Highlighted Links for Wednesday, May 4, 2022 – SupChina – SupChina

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Starbucks slumps on China COVID curbs
Starbucks suspends its outlook as COVID lockdowns hammer sales in China / CNBC
Starbucks misses sales estimates on China COVID curbs, suspends guidance / Reuters
Director of Meituan sells company stock for nearly $800 million
China’s top venture capitalist Neil Shen sells Meituan stock for US$799 million, according to stock exchange filings / SCMP (paywall)
Neil Shen (沈南鹏 Shěn Nánpéng), China’s top venture capitalist and a director of Chinese delivery services giant Meituan, has “sold stock in the Hong Kong-listed company to cash in HK$6.23 billion (US$798.72 million).”
Are Chinese tech workers out of touch with rural markets?
What a buzzword reveals about Chinese tech’s urban bias / Sixth Tone
VCs in China are using the buzzword xiachen (下沉 xiàchén), or “submerged” market, which generally refers to consumers in small cities, counties, and rural areas. But their language “reveals a fundamental ignorance about the people they’re trying to reach.
The talent war in the electric car battery industry
CATL poaches Huawei veteran to lead next generation battery development / Caixin (paywall)
“Contemporary Amperex Technology Co. Ltd. (CATL) has poached a Huawei veteran to lead the development of technology that integrates batteries into the structure of electric vehicles, in efforts to improve their efficiency.”
China reports at least two dead in Changsha building collapse
Two dead after building collapse in central China / Al Jazeera
“At least 14 people are confirmed to be trapped in the rubble and there has been no contact with 39 others still missing.”
Two killed in Changsha building collapse, 39 still missing / Caixin (paywall)
China reports first fatalities from Changsha building collapse / AFP via SCMP (paywall)
Mount Everest weather station
Chinese researchers set up world’s highest weather station on Mount Everest to study roof of the world / SCMP (paywall)
​​Chinese scientific researchers set up the world’s highest automatic weather station on Mount Everest, or Qomolangma, which will be used to measure the thickness of snow and ice on the peak of the world’s highest mountain.
Illegal eels
U.S. company indicted for illegally smuggling valuable eels / AP
American Eel Depot, the biggest importer and wholesale distributor of eel meat in the U.S., has been indicted for conspiring to unlawfully smuggle large numbers of baby European eels out of Europe to a factory in China.
State mouthpiece Xinhua gives a rare voice to Ukrainian foreign minister
China’s messaging on the Ukraine war is evolving, but in which way? / Radio Free Europe
“But Chinese state news agency Xinhua made the rare move on April 30 of giving Ukrainian Foreign Minister Dmytro Kuleba uncensored space to criticize the Kremlin.”
China eyes safer Afghanistan projects after fatal Pakistan blast
China wants its investments in Afghanistan to be safer than in Pakistan / Foreign Policy
“Beijing could profit handsomely from Afghan resources and exports, but new ventures risk exposing Chinese nationals to violence.”
Earlier on SupChina: China in South Asia: Bombs in Pakistan and debt bombs in Sri Lanka.
Will the U.S. cut China tariffs?
U.S. starts review of China tariffs as inflation looms / Nikkei Asia (paywall)
“The U.S. is beginning a review of American tariffs imposed on Chinese products ahead of their expiration in July, with some policymakers calling for a reduction to provide relief to consumers facing rising prices.”
Biden officials divided over easing China tariffs to slow inflation / WSJ (paywall)
Trade war: U.S. looking at lifting tariffs on Chinese goods, American officials say / SCMP (paywall)
A film based on a Chinese short story
‘In a New York Minute’ review: Love or freedom? / NYT (paywall)
“This drama from Mandy Li (Ximan Li) teases time in telling the stories of three Chinese women living in a city that tempts promise but delivers frustration.”
Staycations over the holidays
As long-distance travel plummets, China vacations close to home / Sixth Tone
“The first wave of COVID-19 sealed China’s borders, keeping China’s tourists at home. Now, China’s biggest-ever outbreak is estimated to cut domestic travel by more than half, and people are taking holidays even closer to home.”
China’s labor day tourist spending plummets on COVID curbs / Bloomberg (paywall)
Tour guides turn to ‘cloud tourism’ as Omicron empties scenic spots / SCMP (paywall)
Chinese dissident artist Ai Weiwei has work stolen in daytime heist
Three Ai Weiwei sculptures stolen in broad daylight from Hamburg gallery / Art News
Three glass sculptures by artist Ai Weiwei (艾未未 Ài Wèiwèi) were stolen from an exhibition at Lumas Galerie in Hamburg, Germany, during broad daylight.
Jeremy Goldkorn, Anthony Tao, Lucas Niewenhuis, Jiayun Feng, and Chang Che. Read more
Max Baucus
Former U.S. Ambassador to China
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