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While not strictly an IPO, the listing was soon followed by Vietnamese tech unicorn VNG's filing to list on the Nasdaq. As local companies grow, "they are outgrowing the ability of those markets to provide the capital that they need," said Drew Bernstein, co-chairman of accounting firm MarcumAsia. Since the fallout over Didi in the summer of 2021, regulation and a tepid U.S. IPO market have stalled most Chinese listing plans. She said given the success of Southeast Asian ride-hailing company Grab , more Vietnamese companies are starting to look beyond the domestic market to regional business. George Chan, global IPO leader at EY, expects "a lot" of companies from Southeast Asia will reach the IPO stage in the next 12 to 18 months, and might also consider the Hong Kong exchange.
Persons: Scott Mlyn, VinFast, Johan Annell, VNG, Drew Bernstein, It's, Bernstein, who'd he'd, Didi, Gary Dvorchak, Blueshirt, Nguyen Nguyen, Vu Van, ELSA, Van, George Chan Organizations: New York Auto Show, CNBC BEIJING, U.S, Spade, Nasdaq, ARC Group, China -, Renaissance Capital, Investor, CNBC, World Bank, Southeast Asia — Locations: Asia, U.S, Vietnam, Beijing, Cayman Islands, Malaysia, China, China - U.S, Thailand, Indonesia, Singapore, Southeast Asia, Hong Kong
At the People’s Bank of China in Beijing, regulators are trying to address the risks of the country’s hidden debt. Photo: mark r cristino/ShutterstockChina is trying to defuse a financial time bomb that could severely damage its banking system. Cities and provinces across the country have accumulated a massive amount of hidden debt following years of unchecked borrowing and spending. The International Monetary Fund and Wall Street banks estimate that the total outstanding off-balance-sheet government debt is around $7 trillion to $11 trillion. That includes corporate bonds issued by thousands of so-called local-government financing vehicles, which borrowed money to build roads, bridges and other infrastructure, or to fund other expenditures.
Organizations: People’s Bank of China, Monetary Fund Locations: Beijing, China, Cities
The skyline of Shanghai’s financial and commercial hub. Photo: Wang Xiang/Associated PressChina’s mounting local government debt woes are putting pressure on the country’s credit ratings. Moody’s Investors Service lowered its outlook for China’s credit rating from stable to negative on Tuesday, warning that the financial stresses of some regional and local governments will require Beijing to provide support to them. That could weigh on China’s government finances at a time when its economy is slowing.
Persons: Wang Xiang Organizations: Associated Press, Moody’s, Service Locations: Beijing
Super chargers of Chinese electric vehicle (EV) maker Nio are placed at a delivery center of the company, in Nanxiang, Shanghai, China March 23, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsSHANGHAI/BEIJING, Dec 5 (Reuters) - Anhui Jianghuai Automobile (600418.SS) (JAC) said on Tuesday that electric vehicle maker Nio's (9866.HK) Anhui unit and a state-owned company of China's Hefei government won a bid for its assets worth a combined 4.58 billion yuan ($641.2 million). In October, JAC put up for sale the assets at the two plants, known as F1 plant and F2 plant where Nio has been producing its EVs. Regulators allowed Nio to produce and sell EVs in China via the collaboration with JAC in 2018 through which Nio paid JAC commission fees on each car it produced. Nio ranked ninth in terms of sales of EVs and plug-in hybrids in the first 10 months in China with 126,067 units, according to data from China Passenger Car Association.
Persons: Nio, Aly, JAC, Hengchuang, Zhang Yan, Brenda Goh, Jacqueline Wong Organizations: REUTERS, Rights, Anhui Jianghuai Automobile, Technology, Regulators, China Passenger Car Association, Thomson Locations: Nanxiang, Shanghai, China, Rights SHANGHAI, BEIJING, Anhui, HK, Hefei, Beijing
But the $290 billion outlay comes without a parallel plan to prepare Yonaguni for a possible humanitarian crisis that residents like Sakihara say could quickly overwhelm their shores. Tokyo, they said, has no plan to deal with them, and locals' pleas for help have gone unanswered. A spokesperson for Japan's Cabinet Secretariat said that "if large numbers of refugees came to Japan, relevant government departments would work together to respond". Even if he had a refugee plan, Kishida would still face an obstacle: his contentious relationship with the Okinawa government that administers Yonaguni. NOT ENOUGH TO SHAREBack in Yonaguni, resident Satoshi Nagahama, 33, was surprised to learn the government had no humanitarian plan for refugees.
Persons: Sonkichi Sakihara, chancing, Kenichi Itokazu, Itokazu, Hirokazu Matsuno, Xi Jinping, Joe Biden, Lai Ching, Matsuno, Fumio Kishida, Kevin Maher, Maher, Yoshihide Yoshida, Japan's, shouldn't, Kishida, Denny Tamaki, it's, Hironobu, Satoshi Nagahama, Sakihara, Koji Sugama, Tim Kelly, Kaori Kaneko, Yukiko Toyoda, Ben Blanchard, Kentaro Sugiyama, David Crawshaw Organizations: Reuters Graphics Reuters, Reuters, U.S, Japan Coast Guard, Migration Policy Institute, Nations, NMV Consulting, State Department, Defense Forces, it's, University's Research, of Disaster Management, Thomson Locations: YONAGUNI, Japan, Vietnam, Taiwan, China, Beijing, Tokyo, Yonaguni, Taipei, Myanmar, Europe, East, Germany, Poland, Ukraine, Washington, East Asia, Okinawa
HUNTINGTON BEACH, Calif. (AP) — Federal officials on Tuesday recommended increasing the distance from undersea pipelines that vessels are allowed to anchor in Southern California, citing a 2021 oil spill they said was caused by ships whose anchors were dragged across a pipeline after a storm. The agency's board members recommended that authorities increase the safety margin between ships anchored on their way to and from the ports of Los Angeles and Long Beach and undersea pipelines in the area. Political Cartoons View All 1283 ImagesThey also urged vessel traffic services across the country to provide audible and visual alarms to those tasked with keeping watch when anchored vessels near pipelines. The recommendations as well as several others followed a nearly four-hour hearing on the spill, one of the largest in Southern California in recent years. A message was also left for the Port of Long Beach.
Persons: Andrew Ehlers, , Organizations: , National Transportation Safety, MSC Danit, NTSB, Port, Marine Exchange, U.S . Coast Guard, Surf Locations: HUNTINGTON BEACH, Calif, Southern California, Houston, Huntington Beach, Beijing, Los Angeles, Long, Port of Los Angeles, Port of Long Beach, Danit
HONG KONG, Dec 5 (Reuters Breakingviews) - Why would the world’s largest battery maker want to sell shares when it’s already flush with liquidity? It ended June with 102 billion yuan ($14 billion) in net cash, Moody’s calculates. CATL has just started production at a new facility in Germany and is building a plant in Hungary, its first forays West. The company’s long-term loans have increased more than tenfold to more than 70 billion yuan and its long-term bonds by around a third to nearly 20 billion yuan since 2020, per Visible Alpha. But as Zeng’s electric dreams accelerate, he’ll want to be sure CATL’s own batteries are fully charged.
Persons: it’s, CATL, Robin Zeng, Breakingviews, Tesla, Antony Currie, Thomas Shum Organizations: Reuters, Hong, Thailand’s, Ford Motor, Technology, Thomson Locations: HONG KONG, Switzerland, CATL, Hong Kong, Shenzhen, China, Europe, Germany, Hungary, Fitch, Indonesia, Swiss
[1/2] A Chinese national flag flutters at the headquarters of a commercial bank on a financial street near the headquarters of the People's Bank of China, China's central bank, in central Beijing November 24, 2014. "The outlook change also reflects the increased risks related to structurally and persistently lower medium-term economic growth and the ongoing downsizing of the property sector," Moody's said. "Moody's concerns about China's economic growth prospects, fiscal sustainability and other aspects are unnecessary," the ministry said. STRUGGLING FOR TRACTIONMost analysts believe China's growth is on track to hit the government's target of around 5% this year, but that compares with a COVID-weakened 2022 and activity is highly uneven. Analysts widely agree that China's growth is downshifting from breakneck expansion in the past few decades.
Persons: Kim Kyung, Moody's, Ken Cheung, Pan Gongsheng, COVID, Goldman Sachs, Gnaneshwar Rajan, Kevin Yao, Tom Hogue, Kim Coghill Organizations: People's Bank of China, REUTERS, Mizuho Bank, Economic Work Conference, Fitch, China's Finance Ministry, International Monetary Fund, Thomson Locations: Beijing, Hong Kong, China, outflows, Bengaluru
A trust company usually manages funds for individuals, companies or other entities. The reports come two weeks after Zhongzhi Enterprise Group, another major shadow bank, declared itself “insolvent” after missing payments to its investors. Moody’s Investors Services also warned in September that China’s trust sector could face liquidity challenges during the current property downturn. The two medical trust products were related to a hospital project in Guizhou, which is one of China’s most indebted provinces, according to Cailianshe. Last month, at its twice-a-decade Central Financial Work Conference, the Chinese leadership stressed the importance of addressing risks more systematically across the financial sector and preserving overall stability.
Persons: Hong Kong CNN —, Cailianshe, Wanxiang, hasn’t, Zhongzhi Organizations: Hong Kong CNN, Hong Kong CNN — Wanxiang Trust, Century Business Herald, Wanxiang Group, Zhongzhi Enterprise Group, , Zhongrong, Zhongzhi Enterprise Group Bloomberg, Getty, Fitch, Moody’s, Services, Kaisa, CNN Local, Financial Work Conference Locations: China, Hong Kong, Hangzhou, Zhejiang, Beijing, Guizhou
China says visa-free travel policy has boosted tourism
  + stars: | 2023-12-05 | by ( )   time to read: +1 min
BEIJING, Dec 5 (Reuters) - China's foreign ministry said on Tuesday its visa-free travel policy has produced a clear effect, making things easier for travellers. "Going forward, the Ministry of Foreign Affairs will continue to adjust visa policies to create more favourable conditions and further facilitate cross-border travel," spokesperson Wang Wenbin told a press briefing when asked for an update on tourism after China announced the policy, which covers several European countries and Malaysia. Travellers walk past an installation in the shape of five stars, at Beijing Daxing International Airport in Beijing, China April 24, 2023. Germany's ambassador to China had expressed hope that China would extend the measures to all European Union members. Reporting by Andrew Hayley; Writing by Liz Lee and Bernard Orr; Editing by Tom Hogue and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.
Persons: Wang Wenbin, Tingshu Wang, Wang, Andrew Hayley, Liz Lee, Bernard Orr, Tom Hogue Organizations: Ministry of Foreign Affairs, China, Beijing Daxing International, REUTERS, European Union, Thomson Locations: BEIJING, Malaysia, Beijing, China, France, Germany, Italy, Netherlands, Spain
The findings present a mixed picture of the vast services sector as an official survey last week showed the sector unexpectedly contracted for the first time since December last year, prompting calls for more stimulus measures. "Both services supply and demand expanded, as the market continued to heal," said Wang Zhe, economist at Caixin Insight Group. Analysts say the different survey sizes and composition of surveyed companies might explain the discrepancy between the Caixin and official PMI readings. Caixin/S&P's composite PMI, which includes both manufacturing and services activity, grew to 51.6 from 50.0 in October, marking the strongest reading since August. According to the Caixin services survey, employment fell for the first time since the start of 2023 as some firms maintained a cautious approach to hiring.
Persons: Wang Zhe, Wang, Louise Loo, spender, Loo, Ellen Zhang, Ryan Woo, Shri Navaratnam Organizations: P Global, Caixin Insight, PMI, Oxford, Thomson Locations: BEIJING, October's, China
Hong Kong CNN —Popular Taiwanese rock band Mayday is being investigated by Chinese authorities over allegations of lip-synching during recent concerts, an accusation the band’s label has denied in a controversy that has dominated Chinese social media since the weekend. Live shows routinely use pre-recorded background vocals and music to bolster artists’ live singing performances, especially acts that involve vigorous choreography. Chinese government regulations explicitly ban performers from “deceiving audiences with lip-synching,” and organizers from arranging for performers to lip synch. The band is well known for hosting energetic marathons of music, with each show typically lasting two to three hours. They were among the first Taiwanese musicians to hold large-scale concerts in China after the country lifted its stringent zero-Covid policy and travel restrictions.
Persons: , , vlogger Organizations: Hong Kong CNN —, Tourism Bureau, Xinhua, B’in Music, Weibo, CNN, B’in, Locations: China, Hong Kong, Shanghai, Shanghai Culture, Weibo, Taiwan, Beijing
The US Navy plans to arm submarines with a new version of the Tomahawk missile next fall. It's the latest US anti-ship effort as rival China continues to build up its already large navy. AdvertisementStarting next fall, US submarines will be equipped with a new version of a widely used and powerful cruise missile. Jon Hersey, the program manager for the Tomahawk Weapons System program office, said in a statement reported by Bloomberg. In its latest report on China's military power, the Pentagon said China had 370 ships and submarines, almost 100 more than the US Navy.
Persons: , Jon Hersey, Nancy Pelosi's, Kenneth Wilsbach, we've Organizations: US Navy, Tomahawk, Service, Maritime, Pentagon, Bloomberg, RTX Corporation, Navy, US Pacific Air Forces, Air Force, Army, Marines Locations: China, Taiwan, Beijing
Close up of Chinese Yuan notes, with Mao Tse-tung Peter Dazeley | The Image Bank | Getty ImagesChina's recent policy support is aimed at fixing its system and shouldn't be seen as economic stimulus, according to Societe Generale's Asia chief economist and head of research. PMI divergenceExpansion in China's services sector climbed to its strongest since August, a private survey on Tuesday showed. However, the private survey diverged from China's official PMI. The moderating manufacturing PMI and contracting services PMI, along with other November data point to the fragility of the Chinese economy and a faster deceleration of growth momentum last month, they added. The official PMI includes more companies engaged in heavy industries compared with the Caixin PMI, which covers more consumer-focused firms, Barclays economists said.
Persons: Yuan, Mao Tse, Peter Dazeley, Wei Yao, Yao, Jian Chang Organizations: Bank, Getty, Societe Generale's, CNBC, Economic Work Conference, China Communist, PMI, National Bureau of Statistics, NBS, Barclays Locations: Societe Generale's Asia, China
BRUSSELS (Reuters) - Top EU officials will raise an array of concerns from Russia's invasion of Ukraine to trade irritants in a summit with Chinese leaders on Thursday that is expected to be long on firm words, but short on outcomes. European Commission President Ursula von der Leyen, European Council President Charles Michel and EU foreign policy chief Josep Borrell meet Chinese President Xi Jinping in the morning and Premier Li Qiang in the afternoon on their one-day visit to Beijing. There will be no joint statement from Thursday's talks, EU officials said, and they do not expect concrete outcomes from the first in-person EU-China summit since 2019. The European Union will also have questions on Chinese intentions towards Taiwan, but its focus will be on Russia's invasion of Ukraine. EU officials say the two sides could cooperate more on action to combat climate change and to promote biodiversity.
Persons: Ursula von der Leyen, Charles Michel, Josep Borrell, Xi Jinping, Li Qiang, Thursday's, Joe Biden, Philip Blenkinsop, Andrew Gray, Laurie Chen, Grant McCool Organizations: European, U.S, The European, European Union Locations: BRUSSELS, Ukraine, EU, Beijing, China, California, Taiwan, Russia, North Korea, Brussels
Moody's Investors Service slashed its outlook for Chinese government bonds to negative on Tuesday. Beijing has rolled out stimulus packages and ramped up borrowing in a bid to support the embattled Chinese economy in 2023. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMoody's Investors Service slashed its outlook for China's credit rating on Tuesday, dealing a fresh blow to the world's second-largest economy. Moody's cited stagnant growth and a seemingly never-ending property crisis as factors that could hamper Beijing's ability to repay its debts.
Persons: , Moody's, that's, , Read, It's Organizations: Moody's, Service, China's Ministry, Finance, Bloomberg, CSI Locations: Beijing, China, Moody's
[1/2] Baidu's Apollo car with an autonomous driving system, which serves for self-driving taxi services, is seen at the Shougang Industry Park in Beijing, China July 30, 2021. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsBEIJING, Dec 5 (Reuters) - China on Tuesday issued safety guidelines for the use of autonomous vehicles in public transport, the latest in a series of measures preparing for the increased use of driverless cars. The guidelines apply to autonomous vehicles for passengers including taxis as well as for freight transportation, the Ministry of Transport said in a statement. They also require companies using autonomous vehicles for public transport to be qualified and licensed and state that companies can work together with automakers on such operations. In October, it issued guidelines for highway engineering facilities to support autonomous driving technology.
Persons: Tingshu Wang, Albee Zhang, Zoey Zhang, Brenda Goh, Christopher Cushing Organizations: REUTERS, Rights, Ministry of Transport, Thomson Locations: Beijing, China, Rights BEIJING
Shanghai wants Microsoft to promote AI tech in city - govt
  + stars: | 2023-12-05 | by ( )   time to read: 1 min
A Microsoft sign at the U.S. tech giant's offices in Issy-les-Moulineaux, near Paris, France, January 25, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsBEIJING, Dec 5 (Reuters) - Shanghai authorities told Microsoft's (MSFT.O) visiting president on Tuesday they want his company to promote artificial intelligence technology to boost businesses there, the Chinese financial hub's government said. Chen Jining, Shanghai's Communist party Secretary, made the remarks while meeting Microsoft President and Vice Chair Brad Smith, the government said. Shanghai was also open to Microsoft collaborating on studying technology-related governance frameworks and standards, Chen said. Reporting by Beijing Newsroom;Our Standards: The Thomson Reuters Trust Principles.
Persons: Gonzalo Fuentes, Microsoft's, Chen Jining, Brad Smith, Chen Organizations: Microsoft, REUTERS, Rights, Communist, Beijing Newsroom, Thomson Locations: Issy, Paris, France, Rights BEIJING, Shanghai
A Chinese blogger has gone viral for asking if his male relative is "eliminated by society" at 50. No one comes to hang out with him, to eat or drink," the Shanghai blogger wrote. If you have money, it's better to have a good meal with your family," the blogger wrote of his relative's mindset. The man also doesn't take vacations, is uninterested in shopping and isn't bothered about getting promoted at work, BubblePisces wrote. BubblePisces wrote.
Persons: , BubblePisces, it's, Zhang Fei, Yichuan Yuebai Organizations: Service, Weibo, Twitter, Business Locations: Shanghai, Hubei, Beijing
BEIJING — More controls on tech exports to China will be coming as needed, despite business concerns, U.S. Commerce Secretary Gina Raimondo told CNBC in an exclusive interview. "We have to change constantly," Raimondo told CNBC's Morgan Brennan over the weekend on the sidelines of the Reagan National Defense Forum. They want a clear line in the sand," the commerce secretary said. "The truth of it is though, technology changes, China changes and we have to keep up with it." In October 2022, the U.S. Department of Commerce's Bureau of Industry and Security announced sweeping export controls that restrict the ability of companies to sell certain advanced computing semiconductors or related manufacturing equipment to China.
Persons: Gina Raimondo, Raimondo, CNBC's Morgan Brennan, " Raimondo, it's Organizations: . Commerce, CNBC, Reagan National Defense, U.S . Department of Commerce's, of Industry, Security Locations: BEIJING, China
On Nov. 18, China’s Ministry of Public Security announced that authorities in northern Myanmar had handed over some 31,000 suspects. The Kokang Self-Administered Zone and the Wa Self-Administered Division both share a border with China and are heavily influenced by their bigger neighbor. The Ming family are not the only powerful Kokang families caught up in the drive. Wa police handed 194 Chinese nationals to Chinese authorities on Nov. 28, according to Wa's state media, Voice of Wa State. Others say that China is showing it won't tolerate the scams anymore, regardless of how powerful are the people behind them.
Persons: , Lu Jiantang, Jason Tower, Ming, Hu Xijin, ” Hu, Wei Qingtao, they’ll, ” Wei, Liu Zhengqi, Ming Xuechang, Kokang, Yin Masan, MNDAA, cyberscammers, Richard Horsey, , Bai Suocheng, Li Kyar Wen, It’s, Wanqing Chen Organizations: China’s Ministry of Public Security, U.S . Congress, United States Institute of Peace, Communist Party, China’s Communist Party, CCTV, Global Times, of Public Security, Fully, Wa Construction Ministry, Wa Communist Party, Brotherhood Alliance, Arakan Army, Myanmar National Democratic Alliance Army, National Liberation Army, International Crisis Locations: BANGKOK, China, Myanmar, , Wa, Kokang, Yunnan, Wa State, Shan, Arakan, cyberscams, Beijing
But industry experts say governments need to offer incentives for companies to bring sustainable AC technologies to market and scale up. Removing humidity requires cooling air to the point at which water vapour becomes a liquid to be drained. This inability to get rid of humidity without first cooling the air makes conventional ACs less efficient. The company's AC prototype uses these materials to dry out air, aiming to produce fewer emissions than traditional ACs. More than 1 billion people living in warm climates still lack access to cooling, according to nonprofit Sustainable Energy for All.
Persons: Pedro Rodriguez, Susana Vera, We've, Lily Riahi, Riahi, Sorin Grama, Grama, Gree, Daikin, Miki Yamanaka, Larissa Gross, UNEP's Riahi, Baolong Wang, Wang, Xavier Moya, Gloria Dickie, Katy Daigle, Simon Jessop, Josie Kao Organizations: Puerta del, REUTERS, Rights, International Energy Agency, United Nations Environment Programme's, Cool Coalition, Massachusetts Institute of Technology, Daikin's Global Environment Center, Sustainable Energy, Tsinghua University, University of Cambridge, Reuters, Thomson Locations: Puerta del Sol, Madrid, Spain, Seville, Europe, Spanish, Beijing, Indonesia, Britain, U.S
New data from a major Apple supplier and Wall Street analysts pushed back against bearish calls around softening demand for the tech giant's devices and services. Bank of America analysts, meanwhile, said Tuesday that Apple's App Store revenue continued to increase last month. App Store sales in China rose 8% year-over-year in November, according to BofA, after experiencing 10% year-over-year growth in October. Overall, BofA said App Store revenue surged 11.3% year-over-year in Apple's fiscal 2024 first quarter to date, or about 61 days in. A man check his phone near an Apple logo outside its store in Shanghai, China September 13, 2023.
Persons: bearish, Foxconn, Apple's, Jim Cramer, Jim, That's, BofA, we've, Jim Cramer's, Aly Song Organizations: Wall Street, Apple . Bank of America, Apple, Wall, Bank of America, U.S, CNBC Locations: China, BofA, Beijing, Apple's, India, Shanghai
Hong Kong CNN —Press freedom groups are voicing concern for veteran Hong Kong journalist Minnie Chan following a news report that she went missing after traveling to Beijing to cover a security forum in late October. The association, a trade union which advocates for press freedom, called for friends or relatives with information to get in touch. Chan is a highly regarded journalist in Hong Kong and among international audiences who closely follow China news. China ranks 179 out of 180 in the 2023 RSF World Press Freedom Index. It is the world’s largest captor of journalists and press freedom defenders with at least 121 detained, according to the organization.
Persons: Hong, Minnie Chan, , Chan, , Cheng Lei, Haze Fan Organizations: Hong Kong CNN — Press, Protect Journalists, Kyodo, China Morning, Beijing ”, China’s Foreign, Hong Kong Journalists Association, Bloomberg News, China Locations: Hong Kong, Beijing, China, Hangzhou
Moody's though retained China's "A1" long-term rating on the country's sovereign bonds, while expecting China annual GDP growth to slow to 4% in 2024 and 2025 and average 3.8% from 2026 to 2030. Structural factors including weak demographics will drive a decline to 3.5% by 2030, it said. China credit default swaps (the cost of insuring against a government default) rose 4 basis points from Monday's closing level, according to Reuters data. Beijing disappointmentChina's Finance Ministry expressed its disappointment with Moody's downgrade decision. "Moody's concerns about China's economic growth prospects and fiscal sustainability are unnecessary," the ministry said in a statement Tuesday.
Persons: Javier Ghersi, Moody's Organizations: China's, Ministry Locations: China, Beijing
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