Weekly Must-Read: The Who, What and Why of China’s Regulatory Campaign

The Caixin Must-Read newsletter brings you the best of our coverage over the past week, handpicked by our editors.

# Opinion #

The Who, What and Why of China’s Regulatory Campaign

Seven types of companies are in the firing line, including those viewed as ‘too big to fail.’ Overseas investors need to start to understand the government’s rationale

China’s Crackdown on After-School Training Reflects Core Philosophies

China’s leaders are pursuing a consistent set of values promoting fairness and equality of opportunity, influential blogger argues

# Cover Story #

How Historic Rainfall Overwhelmed Zhengzhou

Five-year-old, $8.3 billion ‘sponge city’ program for handling floods falls short as toothless red alert warnings go unheeded

# Business & Tech #

Chinese Education Stocks on NYSE Collapse Amid New Crackdown

Authorities issue sweeping new regulations restricting after-school tutoring, forcing an industry restructuring and banning share sales and foreign investments

Evergrande Cancels Special Dividend, Gripes About S&P Downgrade

Investor confidence in the debt-ridden Chinese developer takes a one-two punch as its stock plunges more than 13%

China Mulls Unified Five Year Plan for Renewables

Official tells industry conference new energy plan will place greater emphasis on solar

# Finance #

In Depth: The Fall of China’s Last Bitcoin Mining Haven

A manager and an investor of a Sichuan Bitcoin mining farm told Caixin about how they had been building their wealth during China’s crypto gold rush — and now they couldn’t do that anymore

An ethnic Tibetan woman in Sichuan province’s Heishui county carries components of cryptocurrency mining machines that were sent from the Xinjiang Uyghur autonomous region on May 2. Photo: Ding Gang/Caixin

China Stocks Retreat in Wake of Regulatory Crackdown

Investors in China’s most vibrant sectors — from technology to education — are caught in line of fire as Beijing reins in private enterprises

# Economy #

Hainan Promises to Put Foreign Service Providers on Equal Footing, Mostly

Beijing releases a negative list for the South China island province that will open up cross-border services trade to overseas firms, provided they don’t violate 70 restrictions in 11 industries

# China #

Analysis: What the Deadly Zhengzhou Floods Teach Us

The Zhengzhou catastrophe that claimed dozens of lives shows how extreme weather incidents are testing big cities’ emergency response capacity

In Depth: Pressure to Schmooze Stymies China’s Drive to Recruit Top Talent

Experts say that such socializing is one of several issues that China needs to address to fix its long-running effort to foster scientific and technological innovation

Analysis: The Impact of U.S. Ban on Chinese Researchers on International Study Plans

As many as a quarter of science and tech postgraduates could see their applications rejected, according to some estimates

# Gallery #

 Typhoon Torments East China

# Weekend Long Read #

How a London Power-Duo Outfoxed China’s Biggest Private Steel Giant

Shagang’s restructuring plan centered on a multibillion pound deal for a British data center operator. After five years, an insider trading investigation and a record trading suspension, was the deal worth it?

# Podcast #

Third Sinovac Shot Raises Immunity, Study Says

Researchers say it’s unclear whether a third dose of the vaccine offers protection against Covid variants; Zhengzhou disaster raises questions on the emergency response of the city’s hospitals; and WeChat suspends registration of new users