Tag: Beijing

Tencent recoups some losses after China soothes crackdown fears

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tencent Holdings Ltd. regained just some of last week’s share losses after Beijing softened its stance on controversial new gaming restrictions, suggesting investors remain wary of another crackdown on the world’s largest mobile arena.

Tencent climbed as much as 4.9% while smaller rival NetEase Inc. jumped more than 14% in their first Hong Kong trading session after the government tried to assuage the market, tracking a Tuesday rebound in their mainland Chinese-traded peers. Bilibili Inc., a streaming service popular with gamers, gained more than 7% on Wednesday.

Their bounce-back represented a fraction of Friday’s $80 billion rout, when regulators slapped sweeping restrictions on in-game spending and playing time. Investors remain on edge following the surprise curbs, which revived fears that Beijing may again target the online content sphere. Tencent remains down about 8% from before the regulations surfaced.

The government has since sought to tone down its approach. Over the weekend, state-backed media carried comments from industry groups that cast the guidelines in a positive light, while the regulator itself approved a record 105 games for domestic publication and promised to review its more controversial mandates. A slew of gaming companies have also announced share buyback plans, to showcase their confidence.

“The normalized approval schedule despite release of updated ‘guideline’ suggests the government remains supportive on healthy development of the online games industry,” Citigroup Inc. analysts including Alicia Yap wrote in a Tuesday note. “It is positive for the sector to see major studios obtaining quality titles.”

Investors hope regulators will roll back at least some of the more divisive rules after taking industry feedback over the next month.

State media outlets over the weekend carried reports outlining the thinking behind the latest regulations, which they said fill a yearslong vacuum in China’s complex game censorship regime. In 2019, the Ministry of Culture and Tourism canceled a previous set of rules after surrendering oversight of the sector to the newly formed National Press and Publication Administration, which was also responsible for issuing commercial licenses for new game releases. That government shakeup was partly why regulators halted licensing approvals in 2018.

The rules proposed by the publication watchdog inherited some restrictions set by its predecessor, including mandates banning forced player-duels and content that reveals state secrets. But crucially, they introduced an unspecified cap on adult player spending in one of its most unpopular clauses, which regulators have said they will consider revising.

But fears of tech regulation run deep in China.

The sweeping gaming restrictions, which caught industry players and investors off guard on the final trading day before Christmas, reminded many of the brutal tech-sector crackdown of 2021. That year, various agencies abruptly imposed curbs on sectors from e-commerce to entertainment, reining in Jack Ma-backed Ant Group Co. and Alibaba Group Holding Ltd. while decimating the online education industry by declaring profits illegal.

“Although we think the short-term sell off is likely to continue in the coming days, given investor frustration and negative read-through to Internet and general China equity regulation risk, we believe the share price reaction to the Exposure Draft is overdone,” JPMorgan Chase & Co. analysts including Alex Yao wrote in a note. “We expect a negative but insignificant impact on Tencent and NetEase’s gaming monetization.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Chinese developer Sino-Ocean suspends offshore debt payments

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Chinese state-linked developer Sino-Ocean Group Holding Ltd. has suspended payment on all its offshore borrowings, citing tight liquidity, as the nation’s property debt crisis deepens.

The country’s 25th-largest builder “is fully committed to formulating a viable holistic restructuring of its offshore debts,” Sino-Ocean said in a statement to the Hong Kong stock exchange Friday. Trading in eight of its dollar bonds on the exchange will be suspended until further notice. Shares fell as much as 6.1 percent in early trading before reversing to trade higher.

The Beijing-based firm, which according to its 2022 annual report owns more than 290 property projects across China and is among the top homesellers in Beijing and Tianjin, has appointed Houlihan Lokey (China) Ltd. as financial adviser and Sidley Austin as legal adviser. Bloomberg News reported last month that Sino-Ocean was in talks with Houlihan.

“In response to mounting liquidity pressures, the Group has been in active dialogues with its creditors and endeavoured to proactively manage its liabilities,” Sino-Ocean said in the filing. It added that this year the company “has experienced a rapid decline in contracted sales and increased uncertainty in asset disposals and has continuously faced limitations in various financing activities.”

Sino-Ocean has been one of the biggest sources of angst in China’s credit market the past several months. Dollar bond prices slumped amid mounting concerns that even property firms with state links weren’t immune from a sector debt crisis that has sparked record defaults.

Also Read: The big China property crisis: How Xi’s policy to crack down on big firms backfired

Once one of the stronger names among the country’s debt-laden developers, its struggles have been a sign of the sector’s ongoing liquidity constraints. That has been amplified recently by the payment struggles at Country Garden Holdings Co., which this year has lost its title as China’s largest builder by sales. Sino-Ocean expanded into a range of operations since it was founded in 1993, including property services, logistics and asset management.

In August, Sino-Ocean won bondholder approval to extend a combined $50.2 million of interest payments for three dollar notes by two months. A unit two weeks ago got creditor clearance to stretch repayment of a 2 billion yuan ($275 million) local note through August 2024 after having lost an initial vote regarding such an extension.

On Thursday, the Credit Derivatives Determinations Committee said it had ruled that Sino-Ocean’s missed payment on dollar debt due 2024 was a failure-to-pay credit event, triggering credit default swaps.

Sino-Ocean’s largest shareholder is state-owned China Life Insurance Co., which held a nearly 30 percent stake in the Hong Kong-listed firm, according to data compiled by Bloomberg. Having a nearly equal stake is Dajia Insurance Group Co., which took over most of the operations of China’s Anbang Insurance Group Co. and has been controlled by a state-run bailout fund.

The builder’s shares have fallen 39 percent this year to record lows. They did surge a record 82 percent on Sept. 11 as a Sino-Ocean affiliate won a 90-day grace period if any event of default occurs involving a yuan note on which a payment extension was sought.

Also Read: China shows signs of stability as credit, inflation improve

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Watch: Typhoon Doksuri causes havoc in China, thousands flee homes in Beijing

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Typhoon Doksuri swept across the Chinese capital Beijing, bringing with it the most catastrophic rainfall the city has seen so far. The typhoon brought torrential rains and strong winds, affecting the lives of millions and leaving extensive damage to houses, vehicles and properties.

According to the state broadcaster China Central Television (CCTV), the flood forced more than 31,000 residents in Beijing and 20,000 in the adjacent city of Shijiazhuang to flee their homes.

Doksuri made landfall on Friday, July 28, in Fujian province causing power disruptions, uprooting trees and affecting around 880,000 people in the province. According to Chinese official media, over 3,54,400 individuals were forced to leave or displaced, resulting in direct economic losses totalling over 478 million yuan (about Rs 553 crore).

More than 880,000 residents of east China’s Fujian Province have been affected by Typhoon Doksuri. https://t.co/s8wPSnJ6sE pic.twitter.com/zimRCwVx44

— China News 中国新闻网 (@Echinanews) July 30, 2023

Social media was filled with photographs and videos of emergency workers removing fallen trees and landslides, as well as individuals wading through thigh-high flood waters in the aftermath of Doksuri’s wrath.

Watch Here:

In the aftermath of Typhoon Egay (#DOKSURI), @philredcross emergency response units are on the ground in Abra, north of the Philippines ⛑️🌀

They are helping those affected by the landslides, providing medical assistance and transporting those injured to the nearest hospital. pic.twitter.com/mT1Pk7WRQw

— IFRC Asia Pacific (@IFRCAsiaPacific) July 31, 2023

Firefighters managed to rescue 16 animals from a flooded zoo in China’s Zhejiang. #TyphoonDoksuri pic.twitter.com/M2QQ6J5iUf

— China Xinhua News (@XHNews) July 30, 2023

China’s Xinhua News shared scary visuals of a landslide from Yunnan province caught on CCTV camera.

CCTV camera captured the moment a landslide occurred in China’s Yunnan. pic.twitter.com/ZLsxERnVrx

— China Xinhua News (@XHNews) July 30, 2023

The storm’s scale was unprecedented, with millions of people facing the wrath of heavy rain and flood. Many parts of northern China, including Beijing, are still on red alert for severe rain. According to local media reports, this is the first time such a warning has been issued since 2011.

The red alert affects 22 million people in Beijing, 14 million in Tianjin and portions of Hebei, Shanxi, Shandong, and Henan provinces, Al Jazeera reported. The Beijing observatory reported an average overnight rainfall of 140.7mm (5.5 inches), with the highest recorded rainfall in the Fangshan region reaching 500.4 mm (19.7 inches). The southern and western districts were predicted to receive considerably more rain on Monday morning.

The storm also caused heavy rain in Hebei, Tianjin and eastern Shanxi, according to the China Meteorological Administration. According to official media, there were no recorded injuries or serious damage. Over 4,000 construction sites, however, were temporarily halted, and over 20,000 structures were investigated for signs of damage.

Doksuri began as a super typhoon as it crossed the Pacific Ocean but weakened as it neared the Philippines, where it killed more than a dozen people. When it reached China’s southeast, it generated colossal waves and strong winds of up to 175km/h (110mph), causing significant damage.

The situation remains alarming, as forecasters warn of Typhoon Khanun, which is expected to hit China’s highly populated coast this week. Authorities are concerned that Khanun would exacerbate the damage caused by Doksuri, particularly to crops such as maize that have already been damaged by the previous storm.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Beijing hospital fire leaves 21 dead, over 70 evacuated

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A fire that erupted in the eastern wing of a hospital’s inpatient department in Beijing, China, resulted in the loss of twenty-one lives, according to a report from the Beijing Daily on Tuesday.

At approximately 12:57 PM local time (or 04:57 GMT), a fire broke out in Beijing’s Changfeng Hospital, prompting an emergency response team to quickly arrive on the scene. The fire was finally extinguished at around 13:33 PM after the team worked to bring the situation under control, as reported by the Beijing Daily.

Following the incident, a total of 71 individuals were evacuated and transported to other medical facilities for further treatment and care.

Unfortunately, as of 6 PM local time (or 10:00 GMT), 21 of those individuals had passed away while undergoing treatment at the hospital, as reported by the agency.

”It’s tragic. I can see the accident from the window of my house. A lot of people were standing on the air conditioning unit at noon, and some even jumped off,” said a Weibo netizen.

Although hospitals fires are uncommon in China, the cause of the blaze that occurred at Changfeng Hospital is still under investigation.

With inputs from Reuters

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

China accuses India of kicking out journalists from Xinhua News Agency

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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China accused India of kicking out journalists with its official news agency and said it would have to take corresponding measures.

India recently asked journalists from Xinhua News Agency to leave the country by the end of March, Chinese Foreign Ministry spokeswoman Mao Ning said Thursday at a regular press briefing in Beijing.

“The Chinese embassy and China’s Ministry of Foreign Affairs have expressed concerns to the Indian side, but the Indian side did not reply or correct their mistake,” Mao said. She added that “China has to take corresponding countermeasures” but didn’t say what that would entail.

India has not discriminated against journalists from China, officials at New Delhi’s Ministry of External Affairs said, asking not to be named discussing the sensitive issue. Any impression otherwise is false, they added.

The Hindu newspaper reported Tuesday that Beijing told two Indian journalists that they would be unable to return to China. Two other Indian reporters were apparently told China was considering taking steps in response to what it saw as unfair treatment of Chinese reporters.

China wants more and longer visas for its journalists, The Hindu said.

India and China have been locked in a border dispute for four decades and fought a deadly skirmish in 2020. Earlier this week, India rejected attempts by China to claim some parts of Indian-controlled territories.

Prime Minister Narendra Modi’s administration has also barred hundreds of services from Chinese tech giants and worked to position India to replace China in global supply chains. Beijing is also locked in a dispute with the US over journalist visas.
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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Vanguard plans to shutter business in China after a retreat two years ago

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Vanguard Group Inc, the US asset management giant, has decided to shutter its remaining business in China after a retreat two years ago, according to people familiar with the matter, abandoning a 27 trillion-yuan ($3.9 trillion) fund market that global competitors are embracing.

The Malvern, Pennsylvania-based firm has notified the Chinese government of intentions to shutter its unit in Shanghai, the people said, requesting not to be named because the matter is private. The company also is planning to exit a robo-advisory joint venture with Jack Ma-backed Ant Group Co., they added.

Amundi, BlackRock Stumble in China as Wealth Products Disappoint
The moves will mark a complete exit from China for the $7.1 trillion giant, which once saw significant potential in the world’s second-largest economy. The reversal stands as a cautionary tale for global peers including BlackRock Inc. and Fidelity International Ltd., that are still racing to build up local operations as the nation’s recovery and a new pension reform brighten prospects.

Vanguard said its Shanghai unit and the joint venture are operating normally. Ant and the JV representatives said the same. All three declined to comment further.

The China Securities Regulatory Commission didn’t immediately reply to a request seeking comment. Caixin reported Vanguard’s plans earlier.

A complete retreat would follow Vanguard’s surprise move two years ago to scrap plans for a mutual-fund management license in China.

Fidelity and Neuberger Berman Group have recently joined BlackRock in launching onshore funds through new wholly owned units, while Manulife Financial Corp., JPMorgan Chase & Co. and Morgan Stanley have gained approvals to buy out local partners to gain full control of existing ventures.

The race for fund advisory is heating up with more players coming in, hurting profitability. Vanguard’s venture, which has been offering only products from competitors, booked a loss in 2021 that was much higher than an internal forecast made after it was set up in 2019, Bloomberg reported last year. Vanguard owns 49 percent of it.

Also Read:Baidu secures permit for fully driverless ride-hailing service in Beijing

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Chinese President Xi Jinping lands in Moscow to meet with Russian counterpart Vladimir Putin

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Chinese President Xi Jinping on Monday landed in Moscow and met his “dear friend”, the Russian President Vladimir Putin.

Xi’s visit to Moscow comes just days after Putin was accused of committing war crimes in Ukraine by the International Criminal Court in Hague, as it issued a warrant for his arrest.

The two greeted each other as ‘dear friend’ during their meeting in the Kremlin in the afternoon, just before dinner. Formal talks will follow on Tuesday.

Ahead of his crucial talks with Russian President Vladimir Putin in Moscow, Chinese President Xi Jinping earlier in the day highlighted his peace plan to end the raging Ukraine war, saying it takes into account the ”legitimate” concerns of all parties and reflects the broadest common understanding of the international community.

Making his first visit abroad after his endorsement as President and head of the military for an unprecedented third five-year term by China’s Parliament this month, Xi on a three-day visit to Moscow starting on Monday is due to hold talks with Putin on Tuesday during which he is expected to pitch for peace talks to end the Ukraine conflict.

”Russia was the first country I visited after I was elected President 10 years ago,” Xi said in an article titled ”Forging Ahead to Open a New Chapter of China-Russia Friendship, Cooperation and Common Development” published in Russia’s newspaper Russian Gazette on Monday.

ALSO READ | Chinese President Xi Jinping to visit Russia for talks with Putin

Xi, 69, who maintained close ties with Putin during his ten-year tenure stitching together with him an anti-US alliance, said he visited Moscow eight times in the last 10 years and met the Russian leader over 40 times during bilateral and multilateral occasions.

While the thrust of his article was on further developing the strategic ties against the “damaging acts of hegemony, domination and bullying”, an apparent dig at the US, it also highlighted Xi’s peace plan to end the Ukraine war.

Buoyed by China’s successful mediatory role in bringing a peace deal between Iran and Saudi Arabia recently following which the two warring Arab countries agreed to resume diplomatic ties, Xi now focuses on brokering a deal to end the Russia-Ukraine war in a bid to enhance Beijing’s role in global diplomacy.

“Since last year, there has been an all-round escalation of the Ukraine crisis,” Xi said in his article.

Significantly, Xi is the first world leader to meet Putin after the International Criminal Court (ICC) issued an arrest warrant against the Russian leader accusing him of committing war crimes in Ukraine.

While there is no imminent danger of Putin being arrested by the ICC, its warrant was seen as a serious image crisis for him as 123 countries are members of the Court.

ALSO READ | Why China’s role in brokering diplomatic ties between Iran and Saudi Arabia is a big deal | Explained

“China has all along upheld an objective and impartial position based on the merits of the issue, and actively promoted peace talks,” he said.

“I have put forth several proposals, i.e., observing the purposes and principles of the UN Charter, respect of the legitimate security concerns of all countries, supporting all efforts conducive to the peaceful settlement of the crisis, and ensuring the stability of global industrial and supply chains,” Xi said in his article.

They have become China’s fundamental principles for addressing the Ukraine crisis, he said.

Xi said his peace plan “takes into account the legitimate concerns of all parties and reflects the broadest common understanding of the international community on the crisis”.

It has been constructive in mitigating the spillovers of the crisis and facilitating its political settlement. There is no simple solution to a complex issue, he said.

“We believe that as long as all parties embrace the vision of common, comprehensive, cooperative and sustainable security, and pursue equal-footed, rational and results-oriented dialogue and consultation, they will find a reasonable way to resolve the crisis as well as a broad path toward a world of lasting peace and common security,” he said.

ALSO READ | Vladimir Putin welcomes Chinese role in Ukraine crisis on the eve of Xi Jinping’s visit

About Russia-China ties, Xi said: “Together we have drawn the blueprint for the bilateral relations and cooperation in various fields, and have had timely communication on major international and regional issues of mutual interest, providing firm stewardship for the sustained, sound and stable growth of China-Russia relations”.

”My upcoming visit to Russia will be a journey of friendship, cooperation and peace. I look forward to working with President Putin to jointly adopt a new vision, a new blueprint and new measures for the growth of China-Russia comprehensive strategic partnership of coordination in the years to come,” Xi said.

Ahead of Xi’s visit, Chinese Foreign Minister Qing Gang spoke over the phone with his Ukrainian counterpart Dmytro Kuleba during which he called for peace talks between Moscow and Kyiv. According to the Chinese Foreign Ministry, Qin expressed hope that Ukraine and Russia would keep the door open for dialogue and negotiation, and not close the door to a political settlement.

Xi is also expected to speak to Ukraine President Volodymyr Zelenskyy to push for his peace plan though there is a great deal of scepticism here about the chances of success for China’s plan considering Ukraine is closely aligned with the US and EU without whose consent it cannot reach a peace deal with Russia, especially after enormous damage it suffered due to the Russian offensive.

In the 12-point paper highlighting its stand on the Ukraine conflict issued last month, China has called for a ceasefire followed by peace talks to end the Ukraine war. It however struck a nuanced stand of respecting Ukraine’s sovereignty and legitimate security concerns of Moscow and expressed its firm opposition to the use of nuclear weapons.

ALSO READ | International Criminal Court issues arrest warrant for Putin over war crimes in Ukraine

Beijing so far has not condemned the Russian invasion of Ukraine and continues to maintain close political, trade, and military ties with Moscow.

Significant points of China’s stand in its position paper were a call for “ceasing hostilities” and global support for the resumption of direct peace talks between Russia and Ukraine to end the war, respect for Ukraine’s sovereignty and Moscow’s legitimate security concerns and Beijing’s opposition to threat or use of nuclear and biological weapons.

XI in the article also said the two countries stayed in close communication and coordination in the UN, the Shanghai Cooperation Organisation (SCO), BRICS, the G20 and other multilateral mechanisms, and worked together for a multi-polar world and greater democracy in international relations. “We have been active in practicing true multilateralism, promoting the common values of humanity, and championing the building of a new type of international relations,” he said.

With PTI inputs

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Beijing monitors share prices of Indian companies linked to Chinese businesses

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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China’s financial market regulators are monitoring the over valuation of India-listed companies which have business dealings with Chinese-origin companies in Asia, following a recent dispute settlement of two firms from both countries, informed sources said on Friday.

The sources cited a judgement by the Singapore International Commercial Court (SICC) this month, involving India’s Kiri Industries and DyStar Global Holdings (Singapore), a subsidiary of the world’s largest dye manufacturer from China.

The Hong Kong-based sources pointed out that Kiri’s hope for a USD 603.8-million buyout of its stake by DyStar is looking dim.

The deal, as per the sources, is the buyout of Kiri’s 37.57 per cent interest in Dystar which was valued at USD 603.8 million.

China’s regulatory approvals for such a massive outflow of funds is unlikely, as regulators in Beijing are convinced that the Indian company’s stake is highly overpriced due to speculative play in share prices.

Hong Kong-based Senda International Capital, a Beijing-connected company, is likely to buy out Kiri’s stake in Dystar, according to the sources.

“Senda has no more than USD 65 million on its balance sheet,” said the sources. “No bankers in their right mind would fund a USD 600-plus million deal by Senda without a corporate guarantee from its parent, Zhejiang Longsheng Group, a Shanghai-listed manufacturer and supplier of dye to more than a fifth of the world’s textile companies.

The sources said several banks approached on the buyout were not prepared to fund Senda’s acquisition of Kiri’s shares in the absence of a guarantee from Longsheng.

“And good luck on Longsheng getting approval to send that kind of money out of China in this kind of climate,” the sources said, pointing out that major banks were already evaluating all existing exposures amidst some banking and corporate failures.

In 2010, Senda provided much needed funding to rescue Kiri’s earlier acquisition of Dystar, a manufacturer of dyes and specialty chemicals founded in 1995 by German multinationals Hoescht AG and Bayer Textile Dye.

The latter, sources said, is likely to baulk at the high valuation for Kiri’s stake, which effectively values Dystar at more than USD 1.6 billion.

“They probably can set up another Dystar at half that amount, doesn’t make sense for them to pay two times to get 37 per cent. Even if Longsheng is inclined to back the deal, getting the necessary approvals from the various regulators in China will be insurmountable.” The sources added that even if all the obstacles are “miraculously” overcome, it could be months if not a year before any deal can be approved by all stakeholders after it is all scrutinised by the Chinese regulators.

Kiri’s share price on Mumbai’s National Stock Exchange rallied a week ago following news of the SICC’s judgement on the final valuation of its stake in Dystar.

However, a closer examination of Kiri’s historical share price suggests that its fortunes are closely pegged to its progress and outcome of the litigation, according to the sources.

This has raised concern in Beijing and China’s regulators are monitoring speculative plays in share prices of companies good for Chinese investments.

As it is, Beijing and New Delhi are vetting all acquisitions of corporate stakes on both sides, given that their corporate heavyweights are exploiting global markets, said the sources.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

China braces for COVID holiday surge as people leave megacities for hometowns

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Luggage-laden passengers flocked to railway stations and airports in China’s megacities on Monday, heading home for holidays that health experts fear could intensify a COVID-19 outbreak that has claimed thousands of lives.

After three years of strict and suffocating antivirus controls, China in early December abruptly abandoned its “zero COVID” policy, letting the virus run freely through its 1.4 billion population.

Authorities on Saturday said nearly 60,000 people with COVID-19 had died in hospitals between December 8, 2022, and January 12, a huge increase from previous figures that had been criticised by the World Health Organisation for not reflecting the scale and severity of the outbreak.

Even those numbers most likely exclude many people dying at home, especially in rural areas with weaker medical systems, one health expert has said. Several experts forecast more than one million people in China will die from the disease this year.

Also read: Nearly all of Beijing to get COVID by January end, study finds

Ahead of the Lunar New Year holidays, also known as the Spring Festival, which officially starts on January 21, state media has been filled with stories of rural hospitals and clinics bolstering their supplies of drugs and equipment.

“The peak of COVID infection in our village has passed, but the Spring Festival is approaching and there are still left-behind villagers, especially the elderly, at risk of secondary infection,” a doctor in Shaanxi province said in an article by regional news outlet Red Star News.

“If the anti-viral and other drugs were more abundant, I would be more confident,” the doctor added.

As well as fever drugs and oxygen supplies, China’s National Health Commission has said it would equip every village clinic with pulse oximeters, fingertip devices commonly used during the pandemic to quickly check oxygen levels.

Travel rush

Beijing’s main rail station has been packed with passengers leaving the capital in recent days, according to Reuters witnesses.

In China’s most populous city, Shanghai, temporary night trains have been added to meet demand for travellers heading to the eastern Anhui Province, China’s official state news agency Xinhua reported.

Meanwhile, daily arrivals in the gambling hub of Macau exceeded 55,000 on Saturday, the highest daily arrivals since the pandemic began.

In Hong Kong, the government has said it would increase the number of people who can pass through designated land border control points to the mainland to 65,000 people per day from 50,000 between January 18 -21.

China’s transport ministry has said it expects more than 2 billion trips in the weeks around the holidays.

Also read: Chinese market too attractive for world to look the other way: Expert

The revival of travel in China has lifted expectations of a rebound in the world’s second-largest economy, which is suffering its lowest growth rates in nearly half a century.

Those hopes helped lift Asian equity markets on Monday, adding to gains of 4.2 percent last week.

China’s blue-chip index was up 0.6 percent on Monday, while global oil prices have also been supported on expectations of a recovery in demand from the world’s top importer China.

Chinese data on economic growth, retail sales and industrial output due this week are certain to be dismal, but markets will likely look past that to how China’s reopening could bolster global growth, analysts say.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow