Today

Hong Kong stocks gain in week as Geely, BYD, shine on robust EV sales

Local stocks are headed for another winning week as Geely Auto and BYD lead carmakers higher on robust EV sales. They overshadow concerns about China’s economic slowdown. Read more on scmp.com



Yesterday

Binance to Halt Chinese Yuan Trading Amid Beijing’s Crypto Crackdown

ASHANGHAI—Binance will stop the use of the Chinese yuan on its peer-to-peer trading platform, the latest move by major global cryptocurrency exchanges to cut their ties with mainland Chinese investors following an intense crackdown on the sector. Read more on ntd.com


Data shows China’s share of the bitcoin mining network has dropped from 67% to zero

CNBC’s MacKenzie Sigalos reports on new data showing that China’s share of the bitcoin mining network dropped from 67% to zero in less than a year. Read more on cnbc.com



This week

China developers’ bonds, shares hit again by Evergrande contagion worries

Shares and bonds of Chinese property companies fell further on Wednesday after China Evergrande Group missed a third round of interest payments on its dollar bonds in three weeks, and as others warned of defaults. Read more on reuters.com


IMF Board Had ‘Full Confidence’ in Georgieva After Investigation Into China Data-Rigging Claims

The International Monetary Fund’s (IMF) executive board on Oct. 11 said it has “full confidence” in Managing Director Kristalina Georgieva following an investigation into allegations that she applied “undue pressure” on staff to boost China’s standing in the bank’s “Doing Business 2018” report. Read more on ntd.com


WSJ News Exclusive | Xi Jinping Scrutinizes Chinese Financial Institutions’ Ties With Private Firms

Inspections of state banks and others are aimed at ensuring full Communist Party control over what is seen as the lifeblood of the economy, say people familiar with the plan. Read more on wsj.com


China’s Evergrande fails to pay debt

Evergrande has failed to pay $148 million of its debts — the third overseas bond payment that the Chinese property developer has missed in less than a month Read more on thetimes.co.uk


Lenovo withdraws Star IPO in setback for China’s tech centre stage

The withdrawal is the second-biggest IPO cancellation in Shanghai since Ant Group, the affiliate of this newspaper’s owner Alibaba Group Holding, had its US$39.7 billion dual listing foiled in November 2020. Read more on scmp.com


China’s coal futures hit record high as floods worsen energy crisis

Mine closures intensify power crunch that has forced rationing and rattled global markets Read more on ft.com


Fundraising by China property trust products slump amid Evergrande woes – media

Fundraising by Chinese property trust products tumbled over 40% in September from a month earlier, official Shanghai Securities News reported on Monday, as China Evergrande Group’s troubles further dampen investor appetite toward the struggling sector. Read more on reuters.com



Last week

Crypto Investor Who Bet on DeFi Says China Crackdown May Help It

Arthur Cheong, who worked in oil trading before reinventing himself as a crypto fund manager, put money into a blockchain-based game called Axie Infinity last year. Read more on bloomberg.com


Hundreds of Chinese Companies Might Soon be Delisted From American Stock Exchanges – Vision Times

Chinese firms have long secured funding from American capital markets without proper checks and balances. Such activities are heading towards their end as the U.S. implements new rules to hold foreign companies, raising capital from America, to a stricter standard. Read more on visiontimes.com


Evergrande creditors call out company for lack of transparency as potential default looms

“We all feel that an imminent default on the offshore bonds is or will occur in a short period of time,” an investment banker advising creditors said. Read more on newsweek.com


China’s Local Government Debt: The Hidden Threat

At the close of 2020, China’s local government debt stood at $3.97 trillion. However, this does not include hidden debt, which is believed to be even larger. Read more on theepochtimes.com


Hong Kong stocks jump as Alibaba leads tech rebound, Chinese Estates soars

Stocks rally by most since late August as the Hang Seng Tech Index climbs from an all-time low. Chinese Estates, an Evergrande ally, soars following a privatisation bid by its majority shareholder. Read more on scmp.com