Forwarded from 📡Guardians of Hong Kong
Chinese media’s social mania maddens markets
It’s possible to read too much into Chinese state media jeremiads. Recent articles warning of social ills caused by high liquor prices, video-game addiction and e-cigarettes, to name a few, have wiped billions off index heavyweights like Tencent (0700.HK). Yet government columnists are unreliable policy prophets.
Traders are jumpy after Beijing announced in late July it would convert online tutoring companies, many listed in New York, to non-profit status. After law professor Henry Gao pointed out on Twitter that President Xi Jinping had called for something like this in 2018, Wall Street leaped to review Xi’s speeches to see what other industries he has it in for.
Source: Reuters #Aug06
https://reut.rs/3iqF98w
#Chinese #Media #Social #Beijing #Tencent
It’s possible to read too much into Chinese state media jeremiads. Recent articles warning of social ills caused by high liquor prices, video-game addiction and e-cigarettes, to name a few, have wiped billions off index heavyweights like Tencent (0700.HK). Yet government columnists are unreliable policy prophets.
Traders are jumpy after Beijing announced in late July it would convert online tutoring companies, many listed in New York, to non-profit status. After law professor Henry Gao pointed out on Twitter that President Xi Jinping had called for something like this in 2018, Wall Street leaped to review Xi’s speeches to see what other industries he has it in for.
Source: Reuters #Aug06
https://reut.rs/3iqF98w
#Chinese #Media #Social #Beijing #Tencent
Forwarded from 📡Guardians of Hong Kong
B.C. judge takes aim at heart of case against Meng Wanzhou
A B.C. judge raised questions on Thursday about the allegation at the heart of the U.S. case against a Chinese business executive facing extradition from Canada.
The United States alleges Meng Wanzhou, chief financial officer of Huawei Technologies Co. Ltd., committed fraud by lying in a PowerPoint presentation in 2013 to her Hong Kong bankers about the company’s relationship with Skycom Tech Co. Ltd. The purpose, the U.S. says, was to evade its sanctions against Iran.
But Ms. Meng’s legal team says the U.S. Justice Department is attempting to mislead Canada. It obtained evidence that Ms. Meng told HSBC during the PowerPoint presentation that Skycom was “controllable,” and that Huawei could therefore ensure it would comply with U.S. sanctions.
Source: The Globe and Mail #Aug06
https://tgam.ca/3fJp1gv
#Canada #HSBC #Meng #US
A B.C. judge raised questions on Thursday about the allegation at the heart of the U.S. case against a Chinese business executive facing extradition from Canada.
The United States alleges Meng Wanzhou, chief financial officer of Huawei Technologies Co. Ltd., committed fraud by lying in a PowerPoint presentation in 2013 to her Hong Kong bankers about the company’s relationship with Skycom Tech Co. Ltd. The purpose, the U.S. says, was to evade its sanctions against Iran.
But Ms. Meng’s legal team says the U.S. Justice Department is attempting to mislead Canada. It obtained evidence that Ms. Meng told HSBC during the PowerPoint presentation that Skycom was “controllable,” and that Huawei could therefore ensure it would comply with U.S. sanctions.
Source: The Globe and Mail #Aug06
https://tgam.ca/3fJp1gv
#Canada #HSBC #Meng #US