I cover Chinese billionaires, and help to compile the China Rich List as well as Under30 list in Asia. I contribute to Forbes, and previously I freelanced for SCMP and Nikkei. Prior to Beijing, I spent six months as an intern at TIME magazine's Hong Kong office. I am a graduate of the Medill School of Journalism, Northwestern University.
Li Xiang , founder and CEO of Chinese electric vehicle maker Li Auto , is struggling to convince investors that his company can keep growing amid intense competition and a price war, asShares of the dual-listed firm plunged 19% in Hong Kong on Tuesday after falling 12.8% on the Nasdaq overnight. The 42-year-old Li, whose wealth is tied to a company stake, lost almost $1 billion in a single day.
An operating loss for the first three months of this year and delays in launching a SUV model have shaken investors. In the first quarter of this year, the gross profit margin was 20.6%, up from 20.4% in the first three months of 2023 but down from 23.5% in the previous quarter. The company reported revenues of 25.6 billion yuan for the first quarter, up 36.4%, and an operating loss of 584.9 million yuan compared to an operating profit of 405.2 million yuan during the first quarter of 2023.
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