China Tech
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September 09, 2017
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Weekly news and insights about startups and innovations happening in China.
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Jon Russell
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TechCrunch
A notice from a committee led by China’s central bank announced an immediate ban on ICO funding, which has “seriously disrupted the economic and financial order.”It isn’t clearly exactly which companies are on the committee’s investigation list, but already two of China’s largest platforms for buying into ICOs — ICOage and ICO.info, which help connect companies selling tokens with buyers — have suspended their services and stopped taking on new projects. Both said their suspensions were voluntary.
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Romain Dillet
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TechCrunch
Another day, another crash and another Chinese ban. This time, as Reuters spotted, a single report from financial news site Caixin is saying that the Chinese government is considering banning cryptocurrency exchanges in China.
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Cindy Wang and Amanda Wang
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Bloomberg
It’s hard competing with the likes of the MSCI China Index because the portfolio managers is hobbled by regulations that restrict funds’ allocation in any single stock to 10 percent. Tencent’s MSCI China weighting is 16.3 percent. The 10 percent rule was established as part of a code of conduct, with the China Securities Regulatory Commission saying fund managers should adopt a “scientific and reasonable” strategy and risk controls when investing in equities.
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He Wei
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China Daily
Toutiao, a leading Chinese news aggregator app, has trained sights on the BRICS economies to extend its artificial intelligence-backed business as more people embrace mobile gadgets to receive information and consume content, a company executive said.Russia is probably the next destination for Toutiao to branch out overseas, after it reaped initial successes in India and Brazil, said Liu Zhen, senior vice-president of its parent company Beijing Bytedance Technology Co Ltd.
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