Province Anhui Financial News

Wang Chuanfu, the founder and CEO of BYD, has made one of the world's largest electric vehicle manufacturing businesses, starting his journey when he was poor.

Chinese authorities are demanding that a growing number of schoolteachers and other public sector employees hand in their passports as President Xi Jinping tightens his grip on society.

China's state-backed chip investment fund has invested 14.56 billion yuan ($1.99 billion) in a memory chip company called Changxin Xinqiao, records showed. The deal saw China Integrated Circuit Industry Investment Fund, also known as the «Big Fund», contribute to 33.15% of the total registered capital of Changxin Xinqiao, according to an update dated Oct. 26 to the company's registration information on the National Enterprise Credit Information Publicity System. According to company registration website Qichacha, Changxin Xinqiao was founded in 2021 in Hefei city, in the eastern Anhui province. Its general manager is Zhao Lun, who is also the chairman and general manager of Changxin Memory Technology, which is one of China's leading memory chip companies. Changxin Xinqiao and the Big Fund did not immediately respond to Reuters' requests for comment. The Big Fund's latest investment comes after it invested 13 billion yuan into Yangtze Memory Technologies (YMTC) earlier this year, marking one of its largest investments in recent years. YMTC, China's only player in the global NAND memory market, has been aggressively expanding production capacity and R&D with the help of state subsidies.

Volkswagen AG is cutting temporary workers at its main electric-vehicle factory in Germany after the phaseout of a subsidy in the country caused demand for its EVs to drop.