Tag: Chinas

‘One day everyone will use China’s digital currency’

Chandler Guo, pioneer in crypto-currencyImage copyright
Chandler Guo

Image caption

Chandler Guo at one of his cryptocurrency mines

Chandler Guo was a pioneer in cryptocurrency, the digital currencies that can be created and used independently of national central banks and governments.

In 2014 he set up an operation to produce one of those currencies, Bitcoin, in a secret location in western China.

“Mining” Bitcoin is a power hungry enterprise involving dozens of computers so he used power from a hydroelectric station, in partnership with a local Chinese government official.

At its peak his machines were capable of mining 30% of the world’s Bitcoin. He believed Bitcoin would one day change the world and replace the dollar.

But now he sees a new force emerging – a payment system created by the Chinese state and known as Digital Currency Electronic Payment (DCEP).

It’s really a digital version of China’s official currency, the yuan, and Mr

Read More

From China’s stand to Walmart’s wish list: A Climate Week news cheat sheet

As with virtually all gatherings of the climate community during the COVID age, this year’s Climate Week was convened as an online event — one hosted from more than 20 countries across myriad time zones rather than its usual host city of New York. 

Instead of running between Manhattan locations, attendees platform-hopped among more than 450 presentations, panels, screenings and other events, including those hosted by the World Economic Forum and the United Nations, while iconic structures such as the Empire State Building turned their lights green to recognize the urgency of the climate crisis.

As is their wont, many companies used the occasion to proclaim updated commitments — the buzzword du la semaine was “net-zero” with Walmart declaring a zero-emissions target by 2040 along with a big clean fleet promise and a pledge to “protect, manage or restore” at least 50 million acres of land and 1 million square

Read More

Why Are Central Asian Countries Silent About China’s Uyghurs?

The Central Asian governments have tried to stay out of Beijing’s ruthless campaign against Uyghurs and other minorities in China’s western region of Xinjiang, officially known as the Xinjiang Uyghur Autonomous Region.

But not getting involved in that situation has proven impossible for Kazakhstan and Kyrgyzstan and likely will continue to be.

The area China now calls Xinjiang and the countries on the other side of the Tien-Shan Mountains known as Kazakhstan and Kyrgyzstan have been linked for millennia by trade and culture.

Significant events cannot happen in one without it affecting the other.

This was clear again in the first years after the Soviet Union collapsed in late 1991 and the five Central Asian republics became independent countries.

On July 29, 1992, the Russian daily Nezavisimaya gazeta reported about a meeting of the For a Free Uyghuristan party in the Kyrgyz capital, Bishkek.

There were some 270 delegates there,

Read More

JD.com Joins China’s Bank On Digital Currency

As China prepares to debut digital currency, JD.com Inc., one of the biggest eCommerce businesses in China, has partnered with the central bank to advance the technology.

CoinTelegraph.com reported the retailer has entered into a partnership with the Digital Currency Research Institute of the People’s Bank of China (PBoC).

The news outlet’s story was based, it said, on a local media report Monday (Sept. 21) that JD Digital Technology and the PBoC will develop mobile apps and blockchain platforms in line with the coming digital currency.

These apps are expected to support the digital renminbi, the official currency of China, and will be integrated with JD Group’s platforms.

The idea is for the corporation and the central bank to craft wallets that support China’s digital currency. The central bank’s research institute has said that a pilot program is expected to be launched, in

Read More

JinkoSolar Announces Strategic Plan of its Subsidiary to Access China’s Capital Markets

SHANGRAO, China, Sept. 21, 2020 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar”) (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that its board of directors has approved a strategic plan to access China’s capital markets through its principal operating subsidiary Jinko Solar Co., Ltd. (“Jiangxi Jinko”).

JinkoSolar is considering the opportunity to list Jiangxi Jinko, after certain intragroup restructuring, on the Shanghai Stock Exchange’s Sci-Tech innovation board (the “STAR Market”), an exchange intended to support innovative companies in China, within the next three years.  

To qualify Jiangxi Jinko for a STAR Market listing and to raise additional capital to support its continuous expansion, the board has also approved an equity financing of Jiangxi Jinko, under which certain China-based reputable third-party investors, JinkoSolar’s founders, Xiande Li, Kangping Chen and Xianhua Li, and senior management personnel have agreed

Read More

China’s yuan firms, set for eighth week of gains

SHANGHAI, Sept 18 (Reuters)China’s yuan firmed on Friday, resuming its march higher against the dollar and putting it on course for an eighth straight week of gains after weak U.S. data pulled the greenback lower.

As of midday Friday, the yuan was up more than 1.3% for the week, set for its strongest weekly gain against the dollar since January 2019 and its longest weekly winning streak against the greenback since early 2018.

Friday’s rise came after the People’s Bank of China (PBOC) set its midpoint for the yuan’s daily trading band CNY=PBOC at 6.7591 per dollar, its firmest level since May 6, 2019.

Spot yuan CNY=CFXS opened at 6.7530 per dollar and was changing hands at 6.7560 at midday, 82 pips stronger than Thursday’s late session close.

The offshore yuan CNH=D3 firmed to 6.752 per dollar by midday.

While the yuan may consolidate gains after its rapid

Read More

Maoyan Entertainment: China’s Largest Online Ticketing Services Company (OTCMKTS:MAOFF)

Elevator Pitch

I assign a Neutral rating to Chinese online ticketing services company Maoyan Entertainment (OTCPK:MAOFF) [1896:HK].

Maoyan Entertainment’s core online ticketing services business segment revenue fell 90% YoY to RMB104 million in 1H 2020, but a recovery is expected in 2H 2020 with the gradual reopening of movie theaters in China. There are also opportunities for further collaboration between Maoyan Entertainment and its shareholder Tencent (OTCPK:TCEHY) (OTCPK:TCTZF) [700:HK] , with the appointment of Mr. Cheng Wu, Tencent Pictures’ CEO, as non-executive director in June 2020.

On the flip side, Maoyan Entertainment’s entertainment content services business is vulnerable to losses associated with individual movie projects that it produces. This means that Maoyan Entertainment is not a perfect proxy for the Chinese movie industry’s recovery, as the company could potentially be negatively impacted by losses on individual movies that it produces. As such, I see a Neutral rating for Maoyan Entertainment

Read More

Alibaba’s Newest Business: Modernizing China’s Factories

(Bloomberg) — Alibaba Group Holding Ltd. helped modernize brick-and-mortar retail with consumer data and online services. Now it hopes to do the same for China’s multitrillion-dollar manufacturing arena.

China’s largest corporation unveiled Wednesday a factory it’s been operating under wraps for the past three years on the outskirts of its hometown of Hangzhou, churning out apparel for clothing merchants on its Taobao and Tmall marketplaces. Dubbed Xunxi, the so-called smart or connected factory is designed to showcase Alibaba’s newest line of business, offering data analytics and back-end technology to manufacturers so they can customize and fine-tune factories in response to consumer demand.

“This allows traditional manufacturers to improve profitability and reduce inventory levels while still being able to meet these personalization needs,” said Alain Wu, chief executive officer of Alibaba-subsidiary Xunxi Digital Technology Co. Xunxi’s factory floor is equipped with cutting and sewing machines and conveyor belts that can be

Read More

China’s digital health care start-ups get a boost from the coronavirus, Beijing and investors

Adam Gault | Getty Images

BEIJING — The coronavirus pandemic is proving to be the accelerator that China’s health care technology start-ups needed.

In a country of 1.4 billion, many people who used to travel and wait for hours to see doctors are turning more to online products, companies say. The government is rolling out needed policy support for internet-based health care. And investors are pouring in money. 

Before the coronavirus outbreak, much of the health-tech investment in China was focused on scientific research for medical treatments, said Kitty Lee, Singapore-based partner and head of the Asia Pacific health and life sciences practice at Oliver Wyman.

Going forward, she expects the portion of investment focused on consumer health care and infrastructure will grow more rapidly than biotech.

In the second quarter, global health-care funding to private companies reached a quarterly record of $18.1 billion, according to CB Insights. Health-care funding

Read More

China’s First “Space Noodles” Debuts in Shanghai Master Kong Joins Hands with CSF to Open Another New Chapter, Business News

SHANGHAI, Sept. 3, 2020 /PRNewswire/ — Recently, with China’s first Mars probe “Tianwen 1” having reached a flight mileage of 100 million kilometers, the record for China’s deep space exploration mileage has thus been broken. During the constant development of the aerospace undertakings such as Beidou satellite and navigation networking, Chang’e moon probe activities, return of Long March 5 series launch vehicle, new spacecraft launch and Mars exploration, Master Kong has built the closest relationship with the aerospace industry as a domestic instant noodle brand, and its braised beef noodles and express noodles have become the first space noodles served in China.

To jointly honor this historic moment, the “Quality Aerospace for Better Life-Master Kong Instant Noodle Ceremony & China Aerospace Partner Signing Ceremony” was co-held by Master Kong and China Space Foundation (CSF) on September 2, 2020, presented by leading representatives including Wu Zhijian, Chairman

Read More