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☆ Cut Off From Headquarters: Global Fund Managers Are Stuck in China’s Black Box
▼ + stars: | 2023-06-10 | by ( Jing Yang | Rebecca Feng | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/cut-off-from-headquarters-global-fund-managers-are-stuck-in-chinas-black-box-260f5933

Persons: Dow Jones

☆ Venture-Capital Firm Sequoia to Separate China Business as Political Tensions Rise
▼ + stars: | 2023-06-06 | by ( Jing Yang | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/venture-capital-firm-sequoia-to-separate-china-business-as-political-tensions-rise-36e54f85

Persons: Dow Jones Locations: sequoia

☆ Fashion Giant Shein Raises $2 Billion but Lowers Valuation by a Third
▼ + stars: | 2023-05-17 | by ( Jing Yang | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/fashion-giant-shein-raises-2-billion-but-lowers-valuation-by-a-third-1f8c316b

☆ Ant’s Financial License Is in Limbo as China Shakes Up Regulatory System
▼ + stars: | 2023-05-05 | by ( Jing Yang | Raffaele Huang | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/ants-financial-license-is-in-limbo-as-china-shakes-up-regulatory-system-bda3b474

☆ Jack Ma Engineered Alibaba’s Breakup From Overseas
▼ + stars: | 2023-03-30 | by ( Jing Yang | Shen Lu | ) www.wsj.com time to read: 1 min

HONG KONG—Chinese billionaire Jack Ma was orchestrating from overseas the corporate breakup of the e-commerce empire he built, Alibaba Group Holding Ltd. , according to people familiar with the matter. Despite having stepped down as executive chairman of Alibaba in 2019, Mr. Ma remained an influential figure at the company and is active in deciding its strategy, the people said. In recent months, he held calls with Alibaba’s top executives, including the current chairman and chief executive Daniel Zhang , urging them to split up the company, saying it would make it more nimble and competitive in China’s increasingly crowded market, the people said.

He used to be boss of a tech giant. Now he’s studying fish and rice. The peregrinations of Jack Ma , co-founder of Alibaba Group Holding Ltd., over the past year have included a visit to a Japanese lab specializing in farmed tuna—where the staff didn’t recognize him—and a Dutch university to learn about sustainable food production.

Spot lithium carbonate prices assessed by Fastmarkets fell to 260,000 yuan ($38,079.06) per tonne this week, less than half the price quoted last November. Five analysts polled by Reuters last month had expected the price would drop to 300,000 yuan by the end of this year. "The unprecedented price cuts among traditional auto makers will eat EVs' market share in the short term, hitting lithium demand further," said Vicky Zhao, a Beijing-based senior analyst at Fastmarkets. Lithium prices in the United States and Europe have also fallen, albeit less sharply, amid rising but still tight supplies and a stronger outlook for EV sales. ($1 = 6.8279 Chinese yuan renminbi)Reporting by Siyi Liu and Dominique Patton; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ China’s M&A Star Told His Employees to Be Bold—Then He Disappeared
▼ + stars: | 2023-03-17 | by ( Jing Yang | Rebecca Feng | ) www.wsj.com time to read: 1 min

Fan Bao set out to build the JPMorgan of China, successfully straddling the divide between China and the West. In mid-January, star Chinese investment banker Fan Bao , architect of the deals that created some of China’s most dominant technology companies, appeared at his bank’s annual party in Beijing. He brought along his children, who played instruments and performed a rendition of the Coldplay hit “Yellow.” He exhorted the hundreds of staffers in attendance to “Go Forward Boldly.”A few weeks later, he disappeared.

☆ Getting Money Out of SVB Was Hard—For Chinese Customers, It Was Harder
▼ + stars: | 2023-03-16 | by ( Jing Yang | Rebecca Feng | ) www.wsj.com time to read: 1 min

The sudden collapse of Silicon Valley Bank sparked acute anxiety among startups around the world. It was particularly problematic for firms in China that had put all their eggs in one basket after being courted by the California-based lender earlier on. Even after the Federal Deposit Insurance Corp. stepped in to backstop all of Silicon Valley Bank’s deposits, some Chinese startups, venture-capital and private-equity firms ran into hurdles trying to move their money out of the failed lender. Many had multiple accounts with SVB , which was the only U.S. bank some Chinese customers used for their dollar deposits and transactions.

☆ SVB’s Collapse Hits the Chinese Startups It Once Wooed
▼ + stars: | 2023-03-16 | by ( Jing Yang | Rebecca Feng | ) www.wsj.com time to read: 1 min

☆ Getting Money Out of SVB Was Hard—for Chinese Customers, It Was Harder
▼ + stars: | 2023-03-16 | by ( Jing Yang | Rebecca Feng | ) www.wsj.com time to read: 1 min

Fan Bao, founder of China Renaissance Holdings, was detained last month by antigraft investigators. Chinese financier Fan Bao , who went missing last month, has been detained by authorities in mainland China in connection with a corruption investigation targeting a former senior executive at the investment bank he founded, according to people familiar with the matter. The investment bank, China Renaissance Holdings Ltd., disclosed on Feb. 16 that it had been unable to contact Mr. Bao, who serves as the bank’s chairman and chief executive. On Sunday, it said in a regulatory filing that it had since discovered Mr. Bao is aiding an investigation being carried out by authorities in China, which it didn’t name.

☆ Belarus Leader to Visit China Amid Flurry of Ukraine Diplomacy
▼ + stars: | 2023-02-25 | by ( Jing Yang | ) www.wsj.com time to read: 1 min

Belarusian leader Alexander Lukashenko has paid several state visits to China. Belarusian President Alexander Lukashenko will visit China next week, as Beijing has sought to play a more active role in diplomacy around the war while supporting its close partner Russia. Mr. Lukashenko is scheduled to pay a state visit to China from Feb. 28 to March 3, Chinese state media reported Saturday. The trip comes amid a flurry of diplomacy around the anniversary of the Ukraine war. China’s top diplomat, Wang Yi, visited Russia this week, around the same time as President Biden made a surprise trip to Kyiv.

Sequoia Capital has started screening some investments its China arm is considering in technology companies there for U.S. national-security concerns, according to people familiar with the matter, as Washington steps up efforts to stop American money from funding China’s development of sensitive technologies. The Biden administration is expected to soon unveil investment restrictions that would prevent U.S. capital from flowing to companies and startups in China that are developing cutting-edge technologies in sectors including advanced semiconductors.

☆ UBS Set to Apply for China Mutual-Fund License
▼ + stars: | 2023-02-23 | by ( Jing Yang | ) www.wsj.com time to read: 1 min

UBS was the first foreign bank in China to take majority ownership of its local investment-banking unit. UBS Group AG is preparing to apply for a mutual-fund license in China, according to people familiar with the matter, becoming the latest Western bank to take advantage of Beijing’s relaxed rules on foreign financial institutions. The Swiss bank has held informal communications with the China Securities Regulatory Commission about its intention to apply, and plans to submit the application as soon as possible, some of the people said.

☆ China’s Securities Regulator Releases Long-Awaited Rules on Overseas Listings
▼ + stars: | 2023-02-17 | by ( Jing Yang | Rebecca Feng | ) www.wsj.com time to read: 1 min

New rules published by the China Securities Regulatory Commission require all mainland Chinese companies planning foreign share sales to inform the regulator beforehand. China’s securities regulator has released its long-awaited rules on companies’ overseas listings, taking a concrete step to move past a long regulatory assault that upended some of the country’s biggest internet companies. The move follows repeated calls from the country’s top leadership to normalize the policy environment, part of an attempt by the government to shift focus back toward economic growth after a strict zero-Covid policy and a series of regulatory moves pushed down valuations in the technology and internet sectors and shook investor confidence.

☆ Private-Equity Funds Turn to Yuan Offerings, Defying Wider Slowdown in China
▼ + stars: | 2023-01-28 | by ( Jing Yang | ) www.wsj.com time to read: 1 min

Yuan-denominated funds are getting demand from a mix of local and international investors. HONG KONG—Some international private-equity firms investing in China are choosing to denominate new funds in the country’s local currency, going against a wider slowdown in global demand for bets on Chinese startups. The appetite for allocating capital to funds focused on China has waned over the past year, the result of factors including tensions between Beijing and Washington, higher U.S. interest rates and a prolonged crackdown on China’s once-hot internet sector.

☆ Jack Ma Cedes Control of Fintech Giant Ant Group
▼ + stars: | 2023-01-07 | by ( Jing Yang | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/jack-ma-cedes-control-of-fintech-giant-ant-group-11673066817

☆ Hong Kong Stock Exchange Woos Global Companies After Expanding China Link
▼ + stars: | 2023-01-04 | by ( Jing Yang | ) www.wsj.com time to read: 1 min

Hong Kong is making a pitch to multinational companies to list on its stock market, despite heightened tensions between China and the West. The city’s stock exchange hopes a new initiative that allows mainland Chinese investors to trade shares of international companies will present a compelling case for some of the world’s largest businesses to raise funds in the Asian financial hub.

☆ U.S. Regulator Says It Has Access to Audit Papers of Chinese Companies
▼ + stars: | 2022-12-15 | by ( Jing Yang | Michelle Chan | ) www.wsj.com time to read: 1 min

The Public Company Accounting Oversight Board said it has secured complete access to inspect China-based audit firms for the first time in history, resetting a three-year delisting clock for Chinese companies on American stock exchanges. The U.S. audit regulator said Thursday its recent inspection of these accounting firms was conducted without consultation or input from Chinese authorities.

☆ Chinese-Backed Lanvin Group Makes New York Trading Debut After SPAC Merger
▼ + stars: | 2022-12-15 | by ( Jing Yang | ) www.wsj.com time to read: 1 min

A worker managed the inventory at a Lanvin store in Moscow in the early days of the Covid pandemic. Chinese-owned luxury fashion company Lanvin Group made its debut on the New York Stock Exchange on Thursday, after merging with a blank-check firm backed by Chinese private-equity firm Primavera Capital. Lanvin Group , which owns multiple Western brands, is controlled by China’s Fosun International Ltd. and has raised over $150 million in fresh capital at a valuation of $1 billion. It came to the market despite a sharp turn in fortunes for special-purpose acquisition companies and a wider slowdown in the market for new listings.

☆ Hong Kong’s Stock Market Struggles to Find Shelter From the Storm
▼ + stars: | 2022-11-28 | by ( Jing Yang | ) www.wsj.com time to read: 1 min

Hong Kong is the only major exchange in the world that closes for bad weather. When Hong Kong hosted a summit for some of Wall Street’s top executives in early November, its aim was to show the city was open to the world. In a case of bad timing, its financial markets were forced to close early that day. The city’s weather observatory issued a Typhoon No. 8 signal a little before 2 p.m. on Nov. 2, causing its exchange to suspend trading in stocks and derivatives for the rest of the day.

☆ Hedge-Fund Manager Who Helped Expose Luckin Coffee’s Fraud Bets on Chinese Chain’s Comeback
▼ + stars: | 2022-11-07 | by ( Jing Yang | ) www.wsj.com time to read: 1 min

China’s Luckin Coffee chain, which emerged from bankruptcy in March, is now controlled by Beijing-based private-equity firm Centurium Capital. A hedge-fund manager who secretly wrote a scathing report in 2020 that accused Luckin Coffee Inc. of accounting fraud is now backing the Chinese chain, calling it “a miracle in China’s business history.”Snow Lake Capital, a Beijing-based hedge fund founded and run by Sean Ma , has bought a minority stake in Luckin and is betting that the formerly Nasdaq-listed company’s valuation will surge, the investor said in an interview with The Wall Street Journal on Monday.

Shares of Chinese companies listed in Hong Kong jumped on Friday, after U.S. officials wrapped up a crucial audit inspection in the city and a transcript circulated on social media suggesting China was considering reversing its strict coronavirus policies. The Hang Seng Index closed the day more than 5% higher after Chinese stocks in a variety of sectors saw heavy buying. Tech giant Alibaba Group Holding Ltd., vehicle maker Geely Automobile Holdings Ltd. and restaurant chain Haidilao International Holding Ltd. were all up by double-digits in percentage terms. China’s CSI 300 index ended the day up 3.3% and the Shanghai Composite Index was 2.4% higher.

☆ Tiger Global Halts New Chinese Equities Investments
▼ + stars: | 2022-11-03 | by ( Juliet Chung | Jing Yang | ) www.wsj.com time to read: 1 min

Tiger Global Management, which has offices in Midtown Manhattan, had been shrinking its exposure to Chinese equities, concentrating on a smaller set of companies. Longtime China investor Tiger Global Management has hit pause on investing in Chinese equities, said people familiar with the matter, as the firm reassesses its exposure to the world’s second-largest economy after President Xi Jinping cemented his control over the country. Tiger executives, including founder Charles “ Chase” Coleman , have told others that Mr. Xi’s reelection and his stacking of the Communist Party’s leadership with loyalists at the recent party Congress could increase geopolitical tensions and means the country’s Zero-Covid policy will likely continue, the people said.

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