Highlighted Links for Wednesday, July 20, 2022

Below are links to other noteworthy reports published in the last 24 hours from and about China. Click through to our China NewsBase to see all the other stories we collected today.

BUSINESS AND TECHNOLOGY:

Heads of online matchmaker arrested for embezzlement
Executives of matchmaking giant arrested in embezzlement probe / Caixin (paywall)
“Several executives of China’s leading online dating service provider Baihe Jiayuan Network Group Co. Ltd. were arrested for alleged embezzlement, controlling shareholder Fosun International Ltd. said Tuesday.”

Sequoia raises $148 million for auto tech startup SiEngine Technology
Sequoia China leads $148 million Series A round for auto chip maker / Nikkei Asia (paywall)
“The fresh capital will allow SiEngine to boost delivery of existing products as well as increase research and development of powerful vehicle-grade computer chips, according to a Tuesday WeChat post by investment bank Index Capital, which led the round.”
Geely-backed chipmaker raises $150 million in latest funding round / TechNode

Didi’s $1 billion fine could be a blessing in disguise
China’s $1 billion fine on Didi could end the mobility giant’s troubled year / TechCrunch
“Didi, the Chinese ride hailing behemoth that has undergone a year of regulatory overhaul, faces a fine of over 8 billion yuan ($1.28 billion) from the country’s authorities, The Wall Street Journal and Reuters reported.”
Didi’s founder & how the ride-hailing giant comes into being / Pekingnology
China tech stocks gain on renewed bets of crackdown ending / Bloomberg (paywall)
Yesterday on The China Project: Didi to be slapped with $1.28 billion fine as Beijing wraps up yearlong probe.

Chinese investors splurge $6.1 billion on U.S. real estate, top list of foreign buyers
China’s buyers are snapping up abodes in Marco Rubio’s Florida home base, splurging $6.1 billion on U.S. real estate to top U.S. list for 10th year / SCMP (paywall)
“The NAR, which groups together buyers from the mainland, Hong Kong and Taiwan, said investors spent US$6.1 billion on property purchases in the 12 months ended March, an increase of 27 per from a year ago. Six out of 10 Chinese investors settled their purchases in cash.”

SCIENCE, HEALTH, AND ENVIRONMENT:

COVID break-ins by officials spark backlash
Officials sorry for break-ins amid hunt for contacts / BBC
Anger over Guangzhou anti-epidemic staff picking locks, entering homes / What’s on Weibo
Authorities in south China city apologize over COVID-19 break-ins / Al Jazeera
“Authorities in southern China have apologized for breaking into the homes of people who had been taken to a quarantine hotel in the latest example of heavy-handed virus-prevention measures that have sparked a rare public backlash.”

New subvariant pokes holes in zero-COVID
A new subvariant is the latest challenge to China’s zero-COVID policy / Economist
“The goal of China’s zero-COVID policy, which relies on mass testing and draconian lockdowns to contain outbreaks, is to suppress the virus. The highly transmissible Omicron variant has tested that strategy.”

Gas explosion in Tianjin causes heavy injury toll
1 dead, 12 injured in Tianjin gas explosion in north China / AP
“Four people have died in a gas explosion that injured 13 others at a six-story residential building in the Chinese port city of Tianjin, state media said Wednesday.”

POLITICS AND FOREIGN AFFAIRS:

China warns the U.S. of Taiwan Strait sailing and Pelosi visit
China warns of ‘forceful measures’ if U.S. House Speaker Pelosi visits Taiwan / Reuters
“China’s government warned on Tuesday that it would take ‘forceful measures’ if U.S. House of Representatives Speaker Nancy Pelosi visited Taiwan, after the Financial Times said she would go to the Chinese-claimed island next month.”
China warns U.S. against Nancy Pelosi visit to Taiwan / WSJ (paywall)
China says U.S. is ‘maker of security risks’ after Taiwan Strait sailing / Reuters
China says it will take ‘forceful measures’ if Pelosi visits Taiwan / Washington Post (paywall)

Fleeing a zero-COVID world
‘Run philosophy’: the Chinese citizens seeking to leave amid COVID uncertainty / Guardian
“With Beijing’s zero Covid policy set to continue, many disillusioned citizens have begun planning to leave the country…Online, ‘run philosophy,’ or ‘run xue’ — a coded way of talking about emigrating — has become a buzzword.”
China’s COVID outbreak has residents trying to flee lockdowns / Bloomberg (paywall)

A call for coexistence between the U.S. and China
Rivals within reason? / Foreign Affairs
Kevin Rudd, president of the Asia Society in New York and former prime minister and foreign minister of Australia, writes: “U.S.-Chinese competition is getting sharper — but doesn’t necessarily have to get more dangerous.”

Mortgage boycotts, banking scandal, and loss of faith in the system
‘My worldview has been destroyed’: Chinese banking scandal tests faith in the system / NYT (paywall)
“The disappearance of ordinary savers’ money, and the government’s seemingly indifferent response, could pose a major test for the Communist Party’s legitimacy.”
Xi faces surprise revolt from Chinese homebuyers on mortgage boycott / Bloomberg (paywall)
“[Xi] now faces a surprise challenge from middle-class homeowners who are watching their family wealth slip away with a sustained slide in the property market…now ordinary Chinese people are publicly revolting, with rapidly escalating boycotts…”

Two New Yorkers indicted on scamming Chinese investors
New Yorkers accused of defrauding Chinese investors, selling Trump access / Washington Post (paywall)
“With promises of green cards and access to prominent U.S. politicians — including then-President Donald Trump — two New Yorkers enticed Chinese investors into giving them millions, filtering the foreign money into American political campaigns, all while skimming the funds to support their luxurious lifestyles, federal prosecutors said Monday, announcing fraud charges against the pair.”

China to build controversial new highway near disputed Indian border
China-India border: Beijing’s new highway plans near disputed territory expected to spark concern in Delhi / SCMP (paywall)
“China plans to build a new highway close to its disputed border areas with India, as part of Beijing’s efforts to strengthen its strategic position and project its power, but the move is expected to draw concern from its South Asian neighbor.”

U.S. says Americans risk wrongful arrest in China
U.S. adds China to list of countries where Americans face elevated risk of wrongful detention / SCMP (paywall)
“The U.S. State Department added China to a list of countries in which Americans faced an elevated risk of wrongful imprisonment on Tuesday, following an executive order by U.S. President Joe Biden meant to punish state actors engaged in arbitrary detention.”

U.S. chip bill to counter China likely to pass
Senate ‘test vote’ shows support for bill providing $52 billion to U.S. semiconductor industry to out-compete China / SCMP (paywall)
“The U.S. Senate appears likely to pass legislation that would deliver billions of dollars of federal funding to the American semiconductor industry, a top priority in the Biden administration’s continuing efforts to out-compete China, after a preliminary vote on Tuesday.”
U.S. Senate moves ahead with $52 billion CHIPS Act / Nikkei Asia (paywall)

A $32 billion price tag in U.S. tariffs for Chinese technology
Importers paid $32 billion in U.S. tariffs on China tech imports-industry report / Reuters
“Importers of technology products from China paid over $32 billion worth of tariffs imposed by President Donald Trump between mid-2018 to the end of 2021, a new trade group report showed on Tuesday as the Biden administration continues to deliberate over whether to remove some duties.”

SOCIETY AND CULTURE:

Chinese students rebel against Tsinghua University penalty for LGBTQ flags
Chinese students vow to fight penalty for distributing rainbow flags at Tsinghua University / SCMP (paywall)
“Two female students at China’s prestigious Tsinghua University who were disciplined last week for distributing rainbow flags on campus are petitioning to have the penalty overturned, despite facing a risk of dismissal.”
China’s Tsinghua University punishes students for LGBTQ flags / Bloomberg (paywall)

Bridesmaids for professional hire
Bridesmaids go professional / Sixth Tone
“If you’re single, shorter than the typical bride, and enjoy frequent travel, there’s a growth industry looking to hire.”