Caixin
Feb 18, 2022 09:32 AM
CX DAILY

CX Daily: How a State Insurance Boss Got a Cache of Gold Bars

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Corruption /

In Depth: How a state insurance boss got a cache of gold bars

Specializing in overseas business, China Taiping Insurance Group Ltd. is the only financial company under the central government’s direct watch to set up headquarters outside the mainland.

Taiping raised industry eyebrows for its rapid business expansion in the 2010s. Between 2011 and 2014, the company’s total insurance premium income, total assets and net profit doubled.

The mastermind behind Taiping’s robust growth was the company’s former Communist Party chief and Chairman Wang Bin, who led the company between 2011 and 2018 before being named to head China Life Insurance (Group) Co. Ltd., the nation’s biggest insurance company.

Investigation /

Chinese province sets up team to probe shackled mother case

Jiangsu plans to set up an investigation team to look into the case of a mother of eight who was found shackled to the wall of a shed and is suspected of being trafficked.

The government of the eastern Chinese province vowed to find out the truth, saying it will “severely” punish any criminal acts linked to the case and will hold those responsible accountable, state broadcaster CCTV reported Thursday.

Authorities will make public their investigation results, the report said.

FINANCE & ECONOMY

Stocks /

Global investors reveal China stocks they picked and ditched

Some of the world’s top institutional investors have been disclosing the U.S.-listed Chinese stocks they bought, sold and held in the fourth quarter as uncertainties persisted about the outlook for the battered technology and consumer e-commerce sectors after last year’s regulatory storm.

Regulatory filings with the U.S. Securities and Exchange Commission (SEC) covering the fourth quarter of 2021 reveal that Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. all trimmed their holdings in e-commerce heavyweight Alibaba Group Holding Ltd. Morgan Stanley and JPMorgan along with BlackRock Inc. and Cathy Wood’s ARK Investment Management LLC also offloaded shares in Baidu Inc.

Yuan /

Yuan’s global popularity keeps rising with usage at record high

The Chinese yuan is making deeper inroads as a currency of choice for global payments with international transactions climbing to their highest level ever.

Payments using the renminbi, as the currency is also known, jumped to a record 3.2% of market share, according to data from the Society for Worldwide Interbank Financial Telecommunications, breaking through its previous high set in 2015, which came on the back of a currency devaluation in a bid to increase exports.

Opinion: Can the yuan-dollar exchange rate reach 5?

Covid-19 /

South China province offers cash for tips on illegal border crossing, smuggling

South China’s Guangdong province stepped up crackdowns on smuggling and illegal border crossings with local authorities offering cash rewards for tip after several stowaways entering or passing through the province from Hong Kong were confirmed with Covid-19.

Four districts in the city of Zhuhai issued notices (link in Chinese) Tuesday and Wednesday offering rewards of up to 100,000 yuan ($15,785) to local residents who provide credible reports of smuggling, illegal border crossings or organized illegal crossings. The measure aims to prevent Covid cases from being imported, the notices said.

Hong Kong asks property tycoons to help house Covid patients

Quick hits /

PBOC chief vows supportive policy as growth returns to potential

BUSINESS & TECH

Free at-home Covid test kits made by Andon’s iHealth Labs are distributed to households in Los Angles Jan. 7.

Test kits /

China exports at-home Covid tests to U.S., Europe and Japan

Many of the free at-home Covid-19 test kits Americans are receiving from the U.S. government were made in China by three companies that are benefiting from surging demand worldwide — except in China itself.

Among the 15 kits that gained emergency use authorization from the U.S. Food and Drug Administration, three are made by Chinese companies: Andon Health Co. Ltd., Acon Biotech (Hangzhou) Co. Ltd. and Zhejiang Orient Gene Biotech Co. Ltd.

Other countries are also scrambling for test kits made in China.

Property /

Facing a tough year ahead, Chinese developers trim fat

Chinese real estate companies are trimming fat and moving managers to front ines as the industry strains under the impact of slowing economic growth and tighter credit conditions.

On Monday, Central China Real Estate Ltd. said it will shrink the staff in its main office and streamline management by reducing its bureaucratic layers from five to three, according to the transcript (link in Chinese) of an online media briefing.

Earnings /

Grocery platform Dingdong cuts losses to $172 million

Online grocery platform Dingdong, which had its U.S. IPO last summer, pared losses by 12% in the final quarter of 2021 as the business tried to control costs in its battle with better-funded rivals.

In the three months through December, Shanghai-based Dingdong Ltd. reported a net loss of 1.1 billion yuan ($172 million), according to its earnings report released Tuesday.

Quick hits /

Starbucks raises prices in China amid rising costs, slowing sales

Meihua becomes China’s first U.S. IPO since Didi crackdown

GALLERY

Chinese skiers eye more Olympic medals

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