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THE TRUTH ABOUT: 2 | History Defined

Shanghai Composite Index Rose 1.29% on Tuesday

Shenzhen Component Index closed up 2.24%

Caixin Global

Regulator confirms Alipay's independence, China's central bank declares

China's central bank acknowledges that Ant Group's Alipay has no controller, marking a significant development in the regulation of digital payment platforms.

Top News

A series of bad news stories—including an abandoned cloud spin-off plan—wipe billions from Alibaba's market cap

Alibaba blamed U.S. chip controls for its decision to abandon plans to spin-off its cloud computing unit as an independent company.

Fortune

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Pinduoduo founder Colin Huang surges past Alibaba's Jack Ma to become China's third-richest person

Huang rose seven places on Hurun's annual list of China's wealthiest people, thanks to surging business at both Pinduoduo and Temu.

Fortune

WorldFirst founder abruptly quits after governance overhaul

The London fintech had shifted operations to Asia at the instruction of Jack Ma-owned parent company Ant Group

Evening Standard

Jack Ma-owned London fintech WorldFirst shifts Asia business away from UK oversight in major shake-up

The firm said it took the decision based on ‘the strategic alignment of the legal entities’

Evening Standard

Are Investors Interested in Buying or Selling Alibaba Group Holding (BABA) This Month?

Years-long regulatory scrutiny on Alibaba’s (BABA) affiliate Ant Group recently ended with a fine, indicating that Beijing is wrapping up its crackdown on tech firms. Moreover, the e-commerce giant’s prospects look promising with new offerings and strategic partnerships. But as the company missed its fourth-quarter revenue estimates, let’s find out…

StockNews.com

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Chinese e-commerce giant Alibaba says it will not sell shares in Ant's buyback program

Chinese e-commerce giant Alibaba has said it will not sell any shares in its one-third shareholding in financial technology company Ant Group Co_ because it wants to retain its stake in an “important strategic partner.”

The Independent UK

How is Alibaba (BABA) Holding up as We Near July End?

With the possibility of regulatory scrutiny coming to an end, is Chinese tech giant Alibaba Group (BABA) a buy after the launch of its generative AI tool? Let’s take a look at its financial metrics to gauge its prospects….

StockNews.com

Jack Ma, once Asia’s richest person, has seen more than half of his $61 billion fortune wiped out in the past 3 years

Beijing cracked down on the companies Ma founded after he publicly criticized Chinese regulators.

Fortune

Jack Ma’s wealth drops $4.1 billion as Ant’s valuation slashed

BEIJING: Jack Ma’s fortune is dwindling further as a planned repurchase of shares reveals a much reduced valuation for Ant Group Co., the payments business he co-founded.

The Times of India

Ant Group Plans $78.5 Billion Buyback Amid Regulatory Obstacles

Billionaire-backed firm aims to retain talent and offer exit to affected investors.

Zenger

Chinese tech firms handed massive fines

BEIJING: Chinese regulators said on Friday they had fined the fintech giant Ant Group almost $1 billion for “illegal acts” and handed an affiliate of rival Tencent a $415-million penalty, adding that a long-running crackdown on technology companies was drawing to a close.

Bangkok Post

Markets Today: Stocks Slip as U.S. Wage Pressures May Keep the Fed Hawkish

Morning Markets September E-Mini S&P 500 futures (ESU2 3) this morning are down -0.20%, and Sep Nasdaq 100 E-Mini futures (NQU2 3) are down -0.07%. U.S. stock index futures this morning initially erased overnight losses and turned higher after U.S. Jun nonfarm payrolls rose less than expected, which eases concerns...

Barchart

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Bangkok Post

Ant Group supports local partners on inclusive financial services

Ant Group continue to support its local partners in Thailand to develop inclusive financial services i.e cross-border payment solution, virtual bank etc. for local consumers and business communities. However, the company is mainly focusing on cross-border payment solution in the Thai market, said general manager for global merchant partnership of Thailand…

The News Lens

Chinese Big Tech Still Sits in the Party’s Sights

Given the CCP’s overriding priorities of rebuilding a strong domestic economy and maintaining robust supply chains against external threats, it is unlikely to embark on an extensive campaign like it did in 2020 and 2021 to rein in technology platforms.

The Guardian - UK

‘We in the west were blinded’: China crackdown on business has Maoist roots

‘Anti-spying’ raids on consulting firms and attacks on tech companies are being driven by party ideology, says academic Chris Marquis

Financial Times

China truce with business — for now

Worried about decelerating growth, Xi Jinping has launched a charm offensive to convince investors the country is open for business

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ABC News

Chinese billionaire Bao Fan goes missing, the latest in a string of high-profile disappearances

The well-known deal-maker's disappearance is the latest in a series of cases of high-profile Chinese executives going missing with little explanation.

The Independent UK

Chill pervades China's tech firms even as crackdown eases

A grinding crackdown that wiped billions of dollars of value off Chinese technology companies is easing, but the once-freewheeling industry is bracing for much slower growth ahead

Caixin Global

Following the startling suspension of its would-be record-setting $34.5 billion IPO in November 2020, the fintech company was plunged into an extensive restructuring that has been ongoing for the past two years as regulators clamp down on misconduct in the industry

Bangkok Post

Banking on virtual success

Leading companies in the financial, tech and telecom sectors have expressed interest in developing a virtual bank business, with the aim of exploring greater opportunities in the digital era.

The Japan News/Yomiuri

Beijing seen shifting stance over control over major IT companies

BEIJING -- The Chinese Communist Party and the government is increasingly believed to be loosening its tight controls on the country's major IT firms, such as Alibaba Group Holding Ltd.

The New Daily

China billionaire gives up control of Ant Group

One of China's richest men Jack Ma will give up control of the company he founded after a regulatory crackdown. Mr Ma, who started online marketplace

The Independent UK

China's Ant Group says founder Jack Ma will give up control

Leading Chinese financial technology provider Ant Group has announced that its founder, e-commerce billionaire Jack Ma, will give up control of the company

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