Links for Thursday, July 2, 2020

Notably China news from around the web.

BUSINESS AND TECHNOLOGY:

The ability under the law for security agencies to arrest foreign nationals, including businesspeople, and send them to the mainland for trial as well as other uncertainties could raise risk premiums in the city…

But others argued the law could bring greater stability after a year of pro-democracy street protests in the Asian financial hub by reducing confrontations between police and demonstrators in Hong Kong.

By 2004 the hackers had breached Nortel’s uppermost ranks. The person who sent the roughly 800 documents to China appeared to be none other than Frank Dunn, Nortel’s embattled chief executive officer. Four days before Dunn was fired — fallout from an accounting scandal on his watch that forced the company to restate its financial results — someone using his login had relayed the PowerPoints and other sensitive files to an IP address registered to Shanghai Faxian Corp.

  • Consolidating investment banks
    China inches closer to merging top brokers in industry shakeup / Bloomberg (porous paywall)
    “China is speeding up the process of potentially merging its two biggest investment banks, in a move that would create a $82 billion powerhouse and may spark a wave of consolidation among the country’s more than 130 brokers.”
  • Small bank stimulus
    China greenlights use of local government bonds to recapitalize small banks / Caixin (paywall)
    “China’s local governments have been given the go-ahead to recapitalize some small and midsize banks by using the money raised from the sale of special-purpose bonds (SPBs), underscoring policymakers’ concern about the financial health of dozens of lenders and the need to boost credit to businesses amid the economic slowdown.”
  • Tencent’s makes the most of Lao Gan Ma mess-up
    If you can’t beat them, join them — why Tencent is laughing at itself / Caixin (paywall)
    “Tencent’s PR team has turned to self-mockery following the realization that they were swindled by impersonators. The company’s official account on Sina Weibo, China’s biggest social media site, jokingly encouraged netizens to message the account with tips and clues if they suspect a similar fraud in the future.”
    Read on SupChina: China’s favorite spicy sauce brand did not actually cheat Tencent
  • Cashing in on health product demand
    Chinese health product exports on the rise as coronavirus pandemic persists / CNBC
    “As the global economy continues to falter, the interest in Chinese medical supplies is an encouraging sign for the country’s exports — which support a critical part of its economy, as well as millions of jobs. Economists point out that demand for coronavirus-related products, such as face masks, has helped China sell more overseas than expected.”
  • Luckin’s revenue fraud confirmed
    After grinding investigation, Luckin Coffee confirms $300 million revenue fraud / TechCrunch
    “In a new SEC filing this morning, the company’s Special Committee, which was tasked with investigating claims that the one-time China-based coffee darling overstated its revenues by hundreds of millions of dollars, has returned with its verdict: The company did indeed inflate revenues by nearly $300 million.”
  • Beijing’s blockchain ambitions
    Beijing wants to become a blockchain hub by 2022 / Sixth Tone
    “Beijing on Tuesday released a two-year plan for incorporating blockchain technology in various sectors throughout the city.”
  • Pinduoduo founder hands off daily operations
    Pinduoduo founder steps down as CEO, but not away / TechNode
    Huáng Zhēng 黄峥, the founder, “will remain chairman of the board, one of two members of an administrative super committee called the Pinduoduo Partnership, and retains a significant majority in company voting rights.”
  • JD.com kicks off plan to go public
    JD.com fintech unit is planning a STAR Market IPO / TechNode
    “The move is part of JD.com’s broader plan to take its affiliates public over the next two years. TechNode reported in May that the e-commerce giant will focus on floating shares of JD Digits and JD Logistics, the company’s courier business, after JD.com’s own secondary listing in Hong Kong in June.”
  • Chinese electric buses in Latin America
    Chinese electric buses roll out across Latin America / Dialogo Chino
    “In total, Latin America has 1229 electric buses in operation in 10 countries, including 563 ordinary buses, 624 trolleybuses and 41 midi e-buses, according to the new E-Bus Radar project led by the Sustainable Mobility Laboratory at the Federal University of Rio de Janeiro.”

SCIENCE, HEALTH, AND THE ENVIRONMENT:

POLITICS AND CURRENT AFFAIRS:

SOCIETY AND CULTURE:

  • The college entrance exam
    The stress test: Waiting for ‘gaokao’ / Sixth Tone
    “With China’s dreaded, make-or-break annual examination around the corner, new COVID-19 cases and stringent containment measures have high school seniors, and their nervous parents, on the brink.”
  • Representation of women on TV
    Sister act / The World of China

Distinguishing itself from other shows in the genre, Sisters expressly aims to help middle-aged female celebrities gain more exposure, as well as showcase the complexity of mature and powerful women when it comes to fighting societal expectations. But despite the noble aims, the show still struggles to avoid perpetuating female stereotypes and pandering to the male gaze.

  • Art
    The seemingly irreverent appropriations of Chinese painter Cai Zebin / NeoCha
    “Chinese artist Cài Zébīn 蔡泽滨 deals in the fantastical. At times, it can be difficult to discern whether his work is mocking satire or fine art. Take, for example, the oversized hydrating face mask, proudly showcased on the lawn of Shanghai’s Capsule Gallery as part of his new exhibition A Revisit at 2 bis rue Perrel. Pinned to a simple clothesline, the thin mask drifts freely in the wind. This lack of context stimulates the curiosity, coaxing passersby into the gallery.”