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
- Vanished Chinese-Canadian Billionaire Sentenced to 13 Years in Prison — Xiao Jianhua, a well-connected financier who was abducted in 2017, pleaded guilty to paying $100 million in bribes through his company.
- China, U.S. Trade Climate Barbs as Ties Fray — Once a rare bright spot, the fight against global warming is the latest source of tension between the world’s top greenhouse-gas emitters.
- China’s GigaCloud Goes Public in U.S., Bucking Delisting Trend — E-commerce company says it is prepared to switch auditors if needed to satisfy U.S. regulatory requirements.
The Financial Times
- Chinese tycoon Xiao Jianhua sentenced to 13 years in jail for financial crimes — Prison term for Tomorrow Group founder comes with an $8bn fine for the company.
- ‘You are not safe anywhere’: tourist woes dent China’s rebound — The risk of being caught in Covid lockdown threatens consumer confidence vital to economic recovery.
- China funds Solomon Islands’ telecoms deal after signing security deal — Backing for Huawei towers project follows April deal that caused geopolitical fight with west.
- China’s largest duty-free group stages Hong Kong listing despite zero-Covid — CTG raises $2.1bn in downsized offering as tens of thousands of holidaymakers trapped in ‘China’s Hawaii’.
- Xi and Putin to attend G20 summit in Bali, says Indonesian president — November conference raises prospect of a meeting with Biden in wake of growing tensions with west.
- China pressure deepens Taiwan’s desire for big US weapon systems — Call for jets and ships widens gulf on procurement policy between Taipei and its main arms supplier.
- China’s lithium champion Ganfeng mints money but walks a fine line — Geopolitics pose a risk to pivotal battery material supplier to Tesla and other western automakers.
- Estée Lauder/Tapestry: China exposure goes from gain to pain — Companies issue full-year earnings forecasts that fell below expectations.
The New York Times
- Chinese Canadian Billionaire Sentenced to 13 Years for Financial Crimes — Five years after being grabbed from a Hong Kong hotel, Xiao Jianhua, who came to symbolize China’s corporate excess, also faces a hefty fine, as does his company.
- China’s Covid Lockdowns Strand Tourists — Tens of thousands of domestic travelers were stuck at their summer vacation destinations after local outbreaks forced them into quarantine.
Caixin
- Chinese Tycoon Xiao Jianhua Sentenced to 13 Years in Prison — Former controller of sprawling conglomerate Tomorrow Holding was swept up in nation’s crackdown on financial risks.
- Soho China Reports More Vacant Offices in Beijing and Shanghai — Covid outbreaks and restrictions in the first half hammered occupancy rates and drove down rents, China’s top office builder reports.
- Exclusive: Tsingshan in Talks to Sell Indonesian Assets to Baowu Steel — Deal could come to $3 billion to $4 billion and help Tsingshan rebound from its $1 billion loss in this year’s historic short squeeze on nickel.
South China Morning Post
- China jails tycoon Xiao Jianhua for 13 years, slapping an unprecedented US$8 billion fine on his Tomorrow Group — The sentencing concludes the clean-up of the Canadian-Chinese tycoon’s financial empire, which was part of Beijing’s efforts to curb financial risks.
- China backs African Union bid to join the Group of 20 — Xi Jinping to go to Bali for G20 summit in November, raising prospect of talks with Joe Biden.
- China heatwave hits supply chain for lithium batteries and solar panels as Sichuan power cut impacts key producers — Leading producers including GCL-Poly Energy Holdings, Tongwei Solar, Tianqi Lithium and Yahua Lithium are complying with a government-ordered shutdown.
Bloomberg
- Chinese Chip Software Maker Behind Mystery Buyer UK Blocked — A two-year-old Shanghai-based developer of chip design software was behind an attempt to buy a British firm that regulators blocked with little explanation, the latest example of Britain’s increasing hostility toward Chinese investment.
- Hong Kong’s Biggest Listing This Year Raises $2.1 Billion — China Tourism Group Duty Free Corp. raised about HK$16.2 billion ($2.1 billion) in its Hong Kong offering, in the year’s biggest listing in the Asian financial hub.
- Xi Starts March to Third Term in China Facing Problems at Home and Abroad — Shortly after President Xi Jinping took power in 2012, he outlined his “Chinese Dream” for national rejuvenation. A decade later, he’s entering his most challenging period yet for turning that vision into reality.
Reuters
- Xi, Putin to attend G20 summit in Indonesia’s Bali this November — Chinese and Russian leaders Xi Jinping and Vladimir Putin will attend the G20 summit on the resort island ofBali this November, a longtime adviser to the Indonesian president said on Friday.
- Exclusive: China regulator launches new probe into banks’ property loan exposure – sources — China’s banking regulator is scrutinising property loan portfolios of some local and foreign lenders to assess systemic risks, sources with knowledge of the matter said, as a crisis in the real estate sector worsens and weighs heavily on the economy.
- German dependence on China growing ‘at tremendous pace’, research shows — The German economy became more dependent on China in the first half of 2022, with direct investment and its trade deficit reaching new heights.
The Economist
- China’s economy is beset by problems — The zero-covid policy is just one.
- China’s chips push is mired in corruption allegations — The state’s money is not producing the expected results.
- The creative ways Chinese activists protest pollution — A public payphone in Beijing provides an outlet for frustration.
- Mao-loving websites are in a grey zone between propaganda and dissent — They are often useful to the Communist Party, but sometimes argue with its organs.
Other Publications
- The Guardian: Kwarteng blocks takeover of Pulsic by Hong Kong rival over security concerns — Business secretary says move to protect Bristol-based electronic design firm ‘necessary to mitigate the risk’
- The Guardian: Solomon Islands secures $100m China loan to build Huawei mobile towers in historic step — This will be the first loan from China since the Pacific country switched allegiance from Taiwan in 2019
- The Information: Chinese Venture Firms Expand in Singapore as Risks Rise at Home — This year, some prominent venture firms in China, including GSR Ventures and Matrix Partners China, have made new hires in the city-state so they can more easily hunt for potential deals across Southeast Asia.
