Archive for ‘Chindia Alert’

12/12/2018

China’s Tencent Music raises nearly $1.1 billion in U.S. IPO

NEW YORK/HONG KONG (Reuters) – China-based music streaming company Tencent Music Entertainment Group (TME.N) said it raised close to $1.1 billion in its U.S. initial public offering (IPO) after pricing its shares at the bottom of its targeted range.

The music arm of gaming and social network giant Tencent Holdings Ltd (0700.HK) priced its American Depositary Receipts (ADRs) at $13 per share, at the low end of its indicated $13 to $15 per share range, it said in a filing with the Hong Kong stock exchange.

The IPO values Tencent Music at $21.3 billion and shows how companies are defying a bout of market volatility with flotations.

Tencent Music sold 41 million ADRs, while existing shareholders sold a further 40.9 million, the filing said.

Tencent Music’s IPO tops off a bumper year for U.S. listings by Chinese companies, with $7.9 billion raised before Tencent Music’s debut, Refinitiv data showed.

That is the highest amount since 2014, the year of Alibaba Group Holding Ltd’s (BABA.N) record $25 billion IPO.

Tencent Music’s U.S. IPO is the fourth largest among Chinese firms this year by deal value. Video streaming company iQiyi Inc (IQ.O) leads with its $2.4 billion listing, followed by online group discounter Pinduoduo Inc (PDD.O) at $1.6 billion and electric vehicle maker NIO Inc (NIO.N) at $1.15 billion.

Returns for investors have been mixed, with the 31 Chinese IPOs in 2018 down an average of around 11 percent as of Dec. 10, according to data provider Dealogic.

With streaming apps QQ Music, KuGou, Kuwo as well as karaoke app We Sing, Tencent Music is China’s largest online music platform boasting more than 800 million active users monthly.The firm is often compared with Spotify Technology SA (SPOT.N) but offers more socially interactive services that make it profitable while its Swedish counterpart is not.

Tencent Music initially planned to launch the deal in October but postponed because of a sell-off in global markets roiled by a U.S.-China trade war and fears of slowing global growth.

Tencent Music reported a 244 percent profit jump for January-September to $394 million. By comparison, Spotify lost a net $520 million.

Morgan Stanley, Bank of America, Deutsche Bank, Goldman Sachs and JPMorgan are the lead sponsors of Tencent Music’s deal.

Tencent Music is due to begin trading on the New York Stock Exchange on Wednesday under the symbol “TME” (TME.N).

12/12/2018

Ancient bronze vessel looted from Old Summer Palace in 1860 returned to China

  • The 3,000-year-old relic was sold at auction in Britain for US$515,000 in April but the buyer decided to donate it to the Chinese government
  • It was taken by a British Royal Marines captain and had been in the possession of his descendants. Now it’s on display at a museum in Beijing
A 3,000-year-old bronze vessel that was taken from the Old Summer Palace in Beijing has been returned to China after more than a century overseas, according to the State Administration of Cultural Heritage.

On Tuesday, it was formally placed on display at the National Museum of China in the capital, where it is now part of the permanent collection.

The ancient relic was sold at auction in Britain for £410,000 (US$515,000) on April 11, but was donated to the Chinese government with no strings attached on April 28 after the unknown buyer had a change of heart.

A representative from Canterbury Auction Galleries, which sold and helped to return the item, told news site Thepaper.cn the buyer had recognised the deep significance of lost artefacts for Chinese.

After it was donated, the vessel was kept at the Chinese embassy in London before it was formally handed back to the cultural heritage administration on September 21.

The ceremonial vessel dates back to the Western Zhou Dynasty (1046-771BC) and is decorated with miniature tigers on its spout, handle and lid. It is believed to be one of only seven such vessels, five of which are held in museums.

It was taken by British Royal Marines captain Harry Evans during the ransacking of the Old Summer Palace by Anglo-French troops in 1860, and had been in the possession of his descendants before it was auctioned.

The auction of the rare artefact was strongly opposed by the Chinese government, which had been working to get it returned to China, but Canterbury Auction Galleries went ahead with the sale.

Unveiling the new museum exhibit, Liu Yuzhu, head of the administration, said Chinese historical artefacts lost overseas were an important part of China’s cultural heritage.

China views the loss of these relics as a potent source of national humiliation and as a reminder of the destruction inflicted by foreign armies. The government estimates that more than 10 million historical items were taken from China during its so-called century of humiliation between 1849 and 1949, when the country was repeatedly invaded by foreign powers.

In recent years, Beijing has led numerous high-profile campaigns aiming to get its stolen artefacts returned from overseas, as a symbol of the country’s growing economic and political clout.

Many objects remain in the world’s most prestigious museums, including the British Museum and the Palace of Fontainebleau in France, as well as in private collections.

But billionaire Chinese collectors have snapped up many items in recent years, including a porcelain “chicken cup” that was bought for US$36.3 million at an auction in Hong Kong in 2014.

12/12/2018

In Vietnam, anguished mothers search in vain for the children they have lost to China’s booming ‘buy-a-bride’ trade

  • In the borderlands, most people have a story of bride trafficking – from kidnapped cousins and disappeared wives to vanished daughters

Vu Thi Dinh spent weeks scouring the rugged Vietnamese borderland near China after her teenage daughter vanished with her best friend, clutching a photo of the round-faced girls that she now fears have been sold as child brides.

The anguished mother showed everyone she met the snap of the 16-year-old friends Dua and Di in white and red velvet dresses, the words “Falling Into You” printed above their picture.

They went missing in February during an outing in Meo Vac, a poor mountainous border zone that is a stone’s throw from China. Their mothers fear they were sold in China on one of the world’s most well-trodden bride trafficking circuits.

“I wish she would just call home to say she is safe, to say ‘please don’t worry about me, I’m gone but I’m safe,’” said Dinh, bursting into tears.

I wish she would just call home to say she is safe
VU THI DINH

She is among countless mothers whose daughters have disappeared into China where a massive gender imbalance has fuelled an unregulated buy-a-bride trade. Most people in this part of Vietnam have a story about bride traffi

High-school students talk of kidnapped cousins. Husbands recall wives who disappeared in the night. And mothers, like Dinh, fear they may never see their daughters again.

“I warned her not to get on the backs of motorbikes or meet strange men at the market,” she says from her mud-floored home where she expectantly keeps a wardrobe full of her daughter’s clothes.

She has not heard from Dua since she went missing, unable to reach her on the mobile phone she bought just a few weeks before she disappeared.

The victims come from poor communities and are often tricked by boyfriends and sold, kidnapped against their will or moved across the border by choice for marriage or the promise of work.

Like many of the missing, Dua and Di are from the Hmong ethnic minority, one of the country’s poorest and most marginalised groups.

Traffickers target girls at the busy weekend market, where they roam around in packs dressed in their Sunday best, chatting to young men, eyeing the latest Made-in-China smartphones or shopping for lipstick and sparkly hair clips. Or they find them on Facebook, spending months courting their victims before luring them into China.

It is a sinister departure from the traditional Hmong custom of zij poj niam, or marriage by capture, where a boyfriend kidnaps his young bride-to-be from her family home – sometimes with her consent, sometimes not.

Others are enticed by the promise of a future brighter than that which awaits most girls who stay in Ha Giang: drop out of school, marry early and work the fields.

“They go across the border to earn a living but may fall into the trap of the trafficking,” said Le Quynh Lan from the NGO Plan International in Vietnam.

Vietnam registered some 3,000 human trafficking cases between 2012 and 2017. But the actual number is “for sure higher”, said Lan, as the border is largely unregulated.

Ly Thi My never dreamed her daughter would be kidnapped, since the shy Di rarely went to the market or showed much interest in boys.

Just two weeks after that photo shoot with Dua, the giggling girls went for a walk in the rocky fields near their homes. They never came back.

“We think she was tricked and trafficked as a bride, we don’t know where she is now,” said My.

Her worst fear is the teenagers are now child brides or have been forced to work in brothels in China where there are 33 million more men than women because of a long-entrenched preference for male heirs.

The trip across the 1,300-kilometre border is an easy one, said Trieu Phi Cuong, an officer with Meo Vac’s criminal investigations unit.

“This terrain is so rugged, it’s very hard to monitor,” he said at a border crossing marked by waist-high posts near where a Vietnamese man was selling a cage of pigeons to a customer on the China side.

Many victims don’t even know they’ve crossed into China – or that they’ve been trafficked.

Lau Thi My was 35 and fed up with her husband, an abusive drunk, when she grabbed her son and headed to the border.

She went with a neighbour who promised her good work in China, but she fell prey to traffickers.

My was separated from her son and sold three times to different brokers before a Chinese man bought her as a wife for about US$2,800.

“He locked me up several times, I hated him,” said My, who fled after 10 years by scrabbling together enough money for the journey home.

She is now back with her Vietnamese husband – still a drinker – in the same home she escaped a decade ago, a smoke-filled lean-to where her dirt-streaked grandchildren run about. But she is desperate for word from her son.

“I came back totally broken … and my son is still in China, I miss him a lot,” she said.

12/12/2018

Chinese loan shark who raped victim among 18 jailed for gang crime

Wang Yinan was one of 19 people convicted of various gang-related crimes in Hulunbuir in the Inner Mongolia autonomous region, Beijing Youth Daily reported on Tuesday.

Wang and eight of his associates were tried in the city on Monday charged with illegally providing loans of between 10,000 yuan (US$1,450) and 30,000 yuan to people via a smartphone app since September 2017.

Those who failed to keep up with their repayments were subjected to physical assault, including being made to stand naked in the snow, the report said. One victim was raped as punishment, it said, without providing any further details of the crime.

Wang’s associates were each sentenced to between one and nine years in prison.

The trials followed a nationwide crackdown on organised crime launched at the start of the year.

Among the others given prison sentences on Monday were Lee Yongbin, who led a group of hired thugs that intimidated people involved in construction conflicts and worked as debt collectors for loan sharks, the report said.

Members of the gang were also charged with “creating public disturbances”, the court heard.

Lee was sentenced to 5½ years in prison, and his associates to between 10 and 30 months.

12/12/2018

Book series revealing Japanese Kwantung Army crimes in NE China published

SHENYANG, Dec. 11 (Xinhua) — A volume of books collecting Japanese Kwantung Army secret military files from the early 1930s was published by the September 18 Incident History Museum in Shenyang on Tuesday.

The files, from the second day after the “Sept. 18 Incident” in 1931 to December 1935, were written by the Kwantung Army stationed in northeast China and presented as military reports.

Edited into 20 volumes, it includes more than 560 files, totaling about 9,000 papers.

These historical files serve as comprehensive records of the process that the Japanese Kwantung Army started the “Sept. 18 Incident” and the war of aggression against China.

The files which were edited in chronological order record the Japanese Kwantung Army’s attacks in a number of northeastern Chinese cities including Harbin, Qiqihar, Shenyang, Changchun and Jilin, said Fan Lihong, chief editor of the book and curator of the museum.

The Kwantung Army reported details of the scale, plans, as well as casualties of warfare in northeast China to its superior army, according to Fan.

“The reports were submitted by the Kwantung Army from the second day after Sept.18, 1931 to the end of 1935 without interruption to ensure the central Japanese army knew the progress of the war in northeast China,” Fan said.

“These reports have been well preserved and can serve as authoritative historical evidence, which reflect the Kwantung Army and Japanese army’s crimes in northeast China.”

On Sept. 18, 1931, the Japanese Kwantung Army bombarded Shenyang under the excuse of explosions that occurred on the South Manchuria Railway.

Since the “Sept. 18 Incident,” China waged a war against Japanese aggression for 14 years and finally won the first full victory against foreign invasion since the Opium War in 1840 at the cost of over 35 million military and civilian casualties.

12/12/2018

China issues white paper on human rights progress over 40 years of reform, opening up

BEIJING, Dec. 12 (Xinhua) — China on Wednesday issued a white paper on progress in human rights since its reform and opening up drive.

The white paper, titled “Progress in Human Rights over the 40 Years of Reform and Opening Up in China,” said reform and opening up has helped liberate and develop social productive forces, opened up a path of socialism with Chinese characteristics, and ushered in a new chapter in the development of human rights.

Over the four decades, the Chinese people have worked hard as one under the strong and coherent leadership of the Communist Party of China (CPC), the white paper said. Huge changes have taken place, and living standards have significantly improved.

The CPC has always prioritized the people’s interests, ensuring that reform is conducted for the people and by the people, and that its benefits are shared by the people, it added.

China has showed respect for, protected and promoted human rights in the course of reform and opening up, blazing a trail of human rights development that conforms to the national conditions, and created new experiences and made progress in safeguarding human rights, it said.

China has summed up its historical experience, drawn on the achievements of human civilization, combined the universal principles of human rights with the realities of the country, and generated a series of innovative ideas on human rights, it said.

China has brought into being basic rights that center on the people and prioritize their rights to subsistence and development, and proposed that China should follow a path of comprehensive and coordinated human rights development under the rule of law.

The white paper said China has carried out extensive exchanges and cooperation in the field of human rights and earnestly fulfilled its international human rights obligations.

12/12/2018

Book of Xi’s remarks on Belt and Road Initiative published

BEIJING, Dec. 11 (Xinhua) — A compilation of remarks by President Xi Jinping on the Belt and Road Initiative (BRI) over the past five years has been published by the Central Party Literature Press.

The book contains 42 articles drawn from the speeches and public remarks made by Xi, beginning with a speech he delivered at Nazarbayev University, Kazakhstan, in September 2013 calling for jointly building the Silk Road Economic Belt, and ending with the one he delivered at the opening ceremony of the 8th Ministerial Meeting of the China-Arab States Cooperation Forum in July 2018.

The book, with about 130,000 Chinese characters, was compiled by the Institute of Party History and Literature of the Communist Party of China Central Committee.

The BRI, first proposed by Xi, has received warm responses from the international community, especially the countries along the BRI routes. Jointly pursuing the BRI is becoming a Chinese solution for the country to participate in global opening-up and cooperation, improve the global economic governance, push for common development and prosperity of the world and build a community with a shared future for humanity.

The book will be available nationwide starting Tuesday.

12/12/2018

China Focus: Geothermal heating helps build “smokeless cities” in China

SHIJIAZHUANG, Dec. 11 (Xinhua) — As China seeks to curb air pollution and win the battle for blue skies, more Chinese cities have switched from coal to geothermal heating during this year’s winter heating season, as part of their efforts to become “smokeless cities.”

“My family has replaced coal-fired boiler with geothermal heating this year,” said Sun Shujuan, a villager in Xiongxian County, northern China’s Hebei Province. “Burning coal was dirty and tiring.”

Xiongxian, about 130 kilometers away from Beijing, is part of the Xiongan New Area, another new area of “national significance” established in April 2017 to facilitate the coordinated development of Beijing and the surrounding region.

The county began exploiting its rich geothermal resources, a clean and sustainable energy, in 2009. Now it provides geothermal heating to all its urban areas and is looking to expand in rural households.

“We have provided geothermal heating for about 6,000 households in Xiongxian’s 12 villages this year,” said Chen Menghui, deputy general manager of Sinopec Green Energy Geothermal Development Co., Ltd.

The company, established in 2006, is a joint venture between Arctic Green Energy Corporation of Iceland and Sinopec Star Co., Ltd., a subsidiary of China Petrochemical Corporation (Sinopec), China’s largest geothermal developer.

“Compared with coal-fired boilers, geothermal heating can reduce carbon dioxide emissions by at least half,” Chen said. “It is estimated that we can replace over 10,000 tonnes of coal and cut emissions of more than 40,000 tonnes of carbon dioxide this year in Xiongxian.”

He added that the cost of geothermal heating is about half that of natural gas heating.

Xiongxian is one of the 10 Chinese cities where Sinopec has helped replace coal with geothermal energy, including cities in Shanxi, Shaanxi and Henan provinces.

The company now provides geothermal heating to an area of around 50 square km, and it aims to increase the area by 100 square km by 2023 and help build a total of 20 “smokeless cities” nationwide.

“Local governments are very willing to cooperate with us given the mounting pressure of environmental protection,” Chen said.

China aims to have clean energy replace 74 million tonnes of coal and generate 50 percent of winter heating in northern China by 2019, according to a plan released by Chinese government in 2017.

Rich in resources of geothermal energy, the country now has about 150 square km of geothermal energy heated areas, according to an international forum on geothermal energy held in Shanghai in November.

The areas that have access to geothermal heating or cooling are expected to reach 1,600 square km by 2020, according to a five-year plan for developing geothermal energy released by Chinese government in 2017.

12/12/2018

China establishes governance principle of respecting, protecting human rights: white paper

BEIJING, Dec. 12 (Xinhua) — A white paper released Wednesday by the State Council Information Office said China has firmly established a governance principle of respecting and protecting human rights.

“It is the determination and ultimate goal of the Communist Party of China (CPC) and the Chinese government to respect and protect human rights,” said the document, titled “Progress in Human Rights over the 40 Years of Reform and Opening Up in China.”

Since the launch of reform and opening up in 1978, “respecting and protecting human rights” has been written into the reports to CPC National Congresses, the Constitution of the People’s Republic of China, the Constitution of the CPC, and strategies and plans for national development, becoming an important principle of governance for the CPC and the Chinese government, it said.

According to the white paper, that the state respects and protects human rights has been established as an important principle of the Constitution of China.

Also, the CPC pursues human rights protection in its governance, the document said.

The white paper noted that it has become a core goal of national development to respect and protect human rights.

12/12/2018

China’s top political advisor visits people in Guangxi

CHINA-GUANGXI-NANNING-WANG YANG-VISIT (CN)

Wang Yang, a member of the Standing Committee of the Political Bureau of the Communist Party of China(CPC) Central Committee and chairman of the National Committee of the Chinese People’s Political Consultative Conference(CPPCC), visits a community in Nanning, capital of south China’s Guangxi Zhuang Autonomous Region, Dec. 11, 2018. Wang led a division of a central delegation to conduct the visit. (Xinhua/Liu Bin)

NANNING, Dec. 11 (Xinhua) — China’s top political advisor Wang Yang on Tuesday visited local people in the city of Nanning, south China’s Guangxi Zhuang Autonomous Region, which is marking its 60th anniversary.

Wang, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee and chairman of the National Committee of the Chinese People’s Political Consultative Conference, led a division of a central delegation to conduct the visit.

During their visit to a local hospital, Wang stressed the importance to develop traditional medicine of ethnic minority groups, calling for efforts to promote the local traditional medicine to better serve the people.

Wang also urged improving public service, environmental governance, and education when visiting a community, a wetland park, and Guangxi University.

When addressing a symposium with local cadres and people, Wang said Nanning’s significant progress is a microcosm of Guangxi’s remarkable achievements during the past 60 years, attributing the progress to the Party’s policies concerning ethnic groups, as well as the joint efforts of different ethnic groups.

Wang called for more hard work to unite the cadres and people of all ethnic groups in the city and lead them to achieve greater success in its development in the new era.

Four other divisions of the central delegation visited other areas of Guangxi on Tuesday.

The delegation arrived in Guangxi on Sunday for the anniversary celebrations.

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