Caixin
Jul 22, 2022 10:41 AM
CX DAILY

CX Daily: How Saving Poyang Lake Will Alter A Complex Ecosystem

Poyang Lake /

In Depth: How saving Poyang Lake will alter a complex ecosystem

Its unique ecology makes Poyang Lake China’s most important wetland with global influence. It is included in the List of Wetlands of International Importance by the Convention on Wetlands and is designated as a globally important ecological area by the World Wildlife Fund.

Now a proposed 3 kilometer long, 23.4 meter high sluice gate system, intended to maintain the lake’s water level during the winter dry season, may alter the lake’s ecology, some ecologists and environmentalists argue.

Huawei /

Huawei steps up debt financing with $593 million onshore bond sale

Huawei Technologies Co. Ltd. is seeking to raise 4 billion yuan ($593 million) from its fourth onshore bond sale this year in a sign that the Chinese telecom giant is increasingly tapping the domestic market for credit.

The Shenzhen-based company has raised 21 billion yuan through domestic bond sales this year, including 15 billion yuan of medium-term notes and 6 billion yuan in short-term notes, the highest total ever. Huawei’s debt financing totaled 8 billion yuan last year and 9 billion yuan in 2020.

Shanghai /

Shanghai appoints acting top prosecutor after graft probe topples previous chief

Shanghai appointed a temporary top city prosecutor Thursday, filling a position that’s been vacant since a graft probe toppled the previous chief in June.

Chen Yong, 58, was named acting chief of the Shanghai People’s Procuratorate and appointed its permanent deputy chief after being chosen as the body’s top Communist Party official last week.

FINANCE & ECONOMY

China’s ban on secondary trading means NFT platforms can host only a limited number of transactions and are unable to make the kind of profits earned by their overseas counterparts.

NFT /

Tencent’s NFT unit to lay off staff as regulators step up scrutiny

Tencent Holdings Ltd. is laying off staff at its nonfungible token (NFT) purchase and collection platform Huanhe (幻核), sources close to the Chinese internet giant told Caixin, amid intensified regulatory scrutiny over transactions in the tokens that aim to provide proof of ownership of digital assets such as works of art.

Huanhe, which has been operating only since August 2021, is also adjusting its development strategy to avoid regulatory risks, the sources said, although Tencent is still pursuing its plan to roll out an international version of Huanhe, other sources familiar with the matter said.

Suning /

Suning founder’s son loses $255 million lawsuit in Hong Kong

The son of Chinese retailing giant Suning’s founder lost a lawsuit in Hong Kong and was ordered to repay creditors $255 million.

The suit was brought last August by China Construction Bank (Asia) Corp. on behalf of Suning’s creditors to recoup losses stemming from the company’s default on a $165 million facility agreement and an $85 million secured note due last July.

China-U.S. /

Analysis: To keep risks at bay, China, U.S. resort to frequent high-profile dialogues

Beijing issued a stern warning to Washington this week when news broke that Nancy Pelosi was planning a trip to Taiwan. But it came as relations between the two countries are looking up, with a string of high-profile meetings with senior officials from both sides showing willingness to rebuild lines of communication.

China’s Foreign Ministry Tuesday issued a statement saying it would take “resolute and strong measures” in response to the reports that Pelosi, speaker of the U.S. House of Representatives, would visit Taiwan on a diplomatic tour of Asia in August.

Quick hits /

China’s premier signals flexible growth target, stimulus caution

Tomorrow Holding’s bankrupt insurance unit seeks investors

BUSINESS & TECH

Didi /

Didi fined $1.2 billion for national security and data violations

China’s cyberspace regulator will fine Didi Global Inc. 8 billion yuan ($1.2 billion) for breaking national security and personal information protection laws, according to an official statement (link in Chinese).

The Cyberspace Administration of China (CAC) said Didi, which took in 178 billion yuan in revenue in 2021, committed 16 violations including illegally collecting facial recognition information, according to a laundry list of breaches provided by the CAC in a Q&A fact sheet about the fine.

Biotech /

Chinese biotech duo eyes $2.8 billion Singapore expansion

Chinese contract drugmakers Wuxi AppTec Co. Ltd. and Wuxi Biologics Cayman Inc. each unveiled a 10-year investment plan to expand their presence in Singapore — a boost to the Southeast Asian country’s effort to establish itself as a global biomedical manufacturing hub.

In a Tuesday statement, Shanghai and Hong Kong-traded Wuxi AppTec said it plans to invest S$2 billion ($1.4 billion) to build a new R&D and manufacturing site in Singapore, which includes laboratories and facilities capable of meeting a growing demand and advancing drug development.

Pharmacists /

China seeks to codify pharmacist regulation in law

China’s top health regulator promised to push forward long-awaited legislation aimed at putting licensed pharmacists under oversight based in law rather than just regulation.

Unlike doctors who are tasked with diagnosing and treating patients, China’s nearly 700,000 licensed pharmacists play a role in ensuring drug quality and explaining to people how they should take various medicines. But while many countries have passed specific legislation to regulate the sector, China has only regulatory documents.

Quick hits /

Baidu, Pony.ai to be first to offer driverless robotaxis in Beijing

Macao to reopen casinos Saturday if virus conditions allow

Apple’s China shipments surged in June after lockdowns lifted

Long Read /

The Asian financial crisis 25 years on

GALLERY

New terracotta artifacts unearthed

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