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“# New blockchain platform aims to track one third of all shipping containers globally ” Global Shipping Business Network (GSBN) has launched a new blockchain-based platform that could potentially track one-third of shipping containers across the globe. The GSBN was founded in October 2020 by eight global national freight maritime cargo companies to build a…
“#Half a trillion dollars erased from China markets in a week” China’s tech stocks slumped to new lows on Friday and Hong Kong’s benchmark index hit an almost 10-month trough, as an unrelenting series of Chinese regulatory crackdowns crushed investors’ confidence. More than $560 billion in market value has been wiped off Hong Kong and…
“# Alibaba launches NFT marketplace for copyright trading ” Chinese multinational e-commerce firm, Alibaba Group Holding, has launched a new nonfungible tokens (NFTs) marketplace allowing trademark holders to sell tokenized licenses to their intellectual property. The new NFT marketplace, dubbed “Blockchain Digital Copyright and Asset-Trade,” can be accessed via Alibaba’s Auction platform. NFTs launched via…
“#Alibaba’s Joe Tsai gets to party but China punishes Jack Ma” Nobody knew until last month that Joseph Chung-Hsin Tsai — better known as Joe Tsai — was the “mystery buyer” who dropped $157 million this spring on two massive condos at 220 Central Park South, the most expensive apartment building in the country. So…
“#E-commerce giant Alibaba fires manager accused of raping employee” Chinese e-commerce giant Alibaba said Monday that it has fired a manager who was accused of rape by another employee of the company. In addition to the termination, two other senior managers, Li Yonghe and Xu Kun have resigned, CEO Daniel Zhang said in a memo…
“# China’s central bank worried about stablecoins’ risk to financial systems ” The Chinese central bank is “quite worried” about the global financial risks associated with digital currencies, particularly stablecoins, according to a senior official. Fan Yifei, a deputy governor of the People’s Bank of China (PBoC), expressed concerns over the reportedly serious threat stablecoins…
“#China fines tech giants in anti-monopoly cases” Companies including internet giants Alibaba and Tencent were fined Wednesday by anti-monopoly regulators in a new move to tighten control over their fast-developing industries. In 22 cases, companies were fined 500,000 yuan ($75,000) each for actions including acquiring stakes in other companies that might improperly increase their market…
“#Uber rival and Chinese ride-hailing giant Didi files for IPO” Didi Chuxing, China’s biggest ride-hailing firm, on Thursday made public its filing for a US stock market listing, setting the stage for what is expected to be the world’s biggest initial public offering this year. The company – backed by Asia’s largest technology investment firms, SoftBank,…
“# Ant Group highlights private sector’s role in developing digital yuan ” Major Chinese tech and commerce firms are starting to open up regarding their involvement in developing the digital yuan. Ant Group and Tencent Holdings revealed the extent of their collaboration with the People’s Bank of China in developing the digital yuan at the…
“# Top Chinese banks promote CBDC over local payment firms for shopping festival ” Some of China’s largest state banks are actively promoting the digital yuan as a superior means of payment to the country’s two leading payment providers, Alipay and WeChat Pay. In an April 26 report, Reuters revealed that six of China’s largest banks…