A top Huawei executive has broken ranks to warn that China’s stringent zero-Covid policy may trigger “massive losses” for the tech industry, putting the country’s economy as well as the global supply chain at greater risk. “If Shanghai cannot resume production by May, all of the tech and industrial players who have supply chains in the area will come to a complete halt, especially the automotive industry,” Richard Yu Chengdong, head of Huawei’s consumer and auto division said in a WeChat post. “That will pose severe consequences and massive losses…
Tag: Technology sector
China’s ride-hailing firm Didi to switch listing from New York to Hong Kong
The Chinese ride-hailing firm Didi is to move its listing from the New York stock exchange to Hong Kong, as Beijing cracks down on the country’s biggest technology companies. The company said it would start “immediate” preparations to delist in New York and prepare to go public in Hong Kong. “After a careful study, the company will start delisting on the New York stock exchange immediately, and start preparations for listing in Hong Kong,” the company posted on its Weibo account on Friday, a Twitter-like service in China. It comes…