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Stocks Regulator Flexes Muscles With Massive Fine on Chemicals-Maker
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In Depth: Record Local Government Debt Is Back in Policymakers Crosshairs
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Bitcoin Mining’s Days Are Numbered in One China Province
The Inner Mongolia Development and Reform Commission (DRC) released
draft measures (link in Chinese) on Thursday to curb the development of high energy-consuming industries in order to meet goals set in China’s 14th Five-Year Plan that runs from 2021 to 2025. Cryptocurrency mining is one of the sectors highlighted in the document which also says that in principle the region will no longer approve new energy-consuming coke, steel and ferroalloy projects.
Cryptocurrency mining gobbles up vast amounts of power both through the electricity consumed by the specialized computer equipment needed to solve the mathematical puzzles that produce the currency and through the energy needed to cool the machines and prevent them from overheating. Global electricity consumption by the Bitcoin mining network, by far the biggest, has soared since November 2020 from an annualized 55.5 terawatt-hours (TWh) on Nov. 1 to 128.8 TWh on March
Regulator Warns China’s Trust Firms That Crackdown Isn’t Over
The CBIRC on Sunday outlined a target of cutting the total outstanding value of trust-financing products by another 1 trillion yuan this year. Photo: IC Photo
China’s banking and insurance regulator has pledged to continue its crackdown on the trust industry this year, with a particular focus on curbing trust financing and channel lending, amid concerns about mounting risks in the sector.
At a meeting on Sunday, the China Banking and Insurance Regulatory Commission (CBIRC) outlined a target of cutting the total outstanding value of trust-financing products by another 1 trillion yuan ($155 billion) this year and effectively shutting the business down completely over the next five years, several trust firm executives who attended the annual regulatory work conference told Caixin.
Ex-Regulator’s Private Equity Firm Fined for Breaking Securities Law
The CSRC’s punishments relate to a 2.25 billion yuan private placement by Jiuding Group
A highflying Chinese private equity firm was punished for misconduct in a private share placement by one of its subsidiaries after a 2½-year investigation in a regulatory crackdown on market irregularities.
Tongchuang Jiuding Investment Holding Co. Ltd. (Jiuding Holding, 同创九鼎投资控股有限公司) was fined 100 million yuan ($15.5 million) by the China Securities Regulatory Commission (CSRC), the agency said Thursday.
Wu Gang, a former CSRC official and a director of Jiuding Holding, was fined 100,000 yuan, the subsidiary, Tongchuang Jiuding Investment Management Group Co. Ltd. (Jiuding Group) said in
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