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The Latest Breaking News from Shanghai

Miniso Rides Into China Covid Storm With Forecast for First-Ever Revenue Contraction

Key Takeaways: Miniso said it expects its revenue to decline around 9% in the current quarter as many of its China stores have been forced to shut down during recent citywide lockdowns Company said nearly one-tenth of its China stores were closed in March, even as its smaller international operations…

Benzinga

Shanghai lockdown: Residents demand release, and some get it

Residents in China's largest city of Shanghai have become bolder in demanding the lifting or easing of coronavirus restrictions that have left millions locked up in their compounds for almost two months

The Independent UK

Is Chinese EV Maker Nio Planning To Manufacture In US?

Nio, Inc. (NYSE: NIO) is reportedly planning to build its vehicles in the U.S., the CnEVPost reported, citing an exclusive report from Shanghai-based Chinese media outlet Yicai.

Benzinga

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Toyota Cuts Production Plan For June Again

Toyota Motor Corp (NYSE:TM) has cut its June global production plan for the second time in a week due to the COVID-19 lockdown in Shanghai. The auto major cut production by 50,000 vehicles and now anticipates producing about 800,000 units in June. It has decided to suspend domestic factory line operations for the week…

Benzinga

Toyota cuts production to 800,000 vehicles

TOKYO: Japan's Toyota Motor Corp on Friday cut its global production plan for June for the second time this week, reducing its planned output by about 50,000 vehicles to 800,000, citing the Covid-19 lockdown in Shanghai.

Bangkok Post

No work and nowhere to live: a rural migrant's ordeal in locked-down Shanghai

When Shanghai began its draconian COVID-19 lockdown two months ago, the French restaurant where Sun Wu waited tables closed and the 22-year-old, like countless other rural migrants, lost his job.

Reuters

Shanghai takes baby steps towards ending COVID lockdown

Shanghai took more gradual steps on Friday towards lifting its COVID-19 lockdown while Beijing was investigating cases where its strict curbs were affecting other medical treatments as China soldiered on with its uneven exit from restrictions.

Reuters

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Tesla Stock Gains As Musk Closes Twitter Margin Loan; Jefferies Cuts Price Target

"We are clearly witnessing an uncomfortable pile up of negative news (for Tesla) from ratings to polarizing political opinions and ethical questions," said Jefferies analyst Philippe Houchois.

The Street

Shanghai to gradually reopen schools in June as lockdown eases

Shanghai (AFP) - Shanghai schoolchildren will gradually resume some in-person classes in June with daily Covid-19 tests, the local government said Thursday, as the Chinese metropolis gradually emerges from a lengthy lockdown that brought it to a standstill.

AFP

Shanghai Composite Index Rose 0.5% on Thursday

Shenzhen Component Index closed up 0.57%

Caixin Global

COVID-hit Shanghai heads for lockdown exit but China still lost in economic gloom

Pandemic-hit Shanghai, China's financial hub, unveiled more post-lockdown plans on Thursday as it moves towards a return to normalcy, but a nationwide economic recovery is still a distance away, heightening a sense of urgency for more support.

Reuters

China Premier Issues Warning on Covid-hit Economy

China's premier has sounded an unusually stark warning about the world's second-largest economy, saying it must return to normal as the country's zero-Covid strategy bites into growth. China is the last major economy welded to a policy of mass testing and rapid lockdowns to eliminate virus clusters, but the strict…

Asharq Al-Awsat

Alibaba's Overseas Growth Push Gets Critical To Beat Domestic Slowdown

Alibaba Group Holding Limited's (NYSE:BABA) hunt for overseas growth is critical to offset sluggish demand at home by expanding in Europe through its Southeast Asian offshoot, Lazada, Reuters reports. Lazada plans to target local European vendors, while Alibaba's existing global platform, AliExpress, will continue to focus mainly on cross-border sales from China. However, the…

Benzinga

New Photos Show Shanghai Disneyland's Derelict State After 2 Months Of Closure

New photographs have emerged online that show parts of the Walt Disney Co.’s (NYSE: DIS) theme park in Shanghai turning in a weed-choked mess since being shuttered two months ago at the start of a pandemic lockdown.

Benzinga

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Benzinga

What Does The Recent String Of Tesla Price Target Cuts Suggest?

As Tesla, Inc. (NASDAQ: TSLA) stock tumbled to a 10-month low, bullish sell-side analysts who had rallied behind the company and saw it as one waiting to explode began to backtrack.

Asharq Al-Awsat

Apple’s iPhone Development Schedule Delayed by China Lockdowns, Says Nikkei

Apple Inc has told its suppliers to speed up iPhone development after China's strict COVID-19 lockdowns hampered schedule for at least one of the new phones, Nikkei reported on Wednesday, citing multiple sources with knowledge of the matter. Lockdowns due to China's zero-COVID policy led iPhone assembler Pegatron Corp to…

The Conversation

Shanghai: world's biggest port is returning to normal, but supply chains will get worse before they get better

Shanghai is slowly emerging from a gruelling COVID lockdown that has all but immobilised the city since March. Although Shanghai’s port, which handles one-fifth of China’s shipping volumes, has been operating throughout, it has been running at severely reduced capacity. Many shipments have either been cancelled, postponed or rerouted to…

Benzinga

This Auto Giant Cuts Production Plans Citing Parts Shortage - Read More For Details

Toyota Motor Corp (NYSE:TM) plans to cut global production by about tens of thousands of units to roughly 850,000 vehicles in June due to the semiconductor shortage. The auto major expects to produce 9.7 million units for the full period of the fiscal year 2023. The average global production plan from June through…

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Daily Record

Brit couple face being forced to leave China without baby girl in passport fiasco

Callum and his wife Neelam, who are both teachers, are currently living in Shanghai where they welcomed their baby daughter Isabelle in February.

Caixin Global

Shanghai Composite Index Fell 2.41% on Tuesday

Shenzhen Component Index closed down 3.34%

Reuters

Beijing ramps up COVID quarantines, Shanghai residents decry uneven rules

Beijing stepped up quarantine efforts to end its month-old COVID outbreak as fresh signs of frustration emerged in Shanghai, where some bemoaned unfair curbs with the city of 25 million preparing to lift a prolonged lockdown in just over a week.

InsideEVs

China: Tesla Has Produced 26,000 EVs Since Production Resumed

The Tesla Giga Shanghai plant in China is gradually ramping-up production and already appears to be approaching half of its pre-lockdown output.

InsideEVs

Tesla Giga Shanghai May Remain In Closed-Loop System Until Mid-June

EV maker is also trying to start a second shift at the plant as soon as this week so that car production can resume operating around the clock.

The Street

Tesla Stock Lags On Report Of More Shanghai Factory Production Delays

Tesla shares are set for their lowest open since August of last year following a report that suggests another day of production delays at its Shanghai gigafactory.

Reuters

Beijing extends work-from-home 'requirement' for millions as COVID spreads

The Chinese capital extended its work-from-home requirement for many of its 22 million residents to stem a COVID-19 outbreak, while Shanghai deployed more testing and curbs to hold on to its hard-won "zero COVID" status after two months of lockdown.

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