Business
One of China’s Richest Men Named in Hikvision Securities Probe
SHANGHAI/BEIJING—China’s securities regulator is investigating one of the country’s richest men for alleged violation of disclosure rules as a director of U.S.-blacklisted surveillance camera giant Hikvision, the company said.
Directors Gong Hongjia and Hu Yangzhong had been named as suspects and would cooperate with the investigation by the China Securities Regulatory Commission (CSRC), the firm said in a filing to the stock exchange on Nov. 13. It did not provide any detail of the alleged violations.
Gong is a Hikvision vice chairman and the firm’s largest individual shareholder with a 13.4 percent stake, according to Refinitiv data. The Forbes China rich list puts his net worth at $9 billion, making him the 26th-richest person in the country.
Hu is general manager of Hikvision, the world’s biggest supplier of video surveillance systems, and is ranked by Forbes as the 265th wealthiest person in China with a net worth of $1.5 billion.
Reuters was not immediately able to reach the two directors, whose whereabouts are unknown.
Hikvision shares fell as much as 4.5 percent on Nov. 14 while the broader market was up 0.3 percent.
Two sources familiar with the matter said the allegation pertained to how some details of an employee bonus plan not been declared.
The investigation concerned the “mentioned board member individuals” and not the company, a Hikvision spokeswoman said. She declined to comment on whether it was related to a bonus plan.
“Hikvision performs information disclosure obligations strictly in accordance with regulatory requirements,” the spokeswoman said.
The commission did not immediately respond to a request for comment.
Hikvision was one of eight firms added to a U.S. blacklist in October aimed at punishing Beijing for its treatment of Muslim minorities in the north-western region of Xinjiang.
The firm allegedly provided equipment to police throughout Xinjiang, where China has been accused by the United States and other countries of repression, arbitrary detention and mass surveillance of the Muslim minority.
Andrew Davenport, chief operating…
Business
BRICS: China Classifies Crypto as Property and Prohibits Business Ownership
China’s Shanghai court ruled cryptocurrencies are property, boosting optimism in the crypto industry while maintaining a ban on business transactions. This may signal a shift in future regulations.
China’s Ruling on Cryptocurrency
In a pivotal decision for the nation and its BRICS alliance, China has officially classified cryptocurrency as property while maintaining prohibitions against business transactions involving digital assets. A notable ruling from the Shanghai Songjiant People’s Court affirmed cryptocurrencies as property, sparking optimism within the crypto industry regarding future regulations.
Implications for the Crypto Industry
As cryptocurrencies gain significance globally, the Chinese ruling is viewed as a potential-positive shift amidst ongoing restrictions. While individuals can hold virtual currency, businesses remain barred from engaging in investment transactions or issuing tokens independently. This decision has generated anticipation for more accommodating regulations in the future.
Future Prospects for Cryptocurrency in China
Experts like Max Keiser believe this ruling indicates China’s growing acknowledgment of Bitcoin’s influence. As BRICS nations explore increased cryptocurrency utilization in trade, this legal shift could enhance market demand and lead to greater acceptance of cryptocurrencies as a legitimate asset class, setting the stage for potential developments in 2025.
Source : BRICS: China Rules Crypto as Property, Bars Business Holdings
Business
Wegovy: The Popular Weight-Loss Drug Now Available in China
Novo Nordisk launched Wegovy in China after approval, competing with Eli Lilly’s upcoming weight-loss drug. The treatment, costing 1,400 yuan, targets obesity but has potential side effects and isn’t covered by healthcare.
Wegovy Launch in China
Novo Nordisk recently launched its weight-loss drug, Wegovy, in China after obtaining approval from local health authorities in June. The introduction of Wegovy is expected to increase competition with Eli Lilly, which has also received approval for its weight-loss treatment, although it has not yet been released in China’s significant pharmaceutical market.
Cost and Accessibility
In China, a set of four Wegovy injections will be priced at 1,400 yuan (approximately $194), significantly lower than the drug’s U.S. price. However, patients will need to pay the full amount out of pocket since Wegovy is not yet covered by the national healthcare insurance plan.
Benefits and Side Effects
Research indicates that Wegovy can help users lose over 10% of their body weight. The drug contains semaglutide, which assists with appetite control and satiety. While Wegovy has been gaining traction globally, it may cause side effects like nausea. Concerns have emerged about its misuse among individuals who are not obese, prompting medical professionals to remain vigilant.
Source : Popular weight-loss drug Wegovy goes on sale in China
Business
China’s Golden Rooster Film Festival Kicks Off in Xiamen – Thailand Business News
The 2024 China Golden Rooster and Hundred Flowers Film Festival began in Xiamen on Nov 13, featuring awards, cultural projects worth 31.63 billion yuan, and fostering international film collaborations.
2024 China Golden Rooster and Hundred Flowers Film Festival Opens
The 2024 China Golden Rooster and Hundred Flowers Film Festival commenced in Xiamen, Fujian province, on November 13. This prestigious event showcases the top film awards in China and spans four days, concluding with the China Golden Rooster Awards ceremony on November 16.
The festival features various film exhibitions, including the Golden Rooster Mainland Film Section and the Golden Rooster International Film Section. These showcases aim to highlight the achievements of Chinese-language films and foster global cultural exchanges within the film industry.
On the festival’s opening day, a significant milestone was reached with the signing of 175 cultural and film projects, valued at 31.63 billion yuan ($4.36 billion). Additionally, the International Film and Television Copyright Service Platform was launched, furthering the globalization of Chinese film and television properties.
Source : China’s Golden Rooster film festival opens in Xiamen – Thailand Business News
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