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
- Jamie Dimon Says He Regrets Joke About JPMorgan Outlasting China’s Communist Party — Chief executive made comment during an event in response to a question about doing business in China.
- Ray Dalio’s Bridgewater Raises $1.25 Billion for Its Largest China Fund Yet — The Connecticut hedge-fund firm’s first yuan-denominated fund has earned a 19% annualized return.
- U.S. Joins With China, Other Nations in Tapping Oil Reserves — Bid to tame high gas prices may not yield lasting results, analysts say.
The Financial Times
- Chinese regulators demand government approval of new Tencent apps — Move will halt any planned updates and launches without oversight from Beijing.
- The unanswered questions of the Peng Shuai case — Tennis star’s disappearance poses dilemmas for foreign groups in China.
- Jamie Dimon ‘regrets’ saying JPMorgan will outlast China’s Communist party — Wall Street chief says he should not have made remarks following visit to Hong Kong.
- Tennis star’s assault claim forces west to rethink its China approach — Global brands face ‘tipping point’ in balancing ethics with world’s biggest consumer market.
- China blocks access to shipping location data — Number of identification signals drops dramatically after new data law is introduced.
Caixin
- Exclusive: Ant Group Reshuffles Huabei Consumer Loan Business — Amid sweeping overhaul to reduce lending risks, Jack Ma’s fintech separates Huabei from credit services offered by partners on its platform.
- Former Chief of State-Owned Huishang Bank Booted From Communist Party After Graft Probe — The bank Dai Hedi chaired had dealings with the now bankrupt Baoshang Bank.
- Alibaba, Baidu Ordered to Ramp Up Fraud Prevention — The country’s internet regulator said both companies had allowed users access to a large number of scam websites.
South China Morning Post
- EU set to renew sanctions on Chinese officials for alleged Xinjiang abuses — The European Union is set to renew sanctions on Chinese officials, after the legislative process cleared an important hurdle on Wednesday morning in Brussels.
- China suspends Tencent from updating existing apps or launching new apps – report — China has suspended Tencent Holdings from updating its existing apps or launching any new apps as part of a “temporary administrative guidance” against the tech giant.
- Beijing lectures Alibaba, Baidu cloud units over fraudulent websites amid internet clean-up campaigns — Chinese authorities have summoned and criticised the cloud computing units of technology giants Alibaba Group Holding and Baidu for allowing access to fraudulent websites amid Beijing’s campaign to clean up the internet.
- Why a Canadian ban on Huawei 5G may come with a whimper, not a bang — Wired internet never reached the village of Lac La Hache, in the remote eastern interior of British Columbia.
Bloomberg
- Biden Includes Taiwan Among 110 Invitees to Democracy Summit — The Biden administration included Taiwan among the 110 invitees to its upcoming democracy summit, the State Department announced on Tuesday night, a move that’s intended to show solidarity with a key regional partner but risks angering China.
- ByteDance Is Seeking Capital to Build China’s Answer to Zillow — ByteDance Ltd. is in discussions with external investors on a cash infusion for its Zillow-like real estate listings and deals service, aiming to spin off and create an independent business that can tap the booming Chinese market.
- SenseTime Says Not Facing Cybersecurity Probe as H.K. IPO Nears — China’s biggest artificial intelligence firm SenseTime Group Inc., which is seeking a stock listing in Hong Kong, said it hasn’t been involved in any regulatory probe or received any inquiries related to cybersecurity.
- Kuaishou Surges After Delivering Growth Despite China Crackdown — Kuaishou Technology soared 15% after reporting better-than-expected 33% growth in quarterly revenue, defying China’s tech crackdown and intensifying competition with ByteDance Ltd.
Reuters
- ByteDance plans to spin off real estate listing business — China’s ByteDance plans to spin off its real estate listing service to focus on its core businesses, a company representative said on Wednesday, as the TikTok owner undergoes a reorganisation.
- China demands Tencent submit new apps and updates to inspection – Yicai — China has required Tencent Holdings submit any new apps or updates for inspections before they can be uploaded after a number of its apps were found to have committed violations, Chinese financial media outlet Yicai reported on Wednesday.
Other Publications
- The New Yorker: Peng Shuai and the High Stakes of Business in China — The Women’s Tennis Association has taken an unusually bold—and costly—stance on behalf of the tennis star against the state that censored her.
- Associated Press: After 4 years as pawn in US-China game, Seattle man is home — The Seattle resident was barred from leaving despite having committed no crime. Then earlier this month, just four days before a virtual meeting between President Joe Biden and Chinese leader Xi Jinping, Hsu was told to prepare to go home.
- Nikkei Asia: U.S. invites Taiwan to first ‘democracy summit,’ angering China — Beijing and Moscow left out of Biden’s guest list of 110.
- Council on Foreign Relations: China’s Disappeared: How Beijing Silences Critics — Although many countries have experienced mysterious and sometimes fatal disappearances, the Chinese government has developed this technique for silencing people into an art form.
