The Chinese city of Guangzhou has introduced a sandbox program in an attempt to boost local fintech innovations, joining Beijing, Shanghai and neighboring Shenzhen in doing so, reports the South China Morning Post. The program allows stock exchanges, alongside securities and futures firms to test out new tech initiatives, according to a plan revealed by […]
Category: Markets
Struggling property developer China Evergrande Group has announced that it will be unable to post its financial results for last year by the March 31 deadline required by stock listing rules, as work on auditing the data will not be complete, reports Reuters. Evergrande said in a stock exchange filing that due to the “drastic […]
Chinese internet giant Alibaba announced on Tuesday plans to increase its share buyback program by $10 billion, from $15 billion to $25 billion, the second increase in a year, reports Reuters. Alibaba said it had already re-purchased about $9.2 billion of its US-listed shares as of March 18 under its program, which was initially slated […]
DeepGlint, a Chinese artificial intelligence (AI) company that was added to the US government’s trade blacklist in July last year and once targeted a $300 billion valuation, had its initial public offering in Shanghai on Thursday, but soon saw its share price plummet amid the rout in tech stocks this week, reports the South China […]
Yum China Holdings, which operates KFC, Pizza Hut and Taco Bell in China, announced its board has upped the chain’s share buyback plan by $1 billion to $2.4 billion, reports Reuters. Shares in the company have fallen in recent days following an auditing dispute between Beijing and Washington, but China’s regulators are confident they could […]