Meituan, Didi Chuxing, Cryptocurrency

Meituan, Didi Chuxing

China's crackdown on its biggest companies

China's crackdown on its biggest companies

29/7/2021 8:03:00 AM

China's crackdown on its biggest companies

BEIJING: With market-trembling new rules and investigations, Beijing's crackdown on its most prominent companies has seeped into nearly every ...

CRYPTOCURRENCYBeijing has also squeezed out of its market miners and traders of bitcoin and other digital currencies, arresting more than a thousand people for laundering money using cryptocurrencies in June.China banned crypto trading in 2019 and multiple provinces have ordered energy-intensive crypto-mining outfits to shut down in recent months, citing concerns about spiking power consumption.

Multiple police reports lodged against 'clowns' approaching children at primary schools COVID-19 cases in Singapore who are seriously ill or in hospital Ex-StarHub employee jailed for illegally obtaining details of customers who were later harassed by loan sharks

Analysts say China fears cryptocurrency transactions could aid illicit investment and threaten government controls on capital outflows.The crackdown also allows China room to introduce its own digital currency, which can be monitored by the central government.

ONLINE SHOPPINGfined a record 18.2 billion yuan (US$2.8 billion)by antitrust authorities in April, after the government said it had"abused its dominant position in the market" by forbidding merchants to advertise wares on rival sites.A planned US$35 billion listing by its fintech arm Ant Financial was scrapped by authorities late last year, with Ant ordered to jettison its financial services and return to its roots as an online payment platform. headtopics.com

ENTERTAINMENTSocial media and entertainment behemoth Tencent has come under increasing pressure. The state market regulator shot down plans for a merger between Huya and Douyu, China's two largest video game live-streaming sites that Tencent owns stakes in. The merger would have granted it majority control over the combined entity.

Tencent's entertainment empire faced a new setback on Saturday after the State Administration for Market Regulation ruled that the company must give up its exclusive rights deals with music labels after violating antitrust laws.Meanwhile, TikTok parent Bytedance, Tencent and dozens of other private companies were summoned by regulators in April and urged to"heed the warning" of Alibaba.

WHO'S NEXT?Online platforms with more than a million users have been ordered to submit to cybersecurity reviews before overseas IPOs.This could have a chilling effect on future listings by Chinese companies as they think twice about attracting Beijing's wrath.

That also sweeps in all manner of start-ups in China's vast consumer market.Bike-sharing platform Hello Inc said it would scrap a planned Nasdaq IPO in a regulatory filing on Wednesday, shortly after the popular Pinterest-like app Xiaohongshu put similar plans on hold. headtopics.com

British royals to join health workers at James Bond world premiere 5 factors to consider when choosing the right incontinence wearables Pfizer says its Covid jab safe for children aged 5-11

READ: China takes aim at pop-up windows in further tech clampdownStill, it appears officials have been spooked by the reaction to their latest moves. On Wednesday regulators called top bankers in for a last-minute meeting to soothe fears about the crackdown, according to Bloomberg News.

The move came after several local media outlets on Wednesday night republished commentary from the official Xinhua news agency that declared"the foundation for China's capital market development is still solid".Shares in badly hit tech and tuition firms rallied on Thursday, while Hong Kong and Chinese markets both surged after taking a beating at the start of the week.

Read more: CNA »

UK woman installs locks on fridge and cupboards to prevent 10kg pet cat from stealing food

UNITED KINGDOM ― Pet owner Sara Matthews, 47, has resorted to extreme measures to help her obese cat Keith lose weight.

US concern over China nuclear build-up after new silos reportWASHINGTON: The Pentagon and Republican congressmen on Tuesday (Jul 27) aired fresh concerns about China's build-up of its nuclear forces after a ... 朋友来了有好酒,豹狼来了有猎枪 proof ? The dictator states of america has 1000x more nuclear weapons than China.

Analysis-Tesla hikes electric car prices in US; holds line in ChinaTesla Inc showed signs this week of divergent strategies in the world's two biggest automotive markets, raising prices to boost profit margins in ...

Small-time traders turn 'dip buyers' in China share selloffSmall-time traders have been jumping in to buy stocks discarded by big investors during the selloff triggered by China's regulatory crackdown, ...

Man in China almost dies after inserting live eel into his rectum to cure constipationChiknees ppl Dunno to cry, laugh or sympathise. ...and then he became Chairman of the Party.

China starts blocking after-school tutoring by public-school teachersChina's Ministry of Education said on Wednesday that it had begun implementing a campaign to stop after-school tutoring services provided by ...

Goldman's China JV gets regulatory nod for alternative investment businessGoldman Sachs' China securities venture obtained approval from the Chinese securities watchdog on Wednesday to conduct alternative investment ...