Caixin
Aug 24, 2022 09:00 AM
CX DAILY

CX Daily: How Chinese Private Equity Firms Got Scammed by Their Own Sales Teams

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Scammers /

In Depth: How Chinese private equity firms got scammed by their own sales teams

When an entrepreneur surnamed You set out to build a sales team in Shanghai in December 2020, she thought she had hired a team full of potential to sell her firm’s fund products.

What she didn’t count on was for the 10 new hires to be regularly absent from work and fail to seal any deals. Worse still, they worked together to create a false sense of assurance of progress.

Eventually, she learned that these employees were con artists whose ulterior motive was to milk the firm of base salaries.

Heatwave /

Southwest China grapples with wildfires during record heat wave

At least 20 wildfires have broken out in China’s Sichuan province and Chongqing municipality since Aug. 14, according to media reports and government statements, as the country’s worst heat wave since 1961 continues to parch the southwestern regions.

In Chongqing alone, authorities dispatched 5,000 emergency rescue workers and seven helicopters to contain the fires while transferring nearly 1,500 residents to safety. So far, no casualties have been reported.

China’s extreme summer threatens rice, lithium and metals

China pushes to expand power grids as Sichuan battles drought

FINANCE & ECONOMY

Rural credit unions are nexuses in Chinas’ sprawling rural financial networks.

Corruption /

Another Henan official probed for links to rural banking scandal

A senior official who once oversaw the rural credit system in central China’s Henan province was placed under investigation in an apparent link with a businessman behind a multibillion-dollar banking scam, Caixin learned.

Wang Yong, an official in Henan’s provincial political advisory body and a former chief of the Henan Rural Credit Union, is being investigated “on suspicion of serious violation of law and discipline,” the province’s anti-graft watchdog said.

Education /

Three arrested in Shanghai over high school entrance exam leak

Two parents and a printing company employee were arrested in Shanghai for illegally obtaining and leaking the city’s high school entrance exam test papers, local education authorities said Monday in a statement.

The Shanghai Municipal Educational Examinations Authority also said the parents’ child had her test results invalidated due to cheating.

China punishes 27 officials over ‘ugly’ school textbook drawings

Quick hits /

Fisher: Don’t sweat the impact of the strong U.S. dollar on Asia

BUSINESS & TECH

Hydrogen-powered vehicles being charged. Beijing’s local government has issued a slew of measures to support hydrogen energy development. Photo: VCG 

Hydrogen /

Chinese capital to subsidize charging stations for hydrogen-powered cars

The Beijing municipal government issued a slew of measures to support hydrogen energy development, including subsidizing power charging stations and related innovative products.

The city plans to offer a subsidy of as much as 5 million yuan ($741,405) for each new hydrogen power charging station that meets certain capacity standards. It has also promised subsidies to facilities that generate and store hydrogen power.

Ride-hailing /

China calls ride-hailing platforms on the carpet

China’s transport industry regulator Monday summoned 11 major ride-hailing platform operators for a meeting and ordered them to step up business compliance, control risks and fix irregular operational issues.

Companies attending the meeting included industry leaders Didi Global Inc., Gaode Dache, T3 Chuxing and Meituan Dache.

Dairy /

Chinese dairy firm fined nearly $11 million over additive in ‘pure’ milk

Chinese dairy producer Maiquer Group Co. Ltd. was penalized 73.2 million yuan ($10.7 million) for putting an undeclared additive in its pure milk products, according to a Monday exchange filing.

The company, based in the Xinjiang Uyghur autonomous region, said customers received refunds on 4.6 million yuan of substandard milk products, according to a Monday exchange filing. In addition, the local market watchdog confiscated unsold items worth 360,200 yuan.

Quick hits /

China lockdowns hammer sales for global consumer giants

Tech Insider /

Power cuts bite, Ele.me teams up with Douyin

Long Read /

The valiant, tragic tale of an American missionary in Nanjing

GALLERY

Extreme weather woes continue

 

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