China consults financial news blogs


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After recording China’s tightening grip on big tech, gaming, crypto and fintech, its latest crackdown touches the heart.

Financial news, disseminated via blogs and social networks, is now targeted. China’s Cyberspace Administration has embarked on a “special rectification” campaign, cracking down on market skeptics and those who express pessimistic views about the Chinese economy – as well as disinformation and malfeasance emanating from news services financial and social media accounts.

This follows our report earlier this week that Chinese police were using an anti-fraud app to identify and interview people who had visited financial news sites overseas.

A ripple effect of all of this is that foreign investors understand less about what is going on in China and that trust is eroding. A Hong Kong-based investor in Chinese bonds said the measures would further limit information on ‘trustworthy’ debt issuers, as blogs and social media are sometimes the only places with information about staff changes. business and regulatory investigations or arrests.

Meanwhile, ridesharing app Didi Chuxing has seen its daily user count drop 30% since its New York IPO in June sparked a backlash from Beijing, reports Ryan McMorrow.

In the days following Didi’s IPO, Chinese regulators banned the company from signing new clients while it conducted a data security investigation. Aurora Mobile data shows that the average number of daily Didi users for August fell to 10.9 million from 15.6 million in June. Based on its historical registration rate, the ban on opening customer accounts deprives Didi of around 4 million users per month.

The Internet of (five) things

1. OpenSea probes NFT insider trading
OpenSea, the most popular platform for buying and selling digital collectibles, launched an internal investigation after admitting that one of its senior executives used inside knowledge to purchase items before their promotion in the market. The price of collectibles usually jumps when they are listed on the platform’s homepage, due to the high level of user interest.

2. Indian relief from Vodafone Idea
Shares of India’s Vodafone company rose 25% after the government unveiled a telecommunications industry relief plan designed to avert the collapse of Vodafone Idea, delaying reimbursement of billions of dollars in costs. spectrum and other liabilities.

3. Prenetics Spac Agreement, Oracle supports Nanopore IPO
The biotech start-up whose Covid-19 tests helped the English Premier League weather the pandemic has merged with a listed special-purpose acquisition company in the United States, becoming Hong Kong’s first ‘unicorn’ to be listed. The deal to absorb Prenetics into Nasdaq-listed blank check firm Artisan Acquisition valued the genome and diagnostics company at $ 1.25 billion. During this time, Oxford Nanopore, the specialist in genetic sequencing, revealed that Oracle had become a key investor before its IPO on the London Stock Exchange.

Daily Bulletin

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4. EU chip plan seems not to start
Trying to build a large-scale semiconductor production capacity in the EU does not seem feasible or sensible, according to today’s Trade Secrets newsletter, following the state of the art speech. Union of Commission President Ursula von der Leyen on Wednesday. On the one hand, there are practical objections, namely the old problem that the single market can be EU-wide, but the money for R&D and subsidies mostly resides in the Member States. The Commission does not have tens of billions of euros to throw around.

5. Big Tech buyouts
Are the huge share buybacks by the biggest tech companies going against the need to spend their available money on innovation and opening up new markets? Richard Waters says they can have it both ways – Microsoft earmarked $ 60 billion in buybacks this week, but its schedule was matched by its capital spending.

Forwarded from Sifted – European start-up week

Errol Damelin is best known as the founder of Wonga, the payday lender who became infamous for charging huge interest rates and then collapsed into administration. But today, he’s grown into one of London’s most successful angel investors, with two of his holding companies – Wise and Cazoo – securing $ 1 billion in outflows this year. Damelin’s stakes in Wise and Cazoo reached a combined value of £ 11.6million when the companies were listed, meaning Damelin cashed in a 108-fold return on its initial investments, according to a Sifted analysis of Companies House records.

Elsewhere in European start-ups this week, Monzo founder Tom Blomfield tells the story of a meeting with executives at the $ 150 billion SoftBank Vision Fund, where he says the lead partner took the meeting. barefoot and “pick his feet” during their discussions. Sifted is also looking at European start-ups that make cars faster and more durable than a Tesla: from axial flow motors to battery passports and alternative materials.

Technical tools – BT Street Hub 2.0

It looks like the updated version of BT on the old red phone booth. Its first BT Street Hub 2.0 unit went live today at Notting Hill Gate in London – local businesses were given the opportunity to advertise for free on its digital screens. Other features include free Gigabit Wi-Fi, fast charging for mobile devices, free phone calls, and local orientation via a built-in tablet. Over the next 12 months, 300 units will be deployed in cities such as Glasgow, Cardiff, Nottingham and Birmingham.

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