CX Daily: JD.Com’s Rocky Road to Withdraw Funding from FinTech Unit

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JD.com /

In depth: JD.com’s rocky road to withdraw funding from its fintech unit

The brutal suspension of Ant Group’s IPO in November last year spilled over into the Chinese fintech industry and claimed dozens of lives, including the fintech arm of JD.com, one of the major Chinese e-commerce companies. Known at the time as Jingdong Digits Technology Holding Co. Ltd. (JD Digits), the company was then forced to abandon his IPO project in the middle of the process.

While Nasdaq-listed JD.com Inc. has long been widely regarded as one of China’s leading online retailers, the growth trajectory of its fintech arm has been anything but consistent. Even his name has changed several times. It started as JD Finance as early as 2013, before changing its nickname to JD Digits in November 2018.

Just over two years later, JD Digits changed its name again. Since January, it has been renamed JD Technology.

Evergrande /

Hong Kong luxury villa linked to Evergrande’s Hui pledged for loan

An associate of Hui Ka Yan, chairman of struggling China Evergrande group, recently to furnish a luxury house in Hong Kong for loan guarantees as the billionaire and his real estate empire face a growing debt crisis.

A property on Hong Kong Island’s Black’s Link Trail, known for its wealthy communities and stunning views, was pledged on Oct. 19 to the local branch of the China Construction Bank, according to documents from the city’s land registry . Market watchers estimate the property to be worth HK $ 700 million ($ 90 million).

FINANCE & ECONOMY

 

Obligations /

Foreign investors in Chinese bonds get four more years of tax breaks

Policy makers have decided to extend tax relief for foreign investors in China’s onshore bond market for four years as enthusiasm for relatively high market returns continues to grow.

Foreign institutional investors’ income from bond interest will be exempt from corporate tax and value added tax (VAT) until the end of 2025, according to A declaration released following an executive meeting of the State Council chaired by Premier Li Keqiang. The exemption, launched in 2018, was originally scheduled to expire in early November.

The extension aims to encourage foreign investment in China, the statement said.

Tax /

Hard-hit small Chinese manufacturers have more time to pay taxes

china cabinet gave micro, small and medium manufacturing companies have the option of taking up to three more months to pay their fourth quarter taxes.

The decision of the State Council aims to give more financial leeway to these companies, which have been affected by the rise in raw material prices and production costs, according to a lecture (link in Chinese) of an executive cabinet meeting on Wednesday. The measure is expected to defer around 200 billion yuan ($ 31.3 billion) in taxes until the next quarter.

Futures contracts /

Chinese coal futures continue to fall amid price cap talks

The future of China’s thermal coal dropped from the daily limit of 10% The country’s leading economic planner is set to cap the price of fossil fuels on Wednesday to ease an electricity shortage.

The most active thermal coal contract on the Zhengzhou Commodity Exchange fell to 1,144.6 yuan ($ 177) per tonne, extending a decline that sent the contract down 30.5% in one week.

Offenses /

Four local governments violated debt policy on eight projects, audit finds

Four local authorities at high risk of debt broken rules in the construction of government buildings, hotels and convention centers, the Chinese State Council found in an audit of local government spending.

A rule implemented in 2017 prohibited local governments and organizations from building venues and facilities with accommodation, conference, catering and other reception functions. With the increase in local government debt, the central government ordered heavily indebted local governments to vigorously reduce government office operating expenses and construction spending.

Quick shots /

China targets vegetable pickers after the cost of spinach flares

China says United States stop playing the ‘Taiwan card’

TRADE AND TECHNOLOGY

The signing ceremony of the strategic cooperation between Yili Group and Ausnutria was held in Beijing. Photo: Yili

Personal diary /

Chinese dairy giant Yili files plans to buy a third of rival Ausnutria

Shares of Inner Mongolian Chinese dairy giant Yili Industrial Group Co. Ltd. try to buy a 34.33% stake in Ausnutria Dairy Corp. Ltd., its listed competitor in Hong Kong, as a means of entering the goat milk powder market.

According to a exchange deposit On Wednesday, Yili signed agreements with a group of Ausnutria shareholders, including Citic Agricultural Industry Fund Management Co. Ltd. and Dutch Dairy Investments HK Ltd. wholly owned subsidiary of Hong Kong Jingang Trade Holding Co. Ltd.

Shanghai-listed Yili will also buy an additional 90 million new shares in Ausnutria via Jingang, the record added, adding that the share acquisition agreements will make Yili the largest shareholder in Ausnutria.

Education /

Chinese capital aims to form segment of industry that has escaped crackdown

The Chinese capital is stepping up oversight of out-of-school tutoring companies that offer courses on subjects outside the basic school curriculum, Caixin learned, as part of the ongoing national campaign to alleviate some of the pressure on the country’s notoriously overworked students.

The shift marks the expansion of a local crackdown on the industry to a segment that had until recently escaped the sweeping education reforms that rocked China’s out-of-school tutoring industry.

Magnesium /

Magnesium prices drop 40% at key production center in China as lights come back on

Magnesium prices in the main producing region of China have dropped to two fifths record in September as foundries ramp up production amid lingering concerns over a global supply shortage.

The cost of the key raw material, which is an alloying element widely used in the production of aluminum for cars and bikes, skyrocketed last month as electricity shortages forced local authorities in Shaanxi province (northwest China) to stop or limit production in many factories.

Battery /

Electric vehicle battery maker CATL’s third quarter profit exceeds expectations

Chinese manufacturer of electric vehicle batteries Contemporary Amperex Technology Co. Ltd. (CATL) shows gains of around 130% in terms of turnover and profits in a context of strong demand for new energy vehicles (NEV) in the largest automotive market in the world.

In the three months to September, the company’s net profit attributable to common shareholders totaled 3.3 billion yuan ($ 515.8 million) on revenues of 29.3 billion yuan, according to its latest earnings report Wednesday.

Quick shots /

Billionaires of new energies race on China’s rich list

The Chinese wind giant sees demand boom pick up after 2021 break

Tim Hortons China reached 300 stores without being discouraged by the late registration

GALLERY

The Tesla Gigafactory building in Shanghai

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