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Business - South China Morning Post
  1. Biel Crystal Holdings Limited, the world’s largest maker of smartphone screens, said it applied to raise capital in Hong Kong, reviving the initial public offering (IPO) that was scuttled three years ago amid the escalating trade war between the United States and China.The Hong Kong-based company’s stock sale will be co-sponsored by JPMorgan Chase, HSBC and China International Capital Corporation (CICC), according to a filing to the Hong Kong stock exchange, without providing financial details…
  2. New Oriental Education and TAL Education, two of China’s largest tutoring services providers, have cancelled their upcoming earnings releases and media calls amid Beijing’s intensified crackdown on off-campus tutoring.The companies separately announced the cancellations on Friday, citing “recent regulatory developments” as the reason, without further elaborating.New Oriental Education and TAL Education’s earnings announcements were scheduled for August 3 and August 5 respectively. Both added…
  3. Hong Kong’s government this week appointed Clement Chan Kam-wing of accounting firm BDO as a special inspector to look into the financial affairs of Next Digital, the publisher of the now-defunct Apple Daily newspaper.It marks the first time in 22 years the government has invoked a clause in the city’s Companies Ordinance that empowers the financial secretary to order an investigation into a public company for misconducts and intent to cheat creditors.Several such appointments have been made…
  4. Beijing’s campaign to rein in the power and influence of Big Tech in the country is reaching new heights, pummeling tech stocks and leading many analysts to question if the tougher scrutiny could end up emasculating the most vibrant sector of China’s economy.China’s full complement of regulators have let loose on Big Tech after receiving Beijing’s blessing last winter to curb the “irrational expansion of capital” and formation of monopolies that may threaten social stability. That escalating…
  5. China wants to achieve global leadership in the next-generation IPv6 internet protocol by 2025 as Beijing prepares itself for the internet of things (IoT) era, when a washing machine or a microwave oven may have its own IP address.According to a document released by the Cybersecurity Administration of China, the National Development and Reform Commission and the Ministry of Industry and Information this month, China plans to boost its active IPv6 users to 800 million by 2025, with 70 per cent…
  6. In the final article in a five-part series on US-China technology policies, Jodi Xu Klein looks at the status of United States efforts six months into a new presidency and new session of Congress. The first part of the series, on how China policies vary in different US agencies, is here; the second part, on Huawei Technologies’ prospects, is here; the third, on Chinese supply-chain woes, is here. The fourth, on the battle for talent, is here.In his first six months in office, US President Joe…
  7. China’s Ministry of Transport, the key regulator in terms of the country’s ride-hailing industry, has toughened its stance on platforms like Didi Chuxing by calling out specific problems and threatening to impose deadlines on compliance.The ministry, which is one of seven ministerial bodies currently carrying out a cybersecurity investigation into Didi, said it will make every effort to support the cyberspace probe according to the summary of a meeting by an interministerial body coordinating…
  8. US securities regulators plan to require additional information from Chinese companies seeking to go public on American exchanges, saying the move will protect domestic investors.The Securities and Exchange Commission said on Friday that Chinese firms would have to disclose the listing of shares through a structure called Variable Interest Entities, or VIEs, a shell company that is outside China.Such an arrangement has in recent years allowed Chinese companies to bypass Beijing’s restrictions…
  9. Whether because of hubris or naiveties, it seems there are some lessons global hegemons rarely learn. One is that certain corners of the world not for taking – like Afghanistan.As President Joe Biden ends a forlorn 20-year effort at nation-building, the United States joins a line of aspiring conquerors and peacemakers that stretches back centuries. Hearts can only bleed for the modernising Afghans left behind, in particular their women and those seen to have assisted American occupying forces,…
  10. The Cybersecurity Bureau under the Ministry of Industry and Information Technology (MIIT) has summoned 12 major Chinese technology companies, including Alibaba Group Holding, Tencent Holdings and ByteDance, to lecture them about improvements in their operations to comply with the country’s Data Security Law.The MIIT said it delivered instructions from Chinese President Xi Jinping on “safeguarding national data security and regulating the economic development of internet platforms”, without…