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China

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(Reuters) - Alibaba Group beat third quarterly revenue estimates on Thursday, driven by e-commerce growth after China emerged from coronavirus lockdowns, and said it was assessing the suspension of its affiliate Ant Group’s listing.

China’s surprise suspension of Ant Group’s planned $37 billion Shanghai initial public offering (IPO) was seen by some analysts and investors as an attempt by Beijing to cut founder Jack Ma and his financial services empire down to size.

Alibaba Chief Executive Daniel Zhang said during an earnings call that added that Alibaba is "actively evaluating" the impact of the Ant Group IPO's suspension on its business and will "take appropriate measures accordingly".


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HONG KONG (Reuters) - JPMorgan will own 71% of its Chinese securities joint venture after completing the transaction to buy a 20% stake from one of its local partners, according to an exchange filing on Monday.

The deal, which was first flagged in September, will see the Wall Street bank edge closer to full ownership of the securities business in China as geopolitical relations between the United States and China remain fragile.

It will also position JPMorgan as the foreign bank with the highest ownership stake in a mainland Chinese securities joint venture.


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Honor of Kings, Tencent’s flagship video game, announced a record 100 million daily active users worldwide and said it was expanding into other genres and forming a tie-up with British luxury group Burberry.

The moves come as the world’s most lucrative mobile game celebrates its fifth anniversary and faces a challenge from a mobile version of League of Legends, the world’s most popular desktop game.


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WASHINGTON (Reuters) - The U.S Commerce Department said on Sunday it would “vigorously defend” an executive order that seeks to bar transactions with Chinese-owned short video-sharing app TikTok after a federal judge halted the action.

U.S. District Judge Wendy Beetlestone on Friday blocked the Commerce Department order set to take effect on Nov. 12 that would have effectively barred ByteDance-owned TikTok from operating in the United States.

The Commerce Department said on Sunday it would “comply with the injunction ... but intends to vigorously defend the (executive order) and the Secretary’s implementation efforts from legal challenges.”


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German automaker Volkswagen said Thursday it returned to profit in the third quarter thanks to cost discipline and a rebound in global sales markets led by China after the lifting of the severe restrictions on activity in the early phase of the pandemic.

After-tax profit was 2.75 billion euros ($3.23 billion), down 31% from 3.99 billion euros for the same July-September quarter a year ago, pre-COVID-19, but far better than the 1.53 billion euro ...


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Caterpillar Inc on Tuesday reported lower quarterly earnings as equipment sales fell across its three primary segments, reflecting a slow and uneven global economic recovery following lockdowns to curb the spread of the new coronavirus.

The heavy equipment maker, however, said the pace of decline in sales of its yellow bulldozers, mining trucks and other equipment was moderating, helped by a fast economic recovery in China and impr...


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WASHINGTON (Reuters) - U.S. President Donald Trump’s bank account in China raises serious national security concerns, U.S. House of Representatives Speaker Nancy Pelosi said on Wednesday following a New York Times report revealing the previously undisclosed account.

Pelosi cited the Chinese government’s ties to its financial industry and said Trump’s banking there risked his exposure and opened him up to vulnerabilities.


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Tesla Inc on Wednesday reported its fifth consecutive quarterly profit on record revenue of $8.8 billion, boosted by an uptick in vehicle deliveries and sales of environmental regulatory credits to other automakers.

The electric car maker also affirmed its target to deliver half a million vehicles by the end of this year, a goal that will require it to significantly ramp up vehicle sales in the fourth quarter.


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China’s shaky economic recovery from the coronavirus pandemic is gaining strength as consumers return to shopping malls and auto dealerships while the United States and Europe endure painful contractions.

Growth in the world’s second-largest economy accelerated to 4.9% over a year earlier in the three months ending in September, up from the previous quarter’s 3.2%, official data showed Monday. Retail spending rebounded to above pre-vi...


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Tesla Inc said on Monday it would start exporting China-made Model 3 cars to more than 10 European countries this month, joining a growing number of automakers using China as an export hub for electric vehicles.

The U.S. carmaker, which started delivering vehicles made in its Shanghai factory in December, will export China-made cars this month to countries including Germany, France, Italy and Switzerland, it said in a statement.

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