China’s 40-year-old gained $4.5 billion in one day
China’s third-richest man is relatively unknown if you compare with Jack Ma but he is one of the country’s youngest billionaire entrepreneurs. Colin Zheng Huang, age 40, founded the online discount platform Pinduoduo in 2015 and took the e-commerce firm public on the Nasdaq in 2018. Following a 14.5% surge in share price on Friday that boosted Huang’s fortune by $4.5 billion, Huang is now worth $35.6 billion
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China’s exports jumped 7.2% against an estimated 0.2% fall
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China tries to find a new economic partner in South Korea
According to the latest media reports, South Korea and China are set to hold bilateral talks on the economy later this week. The talks will be held on Saturday in Qingdao, eastern China, where deputy ministers of the two sides will hold annual economic cooperation talks, South Korea’s Yonhap news agency said. The meeting comes amid escalating China-US trade and security tensions
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Apple reports a 225% growth in iPhone sales in China
Apple became the fastest-growing smartphone maker in China in the second quarter. The cheaper iPhone SE and the popularity of the iPhone 11 series, along with deep discounts, helped Apple get a boost. The sell-through volume for iPhones in China was 7.4 million units in the April to June quarter, a 32% growth year-on-year, according to Counterpoint Research. On a quarter-on-quarter basis, iPhone sales jumped 225%
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