FirstFT: China expands its crackdown on technology
China has Intensify the crackdown on technology platforms, After ordering the cancellation of ride-sharing group Didi Chuxing, targeting more U.S. listed companies From the domestic app store The move caused technology stocks to plummet.
The Cyberspace Administration of China announced on Monday that it is investigating direct recruitment by the online recruitment company Boss and the Chinese truck app Yunmanman and Truck Gang that merged to form Full Truck Alliance in 2017.
CAC’s announcement mentions suspected violations of China’s national security and cybersecurity laws, but did not provide detailed information.
The regulatory crackdown caused shocks in Asian markets on Monday. Japan’s SoftBank Group, whose Vision Fund is a large investor in Didi, fell 5.4%, while Internet conglomerates Alibaba and Tencent fell 2.9% and 3.7% respectively in Hong Kong.
More than two-thirds of Chinese companies listed in the United States this year have sunk Below their initial public offering priceAlthough the level of fundraising hit a record high, the increasingly stringent regulatory review has dampened investor sentiment.
There are five more stories in the news
1. After OPEC+ abandoning the meeting, oil prices hit a three-year high Oil prices soared to Highest level since 2018 After OPEC and its allies abandoned their decision to increase oil production, Saudi Arabia, Russia, and the UAE tried to reach a compromise.
More energy news: The Mexican government granted control of one of the country’s largest oil discoveries To the state-owned Pemex, To combat private investment and improve the prospects for international litigation.
3. Warburg Pincus launches non-performing asset risk investment in China This U.S. private equity firm is launching a China Asset Management Corporation Targeting bad opportunities in the country’s debt-laden real estate industry. Warburg Pincus and Chinese asset management company Wensheng will invest US$600 million to establish a partnership, aiming to build up to US$5 billion in assets under management in the next five years.
4. Coupang faces charges of manipulating search algorithms South Korea’s Coupang is survey According to industry sources familiar with the investigation, it has been accused of manipulating search algorithms to prioritize its own products over those of suppliers.
5. Canada’s top pension fund plans to enter the private market This Ontario Teachers’ Pension Plan As one of the world’s largest retirement plans tries to get rid of the adverse effects of low interest rates, the company is preparing to enter the private market with 70 billion Canadian dollars in new funds, covering assets from infrastructure to real estate.
This Japanese government under pressure Reverse course As Covid-19 cases rose in the capital, the Tokyo Olympics were held behind closed doors.
business travel Yes Start to rebound With the relaxation of restrictions around the world.
This BioNTech/Pfizer vaccine The effect of preventing the spread of the virus is poor Delta variant According to a preliminary study by the Israeli Ministry of Health, it is higher than previous coronavirus strains.
the day before
Reserve Bank of Australia Meeting The central bank is expected to Cut some emergency stimulus measures To reflect the country’s economic recovery. (Bloomberg)
Opening of the Cannes Film Festival Due to the pandemic, this legendary film festival started on Tuesday after it was cancelled in 2020. Spike Lee Will serve as the chairman of the Jury of the Cannes Film Festival. (guardian)
Jacob Zuma Hearing As the former president of South Africa launched a legal challenge to avoid imprisonment, his lawyer also asked the lower court to suspend his sentence and provide Hearings Tuesday-indicates that he won’t be arrested until Wednesday at the earliest.
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The U.S. Supreme Court tilts to the right-but how far will it go? The U.S. Supreme Court is undeniable move to the right In the past year. But nine judges of the Supreme Court made nearly 70 rulings during the current term. In general, these rulings are better than some conservatives who sworn in as liberal idol Ruth Budd at Amy Connie Barrett. Ginsberg’s replacement had hoped for more nuance.
Work and career
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