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
Democrat Claims Musk is Undermining Spending Bill Due to China Restrictions – The Hill
A Democrat claims Elon Musk influenced the reduction of a spending bill due to its restrictions on China, suggesting his actions impacted the legislation’s progress and funding allocation.
Allegations Against Musk
A prominent Democrat has accused Elon Musk of deliberately sabotaging a significant spending bill in response to China-related restrictions. This accusation comes amid ongoing tensions between the U.S. and China, particularly regarding technology and trade policies. The claims suggest that Musk’s influence is affecting critical legislative processes, raising concerns among lawmakers about foreign influence in American politics.
Implications for Legislation
The potential ramifications of Musk’s alleged actions could be significant. As a major player in the tech industry, his decisions can sway public opinion and impact the economy. Lawmakers fear that if influential figures like Musk oppose necessary legislation, it might hinder efforts to address vital issues such as national security and economic stability.
Political Reactions
The controversy has sparked debates among both Democrats and Republicans, highlighting the intersection of technology and politics. Many are demanding greater transparency and accountability from tech giants. As the situation unfolds, lawmakers may need to reassess their strategies to ensure that essential legislation moves forward uninterrupted.
Source : Democrat accuses Musk of tanking spending bill over China restrictions – The Hill
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HSBC Chairman to Head Key UK Business Delegation to China
HSBC Chairman Mark Tucker will lead a UK business delegation to China next month to boost trade and investment, amid concerns over national security and improving UK-China relations.
HSBC Chairman Leads UK Delegation to China
HSBC Chairman Mark Tucker will lead a pivotal British business delegation to China next month, marking the first significant visit since 2018. The trip aims to enhance Chinese investment in the UK, guided by Chancellor Rachel Reeves. Tucker, a seasoned financier with extensive Asia experience, is regarded as essential in resetting UK-China relations.
Reviving Economic Dialogue
Tucker will accompany senior bankers in seeking to rejuvenate trade, specifically focusing on financial services. Although there are apprehensions among some UK lawmakers regarding national security threats posed by closer ties to Beijing, the UK Treasury spokesperson confirmed Chancellor Reeves’ upcoming discussions on economic cooperation in Beijing.
A Shift in UK-China Relations
Since suspending most dialogues following China’s imposition of a national security law in Hong Kong, UK-China relations have soured. Nevertheless, the Labour government is prioritizing improved ties with China, emphasizing investment opportunities. Reeves asserts the necessity of a pragmatic approach to benefitting national interests amid ongoing concerns voiced by some lawmakers about security risks.
Source : HSBC Chairman to lead pivotal UK business delegation to China
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Gordonstoun School in Moray has cut ties with Hampton Group International after serious allegations surfaced regarding its chairman, Yang Tengbo, who is accused of being a spy for the Chinese government. Known by the alias "H6," Mr. Tengbo was involved in a deal that aimed to establish five new schools in China affiliated with Gordonstoun. However, the recent allegations compelled the school to terminate their agreement.
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In response to the spying claims, Mr. Tengbo publicly revealed his identity, asserting that he has committed no wrongdoing. A close associate of Prince Andrew and a former Gordonstoun student himself, Mr. Tengbo has strenuously denied the accusations, stating that he is a target of the escalating tensions between the UK and China. He has claimed that his mistreatment is politically motivated.
Immigration Challenges and Legal Responses
Yang Tengbo, also known as Chris Yang, has faced additional challenges regarding his immigration status in the UK. After losing an appeal against a ban enacted last year, he reiterated his innocence, condemning media speculation while emphasizing his commitment to clear his name. Gordonstoun, on its part, stated its inability to divulge further details due to legal constraints.
Source : Gordonstoun cuts ties with business chaired by man accused of spying for China
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