CX Daily: The volatile cocktail shaking the “Baijiu” market in China

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Liqueur /

In detail: the volatile cocktail that shakes the Chinese “baijiu” market

The New CEO of the World’s Most Valuable Liquor Company means business.

At a shareholders’ meeting last month, the new chairman of Kweichow Moutai Co. Ltd., Ding Xiongjun, promised a series of long-term changes to make the distiller the first Guizhou-based Fortune Global 500 company, the one of the poorest provinces in China.

But the market is facing slowing sales growth, increased regulatory oversight of stocks seen as inflated with capital, and potential industry-wide consolidation.

VPN /

Beijing Gets Green Light to Open VPN Services to Foreign Investors

Beijing municipal government got approval Council of State to give foreign investors limited access to virtual private networks (VPNs), an area the Chinese government has been monitoring closely since 2017 due to cybersecurity concerns.

The Council of State, the Chinese government, announced on its website (link in Chinese) On Monday, a decision to allow foreign telecommunications companies to form joint ventures, with their stake capped at 50%, to provide VPN services to foreign companies operating in Beijing.

FINANCE & ECONOMY

 

Xi Jinping

Common prosperity /

Full Text: Xi Jinping’s Speech on Strengthening Common Prosperity

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee and president of China, spoke about China’s commitment to common prosperity at the 10th meeting of the Central Committee for Financial and Economic Affairs in August. Excerpts from the speech were published by the Qiushi party newspaper on Friday.

“To achieve common prosperity for 1.4 billion Chinese people, we must take concrete and lasting measures,” Xi said. “It does not mean simultaneous prosperity for everyone or the same level of wealth across the country. The degree of prosperity of different groups and regions and the timing of prosperity can vary. Common prosperity involves a process of advancement in the midst of developments and must be constantly encouraged for continued success. “

Wealth management /

First group of banks launches cross-border wealth management connection services

The first group of banks began to provide services under the wealth management connect (WMC) trial program Tuesday morning, allowing some residents of mainland China, Hong Kong and Macau to make cross-border investments.

On Tuesday, retail investors in the two special administrative regions invested 15.4 million yuan ($ 2.4 million) in wealth management products on the mainland, and 17.7 million yuan in investments in the continent have gone the other way, according to one declaration (link in Chinese) of the Guangzhou branch of the central bank.

Works /

Fighting youth unemployment, China to open more coveted civil service jobs to new graduates

Chinese government plans to offer more positions to applicants who will take the civil service exam from the end of November, with nearly 70% of vacancies open to new college graduates next year, according to the National Civil Service Administration (NCSA).

The country aims to recruit 31,200 people (link in Chinese) through its 2022 National Civil Service Examination, an increase of more than 5,000 from last year, according to an NCSA statement on Thursday. Job vacancies can be found in 75 government agencies and 23 directly attached institutions.

Covid19 /

Authorities scramble to control multiregional Covid outbreak linked to infected tourist group

Health authorities in China scramble to control a multi-regional Covid outbreak linked to a group of eight people who tested positive after traveling together in Inner Mongolia and Gansu province.

Cases linked to the group have been reported in at least four provincial-level regions, including Beijing, according to local health officials.

Quick shots /

Hong Kong Regulator Probes PwC audit on Evergrande

Singapore life insurers have little or no exposure to Evergrande fallout

Opinion: As nature fights back, the world must step up to reduce emissions

TRADE AND TECHNOLOGY

long read10

Representatives of more than 400 creditors attended a meeting, claiming more than 100 billion yuan ($ 15.5 billion) in debt.

Representatives of more than 400 creditors attended a meeting, claiming more than 100 billion yuan ($ 15.5 billion) in debt.

Chips /

Exclusive: seven investors in talks to buy Unigroup

Tsinghua Unigroup Co. Ltd. is in talks with seven strategic investors, including state-owned China Electronics Corp. and e-commerce giant Alibaba Group, Caixin learned.

The talks suggest that the restructuring of the once-high-flying chipmaking conglomerate to solve massive debt problems is gaining momentum. Unigroup, majority-owned by Tsinghua University in Beijing, has held its first online meeting with its creditors to review its debts, the company said on Monday in a statement posted on its official social media account.

Representatives of more than 400 creditors attended the meeting, claiming more than 100 billion yuan ($ 15.5 billion) in debt, a participant told Caixin. Although Unigroup’s activities generate less than 100 billion yuan in annual revenue, the company still has the capacity to repay its debts, the person said.

Ali Baba /

Internet giants at war begin to dismantle their barriers

Internet giants Alibaba Group Holding Ltd. and Tencent Holdings Ltd. start to fall apart the walls that separate them.

Buyers who purchase products from Alibaba’s online shopping platform, Taobao, will soon be able to share their carts for the first time on group chats and Facebook-like “Moments” pages in the app for the first time. The most widely used social media in China, WeChat, operated by Tencent, learned Caixin. . Alibaba is testing the new feature and plans to launch it on Oct. 27 ahead of the annual “Double Eleven,” the Black Friday shopping extravaganza in China, the company told Caixin. Tencent declined to comment.

Tax evasion /

Ex-Chinese actress fined $ 5 million for involvement in tax evasion scheme

Zhang Heng, the former partner and agent of struggling Chinese actress Zheng Shuang, was fined 32.27 million yuan ($ 5 million) for helping Zheng hide his income and evade tax obligations amounting to more than 43 million yuan.

Zhang, who denounced the actress for tax evasion on social networks at the end of April after a falling out, it turned out to have participated in the cover-up of Zheng’s exorbitant salary for his role in the drama “A Chinese Ghost Story” in December 2018, allowing the actress to escape the ‘tax, according to an opinion (link in Chinese) posted on the website of the Shanghai branch of the State Tax Administration on Monday.

Quick shots /

Huawei wins contract for Saudi energy storage project as it expands into new activities

China refutes report he tested a hypersonic missile with nuclear capability

JD Logistics flies shopping to meet air freight demand

Energy Insider /

Baosteel, Toyota facing patent infringement action by Nippon Steel

GALLERY

Olympic flame lit for the Beijing Winter Games

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