Hi everyone. I’m Stephanie LI.
Coming up on today’s program
China's summer box office surpasses CNY10 billion, led by domestic films;
Japan prepares to approve first yen-backed stablecoin.
Here’s what you need to know about China in the past 24 hours
China's summer box office revenue has surpassed CNY10 billion as of Monday, with homegrown titles dominating the season's top earners.
According to ticketing platforms Maoyan and Beacon, domestic films currently occupy four of the top five slots.
Leading the charge is "Dead To Rights," a film about the Nanjing Massacre during World War II, which has grossed CNY2.6 billion since its July 25 release. It is the only summer release to top the 2-billion-yuan threshold so far, and now ranks as the year's third-highest earner overall in China.
The film has received a rating of 8.7 out of 10 on review platform Douban and won widespread critical acclaim. Director Feng Xiaoning has hailed it as "a new high point for Chinese cinema," while audiences have described screenings as harrowing yet profoundly moving.
This year's summer slate has been shaped by the 80th anniversary of victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War. Alongside "Dead To Rights," themed releases include historical drama "Dongji Rescue" and documentary "Mountains and Rivers Bearing Witness."
Animation has also been a breakout category. "Nobody," a spinoff from the acclaimed "Yao-Chinese Folktales" animation series, ranks second on the summer chart, raking in more than CNY1 billion since its Aug. 2 release. It has become the highest-grossing two-dimensional animated film ever released in China.
Other strong performers include "The Lychee Road," a bittersweet drama set during the Tang Dynasty (618-907) which has grossed more than CNY670 million, and "The Legend of Hei 2," the sequel to a 2019 animated hit and now at nearly CNY450 million. Universal's "Jurassic World Rebirth" is the highest-ranking imported film, currently in fourth place with more than CNY560 million earned to date.
China's summer moviegoing season runs from June 1 through Aug. 31 and is traditionally one of the country's most lucrative film periods. Analysts note that local hits have revitalized what began as a sluggish season.
GBA express
Cathay Group said it would continue to increase investment in the Chinese mainland and hire more staff from the Chinese mainland to meet growing demand. By the end of this year, the Hong Kong flagship airline plans to raise the total number of mainland staff members to 4,000 from 3,000 plus currently. In Shenzhen and Guangzhou, the company has two offices that focus on technology and it hopes to soon expand these teams to about 200 people in total.
Dongfeng Motor has listed its 50 percent stake in Dongfeng Honda Engine, its Guangzhou-based joint venture with the Japanese auto giant, for sale to accelerate its new energy vehicle shift. Dongfeng Motor has not yet set a reserve price, with the listing deadline being Sept. 12.
Industry and company news
Nongfu Spring has become the world’s third-most valuable non-alcoholic beverages brand, following Coca-Cola and Pepsi. The largest bottled water company in China climbed one spot ahead of Red Bull in the annual Non Alcoholic Drinks 50 compiled by the London-based brand valuation agency Brand Finance, with its brand value climbing nearly 34 percent year on year to USD11.1 billion.
JD.Com said it has offered social insurance benefits and housing fund to over 150,000 full-time delivery riders from March 1 to today, with an average of CNY2,000 per month. All of its delivery persons can enjoy employee welfare, including annual leave, physical examination, and paid sick leave.
Leapmotor is only the second Chinese EV startup to achieve profit in the first half, along with Li Auto, with a net profit of CNY30 million, the firm said today. This is a big turnaround from the net loss of CNY2.2 billion it racked up a year earlier. Revenue soared 174 percent to CNY24.3 billion and deliveries surged two-and-a-half to over 221,660 units.
Xpeng Motors has formed a strategic partnership with China Citic Bank, under which the lender’s Guangzhou branch will provide CNY10 billion in credit to support the Chinese EV maker’s business operations and development.
Tesla launched the Model Y L on its website in China today, with deliveries expected in September. The Model Y L is a six-seat, longer-wheelbase version of the popular Model Y and is priced from CNY339,000.
Sales of German automotive giant Mercedes-Benz Group in China have plunged to the lowest in nearly five years last month, falling over 40 percent to 26,653 units from the previous month, according to industry data.
China’s railroads have completed about 712 million passenger trips from July 1 to yesterday, up 4.1 percent from a year earlier, according to China State Railway Group. Meanwhile, the nation’s railway system transported over 2.3 billion tons of cargo in the first seven months of the year, up 3.3 percent from a year earlier.
China opened a total of 145 new air cargo routes in the first half of this year, among which 117 were international air cargo routes, marking a year-on-year increase of 58.1 percent, according to data from the China Federation of Logistics & Purchasing (CFLP).
Asia-Pacific highlights
Japan's Financial Services Agency is poised to approve the issuance of the first yen-denominated stablecoin as early as this autumn. Tokyo-based fintech firm JPYC will register as a money transfer business within the month and will lead the rollout. The cryptocurrency will be valued on a 1-to-1 ration with the yen. JPYC plans to issue up to JPY1 trillion of stablecoins within three years.
Nio will expand to Singapore, Costa Rica, and Uzbekistan this year and next in partnership with local dealers, the Chinese EV startup said today. The Shanghai-based carmaker plans to introduce models from its Nio, Onvo, and Firefly brands in these new markets.
Chinese lithium battery and chip supplier Azure said yesterday that it plans to invest USD83.9 million to build an LED chip packaging factory in Malaysia to better meet overseas demand and hedge against shifting international trade and tariff risks.
Australia's third-largest iron ore exporter Fortescue Group had completed a record syndicated term loan worth CNY14.2 billion. The financing drew strong participation from leading banks in China, Australia and other global markets, marking the first syndicated yuan-denominated loan by an Australian company, FMG said.
Lenovo Group is setting up a regional headquarters in Riyadh, Saudi Arabia, the PC giant said today. The new factory there is expected to start trial producing laptops, desktops, mobile phones, servers and other hardware next year.
