CX Daily: Star Power Triumphs After Fans Boycott Livestreaming Platform East Buy
TOP STORIES
East Buy /
Star power triumphs after fans boycott livestreaming platform East Buy
A semblance of corporate peace has returned to livestreaming e-commerce platform East Buy after a fan revolt this month sparked by a perceived slight to its star influencer, Dong Yuhui, triggered a slump in the company’s shares and a management shakeout.
The online row involving the livestream star escalated into a major public relations crisis that shed hundreds of millions of dollars in value off Hong Kong-listed East Buy Holding Ltd., highlighting the struggle some consumer platforms have in striking a balance among influencers, fans and business demands.
Hong Kong /
Mainlanders find workarounds to get their kids Into Hong Kong schools
A growing number of parents from the Chinese mainland are using Hong Kong’s talent visa and post-graduate study schemes as shortcuts to bring their children to the special administrative region as dependents, giving the kids rights to enter Hong Kong schools.
Dependent visas are issued to spouses and minors of people who come to study and live in Hong Kong. Upon receiving the visa, the children can enjoy the same treatment in terms of education as Hong Kong residents.
Hong Kong to offer residency to wealthy for $3.8 million investment
FINANCE & ECONOMY
Consumer finance /
China to bolster oversight of booming consumer finance sector
China’s top financial regulator plans to strengthen oversight of companies that provide small loans to consumers with new rules that tighten market access requirements and require them to improve protection for their customers.
Draft measures for managing consumer finance companies (消费金融公司管理办法) were released on Monday for public comment by the national administration of financial regulation (NAFR). They will replace rules that were last amended in 2013, according to the regulator.
Baoneng /
Ping An Bank lists $166 million Baoneng’s debts for sale
Ping An Bank Co. Ltd. is selling 1.2 billion yuan ($166 million) of debt lent to three affiliates to Baoneng Investment Group, a Shenzhen-based conglomerate mired in debt crisis since 2021.
The debts were collateralized by assets including 32 residential units and 112 units of logistics property owned by the borrowers. The debts are listed for sale at the public auction platform operated by Alibaba Group. The listing period lasts from Dec. 15 to June 12, 2024.
Quick hit /
AVIC Trust fills one-year vacancy with new chairman appointment
BUSINESS & TECH
Qorvo /
U.S. chipmaker Qorvo sells China facilities in supply chain revamp
American chipmaker Qorvo has agreed to sell its assembly and test facilities in China to contract manufacturer Luxshare Precision Industry Co. Ltd., amid a broader supply chain revamp of the U.S. semiconductor industry.
Qorvo has reached a definitive agreement with the Chinese company Luxshare to sell operations and assets of Qorvo’s two facilities in Beijing and Dezhou, Shandong province, said the wireless connectivity chip manufacturer in a Monday statement. The sale includes the property, plant and equipment, as well as the existing workforce to allow operations to continue.
JD.com /
Chairman and CFO of JD.com’s delivery unit Dada Nexus resign amid leadership reshuffle
Xin Lijun has resigned for personal reasons as chairman of Dada Nexus Ltd., the Nasdaq-listed Chinese delivery platform. His departure comes one month after he stepped down as CEO of JD Retail, the retail segment of JD.com Inc.
This is the latest leadership reshuffle at the JD.com’s unit after a series of executive changes at the parent company earlier this year. Dada’s Chief Financial Officer Chen Yaoming also resigned Tuesday for personal reasons, the company said in a statement.
Quick hits /
Builder China Aoyuan seeks debt restructuring recognition in U.S.
Chinese steelmakers buy record amount of Mongolian coal after mine closures
Energy Insider /
Severe cold snaps trigger record-high energy demand, Beijing unveils action plan to promote green industrial boilers
Long Read /
Lessons from China’s push to go global
GALLERY
Disney’s ‘Zootopia’ land opens in Shanghai
The world’s first theme park attraction based on the 2016 animated movie officially opened at the Shanghai Disney Resort on Wednesday. Produced by Walt Disney Animation Studios, the movie is a comedy-adventure set in the fictional mammal metropolis of Zootopia. It has remained among the most popular imported animated films in China since its release.