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1.Communist China’s Corporate Bond Defaults Hit Record High

Communist China’s corporate bond defaults hit a record high this year, showing tighter credit conditions and a growing reluctance by local governments to bail out troubled state-owned enterprises (SOE). According to rating agency Fitch, Communist China’s corporate bond defaults reached a record high of RMB 62.59 billion ($9.67 billion) in the first half of 2021.The growing proportion of SOE defaults has raised concerns among investors that the uncertainty of market caused by the government’s move away from implicit guarantees for SOE debts. Data show that 25 companies had bond defaults in the first half of 2021, compared with 19 in the same period last year.

2.Communist China’s Cybersecurity Censorship “Escalates”

(Reuters) On July 10, the regulatory storm in Communist China following the overseas listing of Didi is still ongoing. The Cyberspace Administration of Communist China issued an “escalated” version of its cybersecurity review on Saturday, requiring operators with more than 1 million users’ personal information to file a cybersecurity review with the Office of Cybersecurity Review for foreign listings; focusing on the so-called risk of core data or large amounts of personal information being influenced, controlled or maliciously used by foreign governments. The so-called risk of the influence, control, malicious use, etc.

3.Chip Giant Tsinghua Unigroup was Forced to Bankruptcy Reorganization

On July 9, Tsinghua Unigroup, one of the largest technology conglomerates in Communist China, announced that it received a notice from Beijing No 1. Intermediate Court that the creditor, Huishang Bank, applied to Beijing No 1. Intermediate Court for bankruptcy reorganization of Tsinghua Unigroup in the name of creditors on July 8. The reason is that Tsinghua Unigroup cannot pay off its debts as they fall due, and its assets are insufficient to pay off all its debts and it obviously lacks solvency, and it has the value and feasibility of reorganization. Tsinghua Unigroup stated in the announcement that there is still uncertainty as to whether the court will accept and whether the group will enter the reorganization process. The Group will fully cooperate with the courts to conduct judicial review and promote debt risk mitigation work.

Tsinghua Unigroup was founded in 1988 by Tsinghua Holdings, a wholly owned business unit of Tsinghua University, a major research university in Beijing. By the end of 2019, the Group’s total assets were nearly RMB 300 billion ($46.35 B).

4.MOFCOM Responds to U.S Blacklist of 23 Communist China’s Entities

The U.S. Department of Commerce on Friday added 34 foreign companies to its “entity blacklist” for alleged human rights abuses, including 23 Chinese entities. Of the 23 entities, 14 are suspected of “human rights violations” in the Xinjiang region, five have ties to the Chinese military, and four have business dealings with the sanctioned companies. On July 11, the Communist China’s Ministry of Commerce response that “this is an unreasonable suppression, and Communist China firmly opposed”.

Comments: CCP has been propagandizing the so-called “U.S. interference in China’s domestic affairs”, and has been delivering wrong concept and misleading Lao Baixing on purpose.

5.CMCC and Sinopec Sign Strategic Cooperation Framework Agreement

On July 12, Communist China Mobile Communications Group Corporation (CMCC) and Communist China Petroleum & Chemical Corporation (Sinopec) held a strategic cooperation framework agreement signing ceremony in Beijing. According to the agreement, the two sides will jointly promote key projects and innovative cooperation in areas such as 5G + smart petrochemicals; reciprocal cooperation in marketing and channels, membership rights and benefits, Epec platform and logistics information technology, capital and finance; and in-depth cooperation in areas such as infrastructure communication construction, international business, and digital intelligence transformation consulting services.

6.Communist China Blocks Merger of Live Streaming Platform Huya and Douyu

On July 10, the announcement of the Communist China’s State Administration for Market Regulation showed that the merger of Huya and Douyu, led by Tencent as a shareholder, was officially banned. The announcement showed that Tencent ranked first with a market share of over 40% in upstream online game operation services, while Huya and Douyu ranked first and second place with a market share of over 40% and 30% respectively in downstream game live streaming, with a combined market share of over 70%. Currently, Tencent has full control over Huya and joint control over Douyu. On the same day, Tencent responded that the company would seriously comply with the review decision, actively cooperate with regulatory requirements.

7.Job Market Chaos: College Students Pay for Internships

Recently, there are news reports that the market for paid internships for college students is booming, with some students even spending tens of thousands of yuan to buy internships at Internet “big factories”. Many agents in the education field also act as internship agents, introducing college students to popular positions in the Internet, investment banks, accounting firms, etc. On Taobao and other online platforms, such “pay 19,998 yuan, get big factory offer “, ”1 to 1 service, the World’s Top 500 company internship” can be seen everywhere. The merchants claim that their “mentors” cover a number of well-known companies, and that you can get an internship with professional guidance and a fee ranging from a few thousand to tens of thousands of yuan.

8.The Opening Date of the “Cross-boundary Wealth Management” will be announced soon

On July 12, Chief Executive of Hong Kong Carrie Lam attended a radio program and said that lots of work have been done on the “Cross-boundary Wealth Management” and the opening date will be announced soon. She said that there are ways to deal with the problem of Hong Kong people not being able to open accounts in the mainland. A local media reported earlier that Hong Kong people have to go north to open accounts in person when investing in mainland financial products through the “Northbound Pass”.

By【G Translators – Financial Team】
Author: Rosy Cloud