China Technology: CBO - China Brief Overnight - May 13, 2026

Research evidence excerpt

China Technology: CBO - China Brief Overnight - May 13, 2026

Barclays | China Technology

•• Chinese Vice Premier and US Treasury Secretary met in South Korea to strengthen

economic cooperation: According to Tencent News, Chinese Vice Premier He Lifeng and US

Treasury Secretary Scott Bessent held a meeting in South Korea to strengthen economic and

bilateral cooperation. South Korean President Lee said that stable relations between the US

and China will contribute significantly to global development and prosperity.

Company News

•• BYD becomes the first Chinese auto brand to top Brazil’s car sales in April: According to

Sina News, BYD sold a total of 14,911 cars in April in Brazil, representing 12.8% of the total

auto sales in the country. BYD has become the first Chinese auto brand to top Brazil’s car

sales in April, with its sales surpassing those of VW and Fiat.

•• BYD is in talks with Stellantis and others about taking over Europe plants: According to IT

Home, BYD is negotiating with Stellantis NV and other European carmakers about taking over

underutilized plants in the region, citing Executive Vice President Stella Li. The company is

looking for any available plants in Europe to utilize spare capacity, with countries such as

Italy on the short list and countries such as France also of interest due to low electricity

prices.

•• Pinduoduo has reportedly set up a team with over one hundred employees to operate its

“New Pinmu” project: According to 36kr, Pinduoduo has officially launched its new project

“New Pinmu”, with a commitment to invest over 100 billion yuan over the next three years.

The initial investment is about 15 billion yuan, and the project is led by a team with roughly

100 staff. The key leader of the project is a former product manager from Tencent.