustainability. Its ambition is to become a true global new energy mobility solution provider. For more information, please visit Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "future," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact In China: ZEEKR Intelligent Technology Holding LimitedInvestor RelationsEmail: ir@ Piacente Financial CommunicationsTel: +86-10-6508-0677Email: Zeekr@ In the United States: Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050Email: Zeekr@ Media Contact Email: Globalcomms@ View original content: SOURCE ZEEKR Intelligent Technology Holding Limited Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
