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China's central bank said that financial regulators would fine Ant and its subsidiaries a total of 7.12 billion yuan, require it to stop operations of its crowdfunded medical aid service Xianghubao and compensate users. Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.

Persons: China c.bank, Ant, Ping, Rukim Kuang, Jack Ma, Jeffrey Towson, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Alibaba, Hong Kong, Financial Regulatory Administration, State Council, Lens Consulting, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA

Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The National Financial Regulatory Administration (NFRA), a new government body under the State Council, is now the primary regulator to grant Ant the license, they added. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.

Persons: China c.bank, Ant, Ping, Rukim Kuang, Jeffrey Towson, Jack Ma, China's, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Tenpay, Alibaba, Hong Kong, Lens Consulting, Communist Party, Financial Regulatory Administration, State Council, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA

The National Financial Regulatory Administration (NFRA), a new government body under the State Council, is now the primary regulator to grant Ant the license, said the sources. PENALTY FOLLOWS MA'S RETURN TO CHINAThe final amount of the fine has been revised to at least 8 billion yuan, the sources said. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they had in mind initially. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations. ($1 = 7.2439 Chinese yuan renminbi)Reporting by Julie Zhu and Jane Xu; Additional reporting by Jason Xue; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Alibaba, Rukim Kuang, Jack Ma, Ant, China's, Pan Gongsheng, Didi Global, Julie Zhu, Jane Xu, Jason Xue, Muralikumar Organizations: Alibaba Honk, Ant Group, People's Bank of China, Reuters, Alibaba, HK, Lens Consulting, Communist Party, Financial Regulatory Administration, State Council, Thomson Locations: HONG KONG, Hong Kong, Ant's, Beijing, CHINA, China

☆ US starts new round of audit inspections on China firms- source
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of China's Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. The PCAOB previously said it would demand complete access in mainland China and Hong Kong in their regular inspections from 2023. The PCAOB, Tencent Music Entertainment Group, Didi Global, and NetEase did not immediately respond to Reuters' requests for comment. Washington's demands for access to the audits of Chinese companies follow a long-running dispute over auditing compliance of U.S.-listed Chinese firms. Reporting by Xie Yu in Hong Kong and Yana Gaur in Bengaluru; Editing by Rashmi Aich and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, PCAOB, Didi Global, NetEase, Janet Yellen, Xie Yu, Yana Gaur, Rashmi Aich, Sam Holmes Organizations: Entertainment, REUTERS, U.S, Public Company, Reuters, Wall, Bloomberg, Tencent Music Entertainment, Global Inc, NetEase Inc, Music Entertainment, Authorities, Treasury, Thomson Locations: Hong Kong, U.S, Washington, Beijing, China, United States, Bengaluru

Goldman Sachs (GS.N), Morgan Stanley (MS.N) and JPMorgan Chase (JPM.N) are among the banks helping Shein with its IPO preparation, according to six of the sources. Didi was delisted from the New York Stock Exchange (NYSE) a year later amid Beijing's crackdown on Chinese technology giants over antitrust and data security rules. Shein officials in Singapore, where the company is headquartered, declined to comment on any IPO plans or on discussions with the investment banks and exchanges. Last week, Reuters reported that Shein had filed its IPO registration confidentially with the U.S. Securities and Exchange Commission. Shein was valued at more than $60 billion in a $2 billion private fundraising round in March.

Persons: Goldman Sachs, Morgan Stanley, JPMorgan Chase, Didi Global's, Didi, Shein, Chris Xu, Kane Wu, Julie Zhu, Greg Roumeliotis Organizations: YORK, Shein, New York Stock Exchange, Nasdaq, JPMorgan, NYSE, Reuters, U.S . Securities, Exchange Commission, SEC, General Atlantic, Tiger Global, Sequoia Capital, Thomson Locations: China, United States, Singapore, U.S, Beijing, Washington , U.S, Ukraine, China's Xinjiang, Xinjiang, Sequoia Capital China, Nanjing, China's, Jiangsu, Hong Kong, New York

☆ China's Shein denies U.S. IPO rumors
▼ + stars: | 2023-06-30 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Two people hold two Shein bags after entering SHEIN's first physical store in Madrid, Spain, June 2, 2022. Chinese fast fashion giant Shein on Friday denied a Reuters report that said it has confidentially filed for an initial public offering in the U.S."Shein denies these rumors," a Shein spokesperson told CNBC. Shein was recently valued at $64 billion, according to Reuters. Shein told CNBC last week its policy is to "comply with the customs and import laws of the countries in which we operate" and that it will continue to "make import compliance a priority." Reuters noted the listing could make Shein the most valuable Chinese company to go public in the U.S. since Didi Global.

Persons: Shein, Chris Xu, Didi Organizations: Reuters, CNBC, . House, New Locations: Madrid, Spain, U.S, New York

Didi was delisted from New York a year later amid Beijing's crackdown on Chinese technology giants over antitrust and data security rules. Shein has confidentially submitted its IPO registration with the U.S. Securities and Exchange Commission (SEC), the sources said. The stock market debut could come before the end of 2023, the sources added. Spokespeople for Shein and the SEC did not immediately respond to requests for comment. Reporting by Kane Wu and Julie Zhu in Hong Kong; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Didi, Shein, Kane Wu, Julie Zhu, Chizu Organizations: New, U.S . Securities, Exchange Commission, SEC, Shein, Thomson Locations: New York, United States, Hong Kong

[1/3] A Shein logo is pictured at the company's office in the central business district of Singapore, October 18, 2022. Shein has confidentially submitted its IPO registration with the U.S. Securities and Exchange Commission (SEC), the sources said. In pressing on with its IPO plans, Shein is braving heightened tensions between the United States and China over trade, sensitive technology, human rights and the future of Taiwan. The United States bans exports from Xinjiang for this reason. U.S. lawmakers are also seeking to restrict the "de minimis" tariff exemption widely used by e-commerce retailers such as Shein to send orders from China to the United States.

Persons: Chen Lin, Didi, Shein, Chris Xu, Kane Wu, Julie Zhu, Chizu Nomiyama, Nick Zieminski Organizations: REUTERS, New, U.S . Securities, Exchange Commission, SEC, General Atlantic, Tiger Global, Sequoia Capital, Thomson Locations: Singapore, New York, United States, China, Taiwan, China's Xinjiang, Xinjiang, Sequoia Capital China, U.S, Ukraine, Nanjing, China's, Jiangsu, Hong Kong

☆ -China's steps to control its data and information
▼ + stars: | 2023-05-09 | by ( Josh Ye | ) www.reuters.com time to read: +3 min

Below is a timeline of main events in China’s effort to tighten its grip on data and information and especially over their export. July 2015: China passes a national security law that broadened the scope to protect its cyberspace and also emphasised a need to develop key technologies. June 2021: China passes a data security law on the protection of “important data” and “core data”, including information involving national and economic security, people’s welfare and on issues of important public interest. July 2022: China unveils cross-border data review measures that require a security review for “important” offshore data transfers. September 2022: Regulators ask China's biggest financial data provider Wind Information Co to stop providing offshore users with certain data, sources told Reuters.

☆ China's Didi sees 2022 revenue hit by COVID, net loss narrows
▼ + stars: | 2023-04-29 | by ( ) www.reuters.com time to read: +1 min

BEIJING, April 29 (Reuters) - Chinese ride hailing giant Didi Global on Saturday reported a 19% year-on-year fall in 2022 revenue, as the country’s COVID lockdowns and a regulatory crackdown took a toll. Net loss attributable to Didi Global narrowed to 23.78 billion yuan in 2022, compare with the net loss of 49.34 billion yuan in 2021, helped by factors such as investment gains, the report said. Its China mobility business swung to a loss in 2022, though Didi said it has returned to growth this year, citing a rapid recovery in travel across China after the ending of COVID curbs. Its net loss for 2022 included the $1.2 billion fine. ($1 = 6.9110 Chinese yuan renminbi)Reporting by Albee Zhang and Brenda Goh; Editing by Lincoln Feast.

☆ China's ride-hailing giant Didi reports 19% drop in revenue in 2022, citing Covid
▼ + stars: | 2023-04-29 | by ( ) www.cnbc.com time to read: +1 min

A logo for Chinese ride-hailing platform Didi is illuminated outside company headquarters on Jan. 21, 2022 in Hangzhou, China. Chinese ride-hailing giant Didi Global on Saturday reported a 19% year-on-year fall in 2022 revenue, as the country's Covid lockdowns and a regulatory crackdown took a toll. China imposed stringent Covid restrictions across the country last year that had hammered its economy. Net loss attributable to Didi Global narrowed to 23.78 billion yuan in 2022, compare with the net loss of 49.34 billion yuan in 2021, helped by factors such as investment gains, the report said. Its China mobility business swung to a loss in 2022, though Didi said it has returned to growth this year, citing a rapid recovery in travel across China after the ending of Covid curbs.

☆ China's Didi Global to roll out self-developed robotaxis by 2025
▼ + stars: | 2023-04-13 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

The company said that it is collaborating with multiple new energy carmakers in China on developing robotaxis. "We hope they can enter Didi's network and provide services by 2025," Didi Autonomous Driving COO Meng Xing said at a company event that was livestreamed online. He also showed off a robotaxi concept car called "Didi Neuron", with robotic arms that can help passengers pick up luggage. Didi allows users in some parts of Shanghai and the southern city of Guangzhou to hail self-driving cars through its main app. Swedish carmaker Volvo, owned by Geely (GEELY.UL), supplies Didi's self-driving fleet.

☆ China's Didi Global unveils robotaxi concept car called Didi Neuron
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, April 13 (Reuters) - Chinese ride-hailing giant Didi Global showed off a robotaxi concept car it called "Didi Neuron" during a company event broadcast online on Thursday, which has robotic arms that can help passengers pick up bottles of water or carry their luggage. The blue and white vehicle was unveiled by Didi Autonomous Driving COO Meng Xing. Reporting by Josh Ye, writing by Brenda Goh; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese ride-hailing giant DiDi developing own driverless taxis, plans to roll them out in 2025
▼ + stars: | 2023-04-13 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Chinese ride-hailing giant DiDi debuted the DiDi Neuron, a concept robotaxi. DiDi is working with Chinese carmakers to develop its own autonomous taxis which it is aiming to put into service in 2025. DiDi Global on Thursday said it is developing its own self-driving taxis alongside Chinese carmakers and it plans to roll them out in 2025 on its ride-hailing service. The Chinese giant's autonomous driving unit also showed off a concept robotaxi, or driverless taxi, called DiDi Neuron. DiDi set up its autonomous driving unit in 2016 and spun it off into a wholly-owned subsidiary in 2019.

☆ Didi to expand services in China after regulators end probe
▼ + stars: | 2023-03-16 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

HONG KONG, March 16 (Reuters) - Chinese ride-hailing company Didi Global plans to expand services and offer more subsidies to passengers and drivers, it said on Thursday, looking to shore up its business in China following the end of a regulatory probe. The Chinese company had been a target of Beijing's sweeping crackdown on the tech sector, which began in 2021 and had eased in recent months. Didi was banned by Chinese regulators from taking in new users and its app was removed from app stores from mid-2021 until this January. In January, Didi said in a statement it had been given the green light from domestic regulators to resume new user registrations for its core ride-hailing app. Reporting by Ye Josh and Brenda Goh; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

The usually sleepy Ministry of Science and Technology will be tasked to help lead the country's efforts to reduce dependence on Western suppliers. Meanwhile, creating a National Data Bureau should streamline the myriad of regulations spanning cybersecurity, personal privacy and information transfer. The benefits of upgrading the science, technology and patent ministries are less clear. And despite China being the world's most prolific patent filer, 90% are low-value "trash", estimated one Chinese official in 2019. Other proposals from the State Council include creating a National Data Bureau to coordinate sharing and developing the country's data resources.

☆ China's Meituan to restructure ride-hailing unit, reduce service's staff - letter
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

BEIJING/SHANGHAI, March 6 (Reuters) - Chinese tech giant Meituan (3690.HK) plans to restructure its ride-hailing service and reduce the number of staff it has working on the platform, according to an internal letter seen by Reuters on Monday and two sources. The company's main app is known in China as a 'superapp' which has services from food delivery to restaurant bookings. Meituan first launched the Meituan Dache app in 2017 but removed it from app stores two years later citing losses，local media reported at the time. But over the whole period, it has offered the ride-hailing service among the suite of services on its main app. Didi's Chinese service was allowed to resume new user registrations in January after it was dealt a $1.2 billion fine over data-security breaches.

☆ Hong Kong spreads its wings, and its bets
▼ + stars: | 2023-02-23 | by ( Una Galani | ) www.reuters.com time to read: +7 min

HONG KONG, Feb 23 (Reuters Breakingviews) - For a sign that Hong Kong’s recovery is more than wishful thinking, look no further than the city’s Disneyland. The house of Mickey Mouse is implicitly betting Hong Kong will soon be back, and bigger than before. At its core, Hong Kong’s unique selling point is that it’s China-by-proxy for investors; enterprises in the People’s Republic account for 78% of the market capitalisation of Hong Kong’s main boards. Against such a backdrop, it’s logical that Hong Kong is trying to spread its bets. Hong Kong exchange boss Nicolas Aguzin’s pitch is strengthened by a Chinese plan to let overseas companies listed in Hong Kong be included in the Connect programme.

SYDNEY/HONG KONG, Feb 20 (Reuters) - New rules laying out how Chinese companies can list outside mainland China will often mean getting a nod from several domestic government agencies, potentially making for a lengthy approval process, investment bankers say. On one hand, the rules provide clarity after a regulatory crackdown by Beijing since mid-2021 that has slowed U.S. listings by Chinese firms to a trickle. Those hoops, combined with U.S.-Sino tensions over a multitude of issues from suspected spy balloons to trade friction, means a rush of Chinese firms seeking initial public offerings in New York is unlikely. Last year, U.S. listings of Chinese firms were worth less than $230 million, according to Refinitiv data, a massive drop from $12.9 billion in 2021. "I don't think an overseas listing for the start-up would get the Chinese regulatory nod due to data security.

☆ China publishes rules to revive offshore listings
▼ + stars: | 2023-02-18 | by ( ) www.cnbc.com time to read: +3 min

China's securities watchdog published rules on Friday to regulate offshore listings, reviving foreign initial public offerings (IPOs) by Chinese firms after a regulatory freeze imposed in July 2021. Daniel Tu Active Creation CapitalUnder its new filing system, which effectively ends decades of unregulated overseas IPOs by Chinese companies, the CSRC will vet offshore listings. Friday's rules, amending a December draft, stipulate that overseas listings should not jeopardize China's national interests. Chinese offshore listings ground to a halt after Didi Global Inc's New York listing in June 2021 that triggered Beijing's regulatory backlash over data security concerns. China's tech crackdown also contributed to a near freeze in overseas listings by Chinese companies.

The company sold 10 million American depository receipts (ADRs) at $19 apiece, according to its regulatory filings, and shares closed at $21.05. The deal is the biggest from a Chinese company selling shares in New York since LianBio (LIAN.O) raised $334 million in October 2021, according to Refinitiv data. Chinese company listings in the United States ground to a halt in 2021 after the debut of ride hailing giant Didi Global Inc (92Sy.MU) in June of that year. As a result, Chinese listings in the United States dwindled and mainland regulators also moved to draw up new guidelines governing companies selling shares overseas. Chinese companies raised nearly $230 million in U.S. listings in 2022, according to Refinitiv data, representing a massive drop from $12.85 billion a year earlier.

☆ Didi Global's ride-hailing app back on Apple app stores in China
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Jan 20 (Reuters) - Chinese technology company Didi Global's domestic ride-hailing app has returned to China's domestic Apple app store (AAPL.O), according to checks by Reuters on Friday. It also returned to some Android app stores on Tuesday. read moreDidi has been awaiting approval to resume new user registrations and downloads of its 25 banned apps in China as a key step to return to normal business since its regulatory troubles started in mid-2021. Reporting by Beijing newsroom; editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ TikTok’s best U.S. charm offensive involves an IPO
▼ + stars: | 2023-01-19 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

But even if proposed fixes get past federal officials – no sure thing – it still must contend with activist state leaders. That’s problematic, given that trust between Chinese and American government officials is at a low. To make matters worse, ByteDance said late last year that some employees had improperly accessed TikTok user data of two journalists. More than 40% of American states, including Wisconsin and Texas, have banned the app on government-owned devices. But if an IPO helps TikTok to keep operating in the United States, it’s worth a try.

☆ China to launch state-backed transport platform for ride-hailing, trucking
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Jan 18 (Reuters) - China will soon launch a state-backed platform for transport which includes services of ride-hailing, cargo trucking, road transport, railway, ferry and flight services, Chinese state media Beijing Daily reported on Wednesday. China's ride-hailing market was dominated by Didi Global which ran afoul of powerful regulator the Cyberspace Administration of China in 2021. The 18-month ban on the ride-hailer was lifted on Monday after the company took effective measures to ensure platform safety and data security. The state-backed platform, called "Qiang Guo Jiao Tong" - or "Powerful Nation's Transportation" - will offer people convenient services while maintaining data security and protecting personal privacy, Beijing Daily reported. Other social media apps such as Wechat, Alipay and Douyin will be integrated into the platform, the report added.

☆ Didi's China ride-hailing app back on some app stores
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Jan 17 (Reuters) - Didi Global's Chinese ride-hailing app returned to some Android app stores on Tuesday, according to Reuters checks and a source with direct knowledge of the matter, signalling its emergence from around 1-1/2 years of regulatory troubles. Didi has been awaiting approval to resume new user registrations and downloads of its 25 banned apps in China as a key step to return to normal business since its regulatory problems started in mid-2021. Its 25 mobile apps were then ordered to be taken down from app stores, the registration of new users was suspended, and it was fined $1.2 billion over data-security breaches. Didi said in a statement on Monday it had been given the green light from domestic regulators to resume new user registrations for its core ride-hailing app from Monday. Reporting by Yingzhi Yang and Julie Zhu Editing by David Goodman and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

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