2/17/2021 Financial News: TikTok Hit with Complaints in Europe, JD Logistics Kicks Off IPO Process in Hong Kong

Image source: https://www.beuc.eu/

1.TikTok Hit with Complaints Across Europe for Violating Consumer Laws

BRUSSELS (Reuters) – EU consumer groups filed complaints against Chinese-owned TikTok on Tuesday for violating consumer laws and failing to protect children from hidden advertising and inappropriate content. European consumer group BEUC raised several issues in its complaint, some of which are related to TikTok’s terms of service and copyright terms. In addition to BEUC, consumer organizations in 15 countries have urged their authorities to act.

2.JD.com to Float Shares of its Logistics Arm on Hong Kong Stock Exchange

Communist China’s tech giant JD.com (NASDAQ:JD) announced on Tuesday it has applied to list JD Logistics’ stock on the Hong Kong Stock Exchange. Additionally, JD.com will float JD Logistics shares on another exchange or exchanges in a “global offering.” It did not provide detailed information on the number of shares to be sold in Hong Kong or the amount of capital to be raised.

Currently JD.com holds about 79% of JD Logistics, which was incorporated in 2012. Last December, JD.com floated its JD Health subsidiary and raised the equivalent of around $3.5 billion by tapping Hong Kong, Asia’s No. 3 stock exchange, for capital.


3.Hong Kong’s Hang Seng index Jumped 1.9%

In the last few days, Hong Kong’s Hang Seng index jumped 1.9% to close at 30,746.66.

On Tuesday, cinema stocks listed in Hong Kong surged, with IMAX China and Alibaba Pictures up 31.14% and 34.58% respectively. According to Reuters, Chinese box offices set a revenue record for the week beginning Feb. 11 based on data compiled by online ticketing platform Maoyan Entertainment.


4.Communist China Exploring Rare Earth Export Curbs

According to industry executives, Chinese government officials had asked them about the potential impact of limiting Communist China’s rare-earth mineral exports on the U.S. Communist China accounts for 80% of rare-earth imports into the U.S. These rare-earth minerals are used in everything from smartphones to fighter jets and are critical especially to the U.S. defense industry. If export curbs were implemented, it would be unlikely for American industries to quickly secure short-term supplies from other sources. Communist China’s Foreign Ministry didn’t immediately respond to a request for comments.

Comments: CCP is specialized in threating other countries by using resource restriction, not just natural resource like rare earth, but also human resource, the 1.4 billion Chinese people market. Luckily other countries are aware of this are exploring to diversify resource supply to avoid replying on CCP heavily.


5.Fertilizers in Short Supply in Communist China

The reporter learned from many sources that this year’s fertilizers are likely to be in short supply. Before the Spring Festival holiday, fertilizers had already experienced price surges. The phosphate fertilizer company Yuntianhua expects to achieve a net profit of 270 million yuan in 2020, an increase of 118 million yuan and 77.75% increase from the previous year. Another fertilizer company Stanley expects a net profit of 238 million to 282 million yuan, a year-on-year increase of 120% to 160%. Stanley mentioned that due to factors such as rising upstream raw material prices and strong downstream demand, the company raised product prices in the last quarter. Although the current product prices remain stable, the average product prices have slightly increased compared with the same period last year.


6.U.S. Oil Production Plummeting by One-Third

Total U.S. oil production has plummeted by one-third due to an unprecedented cold blast across the country. Before the cold snap, the crude output was about 11 million barrels a day. Now it is down by about 3.5 million barrels per day nationwide. Production in the Texas’s Permian Basin, which is America’s biggest oil field, has plunged by as much as 65% due to extremely low temperatures that freeze oil and gas liquids. The huge disruption has caused oil prices to rise to their highest so far this year.


7.Communist China Became EU’s Largest Trading Partner in 2020

Data released on Monday by Eurostat show that Communist China surpassed the U.S. as the European Union’s top trading partner in 2020. EU exports to Communist China grew by 2.2 percent in 2020, while imports grew by 5.6 percent. In comparison, EU exports to the U.S. decreased by 8.2 percent and imports from the U.S. shrank by 13.2 percent. The U.K. was the EU’s third-largest trading partner in 2020.


By 【Financial Team – Kate】

News Collection: 文罡、Wendy、Kate

Proofreading: 小蚂蚁在行动

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