American semiconductor and electronics manufacturer Xcerra Corporation and China’s Hubei Xinyan Equity Investment Partnership have cancelled their proposed merger after failing to receive approval from the Committee on Foreign Investment in the United States (CFIUS), the companies announced today.
China’s insurance regulator has decided to takeover Anbang Insurance Group, a once high-flying insurance company headed by Wu Xiaohui, ex-husband to the granddaughter of former Chinese paramount leader Deng Xiaoping. In a statement posted on the China Insurance Regulatory Committee (CIRC), Wu Xiaohui, Anbang’s ex-chairman, has been prosecuted for alleged economic crimes by a court in Shanghai.
The U.S. Securities and Exchange Commission ("SEC") decision to block a Chinese-led investor group from buying the Chicago Stock Exchange ends a two-year campaign to turn the small , 136-year old exchange into a venue for international IPOs. It also marks the latest in a string of blocked deals involving Chinese companies trying to buy major U.S. assets.
Huawei may be facing a virtual sales ban in the United States, due to alleged security concerns, but that hasn’t stopped the Chinese company from launching tests of its 5G wireless technology just north of the border in Canada. On Wednesday, Huawei unveiled an urban trial of 5G wireless-to-the-home services in Vancouver, in partnership with Canadian carrier Telus. The trial is believed to be the first of its kind in North America. “This trial represents continued progress toward the launch of 5G, …
Lu Wei, the former head of China’s powerful Internet regulator, the Cyberspace Administration of China, has been expelled from the Community Party amid claims he used his power to gains financial and sexual favors.
Chinese companies issuing bonds can no longer seek debt guarantees from local governments, or tell their investors that their bonds are backed by local governments, according to a new measures announced by China’s top State planning body. A notice detailing new rules for corporate bond issuance issued Monday by the National Development and Reform Commission stated: "It is strictly forbidden for reporting enterprises to require or accept the local government and its subordinate departments in various names to provide guarantee …
The great unwinding has begun. Driven by overstretched balance sheets and a government crackdown on lavish overseas spending, China’s two biggest corporate shoppers, Dalian Wanda Group and HNA Group, are set to go on a selling spree. And early indication are that we are about to see a fire sale. Speaking Monday as his company announced results, Wang Jianlin, CEO of Dalian Wanda said the company he heads "will resort to every financial tool to reduce debt, including the disposal of …
China’s direct investment in the United States dropped by 35% in 2017 to US$29 billion in completed deals, and the value of newly announced Chinese acquisitions in the U.S. dropped by 90% compared to 2016, due to regulatory hurdles from both countries, according to a report by Rhodium Group, a research consultancy based in New York.
Chinese state-owned semiconductor manufacturing supplier Naura Microelectronics Equipment Co., Ltd announced that it had completed a US$15 million acquisition of U.S. company Akrion Systems LLC, a supplier of surface preparation for solar and semiconductor devices.
China wants to buy more than just beef and soybeans from the United States. The world’s second largest economy also eagerly wishes to greatly increase the import of American technology.
Chinese regulators are rumored to take another forceful action toward the Bitcoin industry, potentially asking bitcoin mining companies in China to exit the business soon. This is another and final major blow to China’s Bitcoin industry after Beijing closed all Bitcoin exchanges and banned initial coin offerings last fall.
Ant Financial Services Group and MoneyGram announced that they have mutually agree to terminate their merger deal after both companies failed to obtain the required approval from the Committee on Foreign Investment in the United States (CFIUS)
In a sign of increasing scrutiny on Chinese acquisitions in the U.S., a Chinese buyer said it is refiling its applications to a U.S. foreign deal oversight body in order to add mitigation measures to secure U.S. government approval.
Lu Wei, the former head of China’s powerful Internet regulator, the Cyberspace Administration of China, is under investigation for suspected corruption, according to statements (in Chinese) issued by the ruling Communist Party’s disciplinary agency.
Chinese government has clamped down on online micro lending by suspending new issuance of online micro lending licenses, which are required for lenders to offer loans across the country, according to local media.
The U.S.-China Economic and Security Review Commission has issued its annual report with some recommendations that may influence the debate as Congress moves forward with legislation aimed at broadening CFIUS reviews of foreign investment in the US. The legislation under consideration is squarely aimed at China without explicitly stating that fact.
President Donald Trump may be in China trying to drum up Chinese investment in the U.S. But back in Washington, lawmakers have unveiled a new set of proposed laws designed to limit Chinese investment in U.S. companies, especially in critical high tech sectors such as artificial intelligence, robotics and aerospace. On Wednesday, U.S. Senator John Cornyn of Texas and Representative Robert Pittenger of North Carolina, together with other bipartisan lawmakers, introduced a new bill called the Foreign Investment Risk Review Modernization …
China’s National Development and Reform Commission (NDRC) issued new draft guidelines on outbound investments and deals this morning, seeking public comments on a comprehensive regulatory framework that could further restrain Chinese companies’ already shrinking overseas investments.
China’s government-backed investment funds may be history’s greatest experiment in using state capital to reshape a nation’s economy. More than 1,000 such government budget-seeded vehicles now seek to leverage up to RMB5.3 trillion (US$798 billion) in capital, a figure equal to 32% of all assets managed by the global private equity and venture capital industry, 7.1% of China’s gross domestic product, or slightly more than the GDP of the Netherlands, the world’s 18th largest economy.
For the Chinese technology and venture capital community, Chinese President Xi Jinping’s speech opening the 19th congress of the Chinese communist party was everything it hoped for. The key words "artificial intelligence", "big data" and "innovation" were highlighted and emphasized repeatedly in the otherwise laborious three-hour address.
The Chinese government announced a new policy directive to further encourage innovation in new drug development and medical device yesterday, making significant changes to existing policies to spur an already thriving healthcare sector in the country.
China’s social media platforms Baidu and Weibo have joined the Chinese government’s campaign to strengthen online censorship before next months’ Communist Party Congress, when China’s top government officials will be elected.
Hong Kong’s Innovation and Technology Commission (ITC) has launched a HK$2 billion (US$256 million) co-investment scheme in a bid to stimulate private investment in local innovation and technology start-ups. Venture capital funds can apply to become co-investment partners of the Hong Kong government to back start-ups in series A and B round across all technology sectors, according to an official announcement today.
Two major Chinese Bitcoin exchanges Huobi.com and Okcoin.cn announced Friday night that they will cease trading by the end of September. The news comes after Internet finance regulators in Beijing ordered all cryptocurrency exchanges in that city to issue notices to cease trading, according to local media.
In a blow to China’s cash-burning bike sharing companies, the city of Beijing has banned commercial advertisement on bicycles deployed in the city, according to regulatory guidance released last week.
U.S. President Donald Trump has blocked a Chinese-backed investor from buying American chip maker Lattice Semiconductor Corp., only the fourth time in a quarter century that a U.S.president has banned a foreign takeover of an American firm on national security grounds.
JD Capital, one of the largest domestic Chinese private equity funds with RMB31.45 billion (US$4.8 billion) under management, is among 83 private investment funds named by the China Securities Regulatory Commission as breaking certain regulatory guidelines in a recent disciplinary procedure.
An agriculture insurance joint venture between Ant Financial Services Group and China United Insurance Holding Co. has received a green light from China’s insurance regulator, making it the first agriculture technology company co-established by an insurer to achieve regulatory approval from the China Insurance Regulatory Commission (CIRC).
Lyu Ruifeng (pictured), 62, former deputy mayor of Shenzhen from 2004 to 2015, is under investigation for alleged bribery, the People’s Procuratorate of Jiangmen, Guangdong Province, said yesterday. The case could be one of the most serious corruption probes of a top government official in the southern city that aspires to be China’s Silicon Valley.
Organizing chat groups on WeChat, one of the most common forms of multiparty digital communications in China, could soon be a high risk activity. China’s Cyberspace Administration issued new rules last week tightening control over WeChat groups and other such digital platforms, in a move that could make WeChat group chat organizers legally liable for any false information disseminated within their groups.
China has been working on a timetable to end the productions and sales of traditional gasoline-fueled cars, in a move to promote green vehicles and tackle the country’s grave pollution problems, the vice minister of Industry and Information Technology Xin Guobin said in an auto industry event in Tianjin over the weekend.