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Banking & Finance

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Ant Financial gears up for mega IPO
Apr 20, 2018 (WiC 405)

During his testimony to the US Congress last week, Mark Zuckerberg highlighted that Facebook had humble beginnings in his dorm room. But when Republican Senator Dan Sullivan suggested that Zuckerberg’s success was a quintessentially American ...

Payment declined

Walmart cuts off Alipay after forging deal with Tencent
Apr 6, 2018 (WiC 403)

On March 15 shoppers at Walmart’s Chengdu stores were greeted by a sign informing them of a change to how they could pay. On the list: Unionpay, Apple Pay and WeChat Pay. Off the list: Alipay. Customers at other locations discovered the same ...

Why Qudian CEO has joined the $1 salary club
Mar 23, 2018 (WiC 402)

Taking a $1 salary is a bold move by a boss. The practice has its provenance in wartime, when prominent executives in the US offered to serve their government for a token salary of just $1 per year (plus necessary expenses). Thanks largely to ...

Slew of China’s live-streaming platforms rush to float shares
Mar 16, 2018 (WiC 401)

Of China’s 5,000 years of history, the Spring and Autumn period (771 to 476 BC) is certainly one of the most intriguing interludes. The interregnum was marked not only by tactical skirmishes among hundreds of fiefdoms seeking power and ...

The loan ranger

New entity Baihang to rate personal credit
Mar 9, 2018 (WiC 400)

It’s easy to get a loan in China. Just not from a bricks-and-mortar bank. In the last few years online credit companies have proliferated. Often all you need to qualify for a loan is a mobile phone and some kind of internet history. ...

Losing his cover

Wu Xiaohui to be charged as insurer Anbang is taken under state control
Mar 2, 2018 (WiC 399)

About 20 years ago, amid the bursting of an asset bubble, the Japanese government injected a huge amount of taxpayer money into a slew of troubled banks and brokerages. Some firms were temporarily nationalised. Chiyoda Mutual, the most leveraged ...

Problems in Pudong

Can China’s debt-fuelled growth model defy economic gravity forever?
Feb 2, 2018 (WiC 396)

In October 2016 the International Monetary Fund warned that China was heading for a banking crisis. Its working paper urged Beijing to act quickly to rein in credit growth before the problem became systemic. The IMF’s warnings sounded ...

Ma’s big appetite

Why Alibaba bought a stake in OpenRice
Jan 26, 2018 (WiC 395)

For thousands of years, Chongqing proved to be the toughest territory for any external power to seize. Surrounded by steep mountains, and located at the confluence of the Jialing River and Yangtze River, it took 36 years for the bellicose ...

Hong Kong stock market hits an all-time high
Jan 19, 2018 (WiC 394)

For a number of millennia, alchemists attempted the impossible feat of turning lead into gold. Likewise, in the past week Chinese newspapers have been trumpeting similarly magical forces at work across the country’s equity ...

Another lapsed acquisition points to HNA Group’s ongoing liquidity woes
Jan 12, 2018 (WiC 393)

“Be honest and straightforward.” It is one of the pledges every new employee has to sign up to when they join Value Partners, an asset manager listed in Hong Kong. What, wonders WiC, would those employees have made of that pledge if an ...

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