Market TrendsChina to End All Imports of Solid Waste From Next Year
China will end all imports of solid waste from next year, the environment ministry said Tuesday. The ban rounds off years of tightening curbs on imported trash after spending decades as the world’s largest processor of recyclables.
illegal FundraisingFugitive Accused of Helping Illegally Raise Billions Extradited From Greece to China
A fugitive accused of helping online wealth-management company Qbao.com illegally raise billions of yuan has been returned to China from Greece, state media reported Wednesday. The case is just the latest development in one of the largest illegal fundraising cases in China’s fast-growing internet finance industry. Qbao.com’s website has been shut down, and police believe millions of investors across China may have fallen prey to its Ponzi-style scam.
Market TrendsScandal-Plagued Huarong Appoints New Anti-Graft Head
Scandal-plagued state-owned asset manager China Huarong Asset Management Co. Ltd. has welcomed veteran regulatory official Pang Xuefeng as the new head for its discipline inspection commission, sources familiar with the matter told Caixin.
Corruption & BriberyFormer China Construction Bank Veteran Under Corruption Probe
Guo Jizhuang, a former president of China Construction Bank Corp.’s provincial branch in Northwest China’s Qinghai, is under investigation on suspicion of serious violations of law and Communist Party discipline, graft-busters announced in a statement (link in Chinese) on Friday.
Market TrendsLuckin Coffee Founder to Sell Stake in Car Rental Unit to SAIC
SAIC Motor Corp. Ltd., China’s largest automaker, agreed to pay as much as HK$1.9 billion ($254 million) for 28.92% of leading car rental services provider Car Inc. The deal would provide an exit for Lu Zhenyao, the founder of scandal-plagued Luckin Coffee Inc. and the former controlling shareholder of Car Inc.
Market TrendsTikTok Owner Predicts Over $6 Billion in Losses From India Apps Ban, Sources Say
Chinese tech unicorn ByteDance Ltd., owner of the hugely popular short video app TikTok, is anticipating a loss of more than $6 billion after three of its apps were banned in India early this week, sources close to the company’s senior management told Caixin Wednesday.
Market TrendsGlobal ESG-data driven assets hit $40.5 trillion
The value of global assets applying environmental, social and governance data to drive investment decisions has almost doubled over four years, and more than tripled over eight years, to $40.5 trillion in 2020.
Market TrendsKorean housing lender issues first Covid-19 response social covered bond
State-backed lender Korea Housing Finance Corporation (KHFC) has been a pioneer of social bond issuance, and it continues to demonstrate its commitment to sustainable financing with the launching of the first Covid-19 response social covered bond out of Asia and the first outside Europe.
Market TrendsChina Upstart CEO Steps Down After Building $44 Billion Fortune
Colin Huang stepped down as chief executive officer of Pinduoduo Inc. after building the five-year-old startup into a force in China’s e-commerce industry and, in the process, becoming one of the country’s richest people.