3/16/2021 Financial News: CCP’s Linkedins Sell Users’ Privacy ; All Financial Activities Should Be Supervised

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1.All financial activities should be included in financial supervision

On March 15, Xi Jinping presided over the ninth meeting of the Central Finance and Economics Committee and emphasized all financial activities should be included in financial supervision. The overall situation of Communist China’s platform economy development is good and its role is positive. At the same time, there are some outstanding problems. Some platform enterprises have irregular development and risks, platform economic development is insufficient, there are shortcomings, and the regulatory system is not suitable.

2.Chinese Linkedins were taken off from Online stores due to selling users’ privacy

CCP’s 2021 “3·15” Gala revealed that the resumes of users on platforms such as Zhaopin Recruitment, Liepin, and 51job.com were sold, and a large number of personal information was leaked and flowed into the black market. On the same night, three apps were taken off from Huawei, Xiaomi, OPPO, VIVO’s online shop.

3.Wanda has given up its majority control over AMC 

Dalian Wanda Group Co., the conglomerate founded by Chinese billionaire Wang Jianlin, has given up its majority control over AMC Entertainment Holdings Inc. after the world’s largest cinema chain reported a record loss of $4.6 billion for 2020 amid repeated warnings of insolvency.

Wanda, which bought AMC in 2012 for $2.6 billion, cut its stake and voting power in the company to 9.8% as of March 3, AMC said in its annual report.

4.There are 982,400 enterprises with serious violations of law and dishonesty in Communist China

It was learned from the Forum on enterprise’s promise of keeping promise held by the State Administration of market supervision that the State Administration of market supervision promotes enterprise’s annual report and information publicity, strengthens the collection and sharing of enterprise related information, and strengthens the restraint of dishonesty and joint punishment.

By the end of 2020, there are 6.6486 million enterprises in the list of abnormal operations and 982,400 enterprises in the list of serious illegal and dishonest enterprises.

5.Seven Shanghai listed companies stop listing

The Shanghai Stock Exchange decided on March 15 to terminate the listing of St Yisheng and St Chengcheng. So far, after the release of the new rules on delisting, the Shanghai Stock Exchange has made the decision to terminate the listing of the shares of seven companies. Seven Shanghai stock market delisting companies show the characteristics of diversified exit.

Among them, St Jinyu, St Yisheng and St Chengcheng touch the 1 yuan delisting index, St Gongxin and St Qiulin touch the financial index delisting, Yingkou Port delisted due to merger, and St Hangtong actively delisted.

6.Meng Wanzhou will appear in Canadian court for final phase of extradition hearings

Huawei Technologies Co Ltd. Chief Financial Officer Meng Wanzhou will appear in a Canadian court on Monday as her U.S. extradition case enters its last phase of arguments leading to a final hearing in May.

After two years of legal proceedings, Meng’s case now enters the final stretch leading up to a decision from Associate Chief Justice Heather Holmes in British Columbia’s Supreme Court on whether to extradite her, pending approval from the federal minister of justice.

7.Facebook agrees to pay News Corp for content in Australia

Facebook has agreed to pay Rupert Murdoch’s News Corp Australia for its news content. The deal was secured just weeks after Australia passed a controversial world-first law aimed at making tech platforms pay for journalism.

“The agreement with Facebook is a landmark in transforming the terms of trade for journalism, and will have a material and meaningful impact on our Australian news businesses,” News Corp chief executive Robert Thomson said.

By 【Financial Team – Tracy】

News Collection: Wendy、Lingken

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