In Depth: British Steel Takeover Leaves Chinese Firm in Limbo

Industrial gains: China’s industrial profits grew at a faster pace in April, despite the surge in import taxes following the U.S. imposition of “reciprocal tariffs” early in the month. The country’s major industrial enterprises saw profits grow 3% year-on-year, up 0.4 percentage points from March, official data released Tuesday show. Industrial profits have recovered steadily through the first four months, up 1.4% year-on-year, following a 0.8% increase in the first quarter that reversed a 0.3% slide in the first two months. This growth has largely been driven by private sector companies resuming profit growth, while state-owned enterprises have seen profits trending down. However, trade tensions and constraints such as insufficient demand and falling prices remain threats to Chinese industry.

Doxing crackdown: China’s cyberspace authority has ordered major internet platforms to crack down on “doxing” — publishing private or identifying information about an individual online. The Cyberspace Administration of China (CAC) held a meeting Tuesday with representatives from companies including Baidu Inc., Bilibili Inc., TikTok-parent ByteDance Ltd., Tencent Holdings Ltd., Xiaohongshu and Weibo to drive home the need for a “zero-tolerance” policy to these kind of personal data leaks, known in China as “unboxing.” The CAC has also reached out to its regional branches across China to amp up their efforts to combat doxing, it said Tuesday. The crackdown follows a cyberbullying controversy in March that involved the 13-year-old daughter of a senior executive at Baidu. The incident, which began with an off-hand comment about a South Korean popstar on microblogging site Weibo, highlighted the trend of the rising risk of doxing and cyber violence, especially toward young people. The CAC aims to work with platforms to block the channels of dissemination, upgrade and improve protection measures, and toughen punishment. 

E-cigarette purge: China is intensifying its crackdown on the e-cigarette industry amid growing concerns over illegal flavored vape sales, regulatory loopholes and the re-entry of exported products into the domestic market. At a May 27 press conference, the State Tobacco Monopoly Administration pledged to strengthen enforcement, reporting that 7,615 administrative cases and 2,470 criminal cases had already been investigated this year. Authorities reaffirmed bans on flavored e-cigarettes, emphasized tighter oversight of “herbal vaporizers” disguised as medical devices, and said that nearly 500 illegal production projects have been blocked to prevent overcapacity and market disruption.

Chemical blast: An explosion at a chemical plant in Gaomi, a city under the jurisdiction of Weifang in China’s Shandong province, killed five people and left six missing on Tuesday. A mushroom cloud was seen rising from the blast site, shattering windows kilometers away and triggering a large-scale emergency response. The explosion occurred at 11:57 a.m. at a workshop of Youdao Chemical Co., a producer of pesticides and pharmaceuticals affiliated to the Haomai Group. Emergency teams deployed 232 personnel and 55 vehicles to contain the fire. Meanwhile, top national emergency authorities directed rescue operations and dispatched reinforcement teams to the scene.

Belt and Road flights: Xiamen Airlines plans to add more international routes to Belt and Road countries, Chairman Zhao Dong said on Sunday. Speaking at a Belt and Road summit in Jakarta, Zhao said the carrier “will invest more capacity and flights” to Indonesia and other countries in the Association of Southeast Asian Nations (ASEAN). Currently, the Fujian province-based airline operates 279 routes, around 30% of which are international. More than two-thirds of its overseas flights are to Belt and Road countries, such as Cambodia, Indonesia, Malaysia, Singapore, Thailand and Vietnam, with Bangkok and Jakarta its busiest routes. Zhao believes China and these Southeast Asian countries can become key transit points for each other, while Xiamen Airlines can help the countries along the Belt and Road transit through China.