Hi. It’s Brady.
By now, you might have seen some of the horrifying images coming out of Zhengzhou, the provincial capital of Henan, where a “once-in-a-millennium” flood has displaced more than 1.2 million people and killed at least 25. Chinese tech companies have earmarked eight- to nine-figure amounts in yuan for relief efforts. Logistics arms are mobilizing to move supplies to where they’re needed, and stores are being used as shelters.
Zhengzhou isn’t a tech hub, but there are some important production facilities nearby. An original equipment manufacturer for Xpeng, one of China’s popular EV upstarts, had to shut down its production line in Henan Province. Foxconn has an iPhone assembly plant in Zhengzhou but said the intense flooding has not impacted its operations.
I hate to be a downer, but massive floods, widespread droughts, and raging wildfires will likely only get worse in the years to come. We see companies in Southeast Asia responding to climate change, like Grab and GoTo’s “zero carbon” emissions pledge ahead of their listings, and the Chinese government has lofty climate goals. But nature keeps firing warning shots. There’s still a long way to go before our habits as consumers move the needle and stave off collapse.
Daily Roundup
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- Thunes acquires Limonetik to integrate diverse cross-border payments channels.
- Partipost bags USD 5 million for influencer marketing campaigns and enters Vietnam.
- Asia sign-ups boost Netflix as COVID viewer boom fades.
