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
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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...
Chinese Authorities Target Jack Ma's #Alibaba and #AntGroup in Anti-monopoly Probe
The Chinese authorities is currently placing Alibaba, a conglomerate owned by Chinese entrepreneur Jack Ma, under "anti-monopoly investigation". It was reported that Ma would also be summoned.
Just right before Christmas, China's state-owned media including Xinhua Agency and Economic Daily published articles and commentaries, demanding Ant Group to "serve the people's needs and economic development".
Ant Group then released a statement earlier, claiming that it would "diligently study and strictly comply with regulatory departments' requests". Alibaba shares dropped by 7 percent when the news was heard by thr market.
On Dec 26, 2020, four state regulators in China, namely People's Bank of China (#PBOC), China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and State Administration of Foreign Exchange, has conducted "supervisory and guidance" talks with Ant Group, a subsidiary of Alibaba offering financial services, with one of the goals to "realize the spirit of the Party leadership and the State Council".
According to People's Bank of China vice chairman Pan Gongsheng after the "talks" on Dec 26, Ant Group issues included "poor corporate governance, ignorance of regulatory demands, illegal regulatory arbitrary, the use of its market advantage to take oit competitors", and so on.
Source: Stand News; RTHK #Dec27
#CCPControl #JackMa #Economy
The Chinese authorities is currently placing Alibaba, a conglomerate owned by Chinese entrepreneur Jack Ma, under "anti-monopoly investigation". It was reported that Ma would also be summoned.
Just right before Christmas, China's state-owned media including Xinhua Agency and Economic Daily published articles and commentaries, demanding Ant Group to "serve the people's needs and economic development".
Ant Group then released a statement earlier, claiming that it would "diligently study and strictly comply with regulatory departments' requests". Alibaba shares dropped by 7 percent when the news was heard by thr market.
On Dec 26, 2020, four state regulators in China, namely People's Bank of China (#PBOC), China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and State Administration of Foreign Exchange, has conducted "supervisory and guidance" talks with Ant Group, a subsidiary of Alibaba offering financial services, with one of the goals to "realize the spirit of the Party leadership and the State Council".
According to People's Bank of China vice chairman Pan Gongsheng after the "talks" on Dec 26, Ant Group issues included "poor corporate governance, ignorance of regulatory demands, illegal regulatory arbitrary, the use of its market advantage to take oit competitors", and so on.
Source: Stand News; RTHK #Dec27
#CCPControl #JackMa #Economy
China’s regulatory crackdown has wiped billions off tech stocks — here are the risks ahead
Chinese authorities have introduced a slew of legislation in the past few months, largely aimed at the tech sector — a move that’s spooked investors and wiped out billions of dollars in value from the country’s internet giants.
The legislative onslaught began in November last year when the huge initial public offering of billionaire Jack Ma’s financial technology company Ant Group was suspended.
Since then, regulators have introduced anti-monopoly legislation focused on the so-called “platform economy” which broadly refers to internet companies operating a variety of services from e-commerce to food delivery. Regulations have also aimed at bolstering critical data security and protection laws.
Source: CNBC #Aug30
https://t.co/d56SyUayMg
#China #Crackdown #JackMa #AntGroup
Chinese authorities have introduced a slew of legislation in the past few months, largely aimed at the tech sector — a move that’s spooked investors and wiped out billions of dollars in value from the country’s internet giants.
The legislative onslaught began in November last year when the huge initial public offering of billionaire Jack Ma’s financial technology company Ant Group was suspended.
Since then, regulators have introduced anti-monopoly legislation focused on the so-called “platform economy” which broadly refers to internet companies operating a variety of services from e-commerce to food delivery. Regulations have also aimed at bolstering critical data security and protection laws.
Source: CNBC #Aug30
https://t.co/d56SyUayMg
#China #Crackdown #JackMa #AntGroup