Good Morning. Welcome to The Wire’s daily news roundup. Each day, our staff gathers the top China business, finance, and economics headlines from a selection of the world’s leading news organizations.
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The Wall Street Journal
- Brazil to Resume Trials of China’s Sinovac Coronavirus Vaccine — Researchers had criticized the suspension by Brazilian health authority Anvisa.
- China’s Health-Care Listings Break Records — More than 60 Chinese health-care companies have raised a total $16.3 billion from IPOs and secondary listings this year.
- Alibaba Sets ‘Singles Day’ Sales Record — Chinese technology company, under regulatory shadow, reaps $75.1 billion in sales in annual shopping event.
- Hong Kong Security Law: How Beijing Is Cracking Down — Hong Kong’s Beijing-backed government has used new powers to eject lawmakers from the city’s legislature, arrest protesters and charge opposition figures.
- Pentagon Readies for Battle in a 5G Future — U.S. military sees new war-fighting opportunities and vulnerabilities in emerging telecommunications network.
- Taiwan Stopped Covid-19’s Spread, but Can’t Talk About It at WHO Meeting — Objections from China are blocking the self-ruled island from participating in a gathering of global health experts.
- Democracy Dies in the Open — Beijing crushes the remnants of Hong Kong’s autonomy. By The Editorial Board.
- Biden’s China Tech Plan: Stronger Defense, Quieter Offense — Industry officials bet next administration will aim to strengthen domestic industries to better battle Beijing.
The Financial Times
- China’s biggest chipmaker warns of delays due to US sanctions — Shanghai-based SMIC insists restrictions are ‘manageable’ as revenue rises 32%.
- China corporate bond index draws interest from offshore issuers — Bloomberg Barclays offering tracks liquid, tradable onshore renminbi-denominated corporate credit.
The New York Times
- How the Dream of Hong Kong Democracy Was Dimmed — A look at key moments in the showdown between pro-democratic forces and the Beijing-backed authorities who have clamped down on Hong Kong’s freedoms.
Caixin
- Experian Plans to Exit Chinese Mainland Market — Global credit rating giant leaves a credibility vacuum in a chaotic sector after sustaining huge losses and shrinking market share, industry analysts say.
- ChiNext Turns Down First IPO Applicant Since Listing Revamp — Rejection of software developer Jiangsu Netin raises speculation that Shenzhen board is tightening controls after surge of IPOs since August.
- China Credit Growth Slows in October on Holiday Factor — New bank loans rise 4.3% and year-on-year credit growth accelerates, signaling persistent economic recovery.
- Wuliangye to Open Restaurant at Causeway Bay in Hong Kong — Chinese liquor producer expands hospitality footprint even as HK restaurant sector takes a hit from the Covid-19 pandemic.
- Chinese Chipmaker SMIC Sees Record Profits Despite U.S. Pressure — Semiconductor Manufacturing International Corp. (SMIC) said that its third-quarter revenue and profit climbed to a record high, as Beijing aims to build a domestic chipmaking industry less dependent on foreign technology.
- Alibaba and JD.com Make Record ‘Double Eleven’ Sales as Government Combats Internet Monopolies — Chinese e-commerce giants Alibaba and JD.com have set new sales records for this year’s “Double Eleven” shopping bonanza as the two online retailers have extended the sales window for the shopping event to drive up consumption crippled by the Covid-19 pandemic.
- Major Chinese State-Owned Bank Uses Blockchain to Sell $3 Billion of Bonds — China Construction Bank, one of the nation’s big four state-owned banks, has partnered with Hong Kong-based fintech firm Fusang to launch the sale of $3 billion worth of debt securities using blockchain in the hope of reducing service costs traditionally associated with financial intermediaries.
South China Morning Post
- US military using private spy planes to keep tabs on China, think tank says — Privately operated reconnaissance and surveillance aircraft have been sent to Asia to help the US keep watch on Chinese activities close to its maritime territory, according to a Beijing-based think tank.
- China-US ties: Chinese embassy in Brazil hits back as Brasilia joins America’s ‘Clean Network’ — China’s embassy in Brazil has hit back at comments made by a senior US official, after Brasilia this week became the latest signatory to an American deal to block Chinese tech giant Huawei Technologies Co. from foreign nations’ 5G networks.
- US-China military talks aim to ease tensions with Covid-19 prevention focus — China and US armed forces kicked off three days of discussion on control of the coronavirus pandemic, humanitarian aid and disaster prevention on Wednesday, in a rare glimpse of cooperation amid rising tensions between the world’s two biggest military powers.
- China’s new trade strategy seeks to build on export boom amid fresh coronavirus lockdowns in the West — Building on China’s success in getting its economy back up and running after the coronavirus pandemic, the government will push ahead with plans to create more secure trade links with other countries in response to the United States’ ongoing attempts to economically decouple the world’s two largest economies.
- Shared office space giant IWG takes up rival WeWork’s vacated space at Harbour City, TST, as competitors withdraw from Hong Kong — Swiss flexible workspace giant IWG has taken over rival WeWork’s 50,000 square feet of office space in Tsim Sha Tsui, the second time this year it has swooped on one of the American provider’s vacated premises in Hong Kong.
- PUBG to get a new mobile game for India as access to Tencent’s version is restricted by a ban on Chinese apps — PUBG Corp, a subsidiary of a South Korean company, said on Thursday it will launch a new PlayerUnknown’s Battlegrounds (PUBG) mobile game in India after the previous incarnation from a Chinese publisher fell foul of national security rules.
- Tencent posts 89 per cent rise in quarterly profit on back of strong video games, fintech businesses — Internet giant Tencent Holdings reported a better-than-expected 89 per cent jump in net profit for the quarter to September 30, as the company and its peers come to grips with China’s antitrust efforts.
- China says it has built 700,000 5G base stations this year, more than rest of world combined — China said it has built close to 700,000 5G base stations this year, exceeding its original target of half a million, as the country continues to push ahead with ambitions to lead in the next generation of ultra-fast wireless technology.
Bloomberg
- Tencent Vows to Work With Regulators as Beijing Clampdown Looms — Tencent Holdings Ltd. pledged to work with Beijing and control an expansion into the fintech arena, to ensure it remains compliant as the government escalates oversight over the Chinese internet industry.
- G-20 Looks to Deepen Debt Relief Drive With China’s Coordination — Policy makers from the world’s largest economies are set to meet Friday to iron out the details of a plan for debt relief to the poorest countries battered by the Covid-19 pandemic.
- Tencent’s Strong Earnings May Encourage Chinese Antitrust Scrutiny — Strength is a weakness when you’re on the radar of China’s antitrust authorities.
- Fossil Soars After Revenue Beats Forecast on Strength in China — Fossil Group Inc. shares surged in premarket trading after quarterly revenue beat the watchmaker’s forecasts by a wide margin thanks in part to strong sales in China.
- Pinduoduo Shares Jump as Post-Covid Spending Lift Sales by 89% — Pinduoduo Inc.’s revenue rose a better-than-expected 89% as the shift toward online shopping continued in post-Covid China, benefiting the e-commerce upstart. The shares surged roughly 16% in pre-market trading in New York.
- China-Anchored Free-Trade Zone, World’s Biggest, Nearly Done — Fifteen Asia-Pacific nations including China aim to clinch the world’s largest free-trade agreement this weekend, the culmination of Beijing’s decade-long quest for greater economic integration with a region that encompasses nearly a third of the global gross domestic product.
- Evergrande Is Said to Win HKEX Approval for Service Unit’s IPO — Evergrande Property Services Group Ltd. has received the green light from the Hong Kong stock exchange to go public, according to a person familiar with the matter, creating one more avenue for the indebted developer to raise cash.
- Stranded Coal Ships in Crosshairs of China-Australia Spat — At least 20 giant bulk carriers are anchored off the Chinese port of Jingtang and unable to offload millions of tons of Australian coal, the latest casualty of the growing diplomatic row between Canberra and Beijing.
- Hon Hai’s Profit Beats Estimates Ahead of New IPhones — Key iPhone assembler Hon Hai Precision Industry Co.’s third-quarter profit beat estimates, underscoring how the Taiwanese manufacturer is extending its post-Covid-19 recovery amid demand for home computing and cloud equipment.
- Biden Reassures Japan, South Korea Over Alliance Commitment — U.S. President-elect Joe Biden assured Japanese Prime Minister Yoshihide Suga that the security treaty between the two countries covers East China Sea islands also claimed by China.
- Boeing Confident in China With Thousands of Jet Orders Forecast — Boeing Co. expects China to continue to be the main driver in aviation growth worldwide over the next 20 years, saying Chinese airlines are likely to buy 8,600 new airplanes worth $1.4 trillion during the period.
- Founder of China Property Site With No Profits Worth $20 Billion — Zuo Hui is on a mission to bring transparency to China’s murky property market, where buyers must navigate fake listings and sometimes fraud.
- Tencent Ready to Make Case It Can Ride Out China Storm — Tencent Holdings Ltd. joined Alibaba Group Holding Ltd. and much of China’s internet sector in a $290 billion selloff after Beijing signaled its strongest intentions yet to rein in Big Tech. Yet the social media and gaming giant is in some ways better shielded than its peers from any potential crackdown.
- Down $290 Billion, China Tech Investors Mull Nightmare Scenarios — With 22 pages of vaguely worded edicts, China has cast doubt on the future of its biggest internet companies and ignited a $290 billion equity selloff.
- Biotech Firm Adagene Is Said to Plan $200 Million U.S. IPO — Adagene Inc., a Chinese biotechnology company backed by WuXi AppTec Co. and private equity firm General Atlantic, is planning a U.S. initial public offering that could raise about $200 million, according to people familiar with the matter.
Reuters
- UK to consider sanctions against China for breaching Hong Kong treaty — Britain on Thursday said China had broken its main bilateral treaty on Hong Kong by imposing new rules to disqualify elected legislators in the former British colony, cautioning that it would consider sanctions as part of its response.
- Alibaba, JD.com say U.S. was top seller to China during Singles’ Day event — Alibaba and JD.com said the United States was the top seller of goods to China during the Singles’ Day shopping extravaganza that generated about $116 billion in merchandise volume for the pair.
- China will strive to achieve major tech breakthroughs: President Xi — China will strive to achieve major breakthroughs in key technologies, state media quoted President Xi Jinping as saying on Thursday.
- Sour China-Australia ties hit talks over LNG deal, says Woodside — Australia’s Woodside Petroleum shelved talks to sell stakes in a gas field and liquefied natural gas (LNG) project to Chinese firms because of the diplomatic row between Australia and China, the company’s chief executive said on Thursday.
- China’s Sinopec adds new gas reserve at large Sichuan field — China Petroleum and Chemical Corp said on Thursday that it has added 83 billion cubic meters (bcm) of newly proven natural gas reserve at the Chuanxi field in the Sichuan basin.
- Australia-China row halts Woodside talks to sell gas project stake to Chinese firms — Woodside Petroleum shelved talks to sell stakes in a gas field and liquefied natural gas (LNG) project to Chinese companies a few months ago because of a growing diplomatic row between Australia and China, the company’s chief said on Thursday.
- Germany criticizes China for dismissal of Hong Kong opposition lawmakers — Germany, holder of the European Union’s rotating presidency, has criticized China for the dismissal of several pro-democracy opposition lawmakers from the city assembly in Hong Kong.
Xinhua
- Sales on Tmall hit 498.2 bln yuan in GMV during Singles’ Day shopping spree — The giant screen shows sales on Alibaba’s e-commerce platform hitting 498.2 billion yuan (about 74.10 billion U.S. dollars) in gross merchandise volume (GMV) during the annual Singles’ Day online shopping spree at Hangzhou Future Sci-Tech City in Hangzhou, east China’s Zhejiang Province, on Nov. 12, 2020.
- China’s central bank issues 25 bln yuan of bills in Hong Kong — China’s central bank Thursday issued 25 billion yuan (about 3.77 billion U.S. dollars) worth of bills in Hong Kong.
- China gas field adds 83 billion cubic meters in reserve — Southwest China’s Chuanxi gas field has added 83 billion cubic meters in proven reserves of natural gas, said the Sinopec Group.
- China’s foreign trade innovation beneficial for overseas companies: MOC — China’s move to promote the innovative development of foreign trade will benefit overseas companies, Ren Hongbin, assistant minister of commerce, said at a press briefing Thursday.
- China sees online payments soar during Singles’ Day shopping spree — Total transactions and their monetary value surged during China’s “Double 11” shopping spree, the biggest discount period of the year, data from the central bank showed Thursday.
- China’s agricultural product wholesale prices edge down — The wholesale prices of China’s agricultural products dipped Thursday, according to the Ministry of Agriculture and Rural Affairs.
Other Publications
- Nikkei Asian Review: Analysis: Biden’s old friend Xi is not the man he once was — The two go back nine years, but China’s rise has complicated the relationship.
- Nikkei Asian Review: China wants self-driving tech in half of new cars by 2025 — Beijing doubles earlier target as Baidu and Didi test robotaxis.
- Axios: The China tech selloff pauses — Tech stocks rebounded slightly in China after Wednesday’s selloff that had been prompted by new antitrust rules proposed by Chinese regulators.
- POLITICO China Watcher: First 100 days of Biden’s China policy and the last days of Trump’s — Joe Biden will be the next president of the United States. If he accomplishes what he’s set out to do, the consequences of this fact for Beijing will be substantial. Biden has made clear his most immediate priorities are domestic, although his transition website does mention rebuilding the Center for Disease Control’s Beijing office. Yet China never lurks far behind all these issues, be it as cause, competitor or occasional cooperator.
- The New Yorker: The Seven Pillars of Biden’s Foreign Policy — Anne Hidalgo, the first female mayor of Paris, succinctly framed the global reaction to Joe Biden’s election. “Welcome back America,” she tweeted.
- The Atlantic: A Strong but Frustrated China Poses a Special Kind of Danger — Even as it has become more influential on the international stage, political and economic problems have festered at home.
- The Diplomat: Why China’s Economy Keeps Booming Even After COVID-19 — With the pandemic controlled and society going back to normal, innovation and digitization are unleashing economic growth in China.
