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Thursday, December 2, 2021

Real-time news update: China seeks to strengthen online censorship of companies that have IPOs in Hong Kong

What to see in asia today

U.S. Trade Representative Catherine Tay travels to Tokyo
U.S. Trade Representative Catherine Tay travels to Tokyo © Anna Moneymaker/Getty Images

data: The Cabinet Office of Japan is expected to release preliminary GDP data for the July-September quarter. The monthly industrial production is also going on as scheduled. Beijing will release national monthly retail sales and industrial production data. IHS Markit will release China business outlook data.

event: Katherine Tai, the U.S. Trade Representative, plans to start a visit to Japan.Milken Institute 8th Asia Summit Open as a mixed virtual and face-to-face event in Singapore.

result: Japan’s Mitsubishi UFJ Financial Group and Recruit Holdings will announce second-quarter financial results.

China seeks to strengthen online censorship of companies that have IPOs in Hong Kong

China’s National Internet Information Office issued draft rules on Sunday that require companies to undergo cybersecurity scrutiny before listing in Hong Kong in cases involving national security. This threatens the recent shift as Internet companies seek to list in Hong Kong.

Two days after Didi Chuxing’s $4.4 billion initial public offering on the New York Stock Exchange in June, powerful data regulators investigated Didi Chuxing for suspected data violations, forcing the once dominant online ride-hailing company The company stopped registering new users during the investigation.

After the relocation, CAC Said In July of this year, it will tighten regulations for companies seeking to sell stocks overseas, and put forward regulations that require companies with more than 1 million users’ personal data to undergo security reviews. However, the guidelines did not clarify whether this requirement applies to Hong Kong listings.

The rule marks the first time Beijing has stated that some listed companies in the territory must accept cybersecurity reviews, but it did not specify the prerequisites for this additional review.

Global investment banks competed in the summer to shift the initial public offerings of Chinese groups to Hong Kong. For technology companies seeking to enter the international financial market, Hong Kong is seen as a more politically acceptable Beijing location.

Read more about the rules of the China Cyberspace Administration of China here.

Yellen said that until the Covid-19 pandemic is brought under control, U.S. inflation will remain high

US Treasury Secretary Janet Yellen stated that controlling Covid-19 is the key to curbing inflation, as the Joe Biden administration tried to prevent rising prices from undermining economic recovery and the president’s legislative agenda.

“The pandemic has been calling the shots for the economy and inflation,” Yellen said in an interview with CBS Face the countryn program. “If we want to reduce inflation, I think continuing to make progress in fighting the pandemic is the most important thing we can do.”

Fighting against rising prices has become the focus of Biden’s economic team. Last week, the US consumer price index in October increased by 6.2% from the previous year, the fastest increase since 1990.

Yellen said that many workers remain cautious about the risk of contracting the virus in the workplace, and outlined changes in consumer demand related to lock-in and new remote work models.

But she added that if the pandemic is brought under control, she expects the soaring prices of commodities such as used cars and gasoline to weaken in the second half of next year.

Read more about the pandemic and inflation in the United States here.

Airbus wins big order from veteran low-cost airline investor Frank

Airbus has secured multi-billion-dollar orders for 255 single-aisle jets from veteran airline investor Bill Frank. This transaction highlights the aircraft manufacturer’s prediction that the industry is expected to grow A strong rebound in the epidemic.

The deal concluded at the Dubai Air Show on Sunday packaged the A321neo aircraft together and delivered them to stable ultra-low-cost airlines supported by Franke’s Indigo Partners, including Wizz Air in Europe and Frontier in the United States.

The order shows that low-cost, short-haul airlines are rapidly rebounding from the effects of the pandemic, and at the same time, Frank is preparing his airline to take advantage of the disruption in the entire industry.

“This order reaffirms our portfolio of airlines’ commitment to continued growth over the next ten years,” he said.

The American private equity executive is considered one of the most successful aviation investors in history. He bought shares in a series of low-cost airlines and stimulated growth by cutting costs and focusing on expanding markets such as Eastern Europe.

Wizz Air, which will receive 102 aircraft, has pledged to use the pandemic to expand in Europe and other regions. This year its bid for British competitor easyJet failed.

Read more about the Airbus transaction here.

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