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☆ Chinese fast-fashion retailer Shein files for U.S. IPO - WSJ
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

The fast-fashion giant has been working with at least three investment banks about a potential IPO and was in talks with the New York Stock Exchange and the Nasdaq, Reuters reported in July. Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, which could happen in 2024. the WSJ report said. Shein declined to comment to Reuters on the report. Fast-fashion has been gaining popularity in the United States with Shein partnering with SPARC Group, a joint venture between Forever 21 owner Authentic Brands (AUTH.N) and mall operator Simon Property (SPG.N), as the online fashion retailer and its rivals look to expand their market reach. Reporting by Pritam Biswas and Ananya Mariam Rajesh in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: David, Dee, Delgado, Shein, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Didi Global's, Simon Property, Pritam Biswas, Ananya Mariam Rajesh, Arun Koyyur Organizations: REUTERS, Wall Street, New York Stock Exchange, Nasdaq, Reuters, JPMorgan, SPARC Group, Forever, Brands, Simon, Thomson Locations: New York City, U.S, China, United States, Bengaluru

Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, and Shein could go public sometime in 2024, the sources said. Shein has been planning to go public for the last few years, but halted plans almost twice since then. The fast-fashion giant's decision now comes at a time when the broader market for new issues remains laggard. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes Gap (GPS.N) as shoppers look for fresher styles and trendier clothing. Shein's confidential IPO was first reported by the Wall Street Journal earlier on Monday.

Persons: David, Dee, Delgado, Shein, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Didi Global's, Simon Property, Pritam Biswas, Ananya Mariam Rajesh, Anirban Sen, Rishabh Jaiswal, Arun Koyyur, Sherry Jacob, Phillips Organizations: REUTERS, Reuters, JPMorgan, chipmaker Arm Holdings, New York Stock Exchange, Nasdaq, SPARC Group, Forever, Brands, Simon, Wall Street, Thomson Locations: New York City, U.S, China, United States, Singapore, Bengaluru, New York

☆ China's Didi Global says ride-hailing app had 'systems malfunction'
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

A man passes by a car of Chinese ride-hailing service Didi at the Shanghai Hongqiao International Airport in Shanghai, China August 14, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsSHANGHAI/BEIJING, Nov 27 (Reuters) - Didi Global said on Monday its ride-hailing app had experienced a "systems malfunction" after users in multiple cities including Beijing and Shanghai said they were unable to book rides in the evening. The company apologised for the issue on its official Weibo account and said it was urgently trying to fix it. Didi is China's largest ride-hailing company, with its service in the country delivering average daily transactions of 31.3 million in the third quarter. Reporting by Brenda Goh in Shanghai and Ethan Wang in Beijing; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Didi, Aly, Didi Global, Brenda Goh, Ethan Wang, Jan Harvey Organizations: Shanghai Hongqiao International, REUTERS, Rights, Thomson Locations: Shanghai, China, Rights SHANGHAI, BEIJING, Beijing, Weibo, Zhejiang, Jilin

The San Diego Zoo sent its pandas home in 2019 and the last bear at the Memphis, Tennessee, zoo went home earlier this year. Whatever the reason, San Diego Zoo officials were hopeful. "It is a moment with some heartbreak in it,” National Zoo Director Brandie Smith said at the time. The San Diego Zoo has been panda-less for four years and may need to upgrade or refurbish its facilities. The National Zoo had announced plans to renovate its panda house and outdoor enclosure, but the timing on those plans is unclear.

Persons: —, Xi Jinping, Xi, Mei Xiang, Tian Tian, Xiao Qi Ji —, ”, Daniel Ashe, ” Dennis Wilder, ” Wilder, Wilder, Gavin Newsom's, Xi’s, Paul A, Baribault, Ling, Hsing, Brandie Smith, Le Le, Didi Tang, Amy Taxin Organizations: WASHINGTON, San Diego Zoo, National Zoo, Atlanta Zoo, Veteran, Economic Cooperation, Association of Zoos, Aquariums, Georgetown University’s Initiative, U.S, California Gov, San Diego Zoo Wildlife Alliance, “, Zoo, Associated Press Locations: America, California, San Diego, U.S, Memphis , Tennessee, China, Veteran China, People's Republic, Asia, San Francisco, United States, Washington, Memphis, Santa Ana , California

The coronavirus pandemic exposed frailties in their supply chains. Chinese President Xi Jinping, too, met with American business leaders — at a $2,000-per-plate dinner Wednesday evening. “The global economy is recovering, but its momentum remains sluggish,” Xi said. “Industrial and supply chains are still under the threat of interruption and protectionism is rising. The new framework has four major pillars: supply chains, climate, anti-corruption and trade.

Persons: Fresh, Joe Biden, “ We've, ” Biden, hasn't, Bill Clinton, Biden, Kamala Harris, Alexei Overchuk —, “ Will, Xi Jinping, —, ”, Xi, ” Xi, Josh Boak, Didi Tang Organizations: FRANCISCO, APEC, Russia's, U.S, Smithsonian National Zoo, Atlanta Zoo, Biden, Pacific, won’t, Associated Press Locations: China, U.S, Bangkok, Ukraine, Israel, Russia, United States, Northern California, Tokyo, Washington, San Francisco

Experts say new steps China has agreed to will eventually reduce the flow of the deadly opioid fentanyl into the U.S., but that alone will not stem the overdose crisis killing Americans at a record rate. Synthetic opioids are now the biggest killers in the deadliest drug crisis the U.S. has ever seen. More than two-thirds of those deaths — more than 200 per day — involved fentanyl or similar synthetic drugs. It's in counterfeit pills and cocaine, in some cases causing overdoses in people who have no idea that they're using fentanyl. A growing number of places are allowing drug screening kits so users can find out if their drugs include fentanyl.

Persons: Joe Biden, Xi Jinping, ”, Adam Wandt, “, Wandt, Kevin Roy, ” Roy, Rahul Gupta, it’s, Donald Trump, It's, Xi, ” Biden, Xi’s, Wang Wenbin, they're, we’re, Regina LaBelle, Biden, Andres Manuel Lopez, LaBelle, Didi Tang Organizations: John Jay College of Criminal, of National Drug Control, U.S . Centers for Disease Control, San Francisco Wednesday, Chinese Foreign Ministry, International Narcotics, U.S, Georgetown University’s O’Neill, Associated Locations: China, U.S, California, America, Mexico, U.S . China, San Francisco, United States

The two leaders will meet Wednesday at Filoli, a secluded estate along Northern California’s coastal range. It was built in 1917 as a private residence and later became a National Trust for Historic Preservation site. The estate is about 25 miles (40 kilometers) south of San Francisco, where leaders are gathering for the Asia-Pacific Economic Cooperation leaders’ conference this week. “It appears to be a quiet, secluded estate, where Biden and Xi can have an intimate conversation in a relaxed environment,” Glaser said. The gardens feature in Jennifer Lopez’s film “The Wedding Planner.”——AP writers Didi Tang and Colleen Long in San Francisco, and Zeke Miller and Matthew Lee in Washington contributed to this report.

Persons: Joe Biden, China’s Xi, Bonnie Glaser, Biden, Xi, ” Glaser, ”, Jeremi Suri, “, ” Suri, Ronald Reagan, Mikhail Gorbachev, Suri, William Bowers Bourn, Jennifer Lopez’s, Didi Tang, Colleen Long, Zeke Miller, Matthew Lee Organizations: FRANCISCO, —, National Trust for Historic, Economic Cooperation, German Marshall Fund, APEC, University of Texas Locations: Filoli, Northern, San Francisco, Asia, Austin, Soviet Union, Reykjavik, Washington

People walk past the headquarters of the Chinese ride-hailing service Didi in Beijing, China, December 3, 2021. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsNov 13 (Reuters) - Didi Global, China's largest ride-hailing company, on Monday reported its first quarterly profit since 2021, adding to signs of its comeback from regulatory challenges as domestic demand for mobility services continues to recover. Didi in 2021 came into the crosshairs of China's cyberspace regulator for pursuing a U.S. stock listing without an approval. Didi was fined $1.2 billion in July 2022 over data-security breaches, but began to emerge from these regulatory troubles in January after it was allowed to restore its apps. The company has also taken steps to streamline its business operations and focus on its core ride-hailing services.

Persons: Didi, Thomas Peter, Alibaba, Wei Cheng, Yelin, Sameer Manekar, Kim Coghill, Sherry Jacob, Phillips Organizations: REUTERS, Didi Global, HK, SoftBank, Monday, New York Stock Exchange, Thomson Locations: Beijing, China, U.S, Yelin Mo, Bengaluru

Their last meeting was at the Group of 20 summit in Indonesia last fall. The U.S. has consistently viewed military relations with China as critical to avoiding any missteps and to maintaining a peaceful Indo-Pacific region. Sullivan also said there were other areas where U.S. and Chinese interests overlap, particularly on the effort to combat fentanyl trafficking. The White House announced Monday that Biden would also meet with Mexican President Andrés Manuel López Obrador later this week. Associated Press Writers Janie Har in San Francisco and Lolita C. Baldor and Didi Tang in Washington contributed to this report.

Persons: Joe Biden, Xi Jinping, The, Biden, Xi, Jake Sullivan, ” Sullivan, “, Sullivan, Andrés Manuel López Obrador, Janet Yellen, ___ Madhani, Janie Har, Lolita C, Baldor, Didi Tang Organizations: WASHINGTON, —, Economic Cooperation, The Biden, Group, Biden, White House, U.S . Navy, Air Force, Disease Control, Drug Enforcement Administration, U.S, Democratic, White, Moscone Center, APEC, Finance, San Francisco Police Department, Union Square, Associated Press Locations: Asia, San Francisco, Indonesia, China, U.S, Pacific, Washington, Mexico, Iran, Taiwan, Beijing, Taipei, Taiwan Strait, Tehran, Israel, Union

☆ 'Phenomenon' Kane basks in praise after record goal run for Bayern
▼ + stars: | 2023-11-12 | by ( ) www.reuters.com time to read: +3 min

"It is impressive," beamed Bayern sports director Christoph Freund after Saturday's double in their 4-2 victory over Heidenheim. Kane already has more goals after 11 Bundesliga matches than last season's top scorers had in the entire campaign. Kane has also scored four times in four Champions League group matches, with Bayern having already secured a spot in the knockout stage with two games to spare. "I believe he can do anything," said Bayern team mate Thomas Mueller. Club bosses are equally delighted with Kane's goal bonanza, saying the move was the right one for both Bayern and the title-starved Kane.

Persons: Harry Kane, Kane, Robert Lewandowski, Christoph Freund, Saturday's, Thomas Tuchel, Kane's, Thomas Mueller, Jan, Christian, Didi Hamann, Hamann, Karolos, Clare Fallon Organizations: Bayern Munich, Bayern, Tottenham Hotspur, Bundesliga, England, League's, Champions League, Saturday, Borussia Dortmund, Thomson Locations: Germany, Barcelona, Heidenheim, Darmstadt

The company logo of China International Capital Corporation Ltd (CICC), China’s first joint venture investment bank, is displayed at a news conference on the company's annual results in Hong Kong, China March 30, 2016. China is Brazil's largest trading partner, however Chinese investments in Brazil fell 78% in 2022, the Brazil-China Business Council (CEBC) said in August. "We believe that more Chinese investment will be willing to ... invest into the Latin America region, especially in Brazil," said Lin. "I don't remember when politics got so involved in daily business," Lin said, reflecting on her 21 years in business. However, there were still Chinese companies listing here, said Lin and China's securities regulator China Securities Regulatory Commission had pre-approved 20 Chinese ADRs.

Persons: China’s, Bobby Yip, Lindsay Lin, Lin, CICC, acquirer, Biden, Didi Global, we're, ” Lin, Megan Davies, Echo Wang, Diane Craft Organizations: China International Capital Corporation, REUTERS, Securities, China International Capital Corp, HK, Reuters NEXT, China Business Council, Monetary Fund, China Securities Regulatory Commission, Reuters, reuters, Thomson Locations: Hong Kong, China, Brazil, New York, America, Latin America, U.S, China's

☆ Exclusive: Geely's Zeekr edges closer to US IPO, to make filing public this week - sources
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +3 min

The EV brand will publish its prospectus and its shares could start being traded on the bourse within weeks of the announcement, the sources said. Zeekr confidentially filed for a U.S. initial public offering last December, aiming to raise more than $1 billion, Reuters has reported. However, the company is likely to raise less than the targeted amount from the IPO, one of the sources said. It offers four EV models in China, with its 001 crossover priced from 269,000 yuan ($36,927.22) as its best-selling EV. ($1 = 7.2846 Chinese yuan renminbi)Reporting by Zhang Yan in Shanghai and Scott Murdoch in Sydney.

Persons: Goldman Sachs, Morgan Stanley, Zeekr, Zeekr confidentially, Didi, Amnon Shashua, Andy, Zhang Yan, Scott Murdoch, Kane Wu, Kim Coghill Organizations: bourse, underwriters, U.S, Reuters, Mobileye, Intel Corp, Tesla, Zhejiang Geely, Thomson Locations: SHANGHAI, New York, China, United States, Beijing, Zhejiang, Zeekr, Netherlands, Sweden, Germany, Israel, Kazakhstan, Shanghai, Sydney, Hong Kong

☆ China's Zeekr reveals wider loss, Beijing influence in US IPO paperwork
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Zeekr, owned by Chinese automaker Geely Auto (0175.HK), had confidentially filed for its initial public offering (IPO) in December last year. Didi had angered Chinese regulators by pushing ahead with its $4.4 billion New York listing despite being asked to put it on hold. For the six months ended June 30, the company reported a net loss of 3.87 billion Chinese yuan ($531.34 million), compared with 3.09 billion Chinese yuan a year earlier. It will list its shares on the New York Stock Exchange under the ticker symbol "ZK". ($1 = 7.2835 Chinese yuan renminbi)Reporting by Niket Nishant, Manya Saini, Jaiveer Shekhawat and Mehnaz Yasmin in Bengaluru; Editing by Krishna Chandra Eluri and Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Zeekr, Didi, Goldman Sachs, Morgan Stanley, Niket Nishant, Manya Saini, Jaiveer, Mehnaz Yasmin, Krishna Chandra Eluri, Shilpi Majumdar Organizations: Geely Auto, HK, Reuters, New York Stock Exchange, underwriters, Thomson Locations: Beijing, New York, U.S, York, China, Bengaluru

COLOMBO, Sri Lanka (AP) — The U.S. announced a $553- million project Wednesday to build a new, deep-water shipping container terminal in the Port of Colombo as it competes with China in international development financing. The U.S.-backed financing comes at a time when Sri Lanka is struggling to recover from a dire financial and economic crisis. Sri Lanka borrowed heavily from China to build the port and other infrastructure including an airport and a city being built on reclaimed land. Both neighboring India and China are jostling for influence in Sri Lanka and both have already invested in expanding facilities at the Colombo port. Colombo port also has a terminal run by China Merchants Port Holdings.

Persons: ”, Scott Nathan, Sri Lanka’s John Keells, Lanka’s, Wang Wenbin, William & Mary, AidData, China's, saysChina, Bradley Parks, “, ” ___ Didi Tang Organizations: South, U.S . International Development Finance Corp, West, Local, Sri, Sri Lanka’s John Keells Holdings, Initiative, Foreign Ministry, China Merchants Port Holdings, CHEC Port City Colombo Co, China Communications Construction Company, William & Locations: COLOMBO, Sri Lanka, U.S, Port, Colombo, China, Bay, Bengal, Beijing, Hambantota Port, Hambantota, India, oceanside, Port City, Virginia, “ Beijing, Washington

☆ China's truck industry is buying more driver-assist technology
▼ + stars: | 2023-11-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Huanqiu.com | Visual China Group | Getty ImagesBEIJING — China's truck industry is finding more reasons to buy vehicles with assisted-driving technology. The companies trying to sell trucks to fleet operators are including driver-assist tech as a way to make the vehicles more attractive, Gui said. In addition, Chinese authorities require all newly manufactured trucks since 2022 to come with basic driver-assist tech for warning against forward collision and lane departure, Gui said. The startup claims its trucks cost about 5% less than traditional options, on top of safety and environmental benefits. PlatooningOther startups are testing out different forms of driver-assist trucks in China.

Persons: Gui Lingfeng, Gui, Julian Ma Inceptio, Inceptio, Julian Ma, That's, Ma, Didi, Junqing Wei Organizations: Visual China, Getty, BEIJING, Kearney, it's, Industry, SF Holdings, CNBC's East Tech West Locations: Shanghai, China, Tianjin, Beijing, Inner Mongolia, Nansha, Guangzhou

☆ How to play a possible global electric vehicle meltdown, according to Deutsche Bank
▼ + stars: | 2023-10-31 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

Concerns of a global electric vehicle market meltdown are starting to take hold, raising concern over the prospects of certain companies in the space, according to Deutsche Bank. U.S. playbook Deutsche Bank analysts have "limited interest in legacy OEMs, even on pullback and post-strike." The bank also gave its picks for U.S. electric vehicle suppliers, favoring agnostic powertrain suppliers with growth and content, mostly independent electric vehicle and internal combustion engine volumes. Automotive supplier BorgWarner could also benefit from the current electric vehicle environment due to its primary exposure in the Chinese market, he added. A "slower electric vehicle adoption curve" could also help the company's margins, the analyst added.

Persons: Tim Rokossa, Rokossa, Tesla, Didi, XPeng, — CNBC's Michael Bloom Organizations: Deutsche Bank, Motors, Ford Motor, GM, Honda, Ford, playbook Deutsche Bank, U.S, BorgWarner, BMW, EVs, VW Locations: U.S, Europe, China

☆ Western companies are at risk of losing the biggest market race of all to China: Op-ed
▼ + stars: | 2023-10-31 | by ( Dewardric L. Mcneal | ) www.cnbc.com time to read: +6 min

In fact, it's well past the point when CEOs should have started recalibrating their approach to China. But when it comes to de-risking, there is now the risk it's one more race where we risk falling behind to China. There's a limited window available for foreign businesses in China's market to de-risk in a way that protects their shareholders' interests. On multiple occasions, we've witnessed foreign companies get this calculus and timing wrong. These examples underscore the risk of underestimating the complexities of the Chinese market and losing ground to local competitors over time.

Persons: Joe Biden, Xi Jinping, SAUL LOEB, Trump's, Xi Jinping's, There's, we've, Didi Chuxing Organizations: AFP, Getty, U.S, U.S ., Baidu, Huawei's Locations: Nusa Dua, Bali, China, U.S, China's

☆ Chinese listings overseas getting complicated despite growing interest, says NYSE's Ge
▼ + stars: | 2023-10-21 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

Traders work during the IPO for Chinese ride-hailing company Didi Global Inc on the New York Stock Exchange (NYSE) floor in New York City, U.S., June 30, 2021. There is strong appetite among Chinese companies to list on U.S. stock exchanges, but these IPOs have become a more complicated process, according to Kobe Ge, the head of China at the New York Stock Exchange. But they're not so familiar with the procedures, which have proved to be more challenging of late, he added. "Previously, listing in the U.S. was relatively easy," Ge said, noting it would take just four-and-a-half or five months for Chinese firms to complete a U.S. IPO. Amid a tepid U.S. IPO market, the handful of Chinese names that have been able to list this year have mostly been smaller companies.

Persons: Kobe Ge, they're, Ge Organizations: Global Inc, New York Stock Exchange, CNBC's East Tech West, CNBC, China Securities Regulatory Commission Locations: New York City, U.S, Kobe, China, Covid, Nansha, Guangzhou, Hong Kong

☆ Tesla stock ends the week down 15%, the worst performance of the year
▼ + stars: | 2023-10-20 | by ( Lora Kolodny | ) www.cnbc.com time to read: +5 min

Elon Musk, chief executive officer of SpaceX and Tesla, and owner of X. formerly known as Twitter. Tesla shares dropped more than 15% over the last few days to close the week at $211.99 after CEO Elon Musk waxed pessimistic about macroeconomic issues on a third-quarter earnings call Wednesday. It marks the worst week for Tesla stock of the year, although shares of the electric automaker are still up 96% year-to-date. For the period ending Sept. 30, 2023, Tesla reported $23.35 billion in revenue and $1.85 billion in profits, a decline versus the prior quarter. His forecast still implies more than a 56% upside in a note out after the Q3 Tesla call.

Persons: Elon Musk, Tesla, Musk, Didi, it's, Vaibhav Taneja, We've, Wells, Colin Langan, Morgan Stanley's Adam Jonas, Jonas, Toni Sacconaghi, Bernstein Organizations: SpaceX, Tesla, CNBC Pro Locations: U.S, China

☆ A 'revolution' is coming: CEO shares the challenges and opportunities in autonomous trucking
▼ + stars: | 2023-10-19 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

The CEO of a firm focused on autonomous trucking believes huge change is coming to the sector — with humans and technology working hand in hand to transform the way goods are delivered. Wei said KargoBot was incubated by the Chinese ride-sharing powerhouse Didi for the past three years. KargoBot, he said, already has more than 100 autonomous driving trucks on the road, mainly on routes in Inner Mongolia, northern China. "They have been automatically driving and also, they are delivering goods, they are actually doing commercial operations already." The logistics market, Wei said, is worth more than $1 trillion, with KargoBot focusing on the delivery of raw material for manufacturers and factories.

Persons: Junqing Wei, Wei, KargoBot, Didi Organizations: CNBC's East Tech West Locations: Nansha, Guangzhou, China, Inner Mongolia

☆ China's Didi plans 2024 Hong Kong listing - Bloomberg News
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

A Didi logo is seen at the headquarters of Didi Chuxing in Beijing, China November 20, 2020. REUTERS/Florence Lo/File photo Acquire Licensing RightsOct 13 (Reuters) - China's biggest ride-hailing company, Didi Global, aims to list its shares on the Hong Kong Stock Exchange next year, Bloomberg News reported on Friday, citing people familiar with the matter. The company delisted from the New York Stock Exchange in 2022 after it ran afoul of Chinese regulators by pushing ahead with a $4.4 billion listing in the U.S in July 2021. Didi was banned by Chinese regulators from taking on new users and its app not available from mid-2021 until January 2023. Didi has contemplated a Hong Kong listing previously, Reuters has reported, with a listing by introduction where new capital is not raised as one option.

Persons: Didi Chuxing, Florence, Didi Global, Didi, Gursimran Kaur, Scott Murdoch, Sonia Cheema, Jamie Freed, Gerry Doyle Organizations: REUTERS, Hong Kong Stock Exchange, Bloomberg, Reuters, New York Stock Exchange, Cyberspace Administration of China, CAC, Thomson Locations: Beijing, China, U.S, New York, Hong Kong, United States, Bengaluru

☆ Evergrande founder joins list of Chinese tycoons investigated, arrested
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +4 min

Following is a list of some other high-profile Chinese executives who have been investigated or arrested under Xi's leadership. BAO FAN, FOUNDER OF CHINA RENAISSANCEThe founder of China Renaissance Holdings (1911.HK) was detained in February and the investment bank said in August he was co-operating with authorities as investigations continued. Wu was arrested in June 2017 amid Beijing’s campaign to curtail big-spending conglomerates as it cracked down on financial risk. YE JIANMING, FOUNDER OF CEFC CHINA ENERGYIn 2017, Ye's CEFC agreed to buy a nearly $9.1 billion stake in Russian oil major Rosneft. A year later, he was investigated for suspected economic crimes and disappeared from public view in March 2018.

Persons: Hui Ka Yan, Xi Jinping, ZHAO WEIGUO, Tsinghua Unigroup, Zhao, Bao, Morgan Stanley, Didi, XIAO JIANHUA, Xiao, CHEN FENG, TAN XIANGDONG, GROUP, Tan, WU XIAOHUI, Wu, JIANMING, Ye's CEFC, magazine's, Kane Wu, Selena Li, Anne Marie Roantree, Miyoung Kim, Lincoln Organizations: HK, Evergrande, TSINGHUA UNIGROUP, Tsinghua University, Tsinghua, OF CHINA, China Renaissance Holdings, Credit Suisse Group, OF, China's Communist Party elite, Reuters, HNA, Hainan Airlines, Deutsche Bank, Hilton Worldwide, Prosecutors, Thomson Locations: China, Chinese, Guangdong, Shanghai, Hong Kong, Hainan, CHINA

HANGZHOU, China (AP) — The opening ceremony of the Asian Games on Saturday in China offered all the staples of a major international sports event. One big thing, however, was missing: real fireworks, the exploding kind that smell of power and burnt fuses. Instead, the high-tech games — billed of course as “green games” — offered electronic flash, 3D animations and a virtual torchbearer. Delayed for a year by the pandemic, the Asian Games are China's largest sports event since the country scrapped its zero-COVID-19 policy early in the year. China won almost 300 medals in the Asian Games five years ago and is sure to dominate again followed by Japan and South Korea.

Persons: Xi Jinping, —, Xi, Bashar al, Assad, Thomas Bach, King Norodom Sihamoni, Bach, Vladimir Putin, there’s, ___ Didi Tang Organizations: Asian Games, Sports Center, International Olympic, Olympic Council of, Hangzhou Asian, Xinhua, Olympics, China, —, Afghan, ___ AP Asia Locations: HANGZHOU, China, Hangzhou, Taiwan, North Korea, Hong Kong, Cambodia, Olympic Council of Asia, Russia, Paris, Beijing, Shanghai, “, Hangzhou Asian Games, Los Angeles, Brisbane, Australia, Japan, South Korea, Afghanistan, Washington, ___, asia

☆ GGV Capital, a top Silicon Valley investor, is splitting off its China business as pressure mounts
▼ + stars: | 2023-09-22 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —GGV Capital, a prominent Silicon Valley venture capital firm, has become the latest big investor to break up its US and China operations into separate companies as tensions between the two countries over tech and geopolitics continue to rise. The other side will focus on China, Southeast Asia and South Asia, run from its headquarters in Singapore, by managing partners Jenny Lee and Jixun Foo. Jenny Lee, managing partner of GGV Capital, at a conference in Singapore in September. Lee will co-lead the Asia side of the business as it becomes its own firm, according to GGV. Asked whether the US order or wider geopolitical tensions had factored into its decision, GGV Capital declined to comment.

Persons: Glenn Solomon, Hans Tung, Jeff Richards, Oren Yunger, Jenny Lee, Jixun, Lee, Slack, ByteDance, Didi, Biden, “, ” Organizations: Hong Kong CNN — GGV, Jiyuan, GGV, Bloomberg, Getty, CNN, Sequoia Locations: China, Hong Kong, North America, Latin America, Europe, Israel, India, California, New York, Southeast Asia, South Asia, Singapore, Asia, United States, China’s Xinjiang, Dentons

☆ China VC deals plunge, on track for worst pace in more than seven years
▼ + stars: | 2023-09-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Slowing growth and geopolitical tensions are stifling the Chinese startup world that once spawned unicorns such as ByteDance and Didi, according to a PitchBook report Monday. Chinese regulation in the last two years has also made it harder for companies to go public overseas. Venture capital firms in China invested $26.7 billion in 3,072 deals in the first half of 2023, PitchBook said. On an annualized basis, that indicates a 31.4% drop from 2022 levels — on pace to fall below that of 2016, the report said. The annualized value of mega-deals — $100 million or larger — were on pace for their lowest level since 2015, PitchBook said.

Persons: Didi, dampening, PitchBook Organizations: New York Stock Exchange, Venture Locations: BEIJING, U.S, China

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