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During a meeting with international business executives, FBI director Christopher Wray said his agency “consistently see(s) that it’s the Chinese government that poses the biggest long-term threat to our economic and national security, and by ‘our,’ I mean both of our nations, along with our allies in Europe and elsewhere.” To get more china business market news, you can visit shine news official website.
Wray went on to warn those gathered that China has a long history of targeting private sector information through “cyber-enabled thievery” and, more recently, has launched large-scale campaigns to gain access to U.S. and European businesses by “making investments and creating partnerships that position their proxies to steal valuable technology.”
China has become adept at launching multi-faceted attacks against foreign institutions ranging from banking centers, research facilities, universities and even elections – and its actors have gone so far as to allegedly target congressional candidates viewed as anti-China, forward confidential vaccine research to their home country and spy on pro-Democracy advocated in the United States, according to the Justice Department
Wray reaffirmed longstanding concerns in denouncing economic espionage and hacking operations by China as well as the Chinese government’s efforts to stifle dissent abroad. But his speech was notable because it took place at MI5’s London headquarters and alongside the agency’s director general, Ken McCallum, in an intended show of Western solidarity.
“The most game-changing challenge we face comes from the Chinese Communist Party. It’s covertly applying pressure across the globe,” McCallum agreed in his own address, warning in part: “It means that if you are involved in cutting-edge tech, AI, advanced research or product development, the chances are your know-how is of material interest to the CCP.”
As in the United States, a number of businesses and individuals across numerous countries have been targeted by Chinese-backed campaigns in an effort to steal intellectual property or pass proprietary information on to the Chinese government.
To that end, MI5 has “shared intelligence with 37 countries to help defend against such espionage,” McCallum said Tuesday, adding that the United States has led the way on enhancing cybersecurity.
Both Wray and McCallum encouraged business executives to work with the FBI and MI5 when they believe they face a potential attack from China, saying: “We can arm you with intelligence that bears on just what it is you’re facing.”
“Our folks will race out to give you technical details that will help you lessen the effects of an attack,” Wray said, adding: “And we can also help you to ascertain whether the cyber problem you’ve encountered is actually part of a larger intelligence operation, whether the hackers you do see may be working with insiders, or in concert with other corporate threats, that you don’t see.”
A spokesman for the Chinese embassy in Washington, Liu Pengyu, rejected the allegations from the Western leaders, saying in an emailed statement to The Associated Press that China “firmly opposes and combats all forms of cyber attacks” and calling the accusations groundless.
China’s Foreign Ministry spokesperson Zhao Lijian on Thursday said the United States is “the biggest threat to world peace, stability and development,” continuing the country’s sharp rhetoric in response to U.S. accusations of Chinese spying and threats to the international order.
The heightened tone comes ahead of a meeting Saturday between U.S. Secretary of State Antony Blinken and Chinese Foreign Minister Wang Yi at the Group of 20 leading rich and developing nations’ ministers summit in Bali, Indonesia.
“The relevant U.S. politician has been playing up the so-called China threat to smear and attack China,” Zhao told reporters at a daily briefing when asked about FBI Director Christopher Wray’s comments reaffirming longstanding concerns in denouncing economic espionage and hacking operations by China as well as the Chinese government’s efforts to stifle dissent abroad.
Wray went on to warn those gathered that China has a long history of targeting private sector information through “cyber-enabled thievery” and, more recently, has launched large-scale campaigns to gain access to U.S. and European businesses by “making investments and creating partnerships that position their proxies to steal valuable technology.”
China has become adept at launching multi-faceted attacks against foreign institutions ranging from banking centers, research facilities, universities and even elections – and its actors have gone so far as to allegedly target congressional candidates viewed as anti-China, forward confidential vaccine research to their home country and spy on pro-Democracy advocated in the United States, according to the Justice Department
Wray reaffirmed longstanding concerns in denouncing economic espionage and hacking operations by China as well as the Chinese government’s efforts to stifle dissent abroad. But his speech was notable because it took place at MI5’s London headquarters and alongside the agency’s director general, Ken McCallum, in an intended show of Western solidarity.
“The most game-changing challenge we face comes from the Chinese Communist Party. It’s covertly applying pressure across the globe,” McCallum agreed in his own address, warning in part: “It means that if you are involved in cutting-edge tech, AI, advanced research or product development, the chances are your know-how is of material interest to the CCP.”
As in the United States, a number of businesses and individuals across numerous countries have been targeted by Chinese-backed campaigns in an effort to steal intellectual property or pass proprietary information on to the Chinese government.
To that end, MI5 has “shared intelligence with 37 countries to help defend against such espionage,” McCallum said Tuesday, adding that the United States has led the way on enhancing cybersecurity.
Both Wray and McCallum encouraged business executives to work with the FBI and MI5 when they believe they face a potential attack from China, saying: “We can arm you with intelligence that bears on just what it is you’re facing.”
“Our folks will race out to give you technical details that will help you lessen the effects of an attack,” Wray said, adding: “And we can also help you to ascertain whether the cyber problem you’ve encountered is actually part of a larger intelligence operation, whether the hackers you do see may be working with insiders, or in concert with other corporate threats, that you don’t see.”
A spokesman for the Chinese embassy in Washington, Liu Pengyu, rejected the allegations from the Western leaders, saying in an emailed statement to The Associated Press that China “firmly opposes and combats all forms of cyber attacks” and calling the accusations groundless.
China’s Foreign Ministry spokesperson Zhao Lijian on Thursday said the United States is “the biggest threat to world peace, stability and development,” continuing the country’s sharp rhetoric in response to U.S. accusations of Chinese spying and threats to the international order.
The heightened tone comes ahead of a meeting Saturday between U.S. Secretary of State Antony Blinken and Chinese Foreign Minister Wang Yi at the Group of 20 leading rich and developing nations’ ministers summit in Bali, Indonesia.
“The relevant U.S. politician has been playing up the so-called China threat to smear and attack China,” Zhao told reporters at a daily briefing when asked about FBI Director Christopher Wray’s comments reaffirming longstanding concerns in denouncing economic espionage and hacking operations by China as well as the Chinese government’s efforts to stifle dissent abroad.
China Mobile continues to pave the way for a share sale via the Shanghai Stock Exchange after the company was recently ejected from the New York Stock Exchange (NYSE).To get more shanghai stock market news, you can visit shine news official website.
In a statement to the Hong Kong stock exchange, where the Chinese carrier has its primary listing, China Mobile confirmed prospectus documents for a public offering on the Shanghai Stock Exchange had been already submitted to the China Securities Regulatory Commission.
“As the share issue is subject to approvals from the relevant regulatory authorities, there is uncertainty as to whether it will or will not proceed,” China Mobile said in the filing.
According to a report by the South China Morning Post, the telco aimed to raise CNY56 billion ($8.6 billion), with proceeds partly financing network improvements including its continuing expansion of 5G networks across China.
Meanwhile, shares in rival operator China Telecom began public trading on the Shanghai Stock Exchange today, after the company raised CNY47.1 billion ($7.2 billion) from its initial offering.In a stock market filing, China Telecom confirmed it had raised this sum without the optional over-allotment.
In the first day of trading, China Telecom’s stock ended the session at CNY 6.11, up from an offer price of CNY 4.53.In May, the NYSE rejected the appeals by the three main Chinese mobile carriers to a delisting related to a presidential order blocking U.S. investment in companies considered a national security threat.
In January, China Mobile, China Telecom and China Unicom had called for the exchange to reverse the delistings and delay a suspension in trading of the shares while a review is conducted.The New York Stock Exchange announced just before the end of 2020 that it had begun proceedings to delist China Telecom, China Mobile and China Unicom’s shares from the stock market.
The move followed an executive order signed by former President Donald Trump on November 12, prohibiting any U.S. companies or people from investing in companies with ties to the Chinese military.The NYSE had halted trading for these securities on January 11. The U.S. Department of Defense had previously stated that the three Chinese operators had significant connections to Chinese military and security forces.
In January, the China Securities Regulatory Commission (CSRC) had said that the decision by the NYSE will not have an impact in these three companies’ businesses, as the size of companies’ American Deposit Receipt (ADR) listings remains less than 2.2% of their total equity, with a market capitalization of less than CNY20 billion.
In a statement to the Hong Kong stock exchange, where the Chinese carrier has its primary listing, China Mobile confirmed prospectus documents for a public offering on the Shanghai Stock Exchange had been already submitted to the China Securities Regulatory Commission.
“As the share issue is subject to approvals from the relevant regulatory authorities, there is uncertainty as to whether it will or will not proceed,” China Mobile said in the filing.
According to a report by the South China Morning Post, the telco aimed to raise CNY56 billion ($8.6 billion), with proceeds partly financing network improvements including its continuing expansion of 5G networks across China.
Meanwhile, shares in rival operator China Telecom began public trading on the Shanghai Stock Exchange today, after the company raised CNY47.1 billion ($7.2 billion) from its initial offering.In a stock market filing, China Telecom confirmed it had raised this sum without the optional over-allotment.
In the first day of trading, China Telecom’s stock ended the session at CNY 6.11, up from an offer price of CNY 4.53.In May, the NYSE rejected the appeals by the three main Chinese mobile carriers to a delisting related to a presidential order blocking U.S. investment in companies considered a national security threat.
In January, China Mobile, China Telecom and China Unicom had called for the exchange to reverse the delistings and delay a suspension in trading of the shares while a review is conducted.The New York Stock Exchange announced just before the end of 2020 that it had begun proceedings to delist China Telecom, China Mobile and China Unicom’s shares from the stock market.
The move followed an executive order signed by former President Donald Trump on November 12, prohibiting any U.S. companies or people from investing in companies with ties to the Chinese military.The NYSE had halted trading for these securities on January 11. The U.S. Department of Defense had previously stated that the three Chinese operators had significant connections to Chinese military and security forces.
In January, the China Securities Regulatory Commission (CSRC) had said that the decision by the NYSE will not have an impact in these three companies’ businesses, as the size of companies’ American Deposit Receipt (ADR) listings remains less than 2.2% of their total equity, with a market capitalization of less than CNY20 billion.
From big gains in tech stocks to robust trade data, China has had plenty of good news on the economic front this week.To get more china business market news, you can visit shine news official website.
The positive developments come after the world's second largest economy was battered by widespread Covid lockdowns, a sweeping crackdown on tech companies and a real estate slump. Consumer spending and factory output both shrank sharply in April, while unemployment has surged to the highest level since the initial coronavirus outbreak in early 2020.
As China takes steps to gradually reopen businesses, and authorities introduce a slew of measures to stimulate activity, there are signs that a revival may be around the corner.
Still, analysts say more needs to be done to repair investor confidence in China, and some big risks haven't gone away.
"It will take time to repair the business confidence, and sell-offs in Chinese assets might resume if China data proved to be disappointing again," said Ken Cheung, chief Asian foreign exchange strategist for Mizuho Bank.China's economic slowdown has largely been a self-inflicted headache, spurred by President Xi Jinping's clampdown on private enterprises, a campaign to contain excessive borrowing by real estate developers, and a relentless adherence to zero-Covid policy.
But there are some signs that the regulatory nightmare for tech firms may be coming to an end. Earlier this week, The Wall Street Journal reported that Beijing's cybersecurity review of Didi was about to wrap up. The move would allow the ride-hailing giant to return to app stores in mainland China, almost a year after Didi was removed over data privacy violations.
Didi's shares climbed 24% Monday on Wall Street after the report.
Other media reports this week have signaled an easing of the crackdown. On Thursday, Bloomberg said Chinese regulators have started early stage discussions on a potential revival of Ant Group's IPO, citing people familiar with the matter. Reuters reported on Thursday that Ant — owner of the hugely popular Alipay app — aims to file a preliminary prospectus for the offering as soon as next month.
Jack Ma was about to make history with a planned $37 billion IPO of the Alibaba affiliate in Shanghai and Hong Kong in November 2020. But China abruptly halted the Ant deal days before the stock was due to start trading, a move that marked the start of a regulatory offensive that engulfed the internet industry in the year that followed.Ant Group said Thursday that it "currently doesn't have any plan to initiate an IPO." The China Securities Regulatory Commission added that it has not conducted any research work regarding a new Ant IPO.
Alibaba (BABA) shares have been whipsawed by the news but are still up 18% this week on Wall Street.
In Hong Kong, meanwhile, the stock has risen for five straight sessions and is up 22% this week — the best weekly performance since Alibaba's secondary listing there in 2019.
The Chinese government has brought further relief to the tech sector in recent weeks. Regulators have said that they would support overseas listings of tech companies.
And on Tuesday, authorities issued 60 new game licenses following a months-long freeze. Tencent (TCEHY), China's largest gaming firm, soared more than 6% after the news.
The Hang Seng Tech Index, which tracks the 30 largest Chinese tech stocks in Hong Kong, is up 10% this week.China also released strong trade data for the month of May, after a slump in April. The country's exports jumped 16.9% in May from a year ago, compared with only 3.9% growth in April.
Imports, meanwhile, rose for the first time in three months.
"The increase in both exports and imports was mainly due to the reopening of the port of Shanghai, China's largest port, in the last week of May," said Iris Pang, chief economist for Greater China at ING Group.
Shanghai had been under a strict lockdown since late March, forcing factories to close and causing significant shipping delays.Congestion at the Shanghai port is almost "back to normal," VesselsValue, a shipping data firm, said earlier this week. Average waiting times have now shortened to 28 hours, compared to 66 hours in late April.
On Wednesday, Premier Li Keqiang urged local government officials to help smooth transportation and logistics and protect supply chains. China would strive to achieve reasonable economic growth in the second quarter and reduce unemployment, he said, reiterating previous calls.
Last week, the State Council, the country's cabinet, unveiled a new package of 33 stimulus measures to shore up growth, including tens of billions of dollars of additional tax cuts and infrastructure spending.
The positive developments come after the world's second largest economy was battered by widespread Covid lockdowns, a sweeping crackdown on tech companies and a real estate slump. Consumer spending and factory output both shrank sharply in April, while unemployment has surged to the highest level since the initial coronavirus outbreak in early 2020.
As China takes steps to gradually reopen businesses, and authorities introduce a slew of measures to stimulate activity, there are signs that a revival may be around the corner.
Still, analysts say more needs to be done to repair investor confidence in China, and some big risks haven't gone away.
"It will take time to repair the business confidence, and sell-offs in Chinese assets might resume if China data proved to be disappointing again," said Ken Cheung, chief Asian foreign exchange strategist for Mizuho Bank.China's economic slowdown has largely been a self-inflicted headache, spurred by President Xi Jinping's clampdown on private enterprises, a campaign to contain excessive borrowing by real estate developers, and a relentless adherence to zero-Covid policy.
But there are some signs that the regulatory nightmare for tech firms may be coming to an end. Earlier this week, The Wall Street Journal reported that Beijing's cybersecurity review of Didi was about to wrap up. The move would allow the ride-hailing giant to return to app stores in mainland China, almost a year after Didi was removed over data privacy violations.
Didi's shares climbed 24% Monday on Wall Street after the report.
Other media reports this week have signaled an easing of the crackdown. On Thursday, Bloomberg said Chinese regulators have started early stage discussions on a potential revival of Ant Group's IPO, citing people familiar with the matter. Reuters reported on Thursday that Ant — owner of the hugely popular Alipay app — aims to file a preliminary prospectus for the offering as soon as next month.
Jack Ma was about to make history with a planned $37 billion IPO of the Alibaba affiliate in Shanghai and Hong Kong in November 2020. But China abruptly halted the Ant deal days before the stock was due to start trading, a move that marked the start of a regulatory offensive that engulfed the internet industry in the year that followed.Ant Group said Thursday that it "currently doesn't have any plan to initiate an IPO." The China Securities Regulatory Commission added that it has not conducted any research work regarding a new Ant IPO.
Alibaba (BABA) shares have been whipsawed by the news but are still up 18% this week on Wall Street.
In Hong Kong, meanwhile, the stock has risen for five straight sessions and is up 22% this week — the best weekly performance since Alibaba's secondary listing there in 2019.
The Chinese government has brought further relief to the tech sector in recent weeks. Regulators have said that they would support overseas listings of tech companies.
And on Tuesday, authorities issued 60 new game licenses following a months-long freeze. Tencent (TCEHY), China's largest gaming firm, soared more than 6% after the news.
The Hang Seng Tech Index, which tracks the 30 largest Chinese tech stocks in Hong Kong, is up 10% this week.China also released strong trade data for the month of May, after a slump in April. The country's exports jumped 16.9% in May from a year ago, compared with only 3.9% growth in April.
Imports, meanwhile, rose for the first time in three months.
"The increase in both exports and imports was mainly due to the reopening of the port of Shanghai, China's largest port, in the last week of May," said Iris Pang, chief economist for Greater China at ING Group.
Shanghai had been under a strict lockdown since late March, forcing factories to close and causing significant shipping delays.Congestion at the Shanghai port is almost "back to normal," VesselsValue, a shipping data firm, said earlier this week. Average waiting times have now shortened to 28 hours, compared to 66 hours in late April.
On Wednesday, Premier Li Keqiang urged local government officials to help smooth transportation and logistics and protect supply chains. China would strive to achieve reasonable economic growth in the second quarter and reduce unemployment, he said, reiterating previous calls.
Last week, the State Council, the country's cabinet, unveiled a new package of 33 stimulus measures to shore up growth, including tens of billions of dollars of additional tax cuts and infrastructure spending.
Syngenta Group’s planned $10 billion (CHF9.3 billion) initial public offering (IPO) in China has been temporarily suspended due to missing financial information from the agrichemical giant, the Shanghai Stock Exchange said on Monday.To get more shanghai stock market news, you can visit shine news official website.
State-owned ChemChina bought the Basel-based Swiss agriscience group Syngenta for $44 billion in 2017. ChemChina’s application to list on Shanghai’s STAR Market was accepted at the start of July and was widely expected to be the world’s largest flotation this year.
The STAR market suspended 57 applications on September 30, citing a lack of updated financial information. Under bourse rules, applicants must provide additional information if financial materials in applications are outdated.
ChemChina is also considering a secondary listing for Syngenta that could take place less than a year after its Shanghai debut, with exchanges in Zurich, London and New York among the options being examined, sources told Reuters.
The takeover of Syngenta in 2017 and airline catering business Gategroup by Chinese companies in 2016 sparked a reaction by the Swiss authorities and new rules.
In the future the takeover of Swiss companies by foreign state-owned or state-linked funds is to be better regulated. The government has laid down the broad outlines of a foreign investment control system. Concerned about the international trend of company takeovers, parliamentarians adopted a motion in March 2020 to protect the Swiss economy.
On May 20, 2022, SmartSens was officially listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange (Stock Code: 688213). On the first day of trading, SmartSens shares surged by 79.82%, with a total market value of 22.66 billion yuan.SmartSens Technology (Shanghai) Co., Ltd. (Stock Code: 688213) is a high-performance CMOS image sensor (CIS) chip design company. It is headquartered in Shanghai and has research centers in many cities around the world.
SmartSens has been dedicated to pushing forward the frontier of imaging technology and growing in popularity among customers since it was established. SmartSens' CMOS image sensors provide advanced imaging solutions for a broad range of areas such as surveillance, machine vision, automotive and cellphone cameras.
SmartSens is committed to continuous innovation of products and fueling growth in numerous industries by delivering a more comprehensive portfolio of image sensors.China’s tech industry crackdown started in December 2020 and has continued since. Several high-profile companies, including Jack Ma’s e-commerce giant Alibaba, its financial services subsidiary, the Ant Group, and the ride-hailing company Didi, have faced investigations, fines or both.
Calhoun from Stevens Institute of Technology said China’s current clampdown has forced its tech companies into a corner.
“China is saying let’s create our own Nasdaq and let those companies come to this exchange, but what they don’t realize is that you really have to have a more liberal regime in terms of allowing companies to go public with a lighter regulation, with less red tape, less of a headwind to float their shares,” he said. “It's not about having another exchange.”
Norman Yin, a professor of finance at National Chengchi University in Taipei, told VOA in a phone interview that locating the new exchange in Beijing could be seen as reflecting Xi’s desire to grow China’s Nasdaq-like presence under the supervision of political authorities.
“If you take a look at the financial centers around the world, location is usually not a key consideration,” Yin said. “I would argue that China’s decision to set up a third stock exchange in Beijing is to allow President Xi Jinping to supervise the capital market closely by himself.”
State-owned ChemChina bought the Basel-based Swiss agriscience group Syngenta for $44 billion in 2017. ChemChina’s application to list on Shanghai’s STAR Market was accepted at the start of July and was widely expected to be the world’s largest flotation this year.
The STAR market suspended 57 applications on September 30, citing a lack of updated financial information. Under bourse rules, applicants must provide additional information if financial materials in applications are outdated.
ChemChina is also considering a secondary listing for Syngenta that could take place less than a year after its Shanghai debut, with exchanges in Zurich, London and New York among the options being examined, sources told Reuters.
The takeover of Syngenta in 2017 and airline catering business Gategroup by Chinese companies in 2016 sparked a reaction by the Swiss authorities and new rules.
In the future the takeover of Swiss companies by foreign state-owned or state-linked funds is to be better regulated. The government has laid down the broad outlines of a foreign investment control system. Concerned about the international trend of company takeovers, parliamentarians adopted a motion in March 2020 to protect the Swiss economy.
On May 20, 2022, SmartSens was officially listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange (Stock Code: 688213). On the first day of trading, SmartSens shares surged by 79.82%, with a total market value of 22.66 billion yuan.SmartSens Technology (Shanghai) Co., Ltd. (Stock Code: 688213) is a high-performance CMOS image sensor (CIS) chip design company. It is headquartered in Shanghai and has research centers in many cities around the world.
SmartSens has been dedicated to pushing forward the frontier of imaging technology and growing in popularity among customers since it was established. SmartSens' CMOS image sensors provide advanced imaging solutions for a broad range of areas such as surveillance, machine vision, automotive and cellphone cameras.
SmartSens is committed to continuous innovation of products and fueling growth in numerous industries by delivering a more comprehensive portfolio of image sensors.China’s tech industry crackdown started in December 2020 and has continued since. Several high-profile companies, including Jack Ma’s e-commerce giant Alibaba, its financial services subsidiary, the Ant Group, and the ride-hailing company Didi, have faced investigations, fines or both.
Calhoun from Stevens Institute of Technology said China’s current clampdown has forced its tech companies into a corner.
“China is saying let’s create our own Nasdaq and let those companies come to this exchange, but what they don’t realize is that you really have to have a more liberal regime in terms of allowing companies to go public with a lighter regulation, with less red tape, less of a headwind to float their shares,” he said. “It's not about having another exchange.”
Norman Yin, a professor of finance at National Chengchi University in Taipei, told VOA in a phone interview that locating the new exchange in Beijing could be seen as reflecting Xi’s desire to grow China’s Nasdaq-like presence under the supervision of political authorities.
“If you take a look at the financial centers around the world, location is usually not a key consideration,” Yin said. “I would argue that China’s decision to set up a third stock exchange in Beijing is to allow President Xi Jinping to supervise the capital market closely by himself.”