Chinese Political Makeup Stirs Massive Slump in Chinese Tech Stocks
While the stocks have a bearish sentiment at this time, the projection for the future has been keeping many investors optimistic about the Chinese markets.
Five Chinese Tech Giants Lose $250B in Combined Market Cap
By
John K. Kumi
The stocks of such companies as Xiaomi, Tencent, and Meituan Dianping recorded a fall of 5.73%, 5.38%, and 7.47% respectively.
China’s Digital Yuan Testing Limited to Small Scale Transactions, PBOC Says
The People’s Bank of China (PBOC) has clarified the spreading rumors that the testing of its DCEP involves large cash transactions.
Chinese Electric Vehicle Manufacturer Li Auto Set to Raise Up to $950 Million in IPO
Li Auto, a Chinese electric car manufacturing company, is going to raise up to $950 million in an IPO. The funds will be allocated for the company’s research.
PBoC Starts Testing Digital Yuan on Food Delivery Patform
PBoC confirmed it will be testing a mobile application for storing and exchanging the digital yuan, after screenshots circulated on social media. Internal tests will be done in Shenzhen, Suzhou, Xiong’An, and Chengdu
Big Chinese Companies Asking for Loans to Fight Coronavirus
More than 300 Chinese firms including Meituan Dianping, China’s largest food delivery company, and smartphone maker Xiaomi Corp are seeking for bank loans totaling at least 57.4 billion yuan ($8.2 billion) to soften the impact of the coronavirus.
Opera’s Fintech Startup OPay Raises $120 Million From Chinese Investors
Opay, which was founded by Opera, the web browser developer, just recently raised $120 million in series B round, which mainly was backed by Chinese investors, confirmed Opera’s CFO Frode Jacobsen.