Bloomberg: SMIC’s high-level changes cause stock prices to plummet
Nikkei Asian Review: SMIC Appoints Former TSMC Executive Jiang Shangyi as Vice Chairman
China’s largest chip manufacturer SMIC stated in its latest disclosure document that it is in contact with the resignation letter of its co-CEO Liang Mengsong that has been exposed on the Internet, but it did not provide further explanation.
This caused SMIC’s stock price to plummet by 10% on Wednesday morning.
Earlier, SMIC announced the appointment of Jiang Shangyi as vice chairman of the company.
Jiang Shangyi and Liang Mengsong worked together at TSMC. Jiang Shangyi has arrived in Shanghai but is still in isolation.
However, the strong alliance that the industry had expected before did not appear. From the current point of view, Jiang Shangyi’s appointment is the direct factor that led to Liang Mengsong’s departure.
Financial Times: MSCI will remove 7 Chinese companies
MSCI recently stated that it will remove 7 Chinese companies blacklisted by the US government, including SMIC, from its index.
In fact, the industry has already had a hunch for the removal of Chinese companies by MSCI. After all, FTSE, Nasdaq and S&P have already eliminated these Chinese companies.
MSCI’s index is quite influential in the circle of fund managers and is an important reference for fund managers to allocate assets in emerging economies.
However, MSCI also said that it will release a new index that will include these Chinese companies to provide guidance to investors who are not affected by the US decree.
Nikkei Asian Review: Chinese 3D printing drug company receives US$15 million in investment
It is reported that Triastek, a Chinese 3D printing drug company, has completed its A+ round of financing, raising a total of 15 million US dollars.
Triassic will use these funds to register applications and build production lines in China and the United States for the development of 3D printing drugs.
The company has been engaged in the development and production of 3D printed drugs since its establishment. Its 3D printing technology was selected as an emerging technology by the US FDA in April this year, which is the first time in China.
Triassic’s first product is a rheumatoid arthritis drug. It plans to submit a new drug clinical trial application IND declaration to the US FDA and will apply for clinical trials in China next year.
Nikkei Asian Review: iPhone production will increase by 30% next year
It is reported that after seeing the surge in demand for 5G mobile phones launched by the iPhone this year, Apple plans to increase production by 30% in the first half of next year.
Now Apple has set a target of about 96 million iPhones for suppliers, including iPhone 12, iPhone 11 and iPhone SE.
In addition, the company plans to produce 210 million iPhones in 2021, an increase of 20% year-on-year, but it will review and revise regularly according to changes in consumer demand.
After tasting the sweetness of this year’s sales, the company said it is full of hope for future sales prospects, because major companies are seizing key components, and Apple has been storing them to avoid supply chain disruption.
Reuters: Honda recalls 1.79 million cars worldwide
On Tuesday, Honda announced that it will recall 1.79 million vehicles worldwide in four batches. The 268,000 CRV models recalled in the United States are related to power window switches.
Although the problem did not cause casualties, it caused 16 fires.
Another 735,000 Accord models need to be recalled and have updated their body control module software. The current defect in this software can lead to abnormal lighting of warning lights and communication failures between electronic components.
Bloomberg: Australia accuses China of violating WTO principles
Earlier, news broke that China was banning Australian coal imports. Australian Prime Minister Morrison said on Tuesday that if the news is true, China’s ban would violate WTO regulations.
Morrison said the loss of coal trade with China will deal a heavy blow to Australia’s coal industry.
He also stated that this ban will also violate the free trade agreement signed between China and Australia in 2015, will harm the interests of both parties, and will also have a negative impact on bilateral economic and trade cooperation.
The Australian Trade Minister expressed the hope that China can open up communication channels to resolve disputes.
Bloomberg: Britain will start trade talks with India
On Tuesday, the UK and India held talks in India, stating that British Prime Minister Johnson will visit India in January to carry out relevant free trade agreement negotiations.
This will be Johnson’s first major bilateral visit since he became a leader.
In addition, the United Kingdom also invited India, South Korea and Australia as guest countries to participate in the G7 summit next year.
After Brexit, the UK has made trade development its top priority. It is looking for opportunities to enter into trade agreements with countries such as the United States, New Zealand and Australia. Britain puts the Indo-Pacific region in an important position.