U.S. blacklists Xiaomi in widening assault against China technology
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Xiaomi Corp. plunged a record 10 per cent after the Trump administration blacklisted Chinaâs No. 2 smartphone maker and 10 other companies, broadening efforts to undercut the expansion of the countryâs technology sector.
The U.S. has targeted scores of Chinese companies for the stated purpose of protecting national security, but going after Xiaomi was unexpected. The Beijing-based company has been viewed as Chinaâs answer to Apple Inc., producing sleek smartphones that draw loyal fans with each new release. The company, which vies with Huawei Technologies Co. for the title of Chinaâs No. 1 mobile device brand, also makes electric scooters, earphones and smart rice cookers.
Sequoia-backed Chinese cloud tech firm Yuntongxun weighs $500m IPO
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Chinese cloud communications company Beijing Ronglian Yitong Information Technology Co., also known as Yuntongxun, is weighing an initial public offering that could raise as much as $500 million, people with knowledge of the matter said.
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China stock index heads toward record in best ever start to year
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The priciest equities in more than five years are proving no deterrent for stock traders in China, where the benchmark is now nearing its all-time high.
The CSI 300 Index rose 2.9 per cent on Tuesday to close at a 13-year high, taking this monthâs gain to 7.4 per cent its best-ever start to a year. Shares of brokerages rallied, an indicator that investors are bullish on the marketâs outlook, while turnover topped 1 trillion yuan (US$155 billion) for a seventh day in a sign of increasing activity from retail traders. A 5.1 per cent gain from Tuesdayâs close would push the CSI 300 past its record from 2007.
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(Bloomberg) Defaults by Chinese companies are likely to top last yearâs record as tighter monetary policy squeezes borrowers, according to China Merchants Securities Co.
Some 39 Chinese companies both domestically and offshore defaulted on nearly $30 billion of bonds in 2020, pushing the total value 14% above 2019âs. Locally, delinquencies fell to 137 billion yuan ($21 billion) from 142 billion yuan the previous year, while offshore they rose to $8.6 billion from $3.9 billion.
âThe central bank will implement more prudent monetary policies this year,â said Yuze Li, a credit analyst at China Merchants Securities. âMore companies may face refinancing pressure. As the maturities jump, the default amounts will climb by an estimated 10%-30% from the previous year,â he said, referring
BusinessWorld
January 13, 2021 | 12:01 am
CHINA PLANS to allow some commercial banks to start selling soured personal loans to distressed asset managers as soon as this month, according to people familiar with the matter.
At a December meeting by the official credit assets transfer center, banks and state-run bad-loan managers were asked to accelerate preparations to ensure a smooth start of the trial program in January, said the people, asking not to be identified as the matter is private. Industrial & Commercial Bank of China Ltd. (ICBC) could be the first seller, other people said.
Details of the trial are not yet finalized and still subject to approval by the China Banking and Insurance Regulatory Commission (CBIRC), said the people.