Hong Kong /
In Depth: Why Hong Kong Could Benefit From China’s Crackdown on Foreign Equity Sales
China increasingly controls data-rich companies traded in the United States increase perspective more sales of equities in Hong Kong, even though the city’s stock exchange is known to have more stringent requirements than US stock exchanges.
Under a newly revised regulation, Chinese companies with personal information of a million or more users must apply for a government cybersecurity review before issuing foreign shares. “Foreign” under the rule does not include Hong Kong, which suggests an opportunity for the exchange.
Although Hong Kong’s benchmark Hang Seng fell 4% in July, shares of Hong Kong Exchange and Clearing Ltd. (HKEX) themselves have jumped nearly 10% this month.
Heavy rain /
Henan flood toll stands at 33 dead, eight missing
The official number of deaths heavy rains and flooding in central China’s Henan Province has risen to 33 and eight people are missing as the region braces for several more days of extreme weather that has already caused economic losses direct costs estimated at 1.22 billion yuan (188.7 million dollars).
On Thursday morning, the province’s weather station issued two red alerts, the highest of a four-tier warning system, indicating that heavy rains would continue to hit several cities after record torrential rains triggered flooding in the provincial capital Zhengzhou.
The struggle to survive in the flooded Zhengzhou metro
FINANCE & ECONOMY
Shanghai will become the center of yuan asset allocation, risk management, fintech and high-quality financial talent, an official said.
China supports free Shanghai yuan use trial
The central bank of China will help Shanghai take the initiative to test the free use of the yuan, explore unrestricted inflows and outflows of capital for cross-border trade and investment, and unlimited currency exchange in the new zone. free trade in the city, an official said on Tuesday. .
The trial will be conducted in accordance with the principles of anti-money laundering, terrorist financing and tax evasion, Wang Xin, research director at the People’s Bank of China (PBOC), told a conference Press.
Currently, the yuan is convertible for commercial purposes in the current account, which records the value of exports and imports and international capital transfers, but it is not freely convertible in the capital account, which records the net flow. investment transactions in an economy. .
Pig farming no longer brings home bacon for Chinese farmers
Once a boon to small farmers in rural China, pig farming has become a loss-making business as prices plummeted and costs skyrocketed, forcing the government to trigger an emergency pork buying program and encourage producers not to use the market for speculative or gambling purposes.
An oversupply of pigs and the rising cost of grains used to feed pigs, mainly corn and soybean meal, have squeezed producers’ profit margins. The average market price of live pigs fell to 14.1 yuan ($ 2.18) per kilogram (kg) at the end of June, the lowest in more than two years, according to data from the National Commission for Development and Agriculture. reform (NDRC), while the corn feed cost (link in Chinese) hit a record high of 3.01 yuan per kg last month, according to data from the Ministry of Agriculture and Rural Affairs (MARA).
China rejects WHO plan to re-examine theory of Covid lab leaks
China will not accept the World Health Organization’s plan for a second phase investigation into the origins of the coronavirus in the country, the deputy director of the National Health Commission said on Thursday.
Senior health official Zeng Yixin told a press conference that it was “impossible” for China to agree to the plan, which “ignores common sense and defies science.”
He said he was “shocked” by the plan, which includes the assumption that a violation of lab protocols resulted in the virus leaking.
Quick shots /
China’s latest easing spills over into its debt markets
Credit Suisse hires six people for private banking in North Asia
US-China merchandise trade explodes like a virus, tariffs never took place
TRADE AND TECHNOLOGY
The Shaanxi Coal and Chemical Industry Group Coal Chemical Project in Yulin. Photo: Bai Yujie / Caixin
China’s coal chemical project suspended due to gluttonous energy appetite
A resource-rich province in northwest China suspended construction of a coal chemical project billed as the largest of its kind in the world as the country accelerates its efforts to control its energy consumption.
After more than two years of construction, the Yulin-based project in Shaanxi province was halted on July 2. Designed to produce chemical materials from the processing of raw coal, it was to complete all phases of construction by 2025 with 126 billion yuan ($ 19.4 billion) in estimated investment from state-owned Shaanxi Coal and Chemical Industry Group Co. Ltd., according to the files (link in Chinese) on the company’s website.
Analysis: The impact of the US ban on Chinese researchers on international study plans
The United States can lose his chandelier for some Chinese students as the Biden administration continues to impose Trump-era visa restrictions on science, technology, engineering and math (STEM) students.
More … than 500 Chinese students graduating in science and engineering have been denied study visas by the United States due to Presidential Proclamation 10043 signed by Trump in June of last year, Chinese state media reported.
Evergrande stock rebounds after loan dispute settlement
China Evergrande Group stock increased by 8% Thursday in Hong Kong after the debt-ridden developer said it had struck a deal with China Guangfa Bank Co. Ltd. on a loan dispute which triggered a sale off stocks and bonds of the real estate giant.
A few days after Evergrande threatened to sue the bank, the two parties reached an agreement, according to statements (link in Chinese) from Evergrande and Guangfa on Thursday which did not give more details.
Quick shots /
14 workers trapped in flooded road tunnel found dead
Tencent, Alibaba among tech giants fined for child exploitation
Volvo Cars wants full control over Chinese companies as Beijing plans to lift foreign ownership cap
Energy Insider /
China tackles cement overcapacity; Hydrogen trucks hit the road in Beijing
Rains in central China take even more toll
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