Facts on U S breaching international rules (part I) shanghaisun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from shanghaisun.com Daily Mail and Mail on Sunday newspapers.
REGULATORY UPDATES
SEC Leadership Changes
On April 14, 2021, the U.S. Senate voted to approve President Biden’s nomination of Gary Gensler as Chairman of the Securities and Exchange Commission (the “SEC”) through June 5, 2021. The vote came after the Senate Banking Committee endorsed Gensler’s nomination in March 2021. The confirmation only approves Gensler to serve the remainder of former SEC Chairman Jay Clayton’s term, though the Senate Banking Committee has cleared Gensler to serve another five-year term afterward. Gensler served as chairman of the U.S. Commodity Futures Trading Commission from 2009 to 2014, and helped to draft the Sarbanes-Oxley Act as senior advisor to U.S. Senator Paul Sarbanes. In a statement, the SEC’s four commissioners said they welcome Gensler “and look forward to working together to execute our vital mission.”
What Baidu does instead are spin-offs.
Iqiyi (NYSE:
IQ), the video company, is a Baidu spin-off. The company spun-off food delivery, fintech, and autonomous driving units. It’s raising outside capital for its artificial intelligence unit.
This has built CEO Robin Li a fortune of $12.2 billion, but investors must follow the spin-offs to get a full taste. There are indications investors tiring of the game. The comapny’s recent opening on the Hong Kong exchange was underwhelming.
Government Crackdown
At the same time, Baidu faces a western government crackdown. The Biden Administration looks set to enforce the previous Administration’s
How This Chinese Vaping Billionaire Became One Of The World s Richest Women In Three Years forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
How This Chinese Vaping Billionaire Became One Of The Worldâs Richest Women In Three Years
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Kate Wang, 39, jumped into the ranks of the worldâs richest when her vaping company RLX went public on the New York Stock Exchange in January. Now the Procter & Gamble and Uber veteran faces looming threats from Chinese regulators and skeptical investors.
In a period of 55 hours starting on the morning of March 22, shares in Chinese vaping company RLX Technology collapsed 54%, slashing more than $16 billion from the startupâs market cap. The slump continued through the week as investors sold on the news of a potential industry crackdown by Chinaâs tobacco regulator and the Securities and Exchange Commissionâs announcement that it would start enforcing a law to require Chinese listed companies to provide audits or risk being delisted.