May 05, 2020 09:02 PM

China Business Digest: Global Infections Top 3.6 Million; Hong Kong Moves Toward Normality



Global cases of Covid-19 exceed 3.6 million, with more than 251,000 deaths. Meanwhile, Europe and the U.S. are gradually restarting their economies, with Germany set to allow all shops to reopen. Hong Kong is also moving toward normality after 16 days of zero cases. Also, more developments are made in vaccine and treatment studies.

By Mo Yelin ( and Han Wei (


Hong Kong relaxes social distancing rules as outbreak wanes

Hong Kong is moving to reopen cinemas, gyms, bars and even schools after reporting zero new case for 16 straight days. The city government cleared loosening curbs on social gatherings and allowed some businesses to reopen. The changes go into effect Friday. Schools will also start resuming later this month in phases.

Pfizer starts human trials of potential vaccine in U.S.

Pfizer Inc. and BioNTech SE started initial human testing of their experimental Covid-19 vaccine in the U.S., the companies said Tuesday. If the vaccine proves to be safe and effective in trials, it could potentially be ready for wide U.S. distribution by the end of the year, the companies said.

Eli Lilly teams up with Chinese company Junshi to develop Covid-19 therapy

Eli Lilly and Shanghai Junshi Biosciences Co. Ltd. have signed an agreement to develop new antibody therapies that could be used to treat and prevent the virus that causes Covid-19, the Hong-Kong-listed Chinese company said Monday. As part of the deal, Eli Lilly will be granted an exclusive license to “conduct research and development activities, make and sell Junshi SARS-CoV-2 Antibodies” outside China.

China reports one new case on Monday

The Chinese mainland reported one new case (link in Chinese) of Covid-19 on Monday, which was imported, according to China’s health ministry. No new deaths were reported. Fifteen asymptomatic cases were reported, all domestic. At the end of Monday, China had 947 asymptomatic coronavirus cases under medical observation.

Other virus news

• As of Tuesday afternoon Beijing time, global infections have exceeded 3.6 million, with more than 251,000 deaths, according to data compiled by Johns Hopkins University.

• Germany is set to reopen all shops and allow soccer matches, Reuters reported, citing anonymous sources familiar with the situation.

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Caixin’s coverage of the new coronavirus


NetEase picks banks for secondary listing in Hong Kong

Chinese gaming giant NetEase Inc. hired Credit Suisse Group AG and China International Capital Corp. Ltd. for its planned secondary listing in Hong Kong, Bloomberg reported.

• Some clients might recoup up to 20% of their deposits lost in BoC Investment

Investors that suffer massive losses in the crude oil futures investment products sold by Bank of China Ltd. (BoC) might be able to get some of their money back, reflecting remarks of the country’s cabinet-level financial regulatory body.

BoC clients who invested 10 million yuan ($1.4 million) or less in the bank’s Yuan You Bou product might be able to recoup 20% of their deposits, while those who put in more than 10 million yuan might need to write off their entire investment, Caixin has learned from sources with knowledge of the matter.

• Kingsoft Cloud Holdings Ltd. eyes up to $517 million in U.S. IPO

The Chinese cloud services provider refiled its prospectus with the Securities and Exchange Commission on Monday, revising the target for its U.S. IPO to $517 million from a previous $100 million.


• India is developing a land pool nearly double the size of Luxembourg to lure businesses moving out of China, Bloomberg reported, citing anonymous sources with the knowledge of the situation.

• Chinese smartphone-maker Xiaomi Inc. says it will restart production in India by June.

• Major U.S. companies and trade groups are reportedly urging the Trump administration to expand its tax exemptions to include Chinese-made high-tech products.

General Motors’ China joint venture posts double-digit growth in April, following a dismal first-quarter.

HSBC Holdings Plc agreed to buy the remaining 50% stake in its Chinese life insurance venture as CEO Noel Quinn pushes ahead with a business overhaul. Many foreign companies are making similar moves as China relaxes foreign ownership rules for financial services providers in the country.

Evergrande, one of China’s largest property developers, accelerated its land purchases in April as China eases liquidity to boost the economy amid the coronavirus outbreak.


The Shanghai Disney Resort is set to reopen by mid-May, following its months-long closure due to the coronavirus pandemic, local media reported, citing an anonymous source. If so, it will become the first Disney theme park in the world to reopen during the outbreak.


Shanghai Disney Resort sits empty at the height of the coronavirus outbreak on March 10


May 7: Caixin China services PMI

May 7: China import and export data


Contact reporter Mo Yelin ( and editor Michael Bellart (

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