Tech Insider: Ex-Goldman Head Joins Lenovo Board, SF Express Files for Secondary Listing
Flying-car maker EHang takes one step closer to commercial take-off, Baidu results may shake optimism over China AI
John Thornton. Photo: VCG
Ex-Goldman head joins Lenovo board
U.S. businessman and China expert John Thornton has joined Lenovo Group Ltd. as an independent non-executive director and a member of the company’s Nomination and Governance Committee, the Chinese computer-maker said.
Thornton, 69, who is currently executive chairman of mining company Barrick Gold Corp. and co-chair of the Board of Trustees of the Asia Society, has been a long-time advocate for rebuilding U.S.-China ties through better communication and collaboration.
The former head of Goldman Sachs Group Inc. has dedicated much of his work to help the world’s two largest economies better understand and engage each other on both public and policymaking levels, including through his roles at the Brookings Institution, the Asia Society and China Investment Corp., among others.
Flying-car maker one step closer to commercial take-off
EHang Holdings Ltd. has completed all necessary tests for obtaining a type certificate for its electric vertical takeoff and landing (eVTOL) aircraft, smoothing the way for the startup to become one of the first companies globally to produce unmanned flying cars for commercial use.
EHang expects to obtain the type certificate for its flagship product, the EH216-S Unmanned Aerial Vehicle System, from the Civil Aviation Administration of China (CAAC) “soon,” the company said in an exchange filing Thursday.
A type certificate is granted after the CAAC approves an aircraft’s design, clearing the way for it to obtain an airworthiness certificate for commercial use. If approved, the EH216-S would be EHang’s first eVTOL vehicle approved to fly paying passengers.
SF Express files for secondary listing in Hong Kong
SF Holding Co. Ltd., China’s largest express delivery company, filed for a secondary listing in Hong Kong.
The Shenzhen-traded company, also known as SF Express, is working with Goldman Sachs, Huatai Securities Co. Ltd. and JPMorgan Chase & Co. on the potential share sale, according to documents published Monday.
The filing didn’t provide details on the fundraising size or timeline. The share sale could raise $2 billion to $3 billion, Bloomberg News reported in May.
SF is the world’s fourth-largest publicly traded delivery service behind United Parcel Service Inc., Deutsche Post AG and FedEx Corp., according to data compiled by Bloomberg.
Baidu’s results may shake optimism over China AI
Investors betting on an extension of Baidu Inc.’s market-beating rally may be due for a reality check as concerns about the sluggish Chinese economy and setbacks from a key segment of its business deepen.
Citigroup Inc., China International Capital Corp. Ltd. and Daiwa Capital Markets Hong Kong Ltd. are among brokers that have lowered their earnings expectations in recent weeks ahead of the search engine provider’s second-quarter results due Tuesday, with analysts expecting a slowdown in adjusted net income growth.
Baidu has been deemed as one of the most promising Chinese technology players thanks to its early move in developing the nation’s first homegrown ChatGPT-like service. Yet, disappointments related to its Ernie Bot along with lackluster consumption remain key hurdles.
Chinese solar equipment makers face new tariffs in U.S.
A U.S. government probe concluded that some manufacturers in Asia are illegally bypassing tariffs on Chinese solar equipment, exposing them to duties that threaten to boost the cost of renewable power and slow the development of clean energy.
Some solar cells and modules exported from Southeast Asia could face tariffs as high as 254% in June 2024 after the Commerce Department determined that companies operating in Cambodia, Malaysia, Thailand and Vietnam are avoiding the longstanding duties.
The U.S. singled out five companies that are either Chinese or linked to China as circumventing tariffs. A senior Commerce official who briefed reporters on the findings said the investigation is a signal the Biden administration is taking trade enforcement seriously.