A crypto-friendly former official with China’s central bank has been accused of taking bribes through cryptocurrencies, in the first corruption case of its kind in the country as it cracks down on digital currency. China’s top corruption watchdog said Yao Qian – the People’s Bank of China’s first director of digital currency research, who went … Read more
One of the “brightest financial minds” at Beijing’s sovereign wealth fund is set to join the central government’s liaison office in Hong Kong, according to sources. Qi Bin, 57, vice-president and deputy chief investment officer with China Investment Corporation (CIC), is expected to arrive in Hong Kong this week. He is likely to become a … Read more
Chinese-founded fast-fashion giant Shein saw profits plunge over 70 per cent in the first half of 2024 due to fierce competition from rivals such as PDD Holdings’ Temu, according to a report by The Information. Revenue growth of the Singapore-registered company slowed to 23 per cent during the period, down from 40 per cent for … Read more
Shang Fulin, the former regulator of mainland China’s banking and securities sectors, has urged relevant authorities to loosen their grip on equity financing to bolster technological innovation. The role of China’s stock market must be played up to help investors and entrepreneurs better assess company valuations, mitigate risks and boost transactions, he told the Bund … Read more
Four current and former senior executives of China’s state-owned enterprises in sectors including finance and energy have been placed under investigation for alleged corruption. They are Zuo Zuqing, deputy director of the state-run China National Nuclear Corp’s capital operational centre; Chen Xiaopeng, former party secretary and director of the China Securities Regulatory Commission’s Shenzhen branch; … Read more
In a regulatory filing on Friday, Zuojiang Technology said that its shares will cease trading in the Shenzhen bourse on July 26. This comes after the company was not able to present a clean audit report for its 2023 financial results, which prompted the Shenzhen Stock Exchange to move for its delisting. The delisting notice … Read more
Shein confidentially filed papers with Britain’s markets regulator in early June, two sources said, kicking off the process for a potential London listing by the online fast-fashion retailer later in the year. The China-founded company, which was valued at US$66 billion in a fundraising round last year, began to explore a listing on the London … Read more
The concerns of shareholders adds to the challenges Shein has faced while searching for a place to host its public debut. More troublesome for the online retailer is the regulatory vacuum it finds itself in owing to its Chinese origins and operations, said a person who is familiar with the procedures for companies to conduct … Read more
The chief of a branch of China’s securities regulator, was detained by the Communist Party’s anti-graft body for alleged serious violations of discipline and laws, amid disgruntled equity investors’ uproar over a slumping market. Beijing-based financial media outlet Caixin said that Ling was apprehended on Monday morning and that his detention might be linked to … Read more
Fast-fashion retailer Shein, which thrives on a business model that sells budget made-in-China consumer goods overseas, is set to file an initial public offering (IPO) in London this week, according to UK media reports. Shein, founded by the publicity-shy Chinese entrepreneur Sky Xu Yangtian, will file a confidential prospectus for a listing on the London … Read more
