China tech sinks to bargain basement

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The ongoing chip shortage, US national security concerns, and domestic regulatory pressure all do this. Annus horribilis For high-tech companies in China.

Huawei The biggest decline in history Earnings increased earlier this year as a result of semi-squeeze and US sanctions, which are losing competitiveness in the Android smartphone market.

Chair Eric Xu said that surviving despite US pressure is Huawei’s top priority. China’s tech champions generated RMB 320.4 billion ($ 49.5 billion) in revenue in the first half of the year, down 29.4% from the same period last year. Revenues in the consumer electronics sector fell by nearly 47% to over RMB 120 billion.

Meanwhile, TikTok’s rival Kuaishou lost billions of dollars in market value after the Chinese mass media sought further regulation in the sector. A…

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