Caixin
Feb 14, 2023 09:46 AM
CX DAILY

CX Daily: China’s Hunt for Strategic New Energy Minerals

 A lithium firm worker at Salta salt flats in Argentina on Aug. 14, 2021.
 A lithium firm worker at Salta salt flats in Argentina on Aug. 14, 2021.

Minerals /

Cover Story: China’s hunt for strategic new-energy minerals

Chinese companies are scouting the world for mining assets as the country’s booming new-energy vehicle industry has boosted demand for lithium, cobalt and nickel -- key metals used in batteries for electric and hybrid vehicles.

However, receding globalization, rising geopolitical conflicts and supply chain restructuring are throwing up road blocks for Chinese firms seeking to invest in overseas mining projects. “Walking on two legs” at home and abroad has become an inevitable choice.

Covid-19 /

China’s localities spent hundreds of billions of yuan on pandemic

How much did China spend trying to stamp out widespread Covid flare-ups last year? No national statistics are yet available, but local authorities’ recent budget plans do shed some light.

Local spending on efforts to contain the virus and vaccinate the public climbed into the hundreds of billions of yuan over the past year, Caixin calculations based on government data showed.

FINANCE & ECONOMY

 

Bonds /

Chinese real estate companies test offshore bond markets

Chinese property companies returned to the offshore bond market in January after a five-month absence as a raft of support policies for the sector started to take effect, data from a real estate think tank show.

Three developers raised a combined 6.73 billion yuan ($996 million), excluding refinancing bonds, although that was 21.2% less than a year earlier, China Index Academy Ltd., a property consultancy, said Tuesday in a report.

China current account surplus hits 14-year high

Alibaba /

Alibaba exits Indian payments giant with $167 million share sale

Alibaba Group Holding Ltd. offloaded its remaining 3.3% stake in the parent of Indian digital payments provider Paytm in a 13.8 billion rupees ($167 million) block trade, following a series of recent sell-downs of its position in the South Asian country.

The Chinese tech major sold more than 21.4 million shares in One 97 Communications Ltd. held by its unit Alibaba.com Singapore E-Commerce Pte. Ltd. It sold the stock at 642.74 rupees apiece Friday, according to National Stock Exchange of India (NSE) data. The price offered a 10% discount to Thursday’s close.

China issues new rules for related-party transactions of FHCs

PE /

Warburg Pincus wants a bigger foothold in China’s trillion-dollar mutual fund industry

U.S. private equity giant Warburg Pincus LLC is planning to take a stake in a Shanghai-based mutual fund management firm in a deal that would make it one of the latest global asset managers to expand its foothold in China’s 26 trillion yuan ($3.8 trillion) mutual fund industry.

Lombarda China Fund Management Co. Ltd. applied for a Warburg Pincus unit to become one of its shareholders, according to a notice issued by the China Securities Regulatory Commission Feb. 3.

Quick hits /

MSCI adds 17 and drops 13 China stocks from two indexes

China’s banks extend record loans as companies borrow more

China’s IPO reform: Many a little makes a mickle

BUSINESS & TECH

People play video games in Shanghai on Aug. 3. Photo: VCG

Gaming /

China approves licenses for 87 new video games in February

China’s online content regulator approved 87 new video games, with major players Tencent Holdings Ltd. (00700.HK), ByteDance Ltd. and XD Inc. (02400.HK) receiving licenses.

TikTok owner ByteDance obtained three licenses, with Meng Zhu Da Zuo Zhan (盟主大作战), a title from the firm's publisher Ohayoo, making the list as well as Ju Zhen Lin Jie: Shi Kong Bian Yuan (矩阵临界:失控边缘) from subsidiary Hainan Liyou Mutual Entertainment Technology Co. Ltd., according to the latest list issued Friday by the National Press and Publication Administration (NPPA).

Chao Shun Xi Lian Jie (超瞬息联结) by another ByteDance unit C4 Games also received a license, according to the statement.

Hiring /

China’s electronics-makers dash hopes for post ‘zero Covid’ hiring blitz

Electronics manufacturers in eastern and southern China haven’t been hiring as many workers as expected since the end of the “zero-Covid” policy due to sluggish growth in new orders.

In Shenzhen, the southern tech hub teeming with electronics factories, a manager of a local employment agency said his company hired 400 to 500 workers per day during a 10-day hiring event earlier this year, down from the 1,000 workers per day it typically hired in the month after the Lunar New Year holiday in previous years.

Corruption /

China steps up crackdown on corruption in the tobacco industry

Beijing stepped up its crackdown on corruption in the tobacco sector this year, placing at least five people including government regulators and state-owned cigarette company executives under graft investigations.

Yu Jinxiang, deputy director of the Anhui provincial tobacco monopoly administration in East China, is the latest official in the industry to be investigated for “suspected serious violations of (Communist Party) discipline and law,” according to a statement published Friday by the Central Commission for Discipline Inspection (CCDI), the country’s top graft buster.

Quick hit /

Developer Seazen loses contact with co-president Qu Dejun

Long Read /

How China’s individually owned businesses were dealt a ‘knockout’ blow

GALLERY

China’s first ATP champion

 

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