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SOURCE / ECONOMY By Global Times Published: Mar 08, 2021 05:13 PM
People walk outside the headquarters of the China Securities Regulatory Commission in Beijing. File photo: VCG
The Supreme People s Court said on Monday that it will severely punish crimes such as insider trading of company stocks, and have zero tolerance for crimes and irregularities in the capital market.
Chief Justice Zhou Qiang said the courts in 2020 severely dealt with on crimes such as manipulative activity in the securities and futures market, insider trading, underground money banks and money laundering, and the courts also severely cracked down on debt evasion, in a bid to maintain financial market order and curb financial sector risks.
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Luckin Coffee files for bankruptcy protection in New York
Luckin Coffee filed for bankruptcy protection in New York under Chapter 15 of the US Bankruptcy Law. All the company’s stores in China are still open and providing services to customers, and are expected to have no significant impact on daily operations. Luckin Coffee explained on its official Weibo that filing for bankruptcy protection is an important step in its restructuring plan.
Kuaishou shares surge after $5.4 billion IPO in Hong Kong
Kuaishou, a Chinese short video app, saw its shares jump after its US$5.4 billion Hong Kong IPO. Now the company is valued at US$159 billion. The company sold shares at the top of its price range in a deal that ranks as the world’s biggest internet IPO since Uber’s US$8.1 billion IPO.
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