Page 5 - Chinese Firms

US speeds up timeline in delisting threat for Chinese firms over audits

China and the US had been at odds over the issue for years, with Beijing citing national security concerns in opposition

Chinese EV firm Xpeng Aeroht's $1,40,000 car can fly over traffic jams

"The flying car is approaching reality and we think it was the right time to chip in," Brian Gu, Xpeng's president, said on the sidelines of the Dubai event, called GITEX

Georgia, New Hampshire ban Chinese app TikTok over security concerns

Governors Brian Kemp of Georgia and Chris Sununu of New Hampshire on Thursday immediately banned the use of TikTok and popular messaging applications from all computer devices controlled by their state governments, saying the Chinese government may be able to access users' personal information. Both Republican governors banned the messaging app WeChat and other apps owned by Chinese firm Tencent. Sununu went further, banning apps owned by Chinese firm Alibaba and telecommunications hardware and smartphones made by Chinese firms including Huawei and ZTE. Kemp also banned Telegram, saying its Russian control poses similar risks. The state of Georgia has a responsibility to prevent any attempt to access and infiltrate its secure data and sensitive information by foreign adversaries such as the CCP, Kemp wrote in a memo, using an acronym for the Chinese Communist Party. As such, it is our duty to take action to preserve the safety and security of our state against the CCP, entities it .

China's factories lose momentum amid tsunami of Covid cases as curbs ease

Outbreaks have the potential to cripple production or tear through employee rosters, threatening the global supply of everything from cars and golf carts to kitchen appliances and, of course, iPhones

OPPO announces OHealth H1, MariSilicon Y, and Air Glass 2 at Inno Day 2022

At its annual event called Inno Day 2022, Chinese electronics maker announced its maiden health monitor called OHealth H1, MariSilicon Y chip, and augmented reality headset Air Glass 2

India to be a semiconductor manufacturing hub: Rajeev Chandrasekhar

Chandrasekhar said India is well positioned to emerge as a major player in electronics and semiconductor products manufacturing as part of the 'China Plus One' diversification strategy

Tencent to hand $20 billion Meituan stake to shareholders as sales slip

Meituan said it would maintain its mutually beneficial business relationship with Tencent after the divestment, which comes as the Shenzhen-based tech giant shuts some unprofitable businesses

India launches probe into MG Motor as scrutiny on Chinese firms widens

The company's top management, including directors, managing director and auditors have been summoned next month by the ministry seeking more clarification

MHA asks states, UTs to take action against predatory Chinese lending apps

The Union Home Ministry has sought urgent strict action by law enforcement agencies against predatory lending apps as harassment, blackmail and harsh recovery practices by such Chinese-controlled entities have led to multiple incidents of suicides. In a communication to all states and Union territories, the home ministry said the issue has caused a serious impact on national security, economy and citizen safety. It said a large number of complaints have been reported across India related to illegal digital lending apps that provide short-term loans or micro-credits at exorbitant interest rates with processing or hidden charges, especially to vulnerable and low-income group people. The lenders use the borrowers' confidential personal data like contacts, location, photos and videos for blackmail and harassment. Harsh recovery practices followed by these illegal lending apps have claimed many lives across India. "This issue has caused a serious impact on national security, economy an

China's economy continues to struggle on Covid curbs, property woes

China's fragile economic recovery has been challenged this year by the country's adherence to Covid Zero, a policy intended to stamp out infections that has caused intermittent turmoil to supply chain

Chinese loan apps: ED freezes funds worth Rs 9.82 cr in payment gateways

The ED has frozen Rs 9.82 crore worth funds kept in merchant IDs with certain online payment gateways as part of an ongoing money laundering investigation against a "Chinese-controlled" investment token app. This is the second time that the ED has frozen funds kept in merchant IDs with certain online payment gateways. "Various Chinese-controlled entities like Comein Network Technology Private Limited and others, in service agreements with various NBFCs (non banking financial companies) were also operating multiple suspicious loan/other apps such as Cashhome, Cashmart, Easyloan etc. and they indulge in receiving funds from public on pretext of operating these apps (mobile applications)," the federal agency said in a statement. The app-based token under investigation in this case is HPZ and the entities whose funds have been frozen under the anti-money laundering law include Comein Network Technology Private Ltd, Mobicred Technology Private Ltd, Magic Data Technology Private Ltd, Bait

Even foreign nationals have right to personal liberty: Huawei chief to HC

Court permits Xiongwei Li to travel abroad after providing a FDR of Rs 5 crore

Chinese firms' New York listings face greater scrutiny in new Senate bill

Rick Scott, a Republican, and Chris Van Hollen, a Democrat, said they'd introduced legislation to crack down on so-called variable interest entities that Chinese businesses commonly use for listings

US regulators to vet Alibaba, JD.com, other Chinese firms' audits: Report

The respective accounting firms of Alibaba, JD.com and Yum China - PwC, Deloitte and KPMG - have also been notified of the inspection

US, China reach agreement in dispute over Chinese company audits

The US and China have reached a tentative agreement to allow US regulators to inspect the audits of Chinese companies whose stocks are traded on US exchanges. In a long-festering dispute, US regulators have threatened to boot a number of Chinese companies off the New York Stock Exchange and the Nasdaq if China didn't permit inspections. The deal announced Friday by market regulators in the US and China is preliminary, and Securities and Exchange Commission Chairman Gary Gensler said, The proof will be in the pudding. While important, this framework is merely a step in the process, Gensler said in a prepared statement. This agreement will be meaningful only if (US regulators) actually can inspect and investigate completely audit firms in China. If (they) cannot, roughly 200 China-based issuers will face prohibitions on trading of their securities in the US if they continue to use those audit firms. An agreement would mean that US investors will maintain access to shares of important

MeitY pushes Chinese firms to participate in smartphone exports from India

Asks them to strengthen supply chain, increase value additions

ICAI probing chartered accountants for role in helping Chinese loan apps

Indian CAs are accused of not conducting due diligence before signing several statutory documents for several Chinese loan apps

Notices issued to 3 Chinese mobile companies for tax evasion: FM Sitharaman

The government is looking into cases of alleged tax evasion by three mobile companies of China and notices have been given to them, FM Nirmala Sitharaman informed Rajya Sabha

Gujarat's ceramic tiles hub to take month-long break after production glut

'Leave' in August could be annual feature and will follow Chinese industry taking a break every February

Chinese firm builds electric battery that enables 1,000-km on single charge

China's automotive lithium-ion battery maker, Contemporary Amperex Technology Co Ltd, revealed a new battery that provides electric vehicles with a driving range of over 1,000 km on a single charge