Crackdown fears: Tencent-backed videogame maker sees shares drop 20 per cent in debut August 10, 2021 Videogame maker Krafton has watched its highly anticipated initial public offering collapse 20 per cent in its debut, as it was rocked by fears of a gaming crackdown across the pond. After securing a $3.8bn initial public offering (IPO), South Korea’s largest in over a decade, Tencent-backed Krafton became the first stock debut to fall [...]
China court rejects Canadian citizen’s death sentence appeal August 10, 2021 A Chinese court has upheld today a death sentence against Canadian citizen Robert Schellenberg for drug smuggling. Schellenberg has been detained in China since 2014 after he was accused of drug smuggling. In December 2018, he was sentenced to 15 years in jail and he appealed for a retrial. But the Dalian intermediate people’s court [...]
US Democrats want more EV charging point funding to lower emissions in $1 trillion spending bill August 10, 2021 A group of 28 US House Democrats says the $1 trillion (£725bn) infrastructure bill poised for vote in the Senate falls short in electric vehicle (EV) funding. The current one trillion dollar bipartisan bill includes $7.5bn in electric vehicle infrastructure funding. The 28 Representatives have asked congressional leaders to add $85 billion towards an EV [...]
Alibaba fires manager accused of sexual assault August 9, 2021 Chinese e-commerce giant Alibaba Group said today it had fired a manager over suspected sexual assault. The firm has also promised policies to prevent sexual harassment in the office but was criticised by state media for no action until the accuser went public. Over the weekend, a female staff posted an 11-page account on Alibaba’s [...]
Recruitment firm PageGroup sees revived revenue amid pent-up demand August 9, 2021 Recruitment firm PageGroup has seen its financials on the uplift towards pre-pandemic levels in the past six months, which its boss hopes is “sustainable” amid pent-up demand. Shares sank 3.3 per cent in its afternoon trading, down to 602p per share. Revenue hit £766.4m in the six months to 30 June, up from £655m last [...]
Bezos-backed miner invests in Aim-listed Bluejay Mining, sending shares flying August 9, 2021 Bill Gates and Jeff Bezos-backed battery minerals venture KoBold Metals is set to develop a new major nickel, copper and cobalt project with AIM-listed Bluejay Mining. The news sent Bluejay’s shares soaring 20.6 per cent at 11.2p per share in its afternoon trading. KoBold Metals will earn 51 per cent of Bluejay’s licence for the [...]
Chinese dairy manufacturer shares tumbled amid Beijing’s crackdown fears August 9, 2021 Infant formula milk makers have joined the growing list of stocks hurt by Beijing’s regulatory risk after state media urged supervision of milk powder marketing. Chinese state-run Xinhua Agency reported last Thursday that some experts have been concerned about the marketing of infant formula milk that made mothers choose milk powder over breastfeeding, urging the [...]
Chinese tech tycoons lose $87bn amid Beijing crackdown August 9, 2021 A crackdown on Chinese tech giants by regulators in Beijing is estimated to have wiped $87bn (£63bn) off the personal fortunes of tycoons such as Alibaba’s Jack Ma in the last month alone. Authorities have launched a fierce campaign against some of the country’s biggest tech firms amid concerns about their escalating power, sparking sharp [...]
Chinese spies ‘try to enter UK’ via Hong Kong visa scheme August 9, 2021 UK security officials are reportedly concerned China is sending spies to enter the UK through the British National (Overseas) visa scheme designed for Hong Kong residents. Chinese spies are trying to take advantage of the scheme and posing as refugees in an attempt to enter Britain, according to a report in the Times. Government sources [...]
Tech firm NetEase pulls $1bn Cloud Village IPO after Beijing’s attack on gaming August 9, 2021 Chinese technology firm NetEase has put a pin in its $1bn Hong Kong listing for its music streaming service Cloud Village due to recent volatility in the tech market, according to reports. The initial public offering (IPO) had already been approved by the Hong Kong Stock Exchange’s listing committee, according to filings lodged with the exchange. [...]