With DiDi Reprieve, Is China Taking the Handbrake off the Tech Sector?

Chinese regulators are reportedly poised to end a year-long cybersecurity probe into DiDi Global, allowing the ride-hailing giant to restore its apps and register new users Key takeaways: Along with DiDi, logistics matching platform Full Truck Alliance and online recruitment company Kanzhun are also likely to be allowed to sign up new users  Some analysts expect the Chinese authorities to gradually relax tough regulation of tech companies in order to spur economic growth, removing the biggest uncertainty in the market By Ken Lo The policy makers in charge of steering…

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FAST NEWS: Xinjiang Daqo Gets Approval for Shanghai Private Offering

The latest: Polysilicon maker Daqo New Energy Corp. (DQ.US) announced  Thursday its subsidiary, Xinjiang Daqo New Energy Co. Ltd. (688303.SH), has received approval from the China Securities Regulatory Commission for its planned private share offering in China’s A-share market to no more than 35 institutional investors. Looking up: The private offering will raise 11 billion yuan ($165 million) for Xinjiang Daqo, of which approximately 8 billion yuan will be used for a 100,000 metric tons of polysilicon expansion project in Baotou City, Inner Mongolia, China, and the rest of the proceeds for working capital.  Take Note: While…

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China’s Economic Slump Leaves Internet Lenders Battling Bad Loans

360 DigiTech, FinVolution and Lexin all reported first-quarter net profit declines and growing delinquent loans, amid a grim outlook for China’s economy Key takeaways: •      360 DigiTech and FinVolution posted 12% and 9% profit declines in the first quarter, respectively, while Lexin’s profit plunged by 89% •      Delinquent loans rose for all three lending platforms, forcing them to increase loan-loss provisions By Warren Yang The fortunes of consumer lenders are a good proxy for the state of an economy. When times get rough, individuals with shaky income are often among…

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