China

Chinese EV Maker HiPhi Enters Bankruptcy Process

Chinese electric vehicle maker Human Horizons Group Inc., the company behind the premium HiPhi brand, has filed for pre-bankruptcy restructuring — becoming another victim of China’s cutthroat auto market, Bloomberg News reported. The manufacturer lodged an application to a People’s Court in Yancheng, the eastern Chinese city where its factory is located, saying its assets could no longer cover debt as of April and fulfilled the conditions for a bankruptcy, according to a court document published Thursday.
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Chinese Builder Kaisa Faces Key Court Test to Avoid Liquidation

Kaisa Group Holdings Ltd. will square off with creditors in a crucial hearing Monday over its fate, facing a court that may be open to winding up one of the largest Chinese developers, Bloomberg News reported. Sued by its creditors to liquidate after a 2021 bond default, Kaisa has been fighting against their efforts for about a year without publicly presenting a restructuring plan. The lack of progress drove Judge Peter Ng of Hong Kong’s High Court to warn the Shenzhen-based company in June that Monday’s hearing might be its last chance to avoid being put into involuntary liquidation.
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China Consumer Inflation Rises, Factory-Gate Prices Continue to Fall

China’s consumer inflation rose more than expected last month but the data didn’t paint a strong enough picture to dispel concerns about weak demand in the world’s second-largest economy, the Wall Street Journal reported. The country’s consumer-price index rose for a sixth consecutive month in July, ticking up 0.5% from a year earlier and marking a five-month high, the National Bureau of Statistics said Friday. One-off factors like weather disruptions to food supply pushed up prices, plumping up the headline reading, economists say.
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