4/9/2021 Financial News: Prosus Makes Its Big Move After Tencent Sale, Huawei Obtains A Third-Party Payment License

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1.Prosus Sold Shares in Tencent for $14.6 Billion and Reinvest It in Food Delivery and Digital Healthcare

Sina Technology News Beijing, April 8, according to reports, Amsterdam-based technology investment company Prosus announced today that the company sold 2% of Tencent’s share price for $14.6 billion. This is also one of the largest block transactions in the history of the world. Tencent Chairman Ma Huateng expressed his respects and understands the decision of their strategic partners.

The proceeds that Prosus received are turned around and made two investments: 1. Kolonial, a food delivery startup headquartered in Oslo, received 223 million euros (about 265 million US dollars) in a new round of financing, led by SoftBank’s “Vision Fund 2” and Prosus. Kolonial provides same-day or next-day delivery services, and same-day or next-day delivery services for food, tableware and household necessities. 2. HealthTech company API Holdings, India’s largest integrated digital healthcare platform, also announced today that it has received an investment of US$350 million, led by Prosus.

2.Huawei Officially Has a Third-Party Payment License, Challenging the Payment “Duopoly” Market

A few days ago, the technology giant Huawei, through a wholly-owned equity investment in Shenzhen Xunlian Zhifu, officially obtained a third-party payment license, becoming the second mobile phone manufacturer with a payment license after Xiaomi. The reporter discovered that in addition to Huawei, Internet giants with third-party payment licenses include Alibaba, Tencent, Suning, JD, Baidu, Sina, Meituan, Vipshop, and Pinduoduo. Industry insiders generally believe that despite the licenses, giants including Huawei and Xiaomi will not be able to shake the “duopoly” status of Tencent and Alibaba in the payment field in the short term.

3.The CSRC Issued 29 Fines in One Go, Mainly Related to IPO Violations

Recently, the Communist China Securities Regulatory Commission (CSRC) published 29 information on penalties for non-compliance with investment banking business, involving Zhongshan Securities, CITIC Construction Securities, Haitong Securities, CICC, Guojin Securities, CITIC Securities, Minmetals Securities and other securities companies, causing the market attention. The reasons for the fines of the relevant brokers and parties are mainly related to the IPO business, including insufficient verification of the issuer, insufficient internal control effectiveness, and failure to diligently supervise issuer. Correspondingly, the sponsor representative responsible for underwriting have also been subject to administrative penalties of varying degrees, such as overseeing conversations and issuing warning letters.

4.Loss, Penalty, Personnel Changes, Can PICC Return to the “Top Position”?

On March 24, the People’s Insurance Company of China (PICC) held its 2020 performance conference. The new person in charge Luo Xi said in his speech that PICC will return to the industry’s “top position” through “a strategic vision” and “seven strategic measures”. But judging from the financial report data, last year’s performance was not optimistic. Although total revenue increased by 5.07%, the net profit attributable to shareholders of the parent company fell by 10.4% year-on-year, and the market share of the main property insurance business also fell by 1.4% year-on-year. The A-share share price of PICC Group has fallen by nearly 10% this year. The current price per share is less than 6 yuan, compared with the highest price of 12.54 yuan. The share price has been cut in half.

5.7 Million Yuan Fraudulent, Hengfeng Bank Appears “Small Officials With Huge Corruption” Again

The general manager of the branch department fabricated a contract to falsely issue invoices and illegally extract 7 million yuan. In addition, in order to express his gratitude to the branch leaders for helping him the arrangement, Peng also bribed 60,000 yuan to the then vice president of the Qingdao branch of Hengfeng Bank. For a large amount in nature, he was charged with corruption, bribery and several crimes in accordance with the law.

6.CCP Plus Bitcoin Is a Marriage of Convenience

NEW YORK (Reuters Breakingviews) – Tech mogul Peter Thiel suggested this week that CCP might use bitcoin as a “financial weapon” to unseat government-backed currencies in general and the U.S. dollar in particular. Bitcoin’s charms include immunity from government intervention, including the devaluation risk presented by U.S. President Joe Biden’s multi-trillion-dollar infrastructure plans. CCP has been railing against the dollar’s dominance since at least 2008. Policymakers in Beijing are already trialing a digital currency; counterparts in Washington are years behind. Yet if Beijing really wanted a weapon to rival the dollar, the easiest answer would be to open up, deregulate and turn the yuan into a currency, foreigners actually want to hold, digitally or otherwise.

By 【Financial Team – Spark】
News Collection: 文罡
Proofreading: Tracy

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