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
- China’s Regulatory Moves Knock Chinese Tech Stocks — Falling shares of Didi, Full Truck, Kanzhun drag Tencent Music, Baidu and other Chinese stocks lower.
- China Targets Firms Listed Overseas After Launching Didi Probe — The moves come as Chinese regulators intensify scrutiny of technology companies, including the ride-hailing firm.
- China’s STAR Market Regains Some Sparkle With Syngenta IPO — The offering would be the largest in the Nasdaq-style board’s roughly two-year history.
- Chinese EV Maker XPeng Makes Debut in Hong Kong — With uncertainty clouding Chinese listings in U.S., rival to Tesla and NIO obtained dual-primary listing and raised $1.8 billion.
- Hong Kong Tries to Ease Big Tech’s Concerns Over Data Law — City’s top local official says new rules are needed to combat malicious behavior online, but the government will listen to views of internet companies.
The Financial Times
- Marco Rubio lambasts ‘reckless and irresponsible’ Didi listing — Hawkish senator’s intervention could point to renewed efforts to turn screws on Chinese IPOs in US.
- Alleged assault on scientists overshadows China’s space race success — Police detain Chinese aerospace executive as incident threatens to embarrass Beijing.
- Didi caught as China and US battle over data — Concerns over how much ride-hailing group knew of crackdown before blockbuster IPO.
The New York Times
- The Man Behind China’s Aggressive New Voice — How one bureaucrat, armed with just a Twitter account, remade Beijing’s diplomacy for a nationalistic era.
- Students Arrested in Hong Kong Bomb Plot, Days After Police Stabbing — Six teenagers were among those arrested in connection with a bomb plot. Some democracy activists say Beijing’s crackdown is fueling radical ideas.
Caixin
- Bitcoin Hammered Again as China Continues Cryptocurrency Crackdown — Authorities shut down Beijing Qudao Cultural Development on suspicion of providing crypto software services, driving Bitcoin below $34,000.
- China’s Tech Firms Slapped With Another Series of 500,000 Yuan Antitrust Fines — Companies including Alibaba, Tencent and Suning.com violated rule requiring disclosure of M&A that could give them excessive power over the market, regulator says
- Freetech Bags Fresh Capital to Market Less-Advanced Self-Driving Technology — Chinese self-driving car firm Freetech has raised more than $100 million in a series A funding round led by state-backed China Internet Investment Fund.
South China Morning Post
- China semiconductors: China Mobile and Apple supplier Luxshare jump on chip investment frenzy — China’s semiconductor investment frenzy has received a fresh boost after the country’s largest mobile carrier and a key supplier to Apple jumped on the bandwagon by setting up their own chip units, according to corporate registry information.
- China bans super skyscrapers, putting a ceiling over new buildings that exceed 500 metres, citing safety concerns — China, home to almost half of the world’s 100 tallest buildings, has banned the construction of super skyscrapers amid fears that the race to push skyward over the past three decades may have compromised building safety and led to a glut of office space.
- Elsie Cheung steps down after a decade of leading digital transformation at the Post, Hong Kong’s oldest newspaper — Elsie Cheung Hoi-sze is stepping down as chief operating officer of the South China Morning Post, having helped the newspaper go digital and global over the past decade.
- Huawei’s patent fight with Verizon heads to court in Texas — Huawei Technologies Co says it was treated unfairly when the US government labelled it a security threat, yet China’s largest technology company is seeking redress from the American jury system in a major patent fight with Verizon Communications Inc.
Bloomberg
- China’s Foreign Currency Reserves Drop First Time in 3 Months — China’s foreign-currency holdings slipped for the first time in three months in June as a stronger dollar cut the value of assets in other currencies.
- Hong Kong’s Esquel Sues U.S. Over China Blacklist Inclusion — Hong Kong apparel giant Esquel Group said it is suing the U.S. government for what it called the “erroneous” blacklisting of a subsidiary, saying it had been “falsely implicated” in the use of forced labor in China’s Xinjiang region.
- Weibo Denies Report of Plans to Take Company Private — A Weibo Corp. representative denied a report that the chairman of the Chinese Twitter-like service and a state investor are in talks to take the company private.
Reuters
- Special Report: China’s gene giant harvests data from millions of women — A Chinese gene company selling prenatal tests around the world developed them in collaboration with the country’s military and is using them to collect genetic data from millions of women for sweeping research on the traits of populations, a Reuters review of scientific papers and company statements found.
- China to launch carbon trading for electricity sector in July — China will launch a nationwide carbon emissions trading scheme for the electricity sector in July, the cabinet said on Wednesday.
- Montenegro close to deal on lifting Chinese debt burden – minister — Montenegro is weeks away from securing a deal to either swap or refinance with European and U.S. banks nearly $1 billion in debt owed to China, and hopes to reduce the interest rate on the debt to below 1%, Economy Minister Jakov Milatovic told Reuters.
- China marks 25% of its territory for environmental protection — China has designated 25% of its onshore territory “ecological conservation” areas, limiting development and human activities in order to improve the environment and conserve resources.
Other Publications
- Associated Press: China’s Xi attacks calls for technology blockades — In a speech to representatives of leftist political parties in more than 100 countries, Xi said China’s ruling Communist Party has succeeded in raising the country from poverty and created a new model of development.
- Nikkei Asia: China chip school teaches ways of Huawei and talent-hungry peers — Government aims to train engineers needed to ease shortage and counter US.
- Foreign Policy: What Didi Got Wrong — The ride-hailing app won the Chinese cab wars. Its next logical step turned out to be a huge mistake.
- CSIS: Open Source Analysis Project — An online, interactive digital platform that will utilize previously untranslated primary source material to drive in-depth discussions and debates on strategic topics relating to U.S.-China relations and the broader topic of China’s rise.