Links for Tuesday, February 16, 2021

WORTH THINKING ABOUT

Pieces of news or analysis that caught our eye:

How connection to Xi Jinping can help determine success or failure for companies and individuals:

• “In the weeks before the financial-technology giant was scheduled to go public, a previously unreported central-government investigation found that Ant’s IPO prospectus obscured the complexity of the firm’s ownership,” the Wall Street Journal reports. 
• In a finding that reportedly contributed to the IPO’s suspension, “Behind layers of opaque investment vehicles that own stakes in the firm are a coterie of well-connected Chinese power players, including some with links to political families that represent a potential challenge to President Xi and his inner circle.”
• Separately, and perhaps less surprisingly, last year’s ministerial-level promotions for officials in Beijing have a noticeable correlation with Xi Jinping connections, according to an analysis by Neil Thomas at MacroPolo. 
• “All told, six of the nine new cabinet ministers either worked with Xi or one of his Politburo associates,” Thomas concludes. “Proximity to Xi now seems to hold more explanatory power for personnel shifts in Chinese elite politics than factional competition.”

MORE NEWS FROM AROUND THE WORLD

BUSINESS AND TECHNOLOGY:

• India-China business tensions thawing?
  India set to clear some new investment proposals from China in coming weeks — sources / Reuters

• Chinese electric cars to drive 600 miles on a single charge?
  The 1,000 kilometer target driving China’s electric car industry into a frenzy / Caixin (paywall)
  Nio, one of China’s new but very well funded electric car companies, top battery-maker CATL, and other Chinese EV manufacturers have promised new cars that will be able to drive 1,000 kilometers (612 miles) on a single charge. But “experts have poured cold water on such claims.”

• Big gaming bucks for Tencent and other Chinese publishers
  Pandemic drives revenue growth for China’s top 30 mobile game publishers / Caixin
  “The publishers, which include Tencent, NetEase and miHoYo, made more than $2.3 billion globally on Apple’s App Store and the Google Play Store, representing a year-on-year increase of 47.3% and accounting for 28.8% of total global mobile gaming revenue for January.”

• Booming box office lifts Imax
  Imax leads China film stocks higher on record ticket sales / Caixin
  Stocks of Alibaba Pictures and Moyan Entertainment also jumped 35% and 25% thanks to the strong box office performance.
  Yesterday on The China Project: Chinese box office breaks record despite pandemic shadow.

• China’s most popular fitness app is even fitter 
  Chinese exercise app leaps amid COVID-19 pandemic / 36Kr via Nikkei Asia
  “SoftBank-backed Keep’s valuation doubled to $2 billion in 6 months.”

• When might China become Indonesia’s largest foreign investor?
  Chinese FDI in Indonesia rapidly grows as Japan’s fades / Nikkei Asia via Caixin
  While Singapore remains Indonesia’s biggest source of foreign investment, at $9.8 billion last year, “Chinese foreign direct investment in Indonesia, including flows from Hong Kong, rose 11% to $8.4 billion last year…[while flows] from Japan fell 40% in 2020 to $2.6 billion.”

• China still needs Australian iron ore
  BHP sees robust China demand, declares dividend bonanza / Reuters
  “BHP Group on Tuesday reported its best first-half profit in seven years and declared a record interim dividend, as top metals user China’s strong appetite for iron ore to support its infrastructure push kept prices elevated.”
  BHP boss gets extended Chinese honeymoon / Reuters

• Bitcoin bull run leaves out Chinese crypto companies
  China’s cryptocurrency stocks left behind in bitcoin frenzy / Bloomberg via Yahoo

• China’s chips still down
  Semiconductor fraud in China highlights lack of accountability / 36Kr via Nikkei Asia
  “Push for homegrown chipmakers leads to multimillion-dollar investment swindle.”
  Previously on The China Project: How China’s would-be silicon savior became a debt-ridden disappointment.

SCIENCE, HEALTH, AND THE ENVIRONMENT: 

• Vaccines
  Hong Kong advisory panel approves China’s Sinovac COVID-19 vaccine for emergency use / Reuters
  First 550,000 doses of Chinese Sinopharm’s vaccine arrive in Hungary / Reuters
  China arrests leader of fake vaccine scam / BBC
  “China has arrested the leader of a multi-million-dollar scam that passed off saline solution and mineral water as COVID-19 vaccines.”

• COVID-19 in China
  China reports 16 new COVID-19 cases vs 9 a day earlier / Reuters

• Mars and Moon missions
  Spectacular video released from China’s first Mars mission / Spaceflight Now
  China’s Yutu 2 rover finds ‘milestone’ on far side of the moon / Space
  China’s Tianwen-1 Mars probe captures epic video of Red Planet during orbital arrival / Space

POLITICS AND CURRENT AFFAIRS:

• Canada-China tensions
  Canada weighs calling China’s treatment of Uyghurs a genocide / AFP via SCMP
  China hits back at ‘despicable’ Canada’s call to end arbitrary detentions of foreign nationals / SCMP (porous paywall)
  China slams Canada ‘megaphone diplomacy’ after arrest initiative / Bloomberg (porous paywall)
  Canada opposition party says Olympics shouldn’t be in China / AP
  Huawei Canada VP defends Meng Wanzhou, won’t condemn detention of two Michaels / Global News (Canada)

• Korean Peninsula diplomacy
  China’s Wang urges peace push in call with new South Korea foreign minister / Reuters

• Myanmar coup
  China’s ambassador to Myanmar says situation ‘not what China wants to see’ / Reuters

• East China Sea
  Chinese coast guard ships enter Japan’s waters near Senkakus / Nikkei Asia (paywall)

• South China Sea
  China sought to reassure Philippines over new coastguard law, envoy says / SCMP

• India-China border thaw
  India-China border dispute: as both sides withdraw troops, did New Delhi get a poor deal? / SCMP
  Former Indian Army chief slams critics of the India-China agreement on Ladakh / India New England News

• Hong Kong
  Hong Kong’s Under Sec. for Constitutional and Mainland Affairs Andy Chan resigns / HKFP
  ‘Intrusive power’: Concern over proposed Hong Kong law that could bar anyone from leaving city / HKFP
  Exclusive: Meet the founder of Hong Kong’s largest pro-gov’t Facebook group SaveHK / HKFP
  Hong Kong police buy firearms from Czech supplier after US order blocked by sanctions – report / HKFP
  Key pro-democracy figures go on trial over Hong Kong protests / Guardian
  Disbarred Chinese rights lawyers ‘have no regrets’ after losing licenses / Radio Free Asia

SOCIETY AND CULTURE:

• Viral story of a woman who spent nearly 100 days of 2020 in lockdown
  Trending in China: A welcome homecoming after woman quarantines 7 different times / Caixin

• Weibo buzz
  Top 10 Chinese celebrities with the most followers on Weibo in 2021 / What’s on Weibo

• Food history
  Elaborate Chinese food dishes are culinary history / BuzzFeed