CX Daily: How Covid Is Altering International Sports

Sports /

Cover Story: How Covid is altering international sports

The opening night of Euro 2020 in Rome was more subdued than many had imagined.

Without gatherings of excited fans and fleets of cars decorated with Italian flags, there were few traces of elation in the soccer-obsessed city when the tournament kicked off June 11 with a match between Italy and Turkey.

About 1,000 fans were admitted to a Football Village set up at the Piazza del Popolo to watch Italy’s victory on giant video screens, with masks and social distancing. Seating at the Olympic Stadium where the match was played was limited to 25% of capacity. As Italy is still under a nationwide curfew to control the Covid-19 pandemic, fans had little time to celebrate before midnight.

FINANCE & ECONOMY

A DBS branch in Shenzhen on Dec. 22, 2020. Photo: VCG

Banking /

Singapore’s biggest bank closer to deal to take strategic stake in Chinese lender

China’s securities regulator gave the go-ahead to Shenzhen Rural Commercial Bank Co. Ltd.’s (SZRCB) private placement in which Singapore’s biggest bank will take a major stake, marking the first foreign strategic investment in a small or midsize Chinese bank in more than a decade.

On Tuesday, the China Securities Regulatory Commission approved the Shenzhen lender’s sale of about 1.96 billion new shares, it said in a statement (link in Chinese). The lender is poised to sell 1.35 billion of the shares to DBS Bank Ltd. for 5.29 billion yuan ($819 million) under a deal in which the Singaporean bank will hold a 13% stake, making it SZRCB’s largest shareholder. The deal got the nod (link in Chinese) from China’s banking regulator in April.

Corruption /

Ex-chair of state-run interbank clearing platform expelled from Communist Party for graft

The former chairman of a state-owned interbank clearing and settlement platform was expelled from the Communist Party for alleged corruption and bribery, China’s anti-graft watchdogs said Friday.

Xu Zhen, the former chairman and party chief of the Shanghai Clearing House (SCH), violated the party’s discipline, formed cliques and factions, undermined the political environment of the SCH and resisted investigation, the Central Commission for Discipline Inspection, the country’s top graft baster, and its local counterpart in Shanghai said in a statement (link in Chinese).

Funds /

Foreign investors love China’s multitrillion-dollar mutual fund market

China’s mutual fund market has grown at a fast clip in recent years, attracting more and more foreign investors who seek to sell mutual funds independently in the world’s second-largest economy.

The net asset value (NAV) of mutual funds in China reached about 23 trillion yuan ($3.6 trillion) at the end of May, nearly double the 13 trillion yuan recorded three years earlier, according to (link in Chinese) data from the Asset Management Association of China, an industry group.

Green finance /

China, EU set to agree on green finance definitions by year-end, official says

China and the EU are expected to finalize common classification standards for green projects by the end of this year, which can help attract overseas investors who are eying China’s relatively high bond yields, officials and industry insiders said Thursday.

Experts working on the final version have agreed on a common taxonomy for environmentally sustainable investments in terms of types of projects and methodologies, Zhang Bei, a deputy director of the finance institute of the People’s Bank of China (PBOC), said at the Caixin Summer Summit 2021 in Beijing.

Quick hits /

Economist who helped map out China’s reforms dies at 92

Greater Bay Area banks gear up for cross-border investment program

Delta variant forces Guangdong to expand who counts as a ‘close contact,’ official says

BUSINESS & TECH

The first flight from Chengdu Tianfu International Airport on Sunday. Photo: VCG

Airports /

High hopes for newly opened Chengdu airport

Chengdu became the third Chinese city to operate two major airports this week, alongside Beijing and Shanghai, with the authorities aiming to turn the new airport into a major transportation hub in the country’s less developed interior.

The new, 75 billion yuan ($11.6 billion) Chengdu Tianfu International Airport saw its first flights take off Sunday, the state-owned Xinhua News Agency reported (link in Chinese), becoming the southwestern city’s new primary airport alongside its older Shuangliu International Airport.

The new airport will focus on international routes, while Shuangliu will mainly operate domestic flights to cities on the Chinese mainland and to Hong Kong, Macao and Taiwan.

Chips /

China’s chip investment moves ahead full throttle

Chinese semiconductor firms have continued to attract high levels of investment so far this year, sealing billions of dollars in financing as Beijing looks to build up its industry to meet demand created by a global shortage and lessen its reliance on foreign products.

Some 164 Chinese firms received 40 billion yuan ($6.19 billion) in combined funding during the first five months of 2021, according to a report published last week by U.S.-based law firm Katten and Chinese chip-industry monitor Ijiwei.com.

Lab /

China launches $200 million Earth simulation lab to gain bigger say in climate negotiations

In the country’s latest effort to boost its influence on international climate negotiations, China launched a $200 million Earth simulation lab (link in Chinese) Wednesday, following in the footsteps of the U.S., Japan and some European countries.

Beijing-based EarthLab can help better predict trends in the planet’s climate and its environment, according to an article by the lab’s research team published Wednesday in the peer-reviewed journal Advances in Atmospheric Sciences.

Carbon /

China’s national carbon trading market to include cement, aluminum next year, expert predicts

China’s national carbon trading market is likely to expand to cover industries such as cement and aluminum next year, Tsinghua University climate expert Zhang Xiliang said Thursday at a forum.

The market will be up and running by the end of June and will move beyond simply the power sector to include other industries as soon as possible, Zhang said at an event on China’s policies to achieve carbon neutrality.

Quick hits /

China signals electricity price hike for households

Tesla to recall over 285,000 cars in China on autopilot issues

Opinion: Seafarers under Covid – China should fill gap left by India and Philippines

Energy Insider /

Energy Insider: Chinese SOE profits up 170% in first five months; Baowu and Vale launch Indonesia nickel project

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Today's CX Daily was compiled and edited by Kevin Guo (xinguo@caixin.com).