WEALTH CRACKDOWN
China's crackdown on 'wealth-flaunting' social media puts pressure on influencers to echo the party line
Chinese regulators crack down on social media influencers flaunting wealth, contrasting with US mental health concerns. The campaign targets extravagant displays, reflecting wider fears of subversive views. Public support for authoritarian measures shapes the crackdown, including pressure on Taiwanese influencers. The effort aligns with China's goal of managing its vast online population under President Xi Jinping's watchful eye.
Luxury influencers vanish from Chinese social media in wealth crackdown
Chinese social media censors have blocked multiple influencers known for showing off their lavish lifestyles after an official campaign to curb displays of ostentatious wealth online was announced. China's internet watchdog in April launched the "Clear and Bright" campaign to remove undesirable content from social media, vowing to crack down on influencers who created "ostentatious personas to cater to vulgar needs, and deliberately display extravagant lifestyles filled with money".
INDIA bloc leaders scared of Pakistan's nuclear power: PM Modi
Addressing an election rally in Muzaffarpur Lok Sabha constituency of Bihar, Modi made an apparent reference to a recent statement of National Conference leader Farooq Abdullah, without mentioning him by name. "The INDIA bloc seems to have leaders who are scared of Pakistan and have nightmares of its nuclear power," he said.
ETMarkets Smart Talk: Why QSR and IT could turn out to be Dark Horse in FY25, Sameer Kaul explains
Sameer Kaul from TrustPlutus Wealth highlights Quick Service Restaurants (QSR) as a dark horse sector, emphasizing the IT sector's challenging outlook. He discusses various market factors, including corporate earnings, FII flows, and Gen Z investing advice. Kaul says that given the surging monthly GST collections, we believe the earnings season will end on a positive note with no major hiccups.
Sebi crackdown reinforces need for registration
On November 22, the market regulator penalised and barred P Krishnakumar and Jagadeeshan S for a year for giving illegal investment advisory services and ordered them to refund over ₹30 lakh collected as fees through astrology-based prediction packages sold on the website www.ymforecast.com. The two were found to be acting as investment advisors without being registered as such with Sebi.
What Sebi's crackdown on Baap of Chart reveals about stock market, investors
The interesting thing is the air of hyperbolic stardom and celebrityhood that has been created around the perpetrator. It tells us about the type of investors who were being targeted. Someone who has chosen and promoted a personal brand ‘Baap of Chart’ is not looking for an informed or evolved investor.
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ETtech In-depth: Sebi’s crackdown on finfluencers unlikely to stop fraud
Earlier this month, Sebi chairperson Madhabi Puri Buch invited ‘finfluencers’ — social media influencers who offer advice and information on financial products to their followers — to get regulated and keep working with Sebi-registered entities. The regulator had on August 25 floated a discussion paper on the subject.
Sebi’s finfluencer crackdown may be off target; ETSA 2023 winner String Bio founder on why businesses must pivot
Cracking down on so-called finfluencers is easier said than done. The Securities and Exchange Board of India (Sebi) may well find that not all of them are likely to pay heed to its recent directions on operating within the regulatory grid. This and more in today’s ETtech Morning Dispatch.
Jack Ma’s wealth dips $4.1 billion, dragged by Ant’s reduced valuation
Once China’s richest tech tycoon, Jack Ma may now be worth $30 billion, which is less than half of his peak wealth before the failure of the biggest IPO in history in 2020. Jack Ma’s 9.9 per cent stake in Ant Group Co is now estimated to be worth $4.1 billion less than almost a year ago, according to the latest update on Bloomberg Billionaires Index.
Crypto investors step up risk management after last year's meltdowns
Cryptocurrency investors are becoming more cautious about working with firms, following losses from sudden collapses of Celsius Network, Voyager Digital, FTX and other exchanges. Also, a regulatory crackdown expected to pressure the remaining companies is raising concerns among the investors. This has encouraged institutional crypto investors to switch to exchanges that offer stronger asset protectionmand boost due diligence on trading partners
HSBC is betting big on India's $400 billion pile of wealth
The bank is planting its sights more firmly on the ultra-rich in India, where the wealth held by billionaires has crossed $400 billion from $148 billion in 2016. It also plans to launch an onshore private banking service in the South Asian country this year.
China's wealthy population desperate to move out as President Xi Jinping pushes for 'common prosperity'
China's wealthy community is looking to move out of the country as President Xi Jinping's crackdown on big tech industries, real estate and education, and his push for "common prosperity" over the past two years have terrified them, reported ANI citing The Singapore Post.
China's real estate magnate Hui Ka Yan loses 93 per cent of his wealth
Once the second-richest person in Asia, the China Evergrande Group chairman's fortune is considerably diminished, moreover, Hui is also finding himself increasingly isolated politically, with the latest signal coming from the Chinese People's Political Consultative Conference.
China's video game makers come in from the cold as crackdown eases
Beijing's tough curbs in 2021 laid waste to the once-booming industry, shaving over half of the market value of sector leaders like Tencent Holdings and NetEase Inc and shrinking the world's biggest gaming market for the first time.
China economy recovering but hampered by virus outbreaks
The Zhengtai Restaurant in the northwestern city of Jinzhong closed for two weeks because almost all its 57 employees were infected, according to the manager, Chang Zhigang. Chang said the business has lost about 2 million yuan ($300,000) per year since the start of the pandemic. "We don't expect the situation to turn around within a short time, given there are very few people on the street," Chang said.
Cryptos turn attractive after crackdowns
"I'm in the 'yes' camp. As a professional investor, you need a regulated investment opportunity and it opens the doors for more professional investors to get involved in crypto, if it's more regulated," said Chris Gaffney, president of world markets at TIAA Bank. "The more they can get crypto out of the Wild West and into traditional investing, the better off it's going to be."
China's central bank accepts Ant's application for financial holding company
The People's Bank of China's (PBOC) expected approval of the plan is the latest sign that Ant, a tech giant with financial businesses stretching from payments to wealth management, is poised to emerge from a regulatory crackdown.
Beijing Tech Crackdown: Richard Liu, billionaire founder of JD.Com, steps down as CEO
Chinese eCommerce giant JD.COM's CEO has stepped down because of the tech crackdown, and now, the president of the company, XU Lei, will become the new CEO.
SoftBank founder Masayoshi Son loses $25 billion in tech's brutal winter
From China’s tech crackdown to Russia’s invasion of Ukraine, inflation to the markets, a litany of troubles has beset Masayoshi Son and his conglomerate.
China’s tech moguls see $80 billion of wealth evaporate in 2021
The country’s 10 richest tech tycoons lost $80 billion in combined net worth in 2021, according to the Bloomberg Billionaires Index, amid widescale crackdowns by Chinese regulators.
Water tycoon is China's richest as wealth crackdown batters Jack Ma
Bottled-water tycoon Zhong Shanshan has become China's wealthiest person, according to an annual ranking released Wednesday. He is worth $60.5 billion, according to the Hurun Rich List, up seven percent.
Billionaire Alibaba founder Jack Ma reappears in Hong Kong
Jack Ma has been keeping a low profile since delivering a speech in October last year in Shanghai criticising China's financial regulators. That triggered a chain of events that resulted in the shelving of his Ant Group's mega IPO.
Watch out for excesses, that's what will eventually stop this bull run
In India, are in for trouble or do we actually have an opportunity at hand? Let me answer that question with a line of Paulo Coelho’s saintly character in The Alchemist, who often says omens are there written all around us and the only thing is we need to correctly read into them.
Could China’s crackdown be a second cultural revolution?
The message could hardly be clearer: the Chinese Party-state wants to mold young minds with correct ideology, not distract them with online fantasies.
Chinese tech’s brief revival is already showing signs of fatigue
The rally in the Hang Seng Tech Index, which tracks Chinese tech stocks listed in Hong Kong, fizzled out toward the end of this week amid headlines of fresh China tech crackdown, trimming its weekly gain to 7.3%.
Dealmaking booms in Southeast Asia as investors place post-pandemic bets
Fintech and e-commerce companies in Southeast Asia are raising hefty amounts of capital as global investors bet on post-pandemic technology plays, a trend that is also stoking concerns about frothy valuations.
A new Indian SaaS bellwether
Indian software-as-a-service unicorns continue to ride the fundraising wave. Among the youngest of the SaaS majors, Postman marched ahead as its latest funding catapulted it to an eye-popping valuation.
China's Tech Crackdown: The Great Fall
We take a closer look at the fallout -- and the mind-boggling numbers -- from China's crackdown.
Investors lose $1 trillion in China’s wild week of market shocks
The nearly $1 trillion selloff ignited by Beijing’s shock ban on profits at tutoring companies has triggered a new round of soul searching about the investment case for Chinese assets in the Xi Jinping era.
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