China Takes Steps To Ease Up On Regulatory Crackdown As Economy Slows

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Chinese authorities imposed a $1.2 billion fine on ride-hailing firm Didi Global Inc, a move that signalled an end to a year-long probe into the ride-hailing firm’s cybersecurity practices. read more

March 16: Vice-Premier Liu He, China’s economic tsar, urged the introduction of market-friendly policies; to support the economy and expressed caution about measures that risked hurting markets. The comments boosted battered shares in China and Hong Kong.
April 11: China’s gaming regulator granted publishing licences for 45 games from developers including Baidu Inc (9888.HK) and XD Inc (2400.HK), ending a nine-month freeze.


May 16: Authorities asked three financially healthy major private Chinese property developers to issue bonds. To help boost market sentiment, two people with direct knowledge of the matter told Reuters.
May 24: Financial regulators pledged to keep credit growth stable in the property sector and help home buyers; affected by COVID-19 outbreaks to defer mortgage payments, the central bank said in a statement.

May 17: Vice-Premier Liu told a meeting convened by China’s top political consultative body; that the government supported the development of the technology sector and public listings for such companies.
June 7: China’s gaming regulator granted publishing licences for 60 games.
June 8: Reuters reported, citing sources, that Didi is in talks with state-backed Sinomach Automobile Co Ltd (600335.SS); to buy a third of its electric vehicle unit, signalling the ride-hailer’s regulatory troubles are in the rear view mirror as it focuses on growth.

June 9: The government gave tentative approval for Ant Group, an affiliate of e-commerce behemoth Alibaba; to revive its initial public offering in Shanghai and Hong Kong.
June 29: China allowed apps belonging to online recruitment services company Kanzhun Ltd (YMM.N) – Yunmanman and Huocheban.

-REUTERS.

https://www.reuters.com/world/china/china-takes-steps-ease-up-regulatory-crackdown-economy-slows-2022-06-09/

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