Hong Kong’s initial public offering (IPO) market saw the lowest fundraising rate in 12 years, with IPO proceeds in May slumping to less than $140 million, and totaling a record low of $2.21 billion for the first five months of 2022. Amid the market’s grim outlook, the Hong Kong Exchanges and Clearing (HKEX) plans to…
Slow Start Continues as Hong Kong IPOs Saw the Lowest Fundraising in 12 Years
Fall of High-Level Party Official Who Faked Economic Data Triggers Concern Over China’s Economy
June 6, 2022
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China’s top disciplinary watchdog announced on May 31 that it has removed a former top official in eastern Jiangsu Province from the Chinese Communist Party (CCP) and the regime’s public office. Zhang Jinghua, former deputy CCP chief of Jiangsu, was accused of “faking economic figures for personal promotion and meddling in market activities in violation…
Beijing Could Intervene to Stabilize Markets as China’s Financial Risk Increases
June 5, 2022
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China’s economy is shrinking and financial risks increasing under the impact of “zero-COVID” policies and regional lockdowns across the country. On March 25 the China Banking and Insurance Regulatory Commission (CBIRC) established the country’s first financial stability fund. Supplied by China’s banks and other institutions, the fund is intended to help shield the country from…
Global Factory Activity Slows in May as China’s COVID-19 Curbs Weigh
June 5, 2022
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LONDON/TOKYO—Global growth in factory activity slowed in May as China’s strict coronavirus curbs and Russia’s invasion of Ukraine disrupted supply chains and dampened demand, adding to woes for businesses already struggling with surging raw material prices. Manufacturing growth slowed last month in economies as diverse as France, Japan to Malaysia, business surveys showed on Wednesday,…
An Alarmed Solar Industry Says a US Trade Probe of China Will Totally Fry It; Then Why Is the Business Sunny Side Up?
June 4, 2022
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Publicly, big solar developers and many climate change activists are sounding the alarm about an ongoing probe of trade abuses by Chinese manufacturers. Abigail Ross Hopper, CEO of the Solar Energy Industries Association, last month described the U.S. Department of Commerce investigation as “the most serious crisis we have faced in our collective history.” Heather…
China’s Normalization of COVID-19 Testing Draws Wide Criticism
June 4, 2022
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Megacities in China have been setting up COVID-19 nucleic acid “sampling circles” (testing sites) within 15 minutes walking distance from anywhere in the city since the communist regime put out the requirement to normalize the testing nationwide on May 9. It has attracted wide criticism. Rights lawyers point out that it’s illegal. In Shenzhen, Xi’an, Beijing,…
Chinese Officials at a Loss Under Contradicting Directives from Top Leaders
June 4, 2022
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The disagreement between Chinese leader Xi Jinping and Premier Li Keqiang has become more obvious than ever. With the Chinese economy currently in turmoil and at huge risk, Xi insists on pushing his “zero-COVID” policy at all costs, while Li calls for stabilizing the economy at all costs. On May 25, Li convened a national…
Record Chinese Wheat Prices Raise Risk of Pricier Noodles
June 4, 2022
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BEIJING—Chinese consumers are likely to have to pay more for food staples like noodles and bread this year, as record wheat prices in the world’s top consumer of the grain get passed on to food makers, traders and analysts said. Wheat harvested in China in recent weeks is being sold at around 3,200 yuan ($477)…
Amazon to Pull Kindle Out of China, Other Businesses to Remain
SHANGHAI—Amazon.com said it will stop supplying retailers in China with its Kindle e-readers from Thursday and will shut its Kindle e-bookstore there next year, in the latest pullback by a U.S. tech firm from the restrictive Chinese market. Amazon announced the decision on its official WeChat account on Thursday, saying it was adjusting the strategic…
China’s Draft Cybersecurity Rules Pose Risks for Financial Firms, Lobby Group Warns
HONG KONG—China’s proposed cybersecurity rules for financial firms could pose risks to the operations of western companies by making their data vulnerable to hacking, among other things, according to a leading lobby group. The latest regulatory proposal comes at a time when a string of western investment banks and asset managers are expanding their presence…
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