Facing Double Whammy in India, Will Xiaomi Look Home for Comfort?

Smartphone maker could face major difficulties in the important Indian market after $725 million worth of its assets were reportedly frozen due to a tax dispute Key Takeaways: Xiaomi has been accused of tax evasion in India, though the company claims its activities complied with local laws Ban of company’s local apps is dealing a second blow to Xiaomi in India, leading some to predict it could switch its focus back to its home Chinese market By Ken Lo Beware the dangers of operating in a foreign land – especially…

Read More »

FAST NEWS: Noah Holdings Posts Sharp Revenue Decline, Shares Plunge

The latest: Chinese wealth manager Noah Holdings Ltd. (NOAH.US) reported first- quarter revenue of 796 million yuan ($125.5 million) on Wednesday, down 35% from the same period of 2021 and down 36.9% from the previous quarter. It blamed the decline on decreases in one-time commissions and performance-based income. Looking up: The group’s first-quarter net profit fell 32.8% year-on-year to 304 million yuan. But the figure was up 8.5% from the previous quarter due to lower expenses and provisions for credit losses. Take Note: The company’s total active clients, which excludes…

Read More »

Texhong Eyes Vietnam in World of Diversifying Supply Chains

Leading cotton yarn and fabric maker prepares to launch major new facility in Southeast Asian nation, following the textile industry’s diversification from China Key Takeaways: Texhong is preparing to launch a major facility in Vietnam that will sharply boost its fabric production to complement its larger cotton yarn business Company now manufactures nearly 40% of its output in the Southeast Asian nation and is one of the biggest U.S. cotton buyers in the world. By Doug Young Recent Covid lockdowns that have paralyzed business and festering trade tensions have sent…

Read More »