Latest news with #ChineseCompanies
BBC News
8 hours ago
- Business
- BBC News
Adorable or just weird? How Labubu dolls conquered the world
Some analysts seem surprised that Chinese companies - from EV makers and AI developers to retailers - are so successful despite Western unease over Beijing's ambitions. "BYD, DeepSeek, all of these companies have one very interesting thing in common, including Labubu," Chris Pereira, founder and chief executive of consultancy firm iMpact, told BBC News. "They're so good that no one cares they're from China. You can't ignore them." Meanwhile, Labubu continue to rack up social media followers with millions watching new owners unbox their prized purchase. One of the most popular videos, posted in December, shows curious US airport security staff huddling around a traveller's unopened Labubu box to figure out which doll is inside. That element of surprise is a big part of the appeal, says Desmond Tan, a longtime collector, as he walks around a Pop Mart store in Singapore vigorously shaking blind boxes before deciding which one to buy. This is a common sight in Pop Mart. Desmond collects "chaser" characters, special editions from Pop Mart's various toy series, which include Labubu. On average, Desmond says, he finds a chaser in one out of every 10 boxes he buys. It's a good strike rate, he claims, compared to the typical odds: one in 100. "Being able to get the chaser from shaking the box, learning how to feel the difference…," is deeply satisfying for him. "If I can get it in just one or two tries, I'm very happy!"
Wall Street Journal
15 hours ago
- Business
- Wall Street Journal
EU to Restrict China's Participation in Medical Devices Procurement
The European Union said it plans to exclude Chinese companies from the bloc's government purchases of medical devices after concluding that EU manufacturers don't have equal access in China, widening trade tensions between Brussels and Beijing. The European Commission, the EU's executive arm, said Friday that the measure will apply to purchases exceeding 5 million euros ($5.7 million). The decision follows the conclusions of the first investigation under the International Procurement Instrument, or IPI.
Reuters
17 hours ago
- Business
- Reuters
EU bars Chinese firms from most medical device tenders
BRUSSELS, June 20 (Reuters) - The European Union will bar Chinese companies from participating in EU public tenders for medical devices worth 60 billion euros or more ($68.9 billion) per year after concluding that EU companies are not given fair access in China. The measure announced by the European Commission on Friday is the first under the EU's International Procurement Instrument, which entered into force in 2022 and is designed to ensure reciprocal market access. The new restrictions are likely to increase tensions with Beijing inflamed by EU tariffs on China-built electric vehicles, Chinese measures against EU brandy and curbs on exports of rare earths that the EU wants resolved by an EU-China summit in July. The Commission said on Friday that it would exclude Chinese companies from EU government purchases above five million euros. An EU official said, guided by figures of Medtech Europe, the EU medical technology market was worth some 150 billion euros in 2023, with public procurement accounting for a 70% share. Contracts of over 5 million euros were only 4% of tenders, but made up some 60% by value, the official said. Successful bids will have to ensure they include no more than 50% of medical devices from China. If there are no alternative suppliers, the exclusion will not apply. EU members backed the plan earlier this month. The Commission has previously said it found "clear evidence" that China favoured Chinese devices for hospitals and its tender conditions led to abnormally low bids that profit-oriented companies could not offer. A Commission official said the ban would cover medical equipment including imaging equipment, artificial body parts and medical clothing. China's commerce ministry has previously described the proposed EU measures as "protectionist", urging the EU to be fair and transparent and for both sides to resolve differences through cooperation and dialogue. The Commission said China had not proposed any corrective action to remedy the situation, but an agreement was still possible. ($1 = 0.8708 euros)
Bloomberg
17 hours ago
- Business
- Bloomberg
EU to Restrict China's Access to Medical Device Procurements
The European Union will restrict the ability for Chinese medical device manufacturers to access public procurement contracts worth more than €5 million ($5.7 million). The move will restrict Chinese companies from accessing around 60% of the public spending in this field, or around €150 billion, according to an EU official familiar with the plans. The EU will also allow no more than 50% of inputs from China for successful bids.
New York Times
19 hours ago
- Business
- New York Times
Chinese Companies Set Their Sights on Brazil
Chinese companies urgently need to find new markets. Competition is intense at home, where the collapse of the real estate market has left consumers reluctant to spend. And escalating trade tensions have made it more difficult and costly to sell things in the United States and Europe, long two of the largest destinations for Chinese exports. As a result, some of China's biggest internet and e-commerce brands have set their sights on establishing themselves as household names in other parts of the world, like Southeast Asia, the Middle East and South America. Brazil has emerged as the most coveted prize. Latin America's largest economy, with a population of more than 200 million people, is a beacon for China's delivery and ride-hailing companies looking to export their ruthlessly low-cost business models. Chinese e-commerce giants also see promise in Brazil as they seek new buyers for a flood of products after tariffs and other restrictions in the United States shut off their biggest export market. Meituan, China's largest food delivery company, said in May that it would spend $1 billion to set up operations in Brazil. Mixue, the Chinese tea and dessert company that has eclipsed McDonald's as the world's biggest fast food chain, said it would hire thousands there. TikTok Shop, facing scrutiny in the United States and Britain about its Chinese parent company, launched in Brazil in May. 'Chinese companies are finding it harder to grow domestically,' said Vey-Sern Ling, an equities adviser in Singapore at the private bank Union Bancaire Privée. 'Exports and overseas expansion is one way to support continued growth.' Want all of The Times? Subscribe.
