China Economic ReviewThe Taiwanese iPod maker that sued two mainland reporters for defamation has dropped its damages claim from US$3.7 million to a single yuan after strong public criticism. Shenzhen-based Hongfujin Precision Industry, wholly owned by Taiwan's Foxconn, also pulled back requests that courts freeze the assets of two reporters who alleged their staff had to work […]
Industrial and Commercial Bank of China's (ICBC) upcoming mega-listing has hit some regulatory hurdles. The ICBC will seek waivers from Beijing to go through with the sale of US$21 billion in stock in Hong Kong and Shanghai, where the bank wants to sell US$14 billion and US$7 billion respectively in simultaneous offerings. Mainland regulators require […]
Leading Chinese news editors on Tuesday protested a US$3.8 million libel suit launched by Foxconn, a unit of Taiwanese electronics manufacturing giant Hon Hai, against two editorial staff at China Business News following a June story alleging excess overtime and other improper practices at the company, state media reported. The Foxconn lawsuit set a "dangerous […]
One of Shanghai's nineteen district governors, Qin Yu, was removed from his post in the biggest scandal in the city in decades. Investigators are looking into misuse of the city's pension fund, worth billions of dollars, the Financial Times reported. Mr. Qin served as assistant to the city's mayor in 2002, Chen Liangyu, who is […]
The State Council may be blocking the sale of up to US$3 billion in bonds from different government agencies, the South China Morning Post reported. Citing market sources, the newspaper said the government is blocking the sales because they could make it more difficult to manage the yuan. The Ministry of Finance, China Development Bank […]