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Search resuls for: "Chinese Law"


8 mentions found


☆ China regulator asks Futu and UP Fintech to stop soliciting mainland clients
  + stars: | 2022-12-30 | by ( Reuters Staff | ) www.reuters.com   time to read: +3 min
Reuters reported earlier that Chinese officials were planning to ban online brokerages such as Futu Holdings Ltd and UP Fintech Holding Ltd from offering offshore trading services to mainland clients. The announcement also came a day after Futu, backed by Chinese internet giant Tencent Holdings, delayed its listing plan in Hong Kong. The company said it was “clarifying certain matters concerning the Group with the Hong Kong Stock Exchange”, in a filing to the Hong Kong bourse on Thursday night. Futu and UP Fintech Hong Kong have conducted cross-border securities businesses involving domestic investors without regulatory consent, contravening Chinese laws, the China Securities Regulatory Commission (CSRC) said in a statement. The CSRC will ask the brokerages to take corrective measures, such as to stop soliciting new business from mainland investors, the watchdog said.
☆ Boston student arrested after threatening pro-China democracy activist
  + stars: | 2022-12-14 | by ( Nate Raymond | Thomson Reuters | Nate Raymond Reports On The Federal Judiciary | ) www.reuters.com   time to read: +2 min
Prosecutors said Wu, through a Berklee-focused WeChat group whose 300-plus members included the activist, demanded that any fliers be torn down and said he was reporting the activist to the public security agency in China. "I already called the tip-off line in the country, the public security agency will go greet your family," Wu wrote, according to a criminal complaint. Prosecutors said Wu in a later WeChat post asked for help determining where the unnamed civic activist lived. "You should wash dishes for the capitalist dogs," Wu wrote, according to the complaint. Reporting by Nate Raymond in Boston; Editing by Richard Chang and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.
☆ Blizzard tells China’s ‘World of Warcraft’ fans to back up data as it seeks new partner
  + stars: | 2022-12-14 | by ( Michelle Toh | ) edition.cnn.com   time to read: +2 min
Hong Kong CNN —“World of Warcraft” fans in China will have to back up their playing history as the distributor of the hit game winds down its agreement with Blizzard Entertainment. Blizzard, a unit of Activision Blizzard (ATVI), and its longtime Chinese partner, gaming giant NetEase (NTES), said last month they would not renew licensing agreements that are set to expire in January. Those deals had covered the publication of several popular Blizzard titles in mainland China, including “World of Warcraft,” “Hearthstone,” and “Diablo III,” since 2008. NetEase told fans last month that their “World of Warcraft” data would be “sealed” after servers for the game are shut down in January. Collaboration on “Diablo Immortal” is under a separate agreement that will continue, NetEase said in a November statement.
☆ Lawmakers unveil bipartisan bill that aims to ban TikTok in the U.S.
  + stars: | 2022-12-13 | by ( Lauren Feiner | ) www.cnbc.com   time to read: +2 min
TikTok, owned by Chinese company ByteDance, has raised fears in the U.S. that Chinese government officials could gain access to U.S. user data under Chinese law that could compel the company to hand over information. TikTok has insisted U.S. user data is safely stored outside of China, which it says should keep it out of reach of government officials. A new bill from a bipartisan group of lawmakers, if passed, would ban TikTok in the U.S. after years of broad concern across the Trump and Biden administrations about potential Chinese government influence on the company. FBI Director Christopher Wray testified before Congress recently that he's "extremely concerned" about the Chinese government's potential influence through TikTok on U.S. users. "It is troubling that rather than encouraging the Administration to conclude its national security review of TikTok, some members of Congress have decided to push for a politically-motivated ban that will do nothing to advance the national security of the United States," a TikTok spokesperson said.
☆ Apple is going to keep cozying up to the Chinese government, no matter how much it says it's investing in America, India, and other countries
  + stars: | 2022-12-12 | by ( Emilia David | Asia Martin | ) www.businessinsider.com   time to read: +6 min
Apple, which enjoys about 50% market share in the US and many other countries, still has room to run in China. Apple willing to play ball with China's governmentWhile pursuing the Chinese consumer, Apple has made concessions to the Chinese government. But in China, it offloaded iCloud servers to a Chinese state-owned company to comply with Chinese regulations. Popal said Huawei was the first Chinese brand to shake off the perception that Chinese phones were cheap. But with hundreds of millions of potential customers left to convert to iPhone users in China, Apple will absorb the hits.
☆ China and the TikTok threat: How the White House cybersecurity team is thinking about it
  + stars: | 2022-11-18 | by ( Ian Thomas | ) www.cnbc.com   time to read: +6 min
The Biden White House hasn't made any determination yet on a TikTok ban, Kemba Walden, Principal Deputy National Cyber Director, said at the CNBC Technology Executive Council Summit on Tuesday. With national defense the focus, she said the White House is looking at strategic investments to identify how to make domestic systems more resilient and counter information operations. Walden said she is concerned not only as a White House official but as a parent. The Office of the National Cyber Director was established by the Biden administration in 2021, with Chris Inglis being named the first National Cyber Director. Walden said increasing cybersecurity education is just one of the ways the White House is aiming to "get in front of the adversary."
☆ This man says he lost all his savings gambling online in China, where players visit 'mirror' websites that change URLs daily and fake 'friends' recruit gamblers in chat groups
  + stars: | 2022-10-22 | by ( Jyoti Mann | ) www.businessinsider.com   time to read: +7 min
Gambling is illegal in most parts of China, apart from the state-owned national lotteries, and recognised gambling sites are blocked from Chinese users. It is one of many gambling companies that have mirror sites. Experts told Insider mirror websites are a "common" practice by betting companies in countries that don't allow gambling. A virtual armyHuang said it was easy to find a link to a new mirror gambling site once an old one has been blocked: his friends sent him the URL. They make friends with people and claim that they have won money gambling, and encourage other users to visit mirror sites.
☆ China is no longer just any emerging market — it has become its own beast
  + stars: | 2022-10-14 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +6 min
Analysts note longer-term trends of China's reduced dependency on foreign investment and intellectual property. Kevin Frayer | Getty Images News | Getty ImagesBEIJING — China is no longer just another emerging market play. Analysts note longer-term trends of China's reduced dependency on foreign investment and intellectual property. So far, she said, the number of clients excluding China isn't "overwhelming," and by metrics such as per capita GDP the country remains an emerging market. An internal party committee, or office, gathers together a company's employees who are members of the Communist Party of China.
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