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☆ Rout in Adani Stocks, Bonds Continues; Conglomerate Trades Barbs With Short Seller
▼ + stars: | 2023-01-30 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

The namesake conglomerate of India’s richest man, Gautam Adani , fired back at an American short seller, but the group’s 413-page response didn’t stop a slide in the shares and bonds of its companies on Monday. On Sunday, the energy and infrastructure group released a strongly worded document addressing the allegations of fraud and misconduct put forth last week by Hindenburg Research. The New York-based firm, which was founded by Nathan Anderson, alleged that stock manipulation and questionable business and accounting practices had caused the market valuation of Adani’s key listed companies to appreciate sharply over the past few years.

☆ Selloff in Adani Group Stocks Wipes Out $47 Billion in Market Value
▼ + stars: | 2023-01-27 | by ( Weilun Soon | Shan Li | ) www.wsj.com time to read: 1 min

The Bombay Stock Exchange in Mumbai. The benchmark Nifty 50 index, which includes two Adani companies, fell to a three-month low Friday. Shares of several companies linked to India’s richest man, Gautam Adani , fell sharply Friday, losing tens of billions of dollars in market value after a U.S. short seller’s allegations of fraud at his sprawling conglomerate continued to unnerve investors. Five of the seven listed Adani Group companies ended the day 16% to 20% lower, and the other two fell by the maximum 5% permitted by India’s exchanges for their stocks. The market’s benchmark Nifty 50 index, which includes two Adani companies, fell to a three-month low.

☆ Adani Group Calls Fraud Allegations Baseless, Bemoans Stock Moves
▼ + stars: | 2023-01-26 | by ( Shan Li | Weilun Soon | ) www.wsj.com time to read: 1 min

The energy and infrastructure conglomerate controlled by Gautam Adani , India’s richest man, said stock-market moves that followed allegations of fraud outlined in a report by short seller Hindenburg Research had created anguish for Indian citizens. Adani Group ‘s seven listed companies lost a total of $10 billion in market value on Wednesday after New York-based Hindenburg accused the Indian conglomerate of wide-ranging fraud, including the use of shell companies to manipulate its share prices. Prices of U.S. dollar bonds issued by some of those companies also fell.

☆ Crypto.com Cuts 20% of Staff, Citing Economic Downturn and FTX Collapse
▼ + stars: | 2023-01-13 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

Crypto.com’s splashy marketing efforts include buying the rights to rename the arena that is home to the Los Angeles Lakers. SINGAPORE—Crypto.com is cutting a fifth of its global workforce, in a second round of layoffs in six months, after a plunge in the value of many cryptocurrencies and the collapse of rival FTX. The cryptocurrency exchange’s co-founder and chief executive officer, Kris Marszalek , blamed “a confluence of negative economic developments” for the reductions, which followed staff cuts that took place last July. The additional reductions were necessary to position Crypto.com for long-term success, he said in a blog post on Friday.

☆ Beijing Signals Two-Year Internet Crackdown May Be Coming to an End
▼ + stars: | 2023-01-09 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

SINGAPORE—A top Chinese official said authorities have wrapped up investigations into the financial businesses of several internet companies, another strong signal that a two-year regulatory crackdown on China’s homegrown technology giants may be winding down. Guo Shuqing , chairman of the China Banking and Insurance Regulatory Commission, told state media that the government had concluded a campaign to “rectify the financial businesses of 14 platform companies,” with only minor problems left to be resolved. Mr. Guo, also the party secretary of the People’s Bank of China, added in the interview published Saturday that officials would look to provide more support to tech companies and work toward making supervision of the tech sector more predictable going forward.

☆ China Securities Regulator Cracks Down on Online Brokerages Futu and Up Fintech
▼ + stars: | 2022-12-30 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

Futu has been listed in the U.S. since 2019. SINGAPORE—China’s securities regulator said two Nasdaq-listed online brokers have allowed customers on the mainland to make cross-border trades, stoking concerns that Chinese authorities aren’t finished with their crackdowns on private-sector companies. The American depositary receipts of Up Fintech Holding Ltd., which is also known as Tiger Brokers, and Futu Holdings Ltd. tumbled more than 25% in U.S. premarket trading after the China Securities Regulatory Commission put out a statement Friday that named both companies.

☆ China’s Covid Easing and Policy Pivots Brighten Outlook for Stocks
▼ + stars: | 2022-12-30 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

The clouds over Chinese stocks are clearing after two years of steep losses. The MSCI China Index, which tracks Chinese companies listed in the U.S., Hong Kong and the mainland, dropped 24% in the year through Dec. 29, after declining by a similar magnitude in 2021. That caps one of the longest periods of underperformance for stocks from the world’s second-largest economy, which has been weighed down by its Covid-19 restrictions, a real-estate downturn and regulatory crackdowns in the private sector.

☆ China Regulator Says Futu, Up Fintech Violated Laws
▼ + stars: | 2022-12-30 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

SINGAPORE—China’s securities regulator said two Nasdaq-listed online brokers violated its domestic laws by allowing customers on the mainland to make cross-border trades, stoking concerns that Chinese authorities aren’t finished with their crackdowns on private-sector companies. The American depositary receipts of Up Fintech Holding Ltd., which is also known as Tiger Brokers, and Futu Holdings Ltd. fell around 20% in Friday morning New York trading after the China Securities Regulatory Commission put out a statement that mentioned both companies.

☆ India and Vietnam could benefit as chipmakers shift away from China
▼ + stars: | 2022-12-13 | by ( Weilun Soon | ) www.cnbc.com time to read: +5 min

Yuichiro Chino | Moment | Getty ImagesU.S. curbs on chip exports to China are the latest shakeup prompting companies to consider moving some of their chipmaking capabilities to nearby Vietnam and India. In October, the U.S. began requiring companies to obtain licenses to export advanced semiconductors or related manufacturing equipment to China. Shift from China to AsiaThe curbs are the latest in a series of upheavals for the $600 billion global semiconductor industry. China firmly in the leadDespite Asia's rising attractiveness for chipmakers, experts point out that China still maintains a lead over regional economies in terms of its competitiveness in chipmaking. In its "Made in China 2025" blueprint released in 2015, the country laid the groundwork for technological self-sufficiency in chipmaking.

☆ Investors Lose Taste for Pricey Chinese Liquor as Xi Renews ‘Common Prosperity’ Call
▼ + stars: | 2022-11-02 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

A production line at the Kweichow Moutai factory in the town of Maotai in Guizhou province, China. Chinese President Xi Jinping has a vision to distribute wealth more equally across the country. Investors are sobering up to what that could mean for the companies that make the nation’s beloved fiery booze. Mr. Xi recently doubled down on his plans for “common prosperity” during China’s weeklong Communist Party congress in October. Investors are worried that this could portend an industry crackdown, or simply be bad for the future sales of luxury baijiu distillers and companies that sell expensive goods to wealthy people.

☆ Hong Kong’s Hang Seng Index Had a Makeover—Then the Market Got Ugly
▼ + stars: | 2022-10-15 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

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☆ Chinese Stocks Jump After More Covid Easing
▼ + stars: | 2022-05-12 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

Residents waiting to be tested for Covid-19 in Shanghai on Monday. Stocks in Hong Kong and mainland China jumped on Monday, after local Chinese authorities took more steps to ease strict Covid-19 policies that have crimped the country’s growth. The Hang Seng Index was 4.5% higher on Monday afternoon in Hong Kong, with key stocks including e-commerce giant Alibaba and smartphone maker Xiaomi rising more than double that. The CSI 300 Index, a gauge of the largest listed companies in mainland China, rose nearly 2% to its highest level since mid-September.

☆ China is asking its citizens to register for chartered flights out of Ukraine, a day after asking them to 'stay at home' or display the Chinese flag when driving
▼ + stars: | 2022-02-25 | by ( Weilun Soon | ) www.businessinsider.com time to read: +2 min

China has started asking its citizens in Ukraine to register for chartered flights out of the country. On Thursday, its embassy in Kyiv had suggested ways for Chinese nationals to keep safe in Ukraine without mentioning evacuation plans. There are about 6,000 Chinese nationals in Ukraine living in cities such as Kyiv, Lviv, Kharkiv, Odesa, and Sumy, state-run Global Times reported. China's evacuation announcement comes a day after the Chinese embassy advised nationals in Ukraine to "stay at home" or to display the Chinese flag on their cars if they have to go outside. The embassy encouraged Chinese nationals in Ukraine to look out for each other, but stopped short of asking citizens to evacuate.

☆ China avoids calling Russia's attack on Ukraine an 'invasion' and says trade with Russia will continue as normal
▼ + stars: | 2022-02-24 | by ( Weilun Soon | ) www.businessinsider.com time to read: +2 min

In its first comments since Russia's attack on Ukraine, China's foreign ministry sidestepped questions on whether it viewed Russia's actions as an invasion. It also stressed that trade with Russia will continue as normal. When a Reuters reporter asked if China would ask Russia to withdraw from Ukraine, Hua said, "We call on all relevant parties concerned to exercise restraint." Hua also said the US had been "hyping up war for some time," a transcript of the press event released by China's foreign ministry shows. Hua said trade between China and Russia would continue as normal.

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