Latest news with #ShenMeng
South China Morning Post
22-04-2025
- Automotive
- South China Morning Post
Tesla sweetens 0% loan offer for EV buyers in China amid global sales slump
Tesla is extending its zero-interest incentives for buyers to defend its market share in mainland China and mitigate a slump in worldwide sales, days after being forced to halt orders for imported electric vehicles (EVs) amid a US-China tariff war. Advertisement The EV maker will allow consumers to stretch their loan repayment on Model Y SUVs to five years, it said on Tuesday. The sweetened offer, against the current three-year repayment terms, would be available until the end of June, it added. Buyers could choose an interest-free loan to buy the SUV with a 79,900 yuan (US$10,930) down payment and 3,060 yuan in monthly instalments over five years, it said. The other option involves a 45,900 yuan down payment and 3,718 yuan monthly instalments at 0.98 per cent interest annually over five years. The SUV is priced between 263,500 and 313,500 yuan, depending on the specifications. 10:08 How Chinese companies have pulled ahead of Tesla in the electric vehicle race How Chinese companies have pulled ahead of Tesla in the electric vehicle race 'Tesla has seen a significant decline in sales across multiple regions,' said Shen Meng, director at Chanson & Co, a Beijing-based investment bank. 'Combined with the impact of tariffs, its performance expectations have weakened, leading to a substantial drop in its stock price.' Advertisement
Forbes
07-04-2025
- Business
- Forbes
Chinese Tycoons Lose Billions In Market Mayhem Caused By Trump Tariffs
An investor's phone shows information on falling A-shares on Monday in Fuyang, Anhui Province. Chinese stocks plunged steeply on Monday as a tit-for-tat tariff war with the U.S. builds, and the country's richest tycoons lost tens of billions of dollars in a day. After initially demonstrating resilience to the Trump administration's tariff increases, the country's stock markets fell off a cliff as investors returned from an extended holiday weekend. The CSI 300 index tracking stocks listed in Shanghai and Shenzhen dropped as much as 7.5% in trading Monday morning while Hong Kong's Hang Seng Index plummeted as much as 10.5%. The market mayhem came after China retaliated on Friday by imposing a matching 34% duty on all U.S. imports starting April 10. Beijing's countermeasures also include restricting the export of certain rare-earth metals. The retaliation, which came on a public holiday, stood in contrast with delayed responses to Trump's previous tariffs, according to an April 5 Nomura research note. As the world's two largest economies showed little interest in engaging in negotiations in the near-term, investors chose to sell, Shen Meng, a Beijing-based managing director of boutique investment bank Chanson & Co., says by WeChat. That caused bellwether stocks including Hong Kong-listed Tencent to plunge almost 10% as of 11:30 a.m. Monday, wiping $4.5 billion from the wealth of Chairman Ma Huateng, who was still China's third richest billionaire with a net worth of $48 billion, according to Forbes' Real-Time Billionaires List. Other big wealth losses include a $4.2 billion drop from the net worth of Xiaomi founder Lei Jun and a $2.5 billion plunge in the fortune of BYD cofounder Wang Chuanfu. Early Monday, Chinese moguls accounted for four out of the five biggest losers on the Real-Time Billionaires List. In addition, Japan's Masayoshi Son's net worth dropped by $2.1 billion to $23.6 billion as Softbank's Tokyo-listed shares fell over 10% amid plunges in Japan's stock markets. When the India markets opened later, Reliance Industries's Chairman Mukesh Ambani's wealth dropped $5.4 billion to $85.9 billion and Adani Group Chairman Gautam Adani saw his fortune plunge $4.1 billion to $56.2 billion. They are India's richest and second-richest billionaires. Chinese authorities are vowing to support the domestic economy. The market bloodbath may end in a few days as policy measures are announced, says Chanson & Co's Shen. In an editorial published late Sunday, an unnamed commentator in the government-run People's Daily wrote that China has room to expand its fiscal deficit and reduce interest rates and banks' reserve requirements. The article also said that China will use 'extraordinary' measures to boost domestic consumption and accelerate the implementation of announced policies, although it didn't go into details. Xin-Yao Ng, Singapore-based investment director of Asian equities at Aberdeen, says by email that China is perhaps 'one of the best prepared' because it has been in trade conflict with the U.S. for years. He says some stocks tied to domestic consumption may have been oversold, as a large local market and future stimulus measures may mean more room for growth. Still, there might not be an end to the trade war unless Trump backs down, Ng says. But his administration vowed on Sunday to stay its course despite growing bipartisan objections. Countermeasures such as the ones from China, as well as those that might be planned by the European Union, might be the right responses, he says. 'To me, for any country, diversifying away from the U.S. is the only way forward,' Ng says. 'Tell the U.S. this is not acceptable, then work with the rest of the world to create more trades ex-U.S.'
Yahoo
17-03-2025
- Business
- Yahoo
Chinese Stocks Turn Focus to Earnings as Briefing Underwhelms
(Bloomberg) -- Chinese stock investors are turning their attention to a raft of upcoming earnings after a closely watched consumption-focused press conference failed to provide fresh catalysts for the market. ICE Eyes Massive California Tent Facility Amid Space Constraints How Britain's Most Bike-Friendly New Town Got Built The Dark Prophet of Car-Clogged Cities Washington, DC, Region Braces for 'Devastating' Cuts from Congress Saving the Signature Sound of Washington, DC An index of Chinese shares listed in Hong Kong largely held its gain and ended up 0.6% on Monday as the briefing — where officials were expected to announce details about efforts to revive consumption — brought little cheer. The onshore benchmark CSI 300 Index finished 0.2% lower before the conference began. Both gauges had rallied more than 2% on Friday in anticipation of more policy support. China's central bank is studying plans to create new structural monetary policy tools to increase low-cost financial support for key consumption areas, an official said at the briefing. Consumer confidence and demand remain weak, Li Chunlin, deputy chief of the National Development and Reform Commission noted. 'Officials are talking about spending more while putting little emphasis on how to improve income levels, which may limit the effectiveness' of measures aimed at boosting consumption, said Shen Meng, a director at Beijing-based investment bank Chanson & Co. Chinese stocks have outperformed global markets this year, in part due to a rally in technology shares driven by the DeepSeek artificial-intelligence model. They have also been helped by optimism over policy stimulus after the government set an annual economic growth target of about 5% at this month's gathering of the National People's Congress. The MSCI China Index has climbed about 20% in 2025, while the S&P 500 Index has dropped around 4%. Investors also largely shrugged off a raft of economic data published Monday, even as it showed some signs of green shoots. Retail sales and industrial output both rose more than economists forecast, while the jobless rate climbed from the end of last year. What Bloomberg Economics says: 'China's action plan to revive consumption follows up on a pledge to deliver stronger steps to lift demand — and it's a good start. The government is addressing critical choke points, with key initiatives aimed at stabilizing incomes and alleviating burdens for child, medical and elderly care. To be sure, the plan is still skeletal. And consumption-related measures outlined in early March at the National People's Congress were modest.' — economists Eric Zhu and Chang Shu. 'Earnings are more of a focus for the market now,' said Steven Leung, an executive director at UOB Kay Hian Hong Kong Ltd. 'While there is still upside, the pace of gains may slow down. Earnings growth is needed to justify the valuations.' Xiaomi Corp., Tencent Holdings Ltd. and e-commerce giant Meituan are among companies reporting earnings over the next four days, followed by results from BYD Co. and Kuaishou Technology early next week. --With assistance from Winnie Hsu and Catherine Ngai. Nvidia Looks Past DeepSeek and Tariffs for AI's Next Chapter How America Got Hooked on H Mart How Trump's 'No Tax on Tips' Could Backfire for the Working Class College Presidents on Trump, Tuition and Universities Under Pressure As China's Birth Rate Drops, Pampered Pets Reap the Benefits ©2025 Bloomberg L.P.
