Tag: China Business & Economy

China’s Electricity Crisis Worsens as More Factories Suspend Operations During a Lingering Heatwave

China’s power crisis has worsened as more factories shutter while an extreme heatwave spreads across southwestern China, according to a report from Nikkei Asia on Aug. 17. The municipal authorities in Chongqing ordered all factories, including foreign-owned factories, to suspend operations through Aug. 24, in order to conserve power as the heatwave causes a surge…


SoftBank CEO ‘Remorseful’ After Record $23.4 Billion Quarterly Loss

News Analysis Japanese tech investment giant SoftBank Group has decided to sell one-third of its Alibaba stake to raise $34 billion in cash, following a record $23.4 billion loss in the second quarter. Founder and CEO Masayoshi Son admitted at a press conference that he is “quite embarrassed and remorseful.” Furthermore, China’s regulatory crackdown on…


UK Blocks Takeover of Tech Company Pulsic by Hong Kong-Based Firm Over Security Fears

The British government has blocked a proposed takeover of an electronic design company by a Hong Kong-based firm on national security grounds. In an order issued on Aug. 17, Business Secretary Kwasi Kwarteng ruled that the acquisition of the Bristol-based Pulsic Limited by Super Orange HK Holding Limited should not proceed. Kwarteng said the decision…


China’s Trillion-Dollar Research Funds Mostly Spent on Travel and Leisure: Chinese State Media

Chinese authorities had high hopes for China’s chip industry, expecting to see a “semiconductor miracle,” which would then affirm the “advantage of China’s whole nation system,” as well as overcome technology sanctions imposed by the United States. However, eight years into establishment of China Integrated Circuit Industry Investment Fund, also known as the “Big Fund,”…


California, New York: Top Destinations For Wealthy Chinese Seeking to Leave China

The Chinese Communist Party’s (CCP) draconian COVID measures and economic policies have driven many wealthy Chinese residents to leave or at least plan to leave China. Many wealthy individuals have transferred their assets abroad through overseas investment, property purchases, or offshore trusts, with California and New York being their top destinations. According to investment migration…


CCP Official Confirms Its ‘Spy Ship’ Has Docked at Sri Lanka’s Port

An official from the Chinese Communist Party’s (CCP’s) foreign ministry on Tuesday confirmed that the regime’s satellite-tracking vessel has docked at Sri Lanka’s port for replenishment, following a delay caused by India’s resistance over security concerns. The research vessel, Yuan Wang 5, arrived at the Hambantota port on Tuesday morning and will remain there for…


CCP Confirms Its ‘Spy Ship’ Has Docked at Sri Lanka’s Port, After Objections From India

An official from the Chinese Communist Party’s (CCP’s) foreign ministry on Tuesday confirmed that the regime’s satellite-tracking vessel has docked at Sri Lanka’s port for replenishment, following a delay after India objected to the ship’s arrival, citing security concerns. The research vessel, Yuan Wang 5, arrived at the Hambantota port on Tuesday morning and will…


150,000 Tourists Stranded in Hainan, Regime Represses Their Protests

The Chinese regime repressed protests in Hainan after 150,000 tourists were stranded on the island province under the COVID-19 “zero-tolerance” policy. Eventually, the regime reopened the airports on Aug. 15 and allowed some travelers to leave. The regime suspended all flight, train, and ferry services across the Qiongzhou Strait in the province on Aug. 6,…


Unfinished Buildings in China Put Trillions of Chinese Bank Loans at Risk

Amid the real estate debt crisis, China Evergrande Group and two other Chinese property giants have fallen from the 2022 Fortune Global 500, reducing the number of Chinese property developers to five from eight last year. Fewer Chinese developers in the Global 500 reflect the collapsing Chinese real estate market as domestic demand and home…


China’s ‘Secret Financial Empire’ Collapses in Leadup to the Vote for Next Communist Party Leader

Tomorrow Holdings, the most secretive conglomerate in China’s capital markets, is facing dismantlement by the country’s top financial regulator. On Aug. 3, the Inner Mongolia Supervisory Bureau, under China Banking and Insurance Regulatory Commission (CBIRC), announced a raft of penalties against the conglomerate. New Times Trust, one of the financial institutions of Tomorrow Holdings, was…