Latest news with #Zhejiang
South China Morning Post
2 days ago
- Business
- South China Morning Post
Why family feud at Wahaha is no laughing matter for China businesses
Zong Qinghou, the late founder of China's biggest soft drinks bottler Hangzhou Wahaha Group , became the talk of the nation after a wealth inheritance feud involving his offspring surfaced earlier this year, barely 12 months after his death. Three plaintiffs claiming to be his children sued chairwoman and CEO Kelly Zong Fuli in Hong Kong and Hangzhou in eastern Zhejiang province, demanding her to honour the late founder's will, which promised them trusts valued at US$700 million each. Until the lawsuit, Kelly, 43, was publicly known as the billionaire's only child. The feud will get a fresh twist at 4pm local time on August 1, when the lawsuit by Jacky Zong Jicang, Jessie Zong Jiele and Jerry Zong Jisheng comes before the High Court in Hong Kong for a decision. Here's why the family feud at Wahaha – a name that resembles the sound of laughter in Chinese – was in the spotlight and how it could affect privately-owned Chinese businesses and the nation's economy. How did founder Zong's rags-to-riches tale inspire Chinese people? Zong was born in 1945 and had to drop out of school because his family was poor. He worked in a salt processing firm, before becoming a school teacher in Hangzhou in 1979. He started a milk business in 1987 with two retired teachers with the help of a 140,000 yuan (US$19,488) bank loan.
South China Morning Post
2 days ago
- Sport
- South China Morning Post
Hunky Chinese swimming coach has mothers flocking to enrol kids, some want to join classes
A young swimming coach in eastern China has captured the attention of mainland social media with his striking looks and athletic physique, prompting many mothers to rush to enrol their children in his classes. Since early July, videos of a handsome swimming coach at Hangzhou Chen Jinglun Sport School in Zhejiang province teaching young children have circulated widely online, according to the Jiefang Daily. These clips are reportedly taken by the mothers of the coach's pupils, allured by his charming and youthful appearance, as internet users have humorously noted. In these videos, the coach dons colourful swimming trunks paired with a long-sleeved top, and at times, he goes shirtless, showcasing his impressive physique. The Hangzhou sports school is a premier swimming training centre in China, often dubbed the cradle of world swimming champions, having nurtured numerous internationally recognised athletes. Photo: Weibo Parents have revealed that the coach, whose surname is Chen, recently graduated from high school this summer and has been accepted into Nanjing Sport Institute in Jiangsu province, also located in eastern China.
Yahoo
4 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
4 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
South China Morning Post
4 days ago
- Business
- South China Morning Post
China's local governments urged to use legislation ‘propeller' to power economy
China's local governments should use their legislative power to support private companies, recruit talent and encourage technological innovation to develop their economies , Communist Party mouthpiece People's Daily said in a commentary on Tuesday. 'The reason local legislation can serve as a propeller in economic and social development is that it establishes a stable and open system, where all types of market entities can operate within the framework of the rule of law,' the article said. The commentary praised the Hangzhou government in Zhejiang province for legislation on the Hangzhou West Science and Technology Innovation Corridor, which it said focused on serving talent and helping industries grow. 01:58 China GDP figures beat market forecasts despite looming US tariff risks China GDP figures beat market forecasts despite looming US tariff risks As a result, the corridor, which stretches 39km (24 miles), has seen the birth of more than 140,000 companies, including the headquarters of industry giants such as Alibaba , which owns the South China Morning Post, and CETHIK Group, a leading enterprise in the field of the Internet of Things Chinese cities were given more power after the legislation on drafting laws was modified in 2015, expanding its coverage from 49 large cities to 293 cities and 30 autonomous prefectures. A government memo at the time said the change was to ensure these cities could draft local laws on 'issues concerning urban and rural development, environmental protection and heritage preservation'. People's Daily said that over a decade, creative legislation tailored to the realities of local cities had played a crucial role in reaching the public, and cities had shifted from relying on direct orders from above to using the law when dealing with economic issues. 'Whether local legislation can secure long-term benefits depends on whether it adapts to the needs of economic and social developments,' it said.
