Samsung to close smartphone factory in China

Reports from South Korea announced that Samsung is closing one of its two smartphone factories in China. The Korean giant will withdraw from the plant in Tianjin by the end of 2018 due to difficulties and slowing growth. Reuters said that Samsung market share fell from 20% five years ago to less than 1% today, outgunned by local manufacturers like Huawei and Xiaomi. The giant is also under pressure for failing to deliver quarterly profit growth in times when competitors keep unveiling "cheaper, feature-packed models". The Tianjin factory is one of two in China that work with...