CX Daily: SPACs Appear to Lose Shine in Singapore and Hong Kong
China’s top envoy in the U.S. urges Washington to refrain from further inflaming tensions over Taiwan.
SPACs /
In Depth: SPACs appear to lose shine in Singapore and Hong Kong
Special purpose acquisition companies (SPACs) appear to be losing their luster in Hong Kong and Singapore after the bloom already came off the rose in the U.S. amid expectations of stricter regulations and bearish sentiment in global financial markets.
This alternative listing route was all the rage in the U.S. in 2021, when IPOs by SPACs raised more than $160 billion, roughly double the figure in the previous year, according to the U.S. Securities and Exchange Commission (SEC).
Taiwan /
Chinese envoy warns U.S. against further escalating tensions over Taiwan
China’s top envoy in the U.S. urged Washington to refrain from further inflaming tensions over Taiwan by taking more political and military action after House Speaker Nancy Pelosi’s recent visit to the island.
Speaking to a group of U.S. reporters Tuesday, Chinese Ambassador Qin Gang called on the country to “exercise restraint” and not do anything to escalate tensions as any move infringing on China's territorial integrity and sovereignty will force Beijing to respond.
U.S. and Taiwan begin formal talks on trade initiative
Flood /
Northwest China flash floods leave 16 dead, 36 missing
At least 16 people have been killed and 36 others are still missing as of noon Thursday after flash flooding in Northwest China’s Qinghai province, state media reported, as torrential rains continue to pound parts of the vast province.
On Wednesday night, heavy downpours hit Datong county in provincial capital Xining, causing mudslides in mountainous areas that led rivers to change course and flood towns and villages, according to state broadcaster CCTV.
FINANCE & ECONOMY
HuaAn Fund Management said it lowered the valuations of some property stocks in a Hong Kong-focused ETF. Photo: VCG
Fund /
China Evergrande shares are worthless, top fund manager says
Chinese mutual fund managers have been slashing the valuations of some Hong Kong-listed property stocks included in their exchange-traded funds (ETFs), reflecting what they believe is the fair value of the shares, which are all currently suspended.
HuaAn Fund Management Co. Ltd. is one of the latest to announce temporary write-downs. Shares of China Evergrande Group and its property services unit Evergrande Property Services Group Ltd. each have a fair value of just HK$0.01 (0.13 of a U.S. cent), the manager said, compared with market prices of HK$1.65 and HK$2.30 respectively before trading was suspended back in March.
Covid-19 /
Thousands of visitors to Tibet trapped by Covid test bungles
As Tibet struggles to contain its first Covid-19 outbreak since early 2020, its testing capacity has fallen short, leaving thousands of travelers stranded in the remote western region of China during peak tourism season.
The outbreak that started last week has grown to more than 3,400 infections as of Wednesday, according to national and local authorities, forcing officials to use mass testing and lockdowns as they try to stop the virus from spreading further.
BUSINESS & TECH
Under the 14th Five-Year Plan, China plans to continue building coal-fired generating plants to ease power shortages.
Power /
Exclusive: Guangdong to kick off 6.7 million kilowatts of coal power projects
Southeastern China’s Guangdong province will kick off five coal-fired power projects with construction to start by the end of September and production by the end of 2024, Caixin learned from sources.
Capacity of the five projects will total 6.7 million kilowatts, compared with 6.32 million kilowatts of new coal-fired power installations from 2016 to 2020.
Property /
China tries debt guarantees to help developers borrow money
China’s regulators asked a state-owned credit support provider to put up financing guarantees for certain developers as part of efforts to shore up a real estate industry that’s mired in a liquidity crisis amid slumping housing sales.
Six developers selected for the pilot program are Longfor Group Holdings Ltd., Gemdale Corp., Country Garden Holdings, Cifi Group, Seazen Holdings Co. and Sino-Ocean Group Holding Ltd., Caixin confirmed with several sources.
Faraday Future /
Embattled EV-maker Faraday Future’s losses widen
Embattled electric-vehicle maker Faraday Future Intelligent Electric Inc. said that its net loss nearly tripled in the second quarter as the eight-year-old company struggles to start mass production of its first model.
The Nasdaq-listed company reported a net loss of $142 million in the three months ending June, widening from $53 million in the same period of last year, according to its earnings report released Monday. The carmaker, founded by controversial Chinese businessman Jia Yueting, had an accumulated deficit of $3.2 billion on its balance sheet as of June 30.
China’s Li pledges to continue favorable EV policies
Quick hits /
Southwest China power cuts spread to households as analysts warn of economic impact
Tencent says Meituan stake-sale report is inaccurate
Long Read /
What challenges await Singapore’s new leadership
GALLERY
Rural child singers take to the stage
