Chinese smartphone maker Xiaomi raises $3.9 billion in equity deal – term sheet

HONG KONG (Reuters) – Chinese smartphone maker Xiaomi Corp has raised $3.91 billion as part of a deal that includes Hong Kong’s largest top-up placement, according to a term sheet seen by Reuters.

FILE PHOTO: People are silhouetted in front of Xiaomi’s logo at a venue in Beijing, May 10, 2016. REUTERS/Kim Kyung-Hoon/File Photo

Potential investors have been told the price should be HK$23.70 for the 1 billion shares that are being sold down in the deal, the term sheet showed.

The price is at the lower end of the range flagged by the company on Tuesday when it said the deal would be between HK$23.70 and HK$24.50.

At HK$23.70, the placement would raise $3.06 billion.

A convertible bond deal to raise $855 million was also finalised Wednesday, according to the term sheet, to take Xiaomi’s total raising to $3.91 billion.

Xiaomi’s deal is the largest top-up placement in Hong

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Chinese Embassy Says Australia ‘Misread’ Offending Social Media Post | World News

SYDNEY (Reuters) – China’s embassy in Australia said politicians there had “misread” a tweet showing a digitally-altered image of an Australian soldier holding a bloodied knife to the throat of an Afghan child, and were trying to stoke nationalism.

Australia’s Prime Minister Scott Morrison on Monday called the tweet posted by China’s foreign ministry spokesman, Zhao Lijian, “truly repugnant”, and called for an apology.

On Tuesday the tweet was pinned to the top of Zhao’s social media account, and China’s Global Times newspaper, known for nationalistic views, interviewed the Chinese artist who created the image.

“The rage and roar of some Australian politicians and media is nothing but misreading of and overreaction to Mr Zhao’s tweet,” the Chinese embassy in Canberra said in a statement on Tuesday.

Australia’s Foreign Affairs and Trade secretary had called ambassador Cheng Jingye on Monday to complain about the social media post, it confirmed, adding

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Chinese embassy says Australia ‘misread’ offending social media post

By Kirsty Needham



a man wearing a suit and tie: Chinese Foreign Ministry spokesman Zhao Lijian attends a news conference in Beijing, China


© Reuters/CARLOS GARCIA RAWLINS
Chinese Foreign Ministry spokesman Zhao Lijian attends a news conference in Beijing, China

SYDNEY (Reuters) – China’s embassy in Australia said politicians there had “misread” a tweet showing a digitally-altered image of an Australian soldier holding a bloodied knife to the throat of an Afghan child, and were trying to stoke nationalism.

Australia’s Prime Minister Scott Morrison on Monday called the tweet posted by China’s foreign ministry spokesman, Zhao Lijian, “truly repugnant”, and called for an apology.

On Tuesday the tweet was pinned to the top of Zhao’s social media account, and China’s Global Times newspaper, known for nationalistic views, interviewed the Chinese artist who created the image.

“The rage and roar of some Australian politicians and media is nothing but misreading of and overreaction to Mr Zhao’s tweet,” the Chinese embassy in Canberra said in a statement on Tuesday.

Australia’s Foreign

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U.S. To Add Chinese Oil Driller To List Of Firms Barred From Receiving American Investments: Report

The Trump administration is set to add major Chinese offshore oil and gas producer CNOOC, plus three other large Chinese firms, to a list of companies barred from receiving American investments because of their alleged ties to China’s military, according to a report by Reuters that cited documents and three officials. 

CNOOC — short for China National Offshore Oil Corporation — is China’s third-largest oil and gas company and its main offshore explorer, having brought in more than $30 billion in revenue in 2019. 

Its inclusion on the blacklist caused its Hong Kong-listed shares to tumble 14% on Monday. Not only are US investors responsible for a large chunk of the company’s more than $360 billion in value on the Hong

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US Hits Chinese Company Over Venezuela Internet Curbs

The United States on Monday imposed sanctions on a major Chinese electronics and engineering company for assisting Venezuela in curbing dissent on the internet.

The US said it was restricting transactions with the China National Electronics Import and Export Corporation (CEIEC) and blocking assets of any firm in which the state-owned company holds 50 percent stake or higher.

The Treasury Department said CEIEC provides expertise to Venezuela’s state-owned telecom company, which has blocked independent media as well as livestreams by opposition leader Juan Guaido, who is recognized as interim president by most Western and Latin American nations.

“The United States will not hesitate to target anyone helping to suppress the democratic will of the Venezuelan people and others around the world,” Treasury Secretary Steven Mnuchin said in a statement.

The Treasury Department described CEIEC as offering a “commercialized version of Beijing’s ‘Great Firewall,'” the communist power’s sweeping filter that scrubs

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South Koreans, Chinese clash on social media over Chinese-style Kimchi winning international certificate

SEOUL, Nov 30 (Reuters) – China’s efforts to win an international certification for Pao Cai, a pickled vegetable dish from Sichuan, is turning into a social media showdown between Chinese and South Korean netizens over the origin of Kimchi, a staple Korean cuisine made of cabbage.

Beijing recently won a certification from the International Organization for Standardization (ISO) for Pao Cai, an achievement the state-run Global Times reported as “an international standard for the Kimchi industry led by China.”

South Korean media was fast to dispute such a claim and accuse the bigger neighbour of trying to make Kimchi a type of China-made Pao Cai.

The episode triggered anger on South Korean social media. “Its total nonsense, what a thief stealing our culture!” a South Korean netizen wrote on Naver.com, a widely popular web portal.

“I read a media story that China now says Kimchi

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Non-Chinese Investors Flock To India, As Chinese Money Pales


7 min read


You’re reading Entrepreneur India, an international franchise of Entrepreneur Media.

Even a cursory glance at the business headlines during the past few months will point to the growing trend of foreign investors pumping cash in Indian companies. The Indian Prime Minister Narendra Modi recently, while speaking at US India Strategic Partnership Forum (USISPF), claimed that the country has received over $20 billion foreign direct investment (FDI) this year.

When it comes to the Indian startup ecosystem, which is burgeoning in recent times and has more than two dozen unicorns, has always had foreign investors play an epoch-making role for a company’s future. From the nascent stage of Indian startup ecosystem, foreign investors, particularly Chinese investors, have shown a massive interest after understanding the market potential. However, in current times, there has been a gradual shift in terms of the source of investment.

Why is

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Smelling blood, Huawei’s Chinese mobile rivals look to capitalise on its U.S. woes

SHENZHEN, China (Reuters) – Chinese handset rivals of Huawei Technologies including Xiaomi, Oppo and Vivo are making aggressive moves to seize market share from their giant rival, after stepped-up U.S. sanctions hobbled Huawei’s supply chains, industry insiders say.

FILE PHOTO: The Huawei logo is seen at Huawei Connect in Shanghai, China, Sept. 23, 2020. REUTERS/Aly Song

Last week Huawei said it has sold its budget Honor subrand for an undisclosed figure in a bid to safeguard the latter’s supply chain from U.S. action, which has made it difficult to source essential components.

All the same, Huawei’s Chinese rivals smell blood in the mid-to high-end phone market. In August a Huawei executive said the company will not be able to produce its flagship processors that power its high-end smartphones.

“What we can see now, whether from Xiaomi, Oppo or Vivo, is that they’re raising their forecasts for next year,” said Derek

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Hit by Cryptocurrency Curbs, Chinese Fund Managers Look Elsewhere to Ride Bitcoin Bull | Technology News

By Samuel Shen and Alun John

SHANGHAI/HONG KONG (Reuters) – As the price of bitcoin soars, Chinese cryptocurrency asset managers are looking to expand in places such as Hong Kong and Singapore, skirting an intensified crackdown at home.

Cryptocurrency-focused hedge funds have grown assets under management and registered hefty gains this year thanks to bitcoin’s recent surge to over $18,000, close to its 2017 high.

At the same time, Beijing has been tightening already strict scrutiny over cryptocurrencies as the People’s Bank of China (PBOC) prepares to launch its own digital currency, partly a response to the threat from currencies like bitcoin, officials say.

Beijing banned virtual currency trading in 2017, stopping a free-wheeling emerging crypto industry, and causing China’s share of global bitcoin trading to slump to less than 4%, from nearly 17% in 2017, according to CoinShare, Europe’s biggest digital asset manager.

Consequently, Chinese businessmen are looking elsewhere

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Intel and Nvidia Chips Power a Chinese Surveillance System

URUMQI, China — At the end of a desolate road rimmed by prisons, deep within a complex bristling with cameras, American technology is powering one of the most invasive parts of China’s surveillance state.

The computers inside the complex, known as the Urumqi Cloud Computing Center, are among the world’s most powerful. They can watch more surveillance footage in a day than one person could in a year. They look for faces and patterns of human behavior. They track cars. They monitor phones.

The Chinese government uses these computers to watch untold numbers of people in Xinjiang, a western region of China where Beijing has unleashed a campaign of surveillance and suppression in the name of combating terrorism.

Chips made by Intel and Nvidia, the American semiconductor companies, have powered the complex since it opened in 2016. By 2019, at a time when reports said that Beijing was using advanced

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