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
- Evergrande Is Told to Tear Down 39 Buildings on Man-Made Island — Figures also show a steep drop in apartment sales by the developer, which can appeal the tear-down order.
- Athletes’ Olympian Task: Secure a Beijing Berth, Train to Peak—and Don’t Get Covid Now — Team USA is pushing ahead with qualifying competitions in sports like figure skating, putting it on a potential collision course with China’s Covid rules.
The Financial Times
- Star China investor Boyu seeks to navigate Xi’s tech crackdown — Private equity firm whose founders include ex-president Jiang Zemin’s grandson rode sector’s long boom.
- China tech: those who control the algorithms control the future — Chinese web users could find officialdom has even greater access to their personal information.
The New York Times
- With Property Sales Plunging, China Evergrande Faces More Protests — The developer has tried for months to signal that its $300 billion debt problem was under control. But the challenges keep mounting.
Caixin
- Evergrande Shares Resume Trading After Clarification of Island Resort Demolition Order — The debt-ridden developer is trying to ease homebuyer concerns after a local government took the unusual step of condemning 39 apartment blocks that had already been sold.
- China Mobile’s Homecoming Set for Wednesday as Shares Start Trading in Shanghai — The telecom company expects to raise nearly 56 billion yuan by selling more than 970 million shares.
- China Forges Ahead With Plan to End NEV Subsidies Before 2023 — Finance ministry announces 30% cut to cash subsidies, leaving upper limit at about $2,000 per vehicle.
South China Morning Post
- Amazon Kindle closes flagship store on Alibaba’s Tmall, raising questions about the e-book reader’s future in China — With similar devices now available from Xiaomi, Tencent and others, netizens are questing Kindle’s future in China after Amazon closed its marketplace in 2019.
- China exempts Hong Kong listings from finalised cybersecurity review rules for offshore IPOs, analysts say — China’s regulators will exempt Hong Kong from the rigid cybersecurity review process for all initial public offerings (IPOs) in foreign markets by companies with the personal data of at least 1 million customers, according to analysts’ reading of the finalised regulations published on Tuesday.
- Tiananmen vigil: Hong Kong activist jailed for 10 extra months following second incitement conviction over banned June 4 gatherings — Chow Hang-tung, former vice-chairwoman of the group behind Hong Kong’s Tiananmen Square vigil, is ordered to serve the extra jail term on top of her existing one-year stretch.
Bloomberg
- Lithuanian President Rebukes Government Over Taiwan Controversy — Lithuanian President Gitanas Nauseda said the government’s decision to allow Taiwan to open a representative office using the island’s name was a mistake, wading into a controversy that’s upended the Baltic nation’s relationship with China.
- Subtle Word Choice in China IPO Rules Revives Hope for Hong Kong — A subtle word choice in China’s revamped rules for overseas listings is stoking speculation that authorities may make it easier for companies to list in Hong Kong than in other offshore financial hubs.
- Amazon Plays Down Reports It’s Pulling Kindle From China — Amazon.com Inc. brushed off media speculation that it was suspending sales of its Kindle e-reader in China, after some of its signature product’s models went out of stock on Chinese platforms.
- After Rocky IPO, SenseTime’s Rally Is Among Best Starts in H.K. — Shares of Chinese artificial intelligence giant SenseTime Group Inc. are set to finish their first week of trade at more than double the price they listed, defying the impact of U.S. sanctions that tainted the offering last month.
Reuters
- Tesla criticised for opening showroom in China’s Xinjiang region — Tesla’s announcement that it has opened a showroom in Xinjiang has attracted criticism from U.S. rights and trade groups, making it the latest foreign firm caught up in tensions related to the far-western Chinese region.
- China central bank launches digital yuan wallet apps for Android, iOS — The “e-CNY (Pilot Version)” app, developed by the People’s Bank of China’s (PBOC) digital currency research institute, was available for download on Chinese Android and Apple app stores on Tuesday in Shanghai.
- Ex-GlaxoSmithKline scientist admits stealing trade secrets for Chinese company — Lucy Xi, 44, entered her plea in Philadelphia federal court, becoming the fourth person to admit to wrongdoing in connection with a scheme to misuse GSK’s trade secrets to benefit Renopharma, which received financial support from the Chinese government.
Other Publications
- Axios: Chinese surveillance firm ramps up fight against regulators — Chinese surveillance giant Hikvision is going after its top U.S. media critic as part of a ramped-up policy fight aimed at staving off a federal ban on its products, Axios has learned.
- Associated Press: China denies US report it’s rapidly growing its nuclear arms — A senior Chinese arms control official denied Tuesday that his government is rapidly expanding its nuclear arsenal, though he said it is taking steps to modernize its nuclear forces.
