Ping An Grows:Ping An Bank, a subsidiary of financial conglomerate Ping An Insurance, is spinning off its wealth management department into a stand-alone unit and is recruiting talent to lead its investment research. The new company will be a first-tier subsidiary with the same standing as Shenzhen-based Ping An Bank. Read more at Yicai Global.
New Energy Revs: Sales of New Energy Vehicles may have slowed across China in July after subsidies were rolled back, but the first half of the year was a ripping one for NEVs in Guangdong: sales rose 181% YoY.
Huawei to Brazil:Huawei Technologies plans to build an $800 million mobile phone plant in Brazil’s Sao Paulo over the next three years. Read more.