In 2022, nine Chinese companies raised a total of $3.2 billion by selling GDRs in Zurich. Europe is becoming an increasingly important source of equity financing for publicly traded Chinese companies that tap into expanding China-Europe stock connect programs, an executive of global banking giant UBS said. In 2022, nine Chinese businesses raised a total of $3.2 billion by selling global depositary receipts (GDRs) on the SIX Swiss Exchange in Zurich, data from the bourse showed. That was seven times as much as Chinese companies generated through share sales in the U.

https://www.caixinglobal.com/2023-03-10/chinese-share-sales-in-europe-gain-importance-as-financing-tool-ubs-exec-says-102006598.html

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WeChat launched the short-video feed in January 2020 in a direct challenge to Douyin WeChat, Tencent Holdings' ubiquitous messaging app, is gearing up to tap hundreds of millions of viewers on its fast-growing short video platform for sales and new profits in a race with ByteDance's Douyin. The super app with nearly 1.3 billion users worldwide is managing more traffic and offering incentives to attract more merchants to open accounts and sell products through its short-video platform to create a new revenue stream, Caixin learned.

https://www.caixinglobal.com/2023-03-09/wechat-steps-up-e-commerce-push-on-short-video-platform-102006162.html

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Xiaomi is the No. 3 smartphone company in the world behind Apple Inc. and Samsung Electronics Co. An equity investment fund backed by Chinese smartphone maker Xiaomi Corp. launched a second funding round with a group of investors led by the Beijing municipal government, moving closer to its 10 billion yuan ($1.4 billion) target to finance the chip industry. Beijing Xiaomi Zhizao Equity Investment Fund Partnership raised 2.7 billion yuan in the recent round in March, according to filings released by several investors.

https://www.caixinglobal.com/2023-03-08/xiaomi-backed-fund-raises-nearly-14-billion-for-chip-investment-102005775.html

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Gina Raimondo What's new: China is open to a visit by U.S. Commerce Secretary Gina Raimondo and upholds the importance of dialogue, the Ministry of Commerce said. Raimondo said last week in an interview with Bloomberg that she is considering a trip to China this year. In response to a question on the matter, China's Commerce Ministry said it has not received any information from the U.S., but China 'is open to Raimondo's wish to visit.' 'We believe that it is very important for the commerce departments of the two sides to maintain dialogue and communication,' the ministry said in a statement.

https://www.caixinglobal.com/2023-03-09/china-is-open-to-a-visit-by-us-commerce-secretary-102006160.html

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Trucks and tractors transport the raw material extracted from the salt recovery pools to be processed in the lithium pilot plant at the Llipi pilot Plant in the Uyuni Salt Flats on Aug. 13, 2022 in Uyuni, Bolivia. Photo: VCG Chinese makers of electric vehicles (EVs) and batteries are bracing for a sweeping restructuring of the global lithium industrial chain long dominated by China. Since the pandemic and Russia-Ukraine war heightened energy security concerns, the U.S. and the European Union are taking steps to create their own EV supply chains in the spirit of 'the closer, the safer.

https://www.caixinglobal.com/2023-03-03/in-depth-the-worlds-ev-supply-chain-is-fracturing-102004343.html

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What's new: Wang Jianhong, former head of Bank of China 's Beijing Branch, is under investigation on suspicion of serious violation of law and Communist Party discipline, the country's anti-graft watchdog said Wednesday. Wang, 60, joined Bank of China (BOC) in 1988. He most recently acted as chairman of BOC-Samsung Life Insurance Co. Ltd., a joint-venture insurance company backed by BOC, Samsung Life Insurance and China National Aviation Holding Corp. Ltd., from May 2020 until February 2023.

https://www.caixinglobal.com/2023-03-17/former-boc-beijing-branch-head-under-corruption-investigation-102008940.html

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The Caixin Must-Read newsletter brings you the best of our coverage over the past week, handpicked by our editors. # Finance # China Huarong Expects to Post $4 Billion Loss for 2022 Red ink reflects restructuring amid government bailout as well as falling asset values from capital market volatility and real estate slump Caixin Explains: Why Some Credit Suisse Bondholders Got Wiped Out and Shareholders Didn't Share this article Open WeChat and scan the QR code

https://www.caixinglobal.com/2023-03-24/weekly-must-read-why-chinas-bond-traders-got-cut-off-from-the-data-they-needed-102011516.html

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China has invited Honduras President Xiomara Castro to visit 'as soon as possible' after the Central American country formally established diplomatic relations with its second-largest trading partner after severing ties with Taiwan. On Sunday, Foreign Minister Qin Gang and his Honduran counterpart Eduardo Enrique Reina signed a joint communique stating that China and Honduras, 'in keeping with the interests and desires of the two peoples, have decided to recognize each other and establish diplomatic relations at the ambassadorial level,' according to the Chinese foreign ministry.

https://www.caixinglobal.com/2023-03-27/china-invites-honduran-president-to-visit-after-establishing-diplomatic-ties-102012632.html

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Huawei Technologies Co. posted its lowest profit margin ever for 2022 but managed a slight revenue gain in the third year of U.S. sanctions that forced the Chinese electronics giant to diversify its business into new sectors from cloud computing to automobiles. The company reported net profit of 35.6 billion yuan ($5.18 billion) for 2022, a 69% decline from 2021, on revenue of 642.3 billion, up 0.9% from a year ago. Its profit margin fell to a record low of 5.5%.

https://www.caixinglobal.com/2023-04-01/huaweis-2022-profit-plunges-69-amid-sanctions-and-heavy-rd-outlays-102014653.html

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The contribution of high value-added industries such as new energy and biotechnology to China's total economic inputs shrank in March, due to a decline in capital inputs, a Caixin index showed Sunday. The Caixin BBD New Economy Index (NEI) came in at 28.3 last month, indicating that monitored new economy industries accounted for 28.3% of China's overall economic input activities. The gauge dipped 1.2 points from 29.5 in February, to match January's reading.

https://www.caixinglobal.com/2023-04-03/caixin-china-new-economy-index-shrinks-on-decline-in-capital-investment-102015402.html

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More than 28 million people joined China's new personal pension system as of the end of February, but far fewer actually put money into their accounts, showings a lack of enthusiasm in the emerging plans, a senior government official said. The personal pension system has been operating smoothly since its inception in November, but the public's understanding of it is insufficient, said Jia Jiang, deputy director of pension insurance at the Ministry of Human Resources and Social Security.

https://www.caixinglobal.com/2023-04-04/chinas-new-personal-pension-system-gets-lukewarm-response-102015456.html

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What's new: The Canton Fair, China's biggest twice-yearly trade exposition, will resume in-person this spring after three years of virtual activities as the country's pandemic control measures prevented foreign buyers from attending. The organizer didn't disclose the number of registrations for the expo, which will open April 15, but said tens of thousands of buyers from 203 countries and regions registered, and the number is rising every day. Before the pandemic, the fair usually attracted more than 200,000 buyers from all over the world.

https://www.caixinglobal.com/2023-04-05/chinas-spring-canton-fair-resumes-in-person-expo-102015806.html

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In early April, French President Emmanuel Macron and European Commission President Ursula von der Leyen visited China as the first foreign leaders to do so following China's "Two Sessions" and instalment of a new government. Compared to the visits to China of German Chancellor Olaf Scholz in November 2022 and European Council President Charles Michel in December 2022, Macron and von der Leyen's visit coincided with the one-year anniversary of the Russia-Ukraine conflict and China's official proposal for a political solution to the Ukraine crisis.

https://www.caixinglobal.com/2023-04-08/macron-and-vdls-visits-to-china-will-the-rejection-of-decoupling-lead-to-restoration-of-relations-102016987.html

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Cash-strapped Shanghai-listed Chinese property developer Sichuan Languang Development Co. Ltd. is facing delisting risks, after its closing price fell below one yuan per share for two consecutive days and the company warns of insolvency. Shares of Sichuan Languang tumbled 7.77% from 1.07 yuan ($0.16) to close at 0.95 yuan on Thursday. On Friday, the company closed further down 2.11% to 0.93 yuan per share.

https://www.caixinglobal.com/2023-04-08/shanghai-developer-on-the-ropes-after-share-plunge-102016985.html

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China's benchmark Shanghai Composite Index (000001.SH) lost 0.3% on Thursday, while the Shenzhen Component Index (399001.SZ) fell 0.19%.Shanghai's tech-heavy STAR 50 Index (000688.SH) gained 0.17% for the day, while Shenzhen's similar ChiNext Index (399006.SZ) rose 0.32%.Below is a rundown of the top China business and finance stories, plus other news for the day:· Trust Industry Gets Five Years to Comply With New RulesStricter regulations on business categories take effect as regulators bring the once-freewheeling $3 trillion industry under more effective oversight· Digital Yuan Transactions Top $13.

https://www.caixinglobal.com/2022-10-13/shanghai-composite-index-fell-03-on-thursday-101951222.html

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Pan Dingquan, former director of Guilin city's disease control center A former disease control center director in China has been sentenced to 10 years in prison after authorities found he accepted 3.64 million yuan ($507,420) in bribes from three biopharmaceutical companies in exchange for helping boost sales of their vaccines and testing reagents. An investigation found that Pan Dingquan, former head of the center for disease control and prevention in Guilin, South China's Guangxi Zhuang autonomous region, had illegal ties with two local biopharma firms, according to a court verdict released Oct.

https://www.caixinglobal.com/2022-10-13/former-south-china-city-disease-control-chief-gets-10-years-behind-bars-for-graft-101951475.html

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The TikTok logo is displayed on the beach during the Cannes Lions International Festival of Creativity in Cannes, France, June 22, 2022. Photo: IC Photo ByteDance Ltd.'s short-video app TikTok has 1 billion global monthly active users, exceeding half the combined total of Facebook, Instagram, Messenger and WhatsApp, and many more than the 680 million of its Chinese twin Douyin. But the massive user base hasn't brought in as much revenue as Douyin. In 2021, TikTok's total revenue reached 30 billion yuan ($4.

https://www.caixinglobal.com/2022-10-14/caixin-explains-five-things-to-know-about-tiktoks-future-101951869.html

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Photo: IC Photo At least four universities in Beijing have announced plans to build branches in Xiongan New Area, a recently developed economic zone, as expanding higher education institutes seek solutions to limited space in the capital city. Beijing Jiaotong University (BJTU) announced last week that it has finalized its architectural designs of a new campus covering more than 170 hectares in the economic zone. It is expected to complete the first phase of construction and put the new campus into use around 2026.

https://www.caixinglobal.com/2022-10-14/beijing-universities-develop-campus-plans-for-xiongan-new-area-101951913.html

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The City of Dreams Manila casino resort operated by Melco Crown Entertainment Ltd. in Manila, the Philippines. The Philippines will close 175 illegal offshore online gambling operations and deport about 40,000 Chinese workers starting next month, a justice department official said Monday. The crackdown on an industry that once provided a lucrative source of tax revenue was triggered by reports of murders, kidnappings and other crimes committed by Chinese nationals against other Chinese, justice ministry spokesperson Jose Dominic Clavano said.

https://www.caixinglobal.com/2022-09-30/philippines-to-deport-40000-chinese-in-shutting-down-175-online-casinos-101946663.html

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A Cosco freighter sails near Qingdao, East China's Shandong province, on Aug. 23. Photo: VCG A strengthening U.S. dollar is piling pressure on both China's exports and imports amid weakening overseas demand and higher currency exchange costs, industry insiders said. The onshore yuan is on track for a seventh straight month of losses against dollar as U.S. Federal Reserve has raised interest rates several times to curb inflation, pushing up the value of the greenback. Share this article Open WeCh

https://www.caixinglobal.com/2022-09-30/the-us-dollar-juggernaut-is-undermining-chinas-exports-and-imports-101947269.html

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International students wait to board their flights at Hong Kong International Airport in 2020. Photo: VCG Chinese education experts are pushing for international exchange programs to resume after a research report by the Center for China & Globalization (CCG) found the number of Chinese students in the U.S. and Australia fell last year, as fallout from geopolitical tensions and the coronavirus pandemic was felt across the sector. 'I'm not so worried about the pandemic, which will pass. I'm more worried about the political impact,' said Fan Shiming, vice president of the prestigious Peking University's Yenching School, which offers a Master's degree program in China studies for English speakers.

https://www.caixinglobal.com/2022-09-30/education-experts-call-for-exchange-programs-to-return-amid-geopolitical-tensions-101947264.html

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China has drafted tough requirements that insurance companies would need to meet to participate in the state-backed personal pension scheme. Photo: VCG China has drafted tough requirements that insurance companies would need to meet to participate in the state-backed personal pension scheme, industry sources with knowledge of the matter told Caixin, with analysts estimating that only fewer than 30 firms would be eligible. The China Banking and Insurance Regulatory Commission (CBIRC), the country's top insurance watchdog, issued draft rules to nearly 100 life, health or pension insurers late last month, said the sources.

https://www.caixinglobal.com/2022-10-01/china-drafts-tough-rules-for-insurers-to-join-national-personal-pension-scheme-sources-say-101947468.html

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A residential development in Zhengzhou, Central China's Henan province, on Aug. 3. Photo: VCG Even as an official deadline approaches, some real estate developers in the Central Chinese city of Zhengzhou don't have the money to restart construction on stalled residential projects, and are only going through the motions to pass inspections, sources said. Since the local government told lower-level officials and property developers last month to restart construction on all stalled projects by Oct. 6, work has yet to resume on nearly 40% of the roughly 100 suspended projects, sources with knowledge of the matter told Caixin.

https://www.caixinglobal.com/2022-10-03/exclusive-in-mortgage-boycott-hotspot-some-home-builders-are-only-pretending-to-restart-construction-101947859.html

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A second generation Toyota MIRAI hydrogen fuel-cell vehicle displayed at the Fourth International Automobile Expo in Shanghai on Nov. 8, 2021. Photo: VCG Photo: VCG Toyota Motor Corp. and Hyundai Motor Co. have announced plans to start selling hydrogen fuel-cell passenger cars in China later this year, albeit on a small scale. The auto giants' plans mark a turning point for the Chinese hydrogen fuel-cell electric vehicle (FCEV) sector, which has so far mostly comprised commercial trucks, public buses and tractors.

https://www.caixinglobal.com/2022-09-28/toyota-hyundai-to-sell-hydrogen-fueled-passenger-cars-in-china-101946121.html

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Sichuan Road and Bridge Group's foray into potash comes as the infrastructure builder ramps up an expansion into mining. Photo: VCG State-owned infrastructure construction firm Sichuan Road and Bridge Group Co. Ltd. (SRBG) (600039.SH) is planning to acquire a 50% stake in a major potash mine in East Africa in its latest push into the mining industry. Chengdu-headquartered SRBG has signed a $166 million deal to acquire half the stake in the Colluli Potash Project in Eritrea from Australian fertilizer developer Danakali Ltd.

https://www.caixinglobal.com/2022-10-05/state-construction-firm-to-buy-50-of-east-african-potash-mine-101948168.html

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Zhang Yuping's vacant home. It was a dark night in late October 2005 when Zhang Yuping hurried out of his mud brick home. The young farmer from a shady village in the periphery of Huating city in Northwest China's Gansu province went on a sudden trip with fellow villagers Chen Lijun and Du Youfeng, who promised him a coal mining job. Zhang, then 36, left home so hastily he didn't say goodbye to his parents. He didn't expect it to be a journey with no return. Share this article Open WeChat and sc

https://www.caixinglobal.com/2022-10-05/in-depth-the-people-behind-a-10-year-murder-for-cash-spree-in-rural-china-101948177.html

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What's new: President Xi Jinping briefed a Sunday plenary session of the Communist Party's Central Committee on a draft work report to be presented to the 20th National Congress, the Xinhua News Agency reported, paving the way for the highly anticipated conclave that kicks off in less than a week. During the meeting of the Central Committee, of which Xi is general secretary, Politburo member Wang Huning explained draft amendments to the party's constitution, Xinhua reported without elaboration. The background: State media announced late August that the 20th National Congress of the Communist Party will begin on Oct.

https://www.caixinglobal.com/2022-10-10/xi-briefs-central-committee-on-party-congress-work-report-101949662.html

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Workers answer the psychological health hotline in Shenyang, Northeast China's Liaoning province, in 2020. A hospital set up the 24-hour hotline to help people who have mental health problems, especially caused by the pandemic. Photo: Yu Haiyang/China News Agency/VCG For nearly three years, the worldwide Covid-19 pandemic has endangered people's lives and posed challenges to their mental health. During the pandemic, 70 million additional patients with depressive disorders were recorded worldwide, along with another 90 million sufferers of anxiety disorders, and a doubling in the number of insomniacs, Chinese Academy of Sciences academic Lu Lin told us.

https://www.caixinglobal.com/2022-10-10/editorial-making-pandemic-controls-more-targeted-can-help-tackle-mental-health-problems-101950009.html

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Hong Kong Financial Secretary Paul Chan Mo-po Hong Kong's financial chief defended Hong Kong's 'clear' competitive advantages in financial services, equity markets and green finance and said the city shouldn't take a back seat to Singapore as a global financial center. In a Chinese-language blog post Sunday, Hong Kong Financial Secretary Paul Chan Mo-po expressed confidence in the city's status as a top financial center even as Singapore surpassed Hong Kong in a recent global ranking. Share this

https://www.caixinglobal.com/2022-10-11/hong-kong-shouldnt-take-a-back-seat-to-singapore-financial-chief-says-101950022.html

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