11/29/2021 Financial News In China: The Founder Of Macau Casino Suncity Was Arrested; The Sample Stocks Of SZSI, GEM And SZ100 Indices Will Be Adjusted

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1. The Founder and CEO of Macau Casino Group Suncity was Arrested

On November 27, the Macau government issued a statement saying that it had received a notification from the relevant CCP authorities that Alvin Chau, a Macau resident, shareholder and director of Suncity Group, was suspected of setting up a cross-border gambling criminal syndicate, illegally organizing Chinese citizens to gamble outside Communist China and participating in cross-border online gambling activities, involving a particularly large amount of money. Alvin Chau and other involved persons were brought back to the police station this morning for investigation. Suncity is an online gambling platform with Philippine and Cambodian online gambling licenses, which is claimed to be “the world’s top and most credible in Asia”. The annual betting volume of Suncity online gambling in mainland China is over a trillion yuan, which is equivalent to nearly twice the annual revenue of the Chinese lottery.

2. The Sample Stocks of SZSI, GEM and SZ100 Indices will be Adjusted

On November 29, Shenzhen Stock Exchange announced that according to the index compilation rules, Shenzhen Stock Exchange and Shenzhen Securities Information Co., Ltd. decided to implement the regular adjustment of sample stocks for SZSI, GEM and SZSI 100 indices on December 13, 2021. The transfer out list of SZSE constituent indices includes Joy-City, 5i5j Real Estate, etc. The transfer out list of SZSE 100 index includes Suning.com, Perfect World, BGI Group, etc.

3. Coal Companies Urged to Establish Long-Term Price Mechanism

Recently, the National Development and Reform Commission Price Division organized a forum of key coal producers. Participating enterprises proposed to improve the coal market price formation mechanism, establish a long-term mechanism to guide the operation of coal prices in a reasonable range, it is necessary to promote the coordinated development of coal, electricity upstream and downstream industries. After the recent abnormal rise in coal prices, the current improvement of the coal market price formation mechanism just in time, all parties face a reasonable range of coal prices also formed a consensus on the specific level, and hope that the relevant policies as soon as possible.

4. Grid-connected Wind Power Capacity Reaches 300 million Kilowatts

So far, Communist China’s wind power grid-connected installed capacity reached 300.15 million kilowatts, doubling from the end of 2016. At present, wind power accounts for about 13% of the total installed power supply and about 7.5% of the total electricity consumption of society, which is 0.3 and 1.3 percentage points higher than the end of 2020, respectively, and the contribution of wind power to the national electricity supply has been rising.

5. Tencent, AgBank and CITIC Securities Fined for Foreign Exchange Business Violations

The Shenzhen Branch of the State Administration of Foreign Exchange (SAFE) issued a batch of administrative penalty decisions, in which Tencent’s third-party payment company TenPay Payment Technology, CITIC Securities, Shenzhen Rural Commercial Bank and Agricultural Bank Shenzhen Futian Sub-branch were listed. Among them, TenPay Payment Technology was fined 2.78 million yuan for failing to submit relevant materials as required, conducting foreign exchange business beyond the scope of registration, failing to conduct foreign exchange sales as required, and failing to collect necessary information as required. CITIC Securities was fined 1.01 million yuan and confiscated the illegal income of 810,000 yuan for violating relevant regulations. Agricultural Bank Shenzhen Futian Sub-branch was fined 0.55 million yuan and confiscated 98,900 yuan for failing to examine the authenticity of transaction documents and the consistency with foreign exchange receipts and payments in handling current account fund receipts and payments.

6. Xiaomi to Build Car Plant with Annual Capacity of 300,000 Vehicles in Beijing

(Reuters) Beijing Economic-Technological Development Area (Beijing E-Town) held a signing ceremony with Xiaomi Technology on Saturday to officially announce the settlement of Xiaomi Auto in Beijing E-Town, with the first vehicle expected to roll off the production line and achieve mass production in 2024. The Xiaomi Auto project will build Xiaomi Auto’s headquarters base and sales and R&D headquarters and will build a vehicle factory with an annual production capacity of 300,000 units in two phases, of which the first and second phases will have a capacity of 150,000 units respectively. Xiaomi’s latest quarterly report shows that Xiaomi’s net profit and revenue growth slowed down in the third quarter due to the global supply chain tension and fierce competition in the domestic smartphone market.

7. FF Receives Delisting Warning for Not Filing Q3 Report on Time

Electric car company Faraday Future (FF) said it received a letter from Nasdaq reminding it that it did not file its third quarter financial report on time. According to the letter, FF is required to submit the report within 60 natural days. According to the latest news, FF will be added to the list of companies that do not meet Nasdaq’s criteria. According to Nasdaq’s rules, if the report is not submitted within the specified period, FF will likely be delisted. According to FF insiders, the company is under investigation because of a recent short-selling report issued by J Capital Research, a well-known short-seller, and will not be able to announce its financial results until the investigation is completed, which cannot be determined at this time.

8. Weibo to Offer 11 million Shares in HKEX

(Reuters) Weibo, a social media company in Communist China, announced Monday that it will offer 11 million shares at a maximum public offering price of HK$388 per share, raising as much as HK$4.268 billion. Half of the shares will be new shares and the other half will be old shares sold by Sina, according to the company’s prospectus. After deducting Sina’s reduced shareholding, Weibo’s net proceeds from the global offering, after expenses, amounted to approximately HK$2.004 billion. Weibo will begin its Hong Kong public offering today, close for subscription at noon on Thursday (Dec. 2) and begin trading on the Stock Exchange of Hong Kong next Wednesday (Dec. 8).

【G Translators- Financial Team】
Author: Rosy Cloud

Disclaimer: This article only represents the author’s view. Gnews is not responsible for any legal risks.

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