CX Daily: Weeks After Hong Kong Offering, Miniso Shares Tank on Short-Seller Attack
China and Indonesia leaders vow to deepen relations. Four neighborhoods in Shanghai’s Baoshan district are put back into lockdown
China-Indonesia relations have “developed vigorously, demonstrating strong resilience and vitality,” Xi said in a statement.
China-Indonesia /
China and Indonesia leaders vow to deepen relations
President Xi Jinping and his Indonesian counterpart Joko Widodo vowed to extend bilateral trade and deepen cooperation in areas including health and food security Tuesday during the first state visit to China by a foreign leader since the Winter Olympics in February.
China-Indonesia relations have “developed vigorously, demonstrating strong resilience and vitality,” Xi said in a statement (link in Chinese) published Tuesday by the Chinese foreign ministry. He said he hopes ties between the two countries will achieve “steady and long-term progress.”
FINANCE & ECONOMY
Chen Shuang
Corruption /
Former Everbright executive under anti-graft probe
The former Communist Party chief of China Everbright Ltd. is under investigation by China’s anti-corruption body for suspected “serious disciplinary violations,” the Central Commission for Discipline Inspection said Tuesday.
Chen Shuang, also a former executive president of the Hong Kong-traded subsidiary of financial giant China Everbright Group Ltd., left the company in 2019 to lead a fund that will target investments in the Greater Bay Area.
Covid-19 /
Shanghai neighborhoods returned to lockdown as Covid cases rebound
Four neighborhoods in Shanghai’s Baoshan district were put back into lockdown this week as the city battled a rebound in Covid-19 cases that hit delivery and logistics personnel in particular, according to local pandemic control officials.
People in the affected areas will be asked to remain within their residential communities for seven days in one of the largest-scale Covid-19 interventions since May.
China names new disease control chief
Analysis: How Azvudine became China’s first approved homegrown Covid pill
Quick hits /
Hong Kong exchange gets a boost as companies upgrade trading status
China’s borrowing cost slump shows limits of PBOC policy easing
BUSINESS & TECH
On Tuesday, short-seller Blue Orca Capital published a report alleging that at least 620 Miniso stores in China are secretly owned by company executives or individuals linked to Chairman Ye Guofu. Photo: VCG
Short-seller /
Weeks after Hong Kong offering, Miniso shares tank on short-seller attack
Shares of Chinese household and consumer goods retailer Miniso Group Holding Ltd. plunged after a short seller alleged it lied about its business model, siphoned investor cash to its chairman and is concealing poor financial performance.
On Tuesday, Texas-based Blue Orca Capital published a report alleging that at least 620 Miniso stores in China are secretly owned by company executives or individuals linked to Chairman Ye Guofu. Miniso claims that virtually all its roughly 3,000 stores in the country are run by franchisees.
Autos /
Analysis: Dutch carmaker Stellantis and state-owned Guangzhou Auto go their own ways
Sparks are flying between Guangzhou Automobile Group Co. Ltd. (GAC) and Stellantis NV, an Amsterdam-based auto giant formed by the merger of Fiat Chrysler and PSA Group, with the pair putting different spins on news that they plan to dissolve a struggling joint venture.
The decision to shut down the venture that produces Jeep vehicles for the Chinese market, named GAC Fiat Chrysler Automobiles Co. Ltd, came after the two companies clashed over the ownership structure.
Quick hits /
Heat wave drives southern China’s power use to record high
Singapore wealth fund spots rental opportunity in China property
Long Read /
The Chinese economy’s uncertain path to recovery
GALLERY
China-built bridge opens in Croatia
