3/17/2021 Financial News: CCP Asks Alibaba To Withdraw Media Assets; 321 Companies Should Be Restructured

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1.CCP Requests Alibaba to Dispose of Its Media Assets

The CCP has recently ordered Alibaba Group Holding Ltd, founded by billionaire Chinese business magnate Jack Ma, to shed its media assets amidst authorities’ growing concerns regarding the company’s tremendous collection of media holdings and influence on the Chinese public opinion.

According to a Wall Street Journal tally, the combined market value of its holdings in publicly listed companies totaled more than 8 billion USD before the U.S. stock market opening on Monday. This total includes approximately 3.5 billion USD in Weibo Corp. shares and almost 2.6 billion USD in Bilibili Inc., a video-sharing platform popular with Chinese youth.

2.321 companies including HNA should be substantially merged and restructured

On March 15, the Hainan Provincial High Court issued an announcement stating that it will conduct substantive merger and reorganization of 321 companies including HNA Group, Grand China Airlines, HNA Capital Group, etc.

According to the “Analysis Opinions on Debt Repayment Ability” issued by Ernst & Young Hainan Branch, as of December 31, 2020, the total assets of 321 companies such as HNA Group are slightly larger than the total liabilities, considering that excluding related receivables/investments, that is, externally guaranteed debt, its total assets are much lower than the overall debt.

3.Alibaba is facing an antitrust investigation by the CCP regulators

On Tuesday, the British “Financial Times” reported that Alibaba’s Internet “UC Browser” has been removed from many application stores in Communist China. Huawei and Xiaomi said that the Android application stores of these two companies have blocked downloads or deleted the “UC browser.”

In the CCTV program on Monday, March 15, UC browser was exposed to be involved in placing false medical advertisements for unqualified companies. The CCP was shocked by the scale of Alibaba’s media assets, because it feared that Alibaba’s media influence would continue to challenge the CCP’s propaganda work, so it asked Alibaba to sell media assets, including the sale of Hong Kong’s “South China Morning Post” and the reduction of Sina Weibo’s holdings.

4.Pan Shiyi sells assets, but can Soho China really be liquidated?

Since 2014, Pan Shiyi has sold domestic assets for nearly 30 billion yuan, while also buying assets overseas. At first, Pan Shiyi sold off the marginal assets of SOHO China. In 2014, it only took three months for SOHO China to find buyers for the two projects, Shanghai SOHO Jing’an Plaza and SOHO Hailun Plaza. In the end, these two SOHO office buildings in non-core areas of Shanghai sold for 5.232 billion yuan to Financial Street Holdings.

5.In one year, 11 banks were notified of 20 fines and fined more than 60 million yuan

Since March 15 last year, a total of 11 banks have been notified or punished by supervision for infringing on the rights and interests of financial consumers. The reasons involved include unreasonable charges, illegal operations on behalf of customers in wealth management business, infringement of consumer information security rights, and mandatory loan tying of insurance products, etc. Among them, the violation of “loan and tying insurance” is called 4 times.

When Ping An Puhui cooperated with Industrial Bank to carry out inclusive loan business, it was mandatory to sell Ping An Property & Casualty loan guarantee insurance. Originally, the annual interest rate of all loan funds provided by Industrial Bank was 6.32%-7.6%, plus insurance premiums, guarantee fees, service fees, etc., and the final annualized comprehensive financing cost reached 22.16%. Among them, Ping An Puhui Finance Guarantee Co., Ltd. charges 56.53% of the comprehensive financing costs.

6.AFL-CIO urges U.S. to block imports of solar products from Communist China’s Xinjiang

In letters to Secretary of State Antony Blinken and White House national security adviser Jake Sullivan, AFL-CIO President Richard Trumka said there is “convincing evidence of systematic forced labor” in solar production in Xinjiang and he demanded “immediate focused action.”

The Biden administration has endorsed a last-minute determination by the Trump administration that CCP has committed genocide against Muslim Uighurs in Xinjiang and has said the United States must be prepared to impose costs on CCP.

By 【Financial Team – 小海星Starfish】

News Collection: Wendy、Lingken、Sharon G

Proofreading: Tracy

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