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.
Paid subscribers automatically have this list emailed directly to their inboxes every day by 10 a.m. EST. Subscribe here.
The Wall Street Journal
- China’s Xi Eyes Return to Communist Party Roots Amid Private-Sector Crackdown — President is signaling plans to more assertively promote social equality, with the catchphrase ‘common prosperity’ appearing everywhere.
- Rift Forms on Didi’s Board Following Beijing’s Regulatory Assault — Top executives from Tencent and Alibaba were surprised and furious upon learning that Didi was in trouble with China’s cybersecurity regulator.
- Pork Giant’s Shares Tumble After Father-Son Feud Intensifies — WH Group’s stock fell 11% after the son of the Chinese company’s chairman publicly accused his father of financial misdeeds.
- Tencent Looks Abroad as Beijing Tightens the Screws at Home — Tencent’s overseas expansion can soften the blow from regulatory ire at home.
- China Steps Up Direct Involvement in Internet-Content Firms — Recent moves aim to strengthen the government’s control over online content.
- Alibaba’s U.S. Shares Fall to Lowest Since 2019 as China Cracks Down — Several tech stocks decline after authorities in Beijing release a new round of proposed regulations.
- China Sees Risks in Stepping Into Afghanistan After U.S. Withdrawal — Beijing worries Taliban rule could be destabilizing for its restive Xinjiang region but is wary of getting tangled up in a volatile situation.
The Financial Times
- China’s Xi calls for wealth redistribution and clampdown on high incomes — Chinese tech tycoons have been under pressure since Jack Ma’s Ant Group IPO was cancelled last year.
- Huawei woes hide ‘toothless’ US export controls against Chinese tech — Access to vital market for equipment and software makers stands in way of blanket bans.
- Evergrande on course to hit record number of legal cases — Heavily indebted Chinese developer faces hundreds of court cases from contractors.
- Chinese start-ups caught in US listings limbo — Wall Street bankers rush to identify alternative options as regulatory crackdown halts IPOs.
- China and Russia poised to step into the Afghanistan gap — Biden’s withdrawal of troops opens door for Washington’s greatest rivals to extend influence.
- BlackRock calls for investors to lift allocations to China’s markets — Asset manager’s research division says second-largest market is no longer an emerging nation.
The New York Times
- To China, Afghan Fall Proves U.S. Hubris. It Also Brings New Dangers. — The Taliban’s return to power is no victory for Beijing, which faces the threat of extremism and an American military no longer bogged down by the “war on terror.”
Caixin
- Evergrande Founder Steps Down as Chairman of Flagship Real Estate Unit — Hui Ka Yan took on the role as company prepared for now-aborted backdoor listing.
- Tencent’s Online Music Arm Reports Dip in Quarterly Profits — Downturn comes as executives say recent regulatory ruling stripping company of exclusive licensing rights won’t have a big impact on bottom line.
South China Morning Post
- Why Didi’s regulatory pain does not mean immediate gains for its smaller rivals in China’s ride-hailing market — One and a half months after Didi Chuxing was banned from taking on new customers by Beijing, there is little sign that its dominant position in China’s ride-hailing market is being undermined by rivals keen to take its crown, according to analysts and drivers.
- China’s wealthy urged by Xi Jinping to ‘give back to society’ to ensure ‘common prosperity’ — China must pursue a goal of “common prosperity”, where wealth is fairly shared by all people, as a key objective for the next stage of its development, President Xi Jinping told a key economic leadership meeting, while also stressing the need to prevent financial risks.
- Hong Kong protests: fund distributing HK$243 million to demonstrators announces disbandment — 612 Humanitarian Relief Fund supports protesters with legal bills, medical expenses flowing from 2019 unrest.
Bloomberg
- After Beating Netflix, Richard Li’s Viu Looks to Next Battle — The rise of Viu in Southeast Asia has stood out as the streaming space worldwide becomes mostly carved up by giants from Walt Disney Co. and Netflix to China’s Baidu Inc. and Tencent Holdings Ltd.
- SEC Leans Hard on China IPOs to Show How They’re Set Up Offshore — Chinese companies applying to go public in the U.S. are facing increasingly detailed questions from the Securities and Exchange Commission about their offshore corporate structures, according to people familiar with the matter.
- Tencent is Ready to Back its Biggest Investment Yet Ahead of Chinese Regulations — Humility and obedience are a required down payment for companies hoping to show their fealty to Chinese regulators.
Reuters
- China’s President Xi spoke with Iranian, Iraqi presidents — China’s President Xi Jinping on Wednesday spoke with Iranian President Ebrahim Raisi, Chinese state television said.
- China rebukes 43 apps including Tencent’s WeChat for breaking data transfer rules — China’s Ministry of Industry and Information Technology (MIIT) said on Wednesday that 43 apps, including Tencent Holdings Ltd’s WeChat, were found to have illegally transferred user data, and ordered their parent companies to make rectifications.
- Xi’s wealth redistribution push starts with stick — Chinese President Xi Jinping wants to restrain “unreasonable income”, hike wages and expand the middle class, per a readout of a top-level conference on Tuesday, which helps explain his recent rough treatment of corporate tycoons.
Other Publications
- Associated Press: Hong Kong police arrest 4 from university student union — Four members of a Hong Kong university student union were arrested Wednesday for allegedly advocating terrorism by paying tribute to a person who stabbed a police officer and then killed himself, police said.
- The Washington Post: Biden keeps many Trump tariffs in place, confounding businesses hoping for reprieve — End of waivers irks business groups that want action on China trade.
- The Washington Post: A Chinese airport project in Zanzibar floundered. Here’s what the new G-7 infrastructure plan can learn. — Our analysis of megaprojects reveals where Chinese companies enjoy advantages — and where they fall short.
- Protocol: Forget Amazon. Chinese ecommerce sellers are taking on the world without it — CEO of ecommerce SaaS company says global platforms are actively courting Chinese sellers.
- Rest of World: Why Alibaba’s sexual assault scandal is no #MeToo moment — Alibaba’s corporate culture is far from the only obstacle to creating a more equitable workplace for women in China.
