China Newsbase
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The China News Database was last updated at 01:50PM on November 9, 2023.
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50 articles matching the search query.
Virtual Lenders Shake Up Hong Kong’s Banking Industry
Virtual banks are gaining ground in Hong Kong, luring consumers with features like numberless credit cards that promise more security and mobile games that churn out cash prizes. Traditional bricks-and-mortar lenders are now following suit with their own digital offerings.
Ant Group microcredit service Huabei shares user data with China’s central bank
Consumer credit data gathered by Huabei are now included in the financial credit information database run by the People’s Bank of China.
Fidelity Cuts Ant Valuation Again as China Crackdown Spreads
Fidelity Investments has slashed its estimate of Ant Group Co.’s valuation for at least the second time this year, underscoring the deteriorating outlook for Jack Ma’s fintech giant as the Chinese government ramps up regulation of the industry.
China Finance Regulators Pledge to Tighten Supervision
Chinese officials pledged to tighten supervision in the financial services industry, suggesting a recent regulatory onslaught on the private sector that sent shock waves globally is not over yet.
China's Wants Control of Companies' Data, Not Just Access to It
Beijing is taking steps that will give the government not only access to, but purported ownership of, the vast amounts of information that companies collect.
Tencent’s fintech outshines gaming revenue growth amid regulatory scrutiny
Chinese social media and gaming giant Tencent Holdings posted US$6.6 billion in second-quarter profit amid Beijing’s tighter scrutiny of Big Tech.
China Goes After Online Insurance in Widening Crackdown
China’s banking and insurance watchdog is stepping up scrutiny of the nation’s insurance technology platforms, widening a regulatory dragnet that has roiled global investors.
Xi's Four Pillars of Regulation Will Change the Way Big Tech Works in China
Beijing’s regulatory crackdown on fintech to education to ride-hailing will alter the corporate landscape and affect foreign investment.
Cathie Wood Sells China Tech Stocks, Warning of Valuation Reset
Cathie Wood’s Ark Investment Management has been selling Chinese tech stocks, with holdings in one of the firm’s funds falling to the lowest on record as Beijing’s crackdown on the sector intensifies.
How Xi and the CCP Turned on Jack Ma, Ant, and China’s Fintech Companies
Ant has lost at least $70 billion in value since its scuttled IPO, and companies from Tencent to JD.com are under pressure, too. The winners? The country’s state-backed banks.
Jack Ma’s Ant Posted $3.4 Billion Profit After IPO Halt
Ant Group Co.’s profit rose to $3.4 billion in the December quarter after Chinese regulators thwarted its record initial public offering and told it to scale back its sprawling business.
China orders fintech companies to stick to the rules as clampdown widens
The country's platform economy has grown rapidly and covers whole range of e-commerce activities ranging from banking to shopping and food delivery.
China Orders Tencent, ByteDance to Rectify Financial Operations
Chinese regulators imposed wide-ranging restrictions on the fast-growing financial divisions of 13 companies including Tencent Holdings Ltd. and ByteDance Ltd., leveling many of the same curbs employed against Jack Ma’s Ant Group Co. in a crackdown on the tech sector.
Ant Valuation Seen Falling to $29 Billion in Worst-Case Scenario
Ant Group Co.’s valuation could plummet to as low as $29 billion after becoming a financial holding company that’s regulated more like a bank, according to Bloomberg Intelligence.
Huobi launches funds tracking bitcoin, ether as it rides boom in cryptocurrency punts
The move also come as mainstream financial companies embrace cryptocurrency after bitcoin’s value took off in October, even amid warnings of a bubble, and volatility and regulatory risk around the globe remain concerns for the asset class.
JD Digits Plans Finance Holding Company as China Tightens Rules
JD Digits Technology Holding Co. is planning to set up a financial holding company to comply with regulatory rules in China’s fintech sector, according to people familiar with the matter.
Tencent-backed Waterdrop to halt mutual aid service amid tougher Chinese scrutiny
Tencent-backed Waterdrop said on Friday it would shut down its online healthcare mutual aid programme at the end of March amid China's tightening of financial technology regulations.
Tencent-Backed Linklogis Seeks $1.1 Billion in Hong Kong IPO
Chinese fintech company Linklogis Inc., backed by Tencent Holdings Ltd., is seeking to raise HK$8.3 billion ($1.07 billion) from an initial public offering in Hong Kong.
JD’s Fintech Arm Likely to Withdraw China IPO, SCMP Says
JD Technology, the fintech unit of Chinese e-commerce giant JD.com Inc., is likely to withdraw its application for an initial public offering on Shanghai’s technology-heavy Star Market, the South China Morning Post reported, becoming the latest casualty of China’s wide-ranging crackdown on the country’s sprawling online finance industry.
JD Technology may withdraw its Star Market stock offer, sources say
The company feels it’s appropriate to withdraw the IPO plan because its name, its business and its senior management team have all changed since the initial listing plan was first filed, said one source who is involved in the listing discussions.
