3/21/2021 Financial News: Sina will be delisted from Nasdaq; Chinese Military Bans Tesla Cars

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1.China Securities Regulator Comment on Market Openness and Risk Mitigation

China Securities Regulatory Commission Chairman YI Huiman said to coordinate the relationship between openness and risk mitigation and prevention the big capital inflow and outflow. As to the disposition the China-based companies listing on the U.S. stock exchanges, he said the China Security Regulatory Commission has sought to cooperate with the U.S. regulators providing solutions multiple times, however, has never received a fully positive response, ” We truly believe that cooperation is win-win. We must sit down to solve the problem, and there is no other way to resolve the differences but through consultation.”

2.Sina announces it will be delisted from Nasdaq from next Monday

According to Sina news, the company will be delisted from next week after selling its shares to NewWave Holdings. SINA Corp. is a Chinese online media company that operates SINA.com. At a special meeting held on December 23, 2020, SINA Corporation’s shareholders approved the sale of shares to the proposed Sina Wave Holdings Ltd. for $43.30 per ADS.

3.Chinese Military Bans Tesla Cars in Its Complexes on Camera Concerns

(Reuters) – The Chinese military has banned Tesla cars from entering its housing complexes, citing security concerns over the cameras installed on the vehicles, according to two people who saw notices of the directive. The order issued by the military advises Tesla owners to park their cars outside military property, they said, declining to be named due to the sensitivity of the issue. It was not clear whether the decision was related to heightened U.S.-China tensions. But the military’s apparent concerns underscore a broader challenge for automakers.

4.Guizhou Maotai Market Value 742.3 Billion Yuan Evaporated, Liquor Stocks “Bubble” Burst?

Since the Lunar New Year, the Chinese stock market has fallen sharply. The Shanghai Stock Exchange Index has fallen from 3675.36 points on the first trading day after the holiday to 3404.66 points on March 19. Young investors got hit so hard. Consumer goods stocks such as liquor stocks and beverage stocks, which were hot in 2020, failed to hold up as well, even though the Spring Festival is the hot season for liquor sales. According to the data, the liquor still has good sales during the Spring Festival, but falling stock prices are still the main theme.

5.Amid Learning Centers Being Closed, RISK English Lost 132 Million Yuan

On March 16, RISK English (REDU.NASDAQ) released its financial results, saying that it achieved revenue of 959 million yuan in 2020, compared to 1.529 billion yuan in 2019, a 37.27% decrease year-over-year; and realized a net loss of 132 million yuan. The main reason was the suspension of a large number of learning centers operations in the first three quarters due to the impact of the pandemic.

6.G7 Agrees to Back Expansion of IMF Financial Firepower

LONDON/WASHINGTON (Reuters) – The world’s seven largest advanced economies have agreed to support the first expansion of the International Monetary Fund’s reserves since 2009, a step meant to help developing countries cope with the coronavirus pandemic, Britain said on Friday. Last year the IMF’s intension to rise the allocation of SDRs was opposed by then-U.S. President Donald Trump. Last month U.S. Treasury Secretary Janet Yellen said she would like an expansion but wanted greater transparency about how the SDRs would be used and traded.

By 【Financial Team – Opal】

News Collection: Totoro

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