MPs call for parliament pension fund to divest from Chinese firms linked with Uyghur atrocities October 19, 2021 A cross-party group of 117 MPs have called for the Parliament Pension fund to divest from Chinese companies linked to Xinjiang – the region where Uyghurs are being ethnically cleansed. The group of MPs – which includes shadow foreign secretary Lisa Nandy, former Tory leader Sir Iain Duncan Smith and former cabinet minister Dr Liam [...]
Uyghurs: MPs call for parliament pension fund to divest from Chinese firms : CityAM October 19, 2021 A cross-party group of 117 MPs have called for the Parliament Pension fund to divest from Chinese companies linked to Xinjiang – the region where Uyghurs are being ethnically cleansed. The group of MPs – which includes shadow foreign secretary Lisa Nandy, former Tory leader Sir Iain Duncan Smith and former cabinet minister Dr Liam [...]
Largest-ever wealth drop: Chinese e-commerce mogul loses $27bn September 17, 2021 The founder of a Chinese e-commerce platform has reportedly seen his wealth nosedive $27bn this year – the largest wealth drop in the world on record. Colin Huang, who made his wealth through his platform Pinduouo (PDD), has suffered as a result of China’s hawkish regulations on internet and technology firms. The biggest plunge in [...]
Universal Music boss Lucian Grainge locks eyes on $150m IPO pay out September 15, 2021 Universal Music’s stock market debut next week it set to land its boss Lucian Grainge an around $150m pay out, while he also cashes in on his Tencent investment. The British record label mogul, who nearly died of Covid-19 last year, is to receive the $150m through a “transaction bonus”, if the listing secures a [...]
Tencent ends all exclusive music rights deals after Beijing crackdown August 31, 2021 Tencent has ended all its exclusive music licensing agreements with record labels across the world after Chinese regulators ordered it to do so last month, as part of an intensifying crackdown on the country’s tech giants. In a statement released on the Chinese tech conglomerate’s official WeChat page, Tencent said all parties involved in the [...]
Prosus to pay $4.7bn for rival Indian payments firm in largest buyout yet August 31, 2021 European technology giant Prosus has reportedly put forward $4.7bn for its largest ever deal, to buy Indian payments platform BillDesk, in yet another foreign investment in the country’s blossoming tech sector. BillDesk currently competes with Prosus’s payments firm PayU in India which means the deal will open up a fair portion of the growing payments [...]
Gaming shares slide after China puts limits on kids playing online games August 31, 2021 China’s new rules forbidding under-18s from playing online games for more than three hours per week to curb youth video game addiction. China’s National Press and Publication Administration announced yesterday that gamers under 18 are only allowed to play online between 8-9 pm on Fridays, weekends and holidays. The authorities have instructed gaming companies to [...]
Tech crackdown: China proposes banning local sensitive data firms from US IPOs August 27, 2021 China has turned its attention to the US stock market amid its tech sector crackdown, according to reports, by suggesting new rules that ban sensitive data firms from listing. The new rules target internet companies, but the China Securities Regulatory Commission, its local market watchdog, has said that those in the pharmaceutical industry, are still [...]
Brazil’s Buffett-backed Nubank eyes $55bn valuation ahead of US IPO August 26, 2021 Brazil’s digital bank Nubank is reportedly eyeing a $55.4bn valuation ahead of its initial public offering (IPO), as Brazilians look beyond traditional lenders. If Brazil’s most prominent digital bank is listed at a market cap greater than its largest tradition bank Itau Unibanco, Nubank would shoot up the ranks towards international high flyers like the [...]
Pinduoduo shoot up 22 per cent after donating £1bn to Chinese agriculture sector August 25, 2021 Chinese e-commerce group Pinduoduo said it would donate RMB 10bn (£1.12bn) in future earnings to contribute to the development of agriculture as part of the country’s “common prosperity” vision. Shares for the Nasdaq-listed company were up 22 per cent following the announcement of the programme. Pinduoduo reported its first-ever quarterly profits as a public company [...]