China Cinda Asset Management, one of China’s biggest state-owned asset managers, will take a 24% stake in Ant Group’s consumer finance company, as part of a RMB 22 billion ($3.5 billion) fundraising round, reports the Financial Times. This cash injection will more than triple the company’s current registered capital. Cinda, which is owned by the […]
Category:
China is tightening rules on non-domestic listings for the country’s growing start-ups as part of an ongoing regulatory campaign to increase control over the tech sector, reports the Financial Times. Under the proposed guidelines, companies hoping to sell shares abroad would be required to register with the country’s securities regulator, which would review their listing […]
Short video social-media app Douyin, the Chinese version of TikTok, has announced a wave of punishments for content creators in a move to create a safe and reliable online shopping environment. The company said it has punished 917,000 content creators and permanently closed 11,000 online merchants throughout 2021, reports the South China Morning Post. The […]
German carmaker Daimler AG will significantly cut its stake in the Denza electric-vehicle joint venture with BYD, one of China’s largest carmakers, after years of weak sales for the brand, reports Caixin. BYD will own 90% of the business and Daimler 10% after an equity transfer the companies plan to complete in mid-2022, the Mercedes-Benz […]
China has approved a merger of several of its major rare-earths companies, creating a goliath that will cement the country’s control over the sector, reports Bloomberg. The new company will be formed of the rare-earth units of state-owned enterprises including China Minmetals Corp., Aluminum Corp. of China and Ganzhou Rare Earth Group Co., according to […]