All articles tagged with #chinese regulators
Chinese regulators have imposed restrictions on short selling as the country's stock market experiences a deepening downturn. The move is seen as an effort to stabilize the market and prevent further declines in stock prices.
Chinese financial regulators have pledged to take further measures to address the risks posed by local government debt and the struggling property sector, which is considered one of the biggest risks to the country's economy. Financial agencies have been instructed to coordinate support for local governments as they tackle debt risks.
Intel CEO Pat Gelsinger declined to comment on whether the company would extend its agreement to acquire Tower Semiconductor, which is set to expire in a few weeks. Gelsinger stated that they are working with Chinese regulators to get the deal approved, as it is the main obstacle to completing the transaction. The termination date for the Tower Semiconductor deal is August 15th, and Gelsinger expressed the company's eagerness to see it completed. However, he also mentioned that Intel's foundry business does not depend on the completion of the deal.
Jack Ma, co-founder of Alibaba and Ant Group, has seen his wealth plummet by over half in the past three years, with a $4.1 billion decrease in the past year alone. This decline is primarily due to the massive fall in Ant Group's valuation, which has dropped 75% to $78.5 billion. Ma's criticism of Chinese regulators in a speech just before Ant's planned IPO in 2020 triggered a crackdown on private enterprise in China, leading to increased regulatory scrutiny of tech companies. Ma has since stepped back from his companies and focused on philanthropy.
Chinese regulators are reportedly planning to impose a $1.1 billion fine on Ant Group, in which Alibaba owns a third of the company. Despite the potential fine, shares in Alibaba are rising.