#OneCountryOneSystem #NationalSecurityLaw #Finance #Economy
The Financial Sector are Already Feeling the Impact of the National Security Law
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https://t.me/guardiansofhongkong/21121
The Financial Sector are Already Feeling the Impact of the National Security Law
Read More:
⬇️⬇️⬇️⬇️⬇️⬇️
https://t.me/guardiansofhongkong/21121
#Report
Our Financial Stalingrad against China
Editor’s Note: This is the first battle of Financial war by fellows in the financial sector.
We are a group of Hong Kong citizens concerned with the financial well-being of our city. When CUHK and PolyU were under siege last November, we launched a precision strike on Megvii Technology, a CCP-controled technology giant. We now declare that we have successfully strangled Megvii’s IPO plan to death, incurring them a loss of US$500 million.
As a Made in China 2025 frontrunner, Megvii is culpable for mass surveillance and suppression of Uighurs in Xinjiang. Not deterred by existing US sanctions, Megvii played dirty tricks in order to get listed in Hong Kong. This has alarmed much of Central and caught the attention of the US Treasury.
It is most delightful to watch one fall in the last mile. At the eve of Megvii’s hearing, we had voiced our concerns of it violating the listing regulations of HKEX as one. Tens of thousands of complaint later, we are relieved by the abortion of Megvii’s IPO, in no small part due to your wise decisions.
With neither chips nor dollars, Megvii has been effectively contained, a unicorn stranded in the humanitarian wasteland of Xinjiang.
We are also relieved to see that Sensetime, another Made in China 2025 candidate, has immediately suspended its IPO plan for Hong Kong, incurring a loss of US$750 million. We learnt that many Xinjiang- or Big Tech-related CCP firms are now having second thoughts about a Hong Kong listing.
However, such relieves are only temporary. As you and your esteemed colleagues has long realized, the maintenance of Hong Kong’s financial salient is a constant battle.
From time immemorial, Hong Kong has been the sole USD lifeline for the People’s Republic of China. If Beijing is set to destroy Hong Kong, we will destroy all of China, and we will know where the real stake lies. Now in the shadow of the National Security Law, the US is actively considering imposing financial sanctions on China. If China continues to free-ride on Hong Kong’s USD access, I fear we cannot but contemplate sanctions on HKEX, something no sane person wants to see.
To Beijing: You can either have the Law or an international financial centre. You cannot have your cake and eat it. Nothing is simpler than this.
Our words to China Concepts Stocks: Hong Kong is not your backyard. Nor is Hong Kong your USD ATM. What we do to Megvii, we are ready to do it to you. You have been warned.
In trust of your judgement,
Hong Kong Protestors
Souce: LIHKG, (28-May)
https://lih.kg/2038608
#Finance #MegviiTechnology #Xinjiang #Uighurs #Surveillance #HKEX #NationalSecurityLaw #MadeIbChina2025 #ChinaConceptsStocks
Our Financial Stalingrad against China
Editor’s Note: This is the first battle of Financial war by fellows in the financial sector.
We are a group of Hong Kong citizens concerned with the financial well-being of our city. When CUHK and PolyU were under siege last November, we launched a precision strike on Megvii Technology, a CCP-controled technology giant. We now declare that we have successfully strangled Megvii’s IPO plan to death, incurring them a loss of US$500 million.
As a Made in China 2025 frontrunner, Megvii is culpable for mass surveillance and suppression of Uighurs in Xinjiang. Not deterred by existing US sanctions, Megvii played dirty tricks in order to get listed in Hong Kong. This has alarmed much of Central and caught the attention of the US Treasury.
It is most delightful to watch one fall in the last mile. At the eve of Megvii’s hearing, we had voiced our concerns of it violating the listing regulations of HKEX as one. Tens of thousands of complaint later, we are relieved by the abortion of Megvii’s IPO, in no small part due to your wise decisions.
With neither chips nor dollars, Megvii has been effectively contained, a unicorn stranded in the humanitarian wasteland of Xinjiang.
We are also relieved to see that Sensetime, another Made in China 2025 candidate, has immediately suspended its IPO plan for Hong Kong, incurring a loss of US$750 million. We learnt that many Xinjiang- or Big Tech-related CCP firms are now having second thoughts about a Hong Kong listing.
However, such relieves are only temporary. As you and your esteemed colleagues has long realized, the maintenance of Hong Kong’s financial salient is a constant battle.
From time immemorial, Hong Kong has been the sole USD lifeline for the People’s Republic of China. If Beijing is set to destroy Hong Kong, we will destroy all of China, and we will know where the real stake lies. Now in the shadow of the National Security Law, the US is actively considering imposing financial sanctions on China. If China continues to free-ride on Hong Kong’s USD access, I fear we cannot but contemplate sanctions on HKEX, something no sane person wants to see.
To Beijing: You can either have the Law or an international financial centre. You cannot have your cake and eat it. Nothing is simpler than this.
Our words to China Concepts Stocks: Hong Kong is not your backyard. Nor is Hong Kong your USD ATM. What we do to Megvii, we are ready to do it to you. You have been warned.
In trust of your judgement,
Hong Kong Protestors
Souce: LIHKG, (28-May)
https://lih.kg/2038608
#Finance #MegviiTechnology #Xinjiang #Uighurs #Surveillance #HKEX #NationalSecurityLaw #MadeIbChina2025 #ChinaConceptsStocks
LIHKG 討論區
捷報！金融焦土戰打贏第一仗！後續行動繼續打沉中概股！
我哋係一班金融界嘅手足，喺舊年十一月中大理大圍城嘅時候，發動咗針對中共龍頭企業曠視科技(Megvii Technology)嘅手術式打擊。依家正式宣布：曠視喺香港上市申請五月二十六號已經過期，上市計劃完美破滅，損失總值40億港元 (link: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/megvii-lets-hong-kong-ipo-application-lapse-again…
#Newspaper
Do as we say! China orders UK firms to obey or else they'll 'pay price and be hit hard'
//British financial services company Standard Chartered Plc and UK bank HSBC have both endorsed China’s proposed security law for Hong Kong... The Chinese Communist Party's official news platform, the Global Times, gave a veiled threat to British companies, such as HSBC, that if they chose to ally themselves with US and UK interests concerning the Huawei 5G rollout and the Hong Kong Security Law there would be consequences. On Tuesday the Global Times declared that if HSBC were to side with UK and US interests, "its image would bear an indelible stain and likely that its Chinese business would take a hit”.
//"Given its reliance on Chinese profits, it will be a life-or-death test for HSBC…And whether or not the bank can overcome its dilemma will really test the political wisdom of its management.”… companies need to pay the price for the choices they have made."
//On Tuesday, Andrew Rosindell MP voiced many parliamentarian's “concern and surprise” at HSBC and Standard Chartered PLC’s support of China’s newly proposed National Security Law in Hong Kong.
//"We cannot let UK owned and run businesses put profits above human rights and fundamental freedoms
//”The actions of HSBC and Standard Chartered PLC undermine and devalue the UK’s political warning shots fired at China.
//"We cannot simultaneously scorn and invest in a regime that so overtly breaches human rights laws.
//The Early Day Motion was signed by eleven cross-party MPs who have called on the Government to set forth measures to encourage HSBC and Standard Chartered Plc to review their support for National Security Law for Hong Kong, which will effectively criminalise freedom of expression in the city.
//Last week Beijing denounced British bank HSBC for supposedly funding "terrorists".
//By "terrorists" central communist authorities mean citizens involved in the pro-democracy demonstrations in Hong Kong.
//Chinese authorities then announced that HSBC had capitulated to their demands and were closing the accounts of those involved in Hong Kong pro-democracy protests.
//The Global Times wrote: "These are the accounts that channel funds to terrorists…”They termed the bank's previous inaction a fence-sitting tactic."
//British banking giant HSBC reportedly makes most of its profits in the Hong Kong financial services market. Trades through the banking sector of Hong Kong contributed more than 80 percent to the company's profits during the first quarter of 2020.
//71 of the world's 100 largest banks have large bases in Hong Kong. The city's banking sector is the ninth-largest in the world and is the second-largest in Asia after Japan.
Full Article: Express, (21-Jun)
Further reading:
Kowtowing to Beijing does not help HSBC
https://t.me/guardiansofhongkong/22590
National security law: Britain urged to go ‘one step further’ for Hong Kong’s BN(O) passport holders alarmed by Beijing legislation
https://www.scmp.com/news/hong-kong/politics/article/3089455/national-security-law-britain-urged-go-one-step-further
#NationalSecurityLaw #UK #HSBC #StandardCharteredPlc #Kowtow #Bully #SharpPower #CCP #terrorists #Finance
Do as we say! China orders UK firms to obey or else they'll 'pay price and be hit hard'
//British financial services company Standard Chartered Plc and UK bank HSBC have both endorsed China’s proposed security law for Hong Kong... The Chinese Communist Party's official news platform, the Global Times, gave a veiled threat to British companies, such as HSBC, that if they chose to ally themselves with US and UK interests concerning the Huawei 5G rollout and the Hong Kong Security Law there would be consequences. On Tuesday the Global Times declared that if HSBC were to side with UK and US interests, "its image would bear an indelible stain and likely that its Chinese business would take a hit”.
//"Given its reliance on Chinese profits, it will be a life-or-death test for HSBC…And whether or not the bank can overcome its dilemma will really test the political wisdom of its management.”… companies need to pay the price for the choices they have made."
//On Tuesday, Andrew Rosindell MP voiced many parliamentarian's “concern and surprise” at HSBC and Standard Chartered PLC’s support of China’s newly proposed National Security Law in Hong Kong.
//"We cannot let UK owned and run businesses put profits above human rights and fundamental freedoms
//”The actions of HSBC and Standard Chartered PLC undermine and devalue the UK’s political warning shots fired at China.
//"We cannot simultaneously scorn and invest in a regime that so overtly breaches human rights laws.
//The Early Day Motion was signed by eleven cross-party MPs who have called on the Government to set forth measures to encourage HSBC and Standard Chartered Plc to review their support for National Security Law for Hong Kong, which will effectively criminalise freedom of expression in the city.
//Last week Beijing denounced British bank HSBC for supposedly funding "terrorists".
//By "terrorists" central communist authorities mean citizens involved in the pro-democracy demonstrations in Hong Kong.
//Chinese authorities then announced that HSBC had capitulated to their demands and were closing the accounts of those involved in Hong Kong pro-democracy protests.
//The Global Times wrote: "These are the accounts that channel funds to terrorists…”They termed the bank's previous inaction a fence-sitting tactic."
//British banking giant HSBC reportedly makes most of its profits in the Hong Kong financial services market. Trades through the banking sector of Hong Kong contributed more than 80 percent to the company's profits during the first quarter of 2020.
//71 of the world's 100 largest banks have large bases in Hong Kong. The city's banking sector is the ninth-largest in the world and is the second-largest in Asia after Japan.
Full Article: Express, (21-Jun)
Further reading:
Kowtowing to Beijing does not help HSBC
https://t.me/guardiansofhongkong/22590
National security law: Britain urged to go ‘one step further’ for Hong Kong’s BN(O) passport holders alarmed by Beijing legislation
https://www.scmp.com/news/hong-kong/politics/article/3089455/national-security-law-britain-urged-go-one-step-further
#NationalSecurityLaw #UK #HSBC #StandardCharteredPlc #Kowtow #Bully #SharpPower #CCP #terrorists #Finance
Express.co.uk
Do as we say! China orders UK firms to obey or else they'll 'pay price and be hit hard'
BRITISH firms have been sent a powerful warning by Chinese state media with one firm told they face a "life or death test", in a stinging attack, as they respond to the new security law in Hong Kong.
#Newspaper
Bank of China client information "extradited to China", data on the opening of accounts and loans sent to Guangxi subsidiary for processing approved by Hong Kong Monetary Authority
(12 Jun, updated 0:30, 13 Junto add response from Office of the Privacy Commissioner for Personal Data)
Stand News has learned that the Bank of China (Hong Kong) [BOCHK] intends to allocate a portion of its data processing and auditing work to its wholly-owned subsidiary in Nanning, Guangxi. This has been approved by the Hong Kong Monetary Authority [HKMA]. However, whether its clients are aware that documents containing their personal information, including assets and loans, are to be "extradited to China" remains questionable. The BOCHK responded that they strictly adhered to the relevant laws and regulations in Hong Kong to ensure the proper handling of client information. The Office of the Privacy Commissioner for Personal Data [PCPD] stated that organisations that transfer information should inform their clients.
//This implies the "extradition" of personal and asset information from much of its clientele in Hong Kong.
//The BOCHK did not answer Stand New's inquiry on whether it will notify its clients of the new arrangements.
//the BOCHK is not outsourcing to a third-party business in this case, but to its wholly-owned subsidiary.
//process and store personal client information both within and outside of Hong Kong's borders. At the same time, the bank may transfer client information to regions outside of Hong Kong's jurisdiction and conduct any matching procedures*.
Full translation:
https://telegra.ph/Bank-of-China-client-information-extradited-to-China-data-on-the-opening-of-accounts-and-loans-sent-to-Guangxi-subsidiary-for-pr-07-05
Source: Stand News
#Extradition #BOCHK #ClientInformation #Privacy #Finance
Bank of China client information "extradited to China", data on the opening of accounts and loans sent to Guangxi subsidiary for processing approved by Hong Kong Monetary Authority
(12 Jun, updated 0:30, 13 Junto add response from Office of the Privacy Commissioner for Personal Data)
Stand News has learned that the Bank of China (Hong Kong) [BOCHK] intends to allocate a portion of its data processing and auditing work to its wholly-owned subsidiary in Nanning, Guangxi. This has been approved by the Hong Kong Monetary Authority [HKMA]. However, whether its clients are aware that documents containing their personal information, including assets and loans, are to be "extradited to China" remains questionable. The BOCHK responded that they strictly adhered to the relevant laws and regulations in Hong Kong to ensure the proper handling of client information. The Office of the Privacy Commissioner for Personal Data [PCPD] stated that organisations that transfer information should inform their clients.
//This implies the "extradition" of personal and asset information from much of its clientele in Hong Kong.
//The BOCHK did not answer Stand New's inquiry on whether it will notify its clients of the new arrangements.
//the BOCHK is not outsourcing to a third-party business in this case, but to its wholly-owned subsidiary.
//process and store personal client information both within and outside of Hong Kong's borders. At the same time, the bank may transfer client information to regions outside of Hong Kong's jurisdiction and conduct any matching procedures*.
Full translation:
https://telegra.ph/Bank-of-China-client-information-extradited-to-China-data-on-the-opening-of-accounts-and-loans-sent-to-Guangxi-subsidiary-for-pr-07-05
Source: Stand News
#Extradition #BOCHK #ClientInformation #Privacy #Finance
Telegraph
Bank of China client information "extradited to China", data on the opening of accounts and loans sent to Guangxi subsidiary for…
(12 Jun, updated 0:30, 13 Junto add response from Office of the Privacy Commissioner for Personal Data) Stand News has learned that the Bank of China (Hong Kong) [BOCHK] intends to allocate a portion of its data processing and auditing work to its wholly…
#Interview #MuddyDirtyWater
Financial writer Muddy Dirty Water: Money for blood, Hong Kong dried up. Now it's "keep the island, not the people"
Now that the national security law is passed, the stock market is actually thriving?
(11 Jul) After the enactment of the national security law, Hong Kong's stock market stayed bullish. Government officials presented this as proof that the "Hong Kong doomsday theory" was untrue. As an investor, what does Muddy Dirty Water [pen name] think? Why has the economy not been affected at all?
//the implications of 'keep the island, not the people' are getting stronger
//It's common knowledge that China's economic indicators aren't trustworthy.
//'street-stall economy'... actually means opening up the black market and sex industry again so that they become a part of the GDP. It's apparent that the situation isn't great.
//Hong Kong actually is a platform for Chinese capital
//The accountants' firms will also suffer because they're stuck between their clients and the Securities and Futures Commission... exposing falsified figures from private enterprises would become a violation of the national security law.
//how does China control private enterprises? It's through inserting the Party's provisions into the company's article of association (AoA).
//The renminbi is not internationally convertible... China's easiest way to get US dollars is from Hong Kong. This is Hong Kong's use for China.
//It's just like in 1997 when the British capital withdrew and Hong Kong capital stepped onto the plate. It's like the Second Handover: Hong Kong capital is now leaving and China's is coming up.
//With these sweeping policies, even if you didn't retreat, your money would run dry.
Full translation:
https://telegra.ph/Financial-writer-Muddy-Dirty-Water-Money-for-blood-Hong-Kong-dried-up-Now-its-keep-the-island-not-the-people-07-29
Source: Stand News
Translated by: Hong Kong Echo
Further reading:
HSBC takes to WeChat social network to deny ‘framing’ Huawei in US investigations as it comes under attack in Chinese media
https://www.scmp.com/business/banking-finance/article/3094702/hsbc-takes-chinas-social-media-defend-its-collaboration-us
#NationalSecurityLaw #StockMarket #SecondHandOver #Capital #Finance #USDollars #ChineseCompanies
Financial writer Muddy Dirty Water: Money for blood, Hong Kong dried up. Now it's "keep the island, not the people"
Now that the national security law is passed, the stock market is actually thriving?
(11 Jul) After the enactment of the national security law, Hong Kong's stock market stayed bullish. Government officials presented this as proof that the "Hong Kong doomsday theory" was untrue. As an investor, what does Muddy Dirty Water [pen name] think? Why has the economy not been affected at all?
//the implications of 'keep the island, not the people' are getting stronger
//It's common knowledge that China's economic indicators aren't trustworthy.
//'street-stall economy'... actually means opening up the black market and sex industry again so that they become a part of the GDP. It's apparent that the situation isn't great.
//Hong Kong actually is a platform for Chinese capital
//The accountants' firms will also suffer because they're stuck between their clients and the Securities and Futures Commission... exposing falsified figures from private enterprises would become a violation of the national security law.
//how does China control private enterprises? It's through inserting the Party's provisions into the company's article of association (AoA).
//The renminbi is not internationally convertible... China's easiest way to get US dollars is from Hong Kong. This is Hong Kong's use for China.
//It's just like in 1997 when the British capital withdrew and Hong Kong capital stepped onto the plate. It's like the Second Handover: Hong Kong capital is now leaving and China's is coming up.
//With these sweeping policies, even if you didn't retreat, your money would run dry.
Full translation:
https://telegra.ph/Financial-writer-Muddy-Dirty-Water-Money-for-blood-Hong-Kong-dried-up-Now-its-keep-the-island-not-the-people-07-29
Source: Stand News
Translated by: Hong Kong Echo
Further reading:
HSBC takes to WeChat social network to deny ‘framing’ Huawei in US investigations as it comes under attack in Chinese media
https://www.scmp.com/business/banking-finance/article/3094702/hsbc-takes-chinas-social-media-defend-its-collaboration-us
#NationalSecurityLaw #StockMarket #SecondHandOver #Capital #Finance #USDollars #ChineseCompanies
Telegraph
Financial writer Muddy Dirty Water: Money for blood, Hong Kong dried up. Now it's "keep the island, not the people"
#Exclusive #Interview #MuddyDirtyWater Financial writer Muddy Dirty Water: Money for blood, Hong Kong dried up. Now it's "keep the island, not the people" Now that the national security law is passed, the stock market is actually thriving? (11 Jul) After…
Arm China CEO refuses to quit after removal by headquarters, accused of "creating a culture of fear"
In June this year, the UK-based chip designer Arm Ltd and the Chinese private equity firm Hopu Investments attempted to oust Arm China CEO, Allen Wu, after complaints of serious irregularities in his conduct.
Arm China published an open letter on Weibo accusing Arm Ltd of "threats and harassment" and attempting to cut Arm China's contracts with its business partners. It requested that the Chinese government intervene. In response, Arm Ltd blamed Wu for "propagating false information and creating a culture of fear and confusion among Arm China employees. It claimed that he "attempted to block the critical communication and support our China partners require from Arm for ongoing and future chip designs".
Wu currently owns 13.3% of Arm China's shares and has close ties with Huawei. He still holds the company's official seal and has used it to cancel his dismissal. Lawyers working closely with Arm China have expressed that China's complex seal system deterred confidence in foreign investors.
Sources: Yahoo Finance, (28-Jul); Apple Daily, (30-Jul); Reuters, (29-Jul)
Credit: Hong Kong Echo
#ArmLtd #Hopu #AllenWu #Finance #harassment #China
In June this year, the UK-based chip designer Arm Ltd and the Chinese private equity firm Hopu Investments attempted to oust Arm China CEO, Allen Wu, after complaints of serious irregularities in his conduct.
Arm China published an open letter on Weibo accusing Arm Ltd of "threats and harassment" and attempting to cut Arm China's contracts with its business partners. It requested that the Chinese government intervene. In response, Arm Ltd blamed Wu for "propagating false information and creating a culture of fear and confusion among Arm China employees. It claimed that he "attempted to block the critical communication and support our China partners require from Arm for ongoing and future chip designs".
Wu currently owns 13.3% of Arm China's shares and has close ties with Huawei. He still holds the company's official seal and has used it to cancel his dismissal. Lawyers working closely with Arm China have expressed that China's complex seal system deterred confidence in foreign investors.
Sources: Yahoo Finance, (28-Jul); Apple Daily, (30-Jul); Reuters, (29-Jul)
Credit: Hong Kong Echo
#ArmLtd #Hopu #AllenWu #Finance #harassment #China
Yahoo
Arm Ltd accuses Chinese subsidiary's CEO of 'creating a culture of fear'
Softbank Group Corp-owned chip technology firm Arm Ltd fired back against its Chinese subsidiary in a statement on Wednesday, accusing Arm China CEO Allen Wu of "propagating false information and creating a culture of fear and confusion among Arm China employees."…
#Economy #Audit #Finance #ChinaPolicy #ChineseCompanies #US
#Trump Administration Advisors: Chinese Companies Must Comply with US Audit Requirements by 2022 or Risk Getting Delisted
Source: Stand News #Aug07
#TreasurySecretary #Mnuchin
#PublicCompanyAccountingOversightBoard #PresidentWorkingGroups
Read more
⬇️⬇️⬇️⬇️
https://t.me/guardiansofhongkong/24299
#Trump Administration Advisors: Chinese Companies Must Comply with US Audit Requirements by 2022 or Risk Getting Delisted
Source: Stand News #Aug07
#TreasurySecretary #Mnuchin
#PublicCompanyAccountingOversightBoard #PresidentWorkingGroups
Read more
⬇️⬇️⬇️⬇️
https://t.me/guardiansofhongkong/24299
#Economy #Finance #Audit #ChinaPolicy #ChineseCompanies #US
#Trump Administration Advisors: Chinese Companies Must Comply with US Audit Requirements by 2022 or Risk Getting Delisted
The Trump administration advisers have proposed to President Trump that Chinese companies shall lose their listings on the US stock markets if they do not comply with US audit requirements by 2022.
The US Senate has already passed a bill in May 2020 requiring the Public Company Accounting Oversight Board (#PCAOB) to audit foreign listed companies. If the relevant companies fail to comply for three consecutive years, the companies will be forced to give up their listings. The Wall Street Journal has reported that the President’s Working Group (#PWG) on Financial Markets, chaired by Treasury Secretary Mnuchin, has announced at a briefing on August 6th that they have completed a report on how to protect American investors. At the briefing, the officials from the treasury department stated that Chinese companies currently listed on the US exchanges must disclose their accounts to the PCAOB, and that Chinese companies will be delisted from US stock markets if they fail to meet these audit requirements by 2022. In other words, Chinese companies currently listed in the US still have more than a year to prepare their audits.
According to a Reuters report, Chinese companies preparing to go public on the US exchanges must comply with the new audit regulations. The report also states that Chinese firms can opt for a “co-audit” through U.S. accounting firms with China-based affiliates.
Source: Stand News #Aug07
#TreasurySecretary #Mnuchin
#PublicCompanyAccountingOversightBoard #PresidentWorkingGroups
https://thestandnews.com/finance/%E8%8F%AF%E5%BA%9C%E9%A1%A7%E5%95%8F-%E5%88%B0-2022-%E5%B9%B4%E4%BB%8D%E6%9C%AA%E7%AC%A6%E7%BE%8E%E5%AF%A9%E8%A8%88%E8%A6%81%E6%B1%82%E7%9A%84%E4%B8%AD%E8%B3%87%E4%BC%81%E6%A5%AD%E8%A6%81%E9%99%A4%E7%89%8C/
#Trump Administration Advisors: Chinese Companies Must Comply with US Audit Requirements by 2022 or Risk Getting Delisted
The Trump administration advisers have proposed to President Trump that Chinese companies shall lose their listings on the US stock markets if they do not comply with US audit requirements by 2022.
The US Senate has already passed a bill in May 2020 requiring the Public Company Accounting Oversight Board (#PCAOB) to audit foreign listed companies. If the relevant companies fail to comply for three consecutive years, the companies will be forced to give up their listings. The Wall Street Journal has reported that the President’s Working Group (#PWG) on Financial Markets, chaired by Treasury Secretary Mnuchin, has announced at a briefing on August 6th that they have completed a report on how to protect American investors. At the briefing, the officials from the treasury department stated that Chinese companies currently listed on the US exchanges must disclose their accounts to the PCAOB, and that Chinese companies will be delisted from US stock markets if they fail to meet these audit requirements by 2022. In other words, Chinese companies currently listed in the US still have more than a year to prepare their audits.
According to a Reuters report, Chinese companies preparing to go public on the US exchanges must comply with the new audit regulations. The report also states that Chinese firms can opt for a “co-audit” through U.S. accounting firms with China-based affiliates.
Source: Stand News #Aug07
#TreasurySecretary #Mnuchin
#PublicCompanyAccountingOversightBoard #PresidentWorkingGroups
https://thestandnews.com/finance/%E8%8F%AF%E5%BA%9C%E9%A1%A7%E5%95%8F-%E5%88%B0-2022-%E5%B9%B4%E4%BB%8D%E6%9C%AA%E7%AC%A6%E7%BE%8E%E5%AF%A9%E8%A8%88%E8%A6%81%E6%B1%82%E7%9A%84%E4%B8%AD%E8%B3%87%E4%BC%81%E6%A5%AD%E8%A6%81%E9%99%A4%E7%89%8C/
HSBC Reportedly Stops Posting on Social Media amid Scandals to Avoid Criticism
Having recently been implicated in such scandals as potentially being named in China’s list of unreliable entities, according to state media, and having processed funds associated with a Ponzi scheme, HSBC Holdings (0005) has instructed its employees to stop actively posting on social media platforms other than to respond to customer inquiries to avoid criticisms, says Bloomberg.
Bloomberg quoted an internal memo from Tricia Weener, marketing head of the bank’s global commercial and investment banking section, as saying that in view of the recent news, the bank had decided to stop actively posting on social media other than to address customer inquiries. This was to avoid the negative reactions, she explained. The ban was to last until 11 am UK time, 22 September for the moment.
HSBC has dozens of social media accounts across the globe, providing information on financial services and promoting its products. In June 2020, a photo was uploaded to the bank’s WeChat account showing its vice chairman and CEO Peter Wong Tung-shun signing a petition in support of the Hong Kong national security law at a booth on the streets. The photo has since caused controversy.
Source: Stand News #Sep22
#HSBC #China #SocialMedia #Finance
https://bit.ly/2GcCheB
Having recently been implicated in such scandals as potentially being named in China’s list of unreliable entities, according to state media, and having processed funds associated with a Ponzi scheme, HSBC Holdings (0005) has instructed its employees to stop actively posting on social media platforms other than to respond to customer inquiries to avoid criticisms, says Bloomberg.
Bloomberg quoted an internal memo from Tricia Weener, marketing head of the bank’s global commercial and investment banking section, as saying that in view of the recent news, the bank had decided to stop actively posting on social media other than to address customer inquiries. This was to avoid the negative reactions, she explained. The ban was to last until 11 am UK time, 22 September for the moment.
HSBC has dozens of social media accounts across the globe, providing information on financial services and promoting its products. In June 2020, a photo was uploaded to the bank’s WeChat account showing its vice chairman and CEO Peter Wong Tung-shun signing a petition in support of the Hong Kong national security law at a booth on the streets. The photo has since caused controversy.
Source: Stand News #Sep22
#HSBC #China #SocialMedia #Finance
https://bit.ly/2GcCheB
US State Department Reportedly Recommends Putting China’s Ant Group on Trade Blacklist
As US-China relations remain tense, sources have indicated to Reuters that the State Department had proposed placing Ant Group on the trade blacklist to the Trump administration ahead of its listing on the US stock market.
A financial technology firm, Ant Group is planning to be listed on stock markets in Shanghai and Hong Kong with an estimated market value of a record-breaking 35 billion US dollars. It is unclear at the moment as to when the US government will add the firm to its Entity List, but it is believed that this is a sign from hardliners in Washington that American investors should refrain from taking part in the firm’s initial public offering.
While the local law makes it difficult for US firms to sell high-tech products to companies on the Entity List, how this latest move actually affects China is still a matter of debate. Reuters noted that while telecom companies like Huawei may suffer from being blacklisted, placing a fintech firm on the list could be more of a gesture.
Source: Stand News #Oct15
#US #China #AntGroup #EntityList #TradeWar #Finance
https://bit.ly/34cR2Yu
As US-China relations remain tense, sources have indicated to Reuters that the State Department had proposed placing Ant Group on the trade blacklist to the Trump administration ahead of its listing on the US stock market.
A financial technology firm, Ant Group is planning to be listed on stock markets in Shanghai and Hong Kong with an estimated market value of a record-breaking 35 billion US dollars. It is unclear at the moment as to when the US government will add the firm to its Entity List, but it is believed that this is a sign from hardliners in Washington that American investors should refrain from taking part in the firm’s initial public offering.
While the local law makes it difficult for US firms to sell high-tech products to companies on the Entity List, how this latest move actually affects China is still a matter of debate. Reuters noted that while telecom companies like Huawei may suffer from being blacklisted, placing a fintech firm on the list could be more of a gesture.
Source: Stand News #Oct15
#US #China #AntGroup #EntityList #TradeWar #Finance
https://bit.ly/34cR2Yu
立場新聞 Stand News
據報美國務院建議將螞蟻集團列入貿易黑名單 為公司上市再添變數 | 立場報道 | 立場新聞
中美關係持續緊張。有知情人士向路透社表示，美國國務院已向特朗普政府遞交計劃書，考慮在中國螞蟻集團（Ant Gr...
Sri Lankan Minister Defends Another Loan from China, Says “China Happens to Have the Cash”
Sri Lanka is seeking a loan of 700 million US dollars (approximately 5.4 billion Hong Kong dollars) from China. As the opposition and dissidents expressed their concerns about the government’s reliance on China, the Minister of Money, Capital Market and Public Enterprise Reform Minister Ajith Nivard Cabraal defended the loan by saying that it was because “it’s China that happens to have the cash now.”
In an interview with The Hindu, Cabraal said, “In different times in world history, different countries have been the ones who have had the most amount of cash. And now it happens to be China, so China will naturally invest all over the world.…I think we should all respect that.”
Despite the International Monetary Fund’s (IMF) estimate that Sri Lanka’s GDP would shrink by 7% this year due to the Wuhan virus pandemic, Cabraal was optimistic about the financial situation in Sri Lanka. He said that the country was seeking different ways to repay its debts, including getting more loans from China, securing a currency swap mechanism with China and India, and issuing samurai and panda bonds.
The Director of the CCP’s Central Foreign Affairs Commission Yang Jiechi is visiting Sri Lanka this month. Following the 500 million US dollars (approximately 3.9 billion Hong Kong dollars) that China gave Sri Lanka just this March to fight the Wuhan virus, the South Asian country is discussing another loan with the Chinese delegation. The country has so far borrowed over 5 billion US dollars (approximately 38.8 billion Hong Kong dollars) from China.
#SriLanka #China #AjithNivardCabraal #YangJiechi #Finance #Diplomacy #WuhanVirus #COVID19 #Pandemic
Source: Apple Daily #Oct20
https://bit.ly/2IZzZkv
Sri Lanka is seeking a loan of 700 million US dollars (approximately 5.4 billion Hong Kong dollars) from China. As the opposition and dissidents expressed their concerns about the government’s reliance on China, the Minister of Money, Capital Market and Public Enterprise Reform Minister Ajith Nivard Cabraal defended the loan by saying that it was because “it’s China that happens to have the cash now.”
In an interview with The Hindu, Cabraal said, “In different times in world history, different countries have been the ones who have had the most amount of cash. And now it happens to be China, so China will naturally invest all over the world.…I think we should all respect that.”
Despite the International Monetary Fund’s (IMF) estimate that Sri Lanka’s GDP would shrink by 7% this year due to the Wuhan virus pandemic, Cabraal was optimistic about the financial situation in Sri Lanka. He said that the country was seeking different ways to repay its debts, including getting more loans from China, securing a currency swap mechanism with China and India, and issuing samurai and panda bonds.
The Director of the CCP’s Central Foreign Affairs Commission Yang Jiechi is visiting Sri Lanka this month. Following the 500 million US dollars (approximately 3.9 billion Hong Kong dollars) that China gave Sri Lanka just this March to fight the Wuhan virus, the South Asian country is discussing another loan with the Chinese delegation. The country has so far borrowed over 5 billion US dollars (approximately 38.8 billion Hong Kong dollars) from China.
#SriLanka #China #AjithNivardCabraal #YangJiechi #Finance #Diplomacy #WuhanVirus #COVID19 #Pandemic
Source: Apple Daily #Oct20
https://bit.ly/2IZzZkv
According to reports, the Australian Ministry of Financial has rejected the Chinese state-owned enterprise China State Construction Company’s acquisition of an Australian construction company in response to national security risks
China state-owned enterprise China State Construction Group planned to acquisition Australian Construction Company Probuild up to 300 million USD, which is 23.4 million HKD. However, Australian Finance Minister Josh Frydenberg and Foreign Investment Review Committee believed that the trade may constitute risks of national security in Australia. This is not in the interests of Australia, the Australian Federal Government will veto the transaction, and China State Construction will eventually cancel the acquisition.
According to ABC, South African parent company of Probuild Wilson Bayly Holmes-Ovcon (WBHO) confirmed to the local media, China State Construction already cancel acquisition. The reason is Frydenberg, and Foreign Investment Review Committee thought that the trade is harmful to national security, so that Australian Government rejected the trade. WBHO also stated, they already communication with potential acquirer in very long time, both had reached consensus, but the transaction fell through.
Australian Financial Department had not response to report and indicated to not commenting on foreign investment review arrangements. Australian Acting Prime Minister McCormack confirmed that China Construction withdraw the acquisition but said it could not disclose the reason for the rejection of foreign investment review.
Source: Stand News #Jan12
https://bit.ly/33sXZU9
#Australia #NationalSecurity #China #Construction #Finance #Risk #Probuild #WBHO
China state-owned enterprise China State Construction Group planned to acquisition Australian Construction Company Probuild up to 300 million USD, which is 23.4 million HKD. However, Australian Finance Minister Josh Frydenberg and Foreign Investment Review Committee believed that the trade may constitute risks of national security in Australia. This is not in the interests of Australia, the Australian Federal Government will veto the transaction, and China State Construction will eventually cancel the acquisition.
According to ABC, South African parent company of Probuild Wilson Bayly Holmes-Ovcon (WBHO) confirmed to the local media, China State Construction already cancel acquisition. The reason is Frydenberg, and Foreign Investment Review Committee thought that the trade is harmful to national security, so that Australian Government rejected the trade. WBHO also stated, they already communication with potential acquirer in very long time, both had reached consensus, but the transaction fell through.
Australian Financial Department had not response to report and indicated to not commenting on foreign investment review arrangements. Australian Acting Prime Minister McCormack confirmed that China Construction withdraw the acquisition but said it could not disclose the reason for the rejection of foreign investment review.
Source: Stand News #Jan12
https://bit.ly/33sXZU9
#Australia #NationalSecurity #China #Construction #Finance #Risk #Probuild #WBHO
立場新聞 Stand News
據報澳洲財政部因應國家安全風險 拒絕中國國企中國建築 收購澳洲建築公司 | 立場報道 | 立場新聞
中國國企中國建築集團，計劃收購澳洲建築公司 Probuild，作價高達 3 億美元，即約 23.4 億港元。但...
#FailedState #1C1S
#CarrieLam is unable to confirm whether Beijing has issued a new mandate to “Regularize” Real Estate in Hong Kong
Hong Kong's #ChiefExecutive Carrie Lam met the media before attending the Executive Council meeting on the morning of September 21, 2021 and was asked about a Reuters report published the previous Friday, Septrmber 17, 2021, regarding Beijing’s pressure on Hong Kong property developers.
At first, she said that “I cannot confirm nor comment on this since they are all rumors.” She followed by saying that Beijing is very concerned about the livelihood of Hong Kong people. After they have “improved” the election system, they hope to enhance the effectiveness of the SAR’s governance. “After improving its effectiveness, of course they would want to help solve problems for the public.”
She added that the housing issue has been substantially adjusted by the current government, and now the remaining issue is the land issue.
“The current issue is a land problem. It is true that the developers have some privately own land, but when it is necessary, public powers can be exercised to recover some of these lands to develop public housing. Thus, solving a problem that has been bothering the city for a long time.”
#Beijing #RealEstateMandate
#Economy #Finance #PropertyMarket #HongKongMarket #CCPRules
Source: Stand News #Sept21
https://bit.ly/3m0SV2n
#CarrieLam is unable to confirm whether Beijing has issued a new mandate to “Regularize” Real Estate in Hong Kong
Hong Kong's #ChiefExecutive Carrie Lam met the media before attending the Executive Council meeting on the morning of September 21, 2021 and was asked about a Reuters report published the previous Friday, Septrmber 17, 2021, regarding Beijing’s pressure on Hong Kong property developers.
At first, she said that “I cannot confirm nor comment on this since they are all rumors.” She followed by saying that Beijing is very concerned about the livelihood of Hong Kong people. After they have “improved” the election system, they hope to enhance the effectiveness of the SAR’s governance. “After improving its effectiveness, of course they would want to help solve problems for the public.”
She added that the housing issue has been substantially adjusted by the current government, and now the remaining issue is the land issue.
“The current issue is a land problem. It is true that the developers have some privately own land, but when it is necessary, public powers can be exercised to recover some of these lands to develop public housing. Thus, solving a problem that has been bothering the city for a long time.”
#Beijing #RealEstateMandate
#Economy #Finance #PropertyMarket #HongKongMarket #CCPRules
Source: Stand News #Sept21
https://bit.ly/3m0SV2n
#Evergrande and other Chinese property giants have sizeable off-balance sheet debt: #JPMorgan
//Investment bank JPMorgan has estimated that troubled Chinese property giant Evergrande and many of its major rivals have billions of dollars worth of off-balance sheet debt that, once added on, ramp up their leverage ratios.
"Instead of true deleveraging, we think Evergrande has shifted some of the interest-bearing debt to off-balance sheet debt," JPMorgan's analysts said. "Commercial papers, wealth management products and perpetual capital securities, etc, which are not officially counted as debt."
They estimated Evergrande's "net gearing," as debt as a ratio of a firm's equity is known, was at least 177% at the end of the first half of the year, instead of the 100% its accounts reported.
"It is possible that the real gearing could be even higher, as data on some off-balance sheet debt is not publicly available," JPMorgan added, saying the "disguised" debt as it called it added up to 55% of Evergrande's overall debt.
Other major firms whose gearing levels were likely to be higher than formally reported included R&F Properties (2777.HK) at 139% versus the 123%, #SunacChina Holdings (1918.HK) at 138% versus 87% reported and #CountryGarden (2007.HK) at 76% versus 50% reported.//
Source: Reuters #Oct7
https://www.reuters.com/business/finance/evergrande-other-chinese-property-giants-have-sizeable-off-balance-sheet-debt-2021-10-07/
#PropertyAnalysis #Economy #Finance #CCPRules #Debt #ChinaMarket #Bubble
//Investment bank JPMorgan has estimated that troubled Chinese property giant Evergrande and many of its major rivals have billions of dollars worth of off-balance sheet debt that, once added on, ramp up their leverage ratios.
"Instead of true deleveraging, we think Evergrande has shifted some of the interest-bearing debt to off-balance sheet debt," JPMorgan's analysts said. "Commercial papers, wealth management products and perpetual capital securities, etc, which are not officially counted as debt."
They estimated Evergrande's "net gearing," as debt as a ratio of a firm's equity is known, was at least 177% at the end of the first half of the year, instead of the 100% its accounts reported.
"It is possible that the real gearing could be even higher, as data on some off-balance sheet debt is not publicly available," JPMorgan added, saying the "disguised" debt as it called it added up to 55% of Evergrande's overall debt.
Other major firms whose gearing levels were likely to be higher than formally reported included R&F Properties (2777.HK) at 139% versus the 123%, #SunacChina Holdings (1918.HK) at 138% versus 87% reported and #CountryGarden (2007.HK) at 76% versus 50% reported.//
Source: Reuters #Oct7
https://www.reuters.com/business/finance/evergrande-other-chinese-property-giants-have-sizeable-off-balance-sheet-debt-2021-10-07/
#PropertyAnalysis #Economy #Finance #CCPRules #Debt #ChinaMarket #Bubble
Reuters
Evergrande and other Chinese property giants have sizeable off-balance sheet debt - JPMorgan
Investment bank JPMorgan has estimated that troubled Chinese property giant Evergrande and many of its major rivals have billions of dollars worth of off-balance sheet debt that, once added on, ramp up their leverage ratios.