Posts belonging to Category China



Chinese Fintech Qudian listed at Wall Street

Chinese online small consumer credit provider Qudian debuts on NYSE

Chinese online small consumer credit provider Qudian Inc. made its debut on the New York Stock Exchange (NYSE) on Wednesday, trading under the ticker symbol of “QD”. Qudian priced its initial public offering of 37,500,000 American depositary shares (ADSs) at 24.00 U.S. dollars per ADS for a total offering size of approximately 900.00 million dollars, assuming the underwriters do not exercise their option to purchase additional ADSs. Each ADS represents one Class A ordinary share. Of the total 37,500,000 ADSs offered, 35,625,000 ADSs are being offered by the Company and 1,875,000 ADSs are being offered by selling shareholders.

http://www.xinhuanet.com…  Thu.,  19  October 2017

Asia stocks reach 10-year peak

Federal Reserve showed a more guarded view towards inflation

Asian stocks reached a 10-year high on Thursday, riding the bull run in global equity markets, while the dollar sagged after the Federal Reserve showed a more guarded view towards inflation. Spreadbetters expected a mixed start for European stocks, forecasting Britain’s FTSE to open down 0.05 percent, Germany’s DAX to start 0.03 percent higher France’s CAC to open flat. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.55 percent and at its highest since December 2007.

Japan’s Nikkei was up 0.4 percent after brushing 20,994.40, its highest since November 1996. South Korea’s KOSPI added 0.55 percent to mark a fresh record peak and Hong Kong’s Hang Seng scaled a decade-high. Asia took cues from Wall Street, where major indexes rose to yet another set of record closing highs overnight following a report that a market-friendly candidate was being pushed as successor to Janet Yellen at the helm of the Fed.

http://www.reuters.com…  Thu.,  12  October 2017

Raising trade tensions between Europe and China

Complaint against dumping of e-bikes by Chinese companies

European producers of electronic bikes (e-bikes) have filed a complaint with the European Commission against cheap Chinese e-bike imports, saying that they are sold in the bloc at excessively low prices with the help of unfair subsidies. The European Bicycle Manufacturers Association (EBMA) lodged the complaint alleging dumping of e-bikes by Chinese companies which they say are flooding the market at prices sometimes below the cost of production. The Commission has until late October to determine whether to start an investigation.

The EBMA is also preparing a related complaint alleging illegal subsidies and asking for registration of Chinese e-bike imports, which could allow eventual duties to be backdated. Such an investigation would be the latest in a string of probes into Chinese exports ranging from solar panels to steel and could raise trade tensions with Beijing, particularly with a subsidy inquiry into the support provided by the Chinese state.

http://www.reuters.com…  Mon.,  02  October 2017

Apple shares flirt with correction territory

Suppliers asked to scale back shipments of parts for upcoming iPhone X

Shares of Apple Inc dipped on Monday and flirted with correction territory following a report that the company had told suppliers to scale back shipments of parts for its upcoming iPhone X.

Digitimes, citing unnamed sources, reported that Apple suppliers were shipping just 40 percent of the components originally ordered for the premium phone, which goes on sale in early November.

That added to concerns on Wall Street about demand for Apple’s new devices after the launch on Friday of the iPhone 8, a less expensive model than the iPhone X, drew smaller crowds than previous launches.

http://www.reuters.comTue.,  26  September 2017

The bright future of Artificial Intelligence (AI) in China

Machine learning is the key

The present global verve about artificial intelligence (AI) and machine learning technologies has resonated in China as much as anywhere on earth. With the State Council’s issuance of the “New Generation Artificial Intelligence Development Plan” (新一代人工智能发展规划) on July 20, China’s government set out an ambitious roadmap including targets through 2030. Meanwhile, in China’s leading cities, flashy conferences on AI have become commonplace. It seems every mid-sized tech company wants to show off its self-driving car efforts, while numerous financial tech start-ups tout an AI-driven approach. Chatbot startups clog investors’ date books, and Shanghai metro ads pitch AI-taught English language learning.

The surge of showmanship and investment in the private sector is paralleled by a new focus among officials and policy thinkers in academia, civilian and military sectors of government, and major companies. Questions about how to regulate AI, and how to develop and use it ethically, have become a major topic for China’s digital policy brain trust in recent months.

http://www.newamerica.org…  Mon.,  18  September 2017

China Is Said to Ban Bitcoin Exchanges

Bitcoin slumped

China plans to ban trading of bitcoin and other virtual currencies on domestic exchanges, dealing another blow to the $150 billion cryptocurrency market after the country outlawed initial coin offerings last week. The ban will only apply to trading of cryptocurrencies on exchanges, according to people familiar with the matter, who asked not to be named because the information is private. Authorities don’t have plans to stop over-the-counter transactions, the people said. China’s central bank said it couldn’t immediately comment.

Bitcoin slumped on Friday after Caixin magazine reported China’s plans, capping the virtual currency’s biggest weekly retreat in nearly two months. The country accounts for about 23 percent of bitcoin trades and is also home to many of the world’s biggest bitcoin miners, who use vast amounts of computing power to confirm transactions in the digital currency.

http://www.bloomberg.com…  Fri.,  15  September 2017

Trump tries to protect US high-tech firms from China’s buyers

Trump bars Chinese-backed firm from buying U.S. chipmaker Lattice

U.S. President Donald Trump blocked a Chinese-backed private equity firm from buying a U.S.-based chipmaker on Wednesday, sending a clear signal to Beijing that Washington will oppose takeover deals that involve technologies with potential military applications.

Canyon Bridge Capital Partners’ planned $1.3 billion acquisition of Lattice Semiconductor Corp was one of the largest attempted by a Chinese-backed firm in the U.S. microchip sector and was the first announced deal for the buyout fund, which launched last year with a focus on technology investment. U.S. regulatory scrutiny grew after Reuters reported in November that Canyon Bridge was funded partly by capital from China’s central government and had indirect links to its space program. U.S. defense officials subsequently raised concerns about the Lattice acquisition by a firm backed by the Chinese government.

http://www.reuters.com…  Thu.,  14  September 2017

China mulls going 100% electric

China wants to ban petrol and diesel cars

The Chinese government has signalled it will join the line of nations queuing up to ban the sale of diesel and petrol vehicles in the coming decades.

A senior official has told the Chinese car sector that the industry department in Beijing has begun “research on formulating a timetable to stop production and sales of traditional energy ­vehicles”, according to a report from the state news agency Xinhua.

http://www.telegraph.co.uk…  Mon.,  11  September 2017

China’s crypto crackdown


Wording of edict makes all cryptocurrency trading illegal, according to eToro China exec

China’s crackdown on “initial coin offerings” may be much wider than first thought, with the wording of the crackdown potentially making all cryptocurrency trading illegal. However, other watchers of the space say the government is not looking to crackdown on digital currencies like bitcoin and ethereum.

The People’s Bank of China (PBoC) on Monday outlawed ICOs, a method of raising money by issuing new digital currencies. The trend has become hugely popular, with over $1.5 billion raised using this method in 2017 alone.

http://www.businessinsider.com…  Tue.,  05  September 2017

US futures are down sharply

North Korea’s missile launch over Japan is hitting global markets

North Korea launched a ballistic missile that passed right over Japan, and that’s set markets on high alert, with four big movers. U.S. stock futures were a big early mover, with the Dow Jones industrial average mini futures dropping as much as 147 points to 21,644 in a knee-jerk reaction. That compared with the index’s close on Monday at 21,808.40. The DJIA futures later regained some lost ground, trading down 109 points at 21,682 at 10:02 a.m. HK/SIN.

Perhaps counterintuitively, Japan’s currency move higher — because it generally does well when nervous investors are looking to park their money somewhere secure. It climbed against the greenback, with the dollar fetching as little as 108.32 yen in early Tuesday trade, down from levels approaching 111 yen earlier in the month.

http://www.cnbc.com…  Tue.,  29  August 2017