World’s largest floating restaurant in Hong Kong to close down

Economy 06/08/22, 23:55

Jumbo, Hong Kong’s iconic floating restaurant, is on its way out due to financial difficulties. Business Insider reported that Aberdeen Restaurant Enterprises, the restaurant’s parent company, announced last month that the tourist attraction would leave for a new home outside the city in June. The announcement came without a fixed date.  The ...

Shanghai’s foreign-invested firms find pessimistic outlook after lockdown

Economy 06/08/22, 23:32

Foreign companies remained in Shanghai after the Ukraine-Russian war. But has their patience tested to the uttermost with the city’s near two-month closure? The Chinese government was resolute about stabilizing its economy until COVID-19 hits Shanghai. Even as the city is a financial hub, officials still put it through a devastating ...

Didi announces its delisting from Wall Street

Economy 06/08/22, 04:07

China’s ride-hailing giant Didi Chuxing will say goodbye to the U.S. stock market in June, just one year after its public debut on Wall Street. According to Apollo News, Didi announced that it officially applied to the U.S. Securities and Exchange Commission on June 2. Ten days later, the company would ...

Protest in Dongxing: ‘We have no money’

Economy 06/08/22, 04:06

A protest broke out in Dongxing City, Guangxi, on June 5. Over a thousand people gathered in front of a government building to demand authorities lift the lockdown. Dozens of police officers were sent to confront the protesters. Guangxi’s Dongxing city has been closed for more than three months. The protest ...

China’s dangerous era of high inflation is coming: Report

In-depth Reports 06/08/22, 03:13

China is already in a state of de-growth. And with rising inflation, the world's second-largest economy is encountering a dangerous era. Before the Covid pandemic hit China, this economy has been facing a slowdown in recent years.  An article from the UK-based Financial Times on June 6 pointed out that China's economy ...

The ‘gutter oil’ problem in China

Economy 06/07/22, 08:46

China is a country with a rich culinary culture. Cooking oil is an essential ingredient in many delicious dishes. However, in China, the use of gutter oil has become a widespread practice in all types of restaurants.  Sichuan hotpot usually contains a significant amount of oil as the base of the ...

China small business owner: Government’s bailout policy not working

Economy 06/07/22, 08:43

The Chinese government has recently introduced financial policies to support small and micro-sized enterprises battered by the recent Covid outbreak. However, these companies are complaining that they still cannot access loans. Mr. Lin is a business owner operating a restaurant in Guangxi province. In an interview via a phone call with U.S.-based ...

Experts say China faces irreversible pressure of foreign capital outflow

Economy 06/07/22, 08:40

Shanghai officials have recently announced to lift restrictions on businesses thanks to an easing Covid lockdown. However, experts said that China would face irreversible pressure of foreign capital withdrawal from the country. As Reuters reported, the Shanghai government held a press conference on May 29. They released an action plan for ...

First U.S.-listed Chinese supermarket chain sued for hiding transactions

Economy 06/07/22, 08:29

U.S.-listed Chinese supermarket iFresh is being sued by the U.S. Securities and Exchange Commission (SEC) over its undisclosed related-party transactions.  Deng Long is a Chinese immigrant from Fujian province. He founded New York Mart in 1995. In 2016, New York Mart signed a merger agreement to become a wholly-owned subsidiary of ...

China’s special bond issuance may not turn the economy around: Experts

Economy 06/07/22, 08:26

As part of the stimulus package to boost the economy after prolonged lockdown measures, China's State Council ordered local authorities to release a special bond issuance of 3.45 trillion yuan (518 billion dollars). According to Shanghai Securities News, in addition to investing in nine areas such as transportation infrastructure, energy, agriculture, ...

5 Chinese companies forcibly delisted in 2 days

Economy 06/07/22, 07:13

On June 1, *ST Jintai and *ST Jitang received notice from the Shanghai Stock Exchange that their stock listings would be terminated. Besides that, the Shenzhen Stock Exchange officially announced on June 2 that Julong, Bangxun Technology, and Contemporary Oriental(* ST Dangdai) would be delisted. Data shows that the five ...

Chinese female tycoon sees her $12 billion evaporate to zero within 5 years

Economy 06/07/22, 04:51

She was one of the richest people in China’s second-wealthiest province Zhejiang. Her prosperity was a typical Cinderella-like rise story. Now she is struggling to pay 300 million dollars after watching her enterprise of sweating tears collapse. Zhou Xiaoguang came from a humble beginning with simple peasant family background. At the ...

China Evergrande yet to repay debts, Fitch withdraws its ratings

Economy 06/07/22, 04:42

China Evergrande Group continues to lose credibility in the debt market as Fitch Ratings revoked its rating on the giant Chinese property developer. In a statement on June 2, Fitch Ratings announced that it withdrew its long-term foreign-currency issuer default ratings on China Evergrande Group and its two subsidiaries, Hengda Real ...

Hubei Bank chairman sacked, Huishang Bank’s former leader jailed

Economy 06/06/22, 23:50

Many Chinese bank executives continue to fall from their positions as they are investigated for corruption. Early this week, Chen Dalin, chairman of Hubei Bank Corporation, was sacked. He was also a former secretary of the Chinese Communist Party unit at the bank. The Paper citing the Hubei Provincial Commission for Discipline ...

Behind the fall of 63 leaders of Liaoning small and medium-sized banks

Economy 06/06/22, 04:11

Sixty-three executives of small and medium-sized banks in Liaoning, China, have been investigated since 2021, states the Fangxun Report from Apollo.com.  This means that 83% of these banks in the province have problems. A netizen comment describes what's behind this situation: "Officials everywhere are in a nest of corruption." From 2021 to now, ...

U.S. urges U.K to cancel China chip firm deal

Tech 06/06/22, 04:03

According to the Wall Street Journal, a deal to buy U.K semiconductor from a Chinese-owned company may fall apart after the U.S. intervenes.  The U.K government on May 25 started a national security probe into the deal from a Chinese-controlled firm of a British chip factory.  Britain’s business secretary said, “We welcome ...