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☆ 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.

[1/3] U.S. President Joe Biden attends the groundbreaking of the new Intel semiconductor manufacturing facility in New Albany, Ohio, U.S., September 9, 2022. But all that new construction has a real estate problem. That would be a problem for the Biden administration, which has pushed through legislation to fuel the developments. A White House official said it was a "high-class problem" to have, adding: "Folks are finding places to build. The governors of South Carolina, Virginia and North Carolina have each proposed to spend hundreds of millions of dollars on readying industrial sites in the coming years.

☆ China Renaissance delays results, halts trade citing star dealmaker's disappearance
▼ + stars: | 2023-04-03 | by ( ) www.cnbc.com time to read: +1 min

Late in February 2023, China Renaissance said in an exchange filing that Bao Fan, its star dealmaker, was co-operating with authorities in their investigation. Boutique investment bank China Renaissance Holdings said it would delay its audited annual results and suspend its stock trading from Monday, after mainland authorities took away its chairman, Bao Fan, to co-operate with an investigation. "While the company has used its best efforts to facilitate the requests of the auditors," those requests are not matters within the control of China Renaissance, the bank said in the filing, adding that the board "was not able to reasonably estimate when it would meet to approve" the 2022 annual results. Bao, who is also CEO, started the bank in 2005 with a two-person team, seeking to match capital-hungry startups with venture capitalist and private equity investors. The bank had an unaudited loss of 563.8 million yuan ($81.8 million) for 2022, compared with 1.6 billion yuan worth of net income for the year earlier, Sunday's filing showed.

☆ Alibaba founder Jack Ma back in China after months abroad in sign Beijing may be warming to tech
▼ + stars: | 2023-03-27 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Alibaba founder Jack Ma has been seen in public in China after the first time in several months. The billionaire's reapprance may suggest Beijing is softening its stance toward the technology sector after an 18-month crackdown. Alibaba founder Jack Ma has been spotted in China after spending months abroad in a potential sign that Beijing is warming to technology giants again after a roughly 18-month crackdown on the sector. Ma has been traveling outside of China over the past few months and has been spotted in Spain, Japan and Thailand. "In so doing, the government intends to signal its warmth towards private sector and investors—if even Jack Ma is perceived as having been pardoned, everyone else should feel safe and welcome," Sun said.

☆ 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.

☆ Chinese ride-hailing giant Didi plans expansion after Beijing's crackdown on the firm ends
▼ + stars: | 2023-03-16 | by ( Arjun Kharpal | ) www.cnbc.com time to read: 1 min

Didi is planning to expand this year, the company said Thursday, as the regulatory crackdown on the Chinese ride-hailing giant eases. The Beijing-headquartered company said in an online statement that it plans to work with partners in 2023 to launch more diversified products and services. It also said that it plans to cover more cities with its services. Didi said it sees a "rapid recovery of travel and consumption" across China and in the past few months, the number of ride-hailing orders has been growing. China scrapped its strict "zero-Covid" policy in December which aimed to stop the spread of the coronavirus through measures including mass testing and lockdowns.

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.

☆ Chinese bank says missing chairman is cooperating with Chinese authorities in an investigation
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Feb 26 (Reuters) - China Renaissance Holdings (1911.HK) said in an exchange filing on Sunday that its missing chairman and star dealmaker Bao Fan was currently cooperating with relevant Chinese authorities conducting an investigation. This is the first time the mainland China-based boutique bank has given a reason for the disappearance of its founder -- who was reported missing 10 days ago -- though no details about the investigation were shared. "The Board would like to reiterate that the business and operations of the Group are continuing normally," the bank said in the exchange filing. Reuters previously reported, citing sources, that authorities took Bao away earlier this month to assist in an investigation into a former colleague, Cong Lin, the company's former president. read moreBao's disappearance also comes against the backdrop of more than two years of sweeping regulatory crackdown on technology companies.

☆ 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.

Though the reasons for Bao's disappearance are unclear, his case follows a series of incidents in which high-profile executives in China have gone missing with little explanation during a sweeping anti-corruption campaign spearheaded by President Xi Jinping. China Renaissance said on Thursday in a stock exchange filing that it had no information that Bao's "unavailability" was related to its business, and that its operations were continuing normally. A spokesperson for Beijing-based China Renaissance declined to comment on specific details and referred Reuters to its exchange filing made on Thursday. "What happened to China Renaissance highlighted the key man risk with some Chinese companies," Li Nan, professor of Finance at Shanghai Jiaotong University, said. key man risk generally refers to the threat posed to a company from over-reliance on a limited number of personnel for decision making.

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.

Feb 17 (Reuters) - Chinese dealmaker Bao Fan, founder of investment bank China Renaissance Holdings Ltd (1911.HK), has gone missing in the latest disappearance of a top business executive, unnerving investors and sending its stock down as much as 50% on Friday. A China Renaissance spokesperson referred Reuters request for comment on Friday to the investment bank's public filing. The firm earned $20.6 million in Chinese related investment banking fees in 2022, down from $43.13 million a year earlier, the data showed. Bao started China Renaissance in 2005 as a two-person team, seeking to match capital-hungry startups with venture capitalist and private equity investors. China Renaissance is also an active investor in the tech sector.

☆ Factbox-Five facts about missing star Chinese dealmaker and his firm
▼ + stars: | 2023-02-18 | by ( Xie Yu | ) www.reuters.com time to read: +2 min

HONG KONG (Reuters) - Well-known Chinese dealmaker Bao Fan, founder of investment bank China Renaissance Holdings Ltd, has gone missing in the latest disappearance of a top business executive in the country, unnerving investors. FILE PHOTO: Fan Bao founder and CEO of China Renaissance speaks at the WSJD Live conference in Laguna Beach, California October 25, 2016. Here are five facts about Bao and his firm --* Bao entered China’s prestigious Fudan University in 1989, and later received his master’s degree from the BI Norwegian School of Management. Its investment management business has assets worth around 48.6 billion yuan by the end of last June. It earned $20.6 million in Chinese related investment banking fees in 2022, down from $43.13 million a year earlier.

☆ Factbox: Five facts about missing star Chinese dealmaker and his firm
▼ + stars: | 2023-02-18 | by ( Xie Yu | ) www.reuters.com time to read: +2 min

HONG KONG, Feb 18 (Reuters) - Well-known Chinese dealmaker Bao Fan, founder of investment bank China Renaissance Holdings Ltd (1911.HK), has gone missing in the latest disappearance of a top business executive in the country, unnerving investors. Here are five facts about Bao and his firm --* Bao entered China's prestigious Fudan University in 1989, and later received his master's degree from the BI Norwegian School of Management. Its investment management business has assets worth around 48.6 billion yuan by the end of last June. * The firm is currently ranked ninth on China's equity capital markets league table for 2023, according to Refinitiv. It earned $20.6 million in Chinese related investment banking fees in 2022, down from $43.13 million a year earlier.

☆ 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.

HONG KONG, Feb 17 (Reuters Breakingviews) - The disappearance of Bao Fan is a chilling dampener on the reopening of the world's second largest economy. China Renaissance was valued at $2.3 billion in its own IPO in 2018 when it was ranked second on China tech deals per Dealogic. Entities including China International Capital Corp (3908.HK) and Citic Securities (600030.SS), also have to grapple with President Xi Jinping’s common-prosperity campaign, making it unclear whether these firms’ erstwhile generosity will resume when advisory activity picks up. It also noted that in September Chinese authorities took Cong Lin, the bank’s president and chairman of its Hong Kong securities unit, into custody. Column by Yawen Chen in Hong Kong and Una Galani in Mumbai.

SYDNEY, Feb 17 (Reuters) - Shares of boutique investment bank China Renaissance Holdings Ltd (1911.HK) fell by as much as 50% on Friday after the firm said it had been unable to contact Chairman and Chief Executive Bao Fan. China Renaissance shares slid by 50% in early trade to hit a record low of HK$5 each. He started China Renaissance in 2005 and the exchange filing showed he is its controlling shareholder. China Renaissance was listed on the Hong Kong Stock Exchange in 2018 after it raised $346 million. China Renaissance is also an active investor in the tech sector.

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.

☆ Chinese IPOs are coming back to the U.S.
▼ + stars: | 2023-02-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

A handful of Chinese companies are starting to list again in the U.S.BEIJING — Chinese startups are raising millions of dollars in U.S. stock market listings again, after a dry spell in the once-hot market. The company raised $190 million in its initial public offering, more than initial plans — and one of the largest listings since ride-hailing giant Didi raised $4.4 billion in its June 2021 IPO. That listing ran afoul of Chinese regulators, who ordered a cybersecurity review into Didi just days after its public listing. As of the end of 2022, only six China-based companies had issued American depositary receipts in U.S. IPOs since the Didi fallout, according to Wind Information. But the dry spell in Chinese IPOs in the U.S. is starting to end as firms get more regulatory clarity.

☆ A 20-year market veteran explains why China's reopening means more upside for investors than they realize — and how betting on the nation could be a winning strategy
▼ + stars: | 2023-01-28 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +4 min

Mike Edwards believes that markets haven't fully priced in the upside from China's reopening. In the long run, Edwards said that China can maintain its global presence even without the US. The end of China's zero-COVID policy and the country's subsequent economic reopening has undoubtedly been one of the biggest tailwinds for markets so far this year. But while investors have welcomed this news with open arms, Mike Edwards — deputy chief investment officer at Weiss Multi-Strategy Advisers — doesn't believe that they've realized yet just how much upside the reopening of the Chinese economy could bring the stock market. Europe's outperformance over the US so far this year can, in part, be attributed to its significantly larger exposure to the Chinese economy.

☆ 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.

☆ China tightens media control with tiny stakes in two Alibaba units
▼ + stars: | 2023-01-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

Sopa Images | Lightrocket | Getty ImagesBEIJING — State-backed entities have taken tiny stakes in parts of two Alibaba subsidiaries that oversee a video platform and web browser. The state-backed stakes reflect a progression of government directives over the last decade to increase control of media in China. "So far most of the stakes announced (including in other Chinese companies) seem to be highly concentrated on media companies and media subsidiaries." watch nowSince 2020, business records show state-backed entities have taken 1% stakes in popular social media or short-video apps Weibo , ByteDance's Douyin and Kuaishou . A provincial state media group completed a 1% investment in September, leaving Alibaba's media arm with 99% ownership.

☆ 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.

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