U.S. tech giant Cisco Systems is investigating its former employees in China for allegedly taking part in a “self-enrichment” scheme, the firm wrote in a recent filing to the SEC (Securities and Exchange Commission). “Some of those employees are also alleged to have made or directed payments from the funds they received to various third parties, including employees of state-owned enterprises,”
WASHINGTON—Globalists await President Joe Biden’s reset on U.S. trade policy, although deep-seated problems and lack of consensus among allies are likely to create a significant hurdle for the new administration in fixing the global trading system that has failed to contain non-market economies such as China. Biden has promised to take a more multilateral approach
Mobile brokerage firm Robinhood is essentially “shooting itself in the foot” by blocking its users from purchasing stocks of companies such as GameStop that were soaring in value after individual investors banded together to squeeze Wall Street hedge funds, according to analyst Charles Mizrahi—host of “The Charles Mizrahi Show” and creator of the Alpha Investor newsletter. The
Small stock investors are fighting against broker platforms that have banned retail investors from buying certain stocks, including those of Gamestop (ticker: GME), which has been used by many small investors as a vehicle to force a short squeeze on hedge funds that aggressively shorted the video game retailer’s stock. The investors are accusing online
News Analysis A sizable group of small investors has threatened to bankrupt Wall Street hedge funds that have sought to profit from the downfall of the video game retailer GameStop. The investors have organized online to buy GameStop’s stock, forcing billions in losses on the establishment players that had bet on the company’s failure. The exact origin
News Analysis Early investors in China’s fintech giant Ant Group thought they were in line for a massive payday—that is, until Ant’s highly anticipated initial public offering last year was suddenly scuttled by Chinese regulators. Venture capital and private equity firms such as Silver Lake and Carlyle Group believed they had a winner in the bag. After
Chinese Companies’ Overseas Offices and Expat Organizations Serve as Beijing’s Outposts: Leaked Documents
The Epoch Times recently obtained government documents revealing that overseas divisions of Chinese state-owned companies and Chinese expat associations serve as the Chinese Communist Party (CCP)’s outposts for pushing its economic and political agenda outside of China. The documents exposed that the CCP maintains close ties with state-owned businesses and has set up liaison offices
President Donald Trump late Tuesday signed an executive order that bans transactions with eight Chinese connected software applications, including Ant Group’s Alipay. The order released by the White House bans transactions with people that develop or control Alipay, CamScanner, QQ Wallet, SHAREit, Tencent QQ, VMate, WeChat Pay, and WPS Office, as well as with their subsidiaries. Trump said in the order that
Commentary The new Asia-Pacific economic pact cannot help China recover from its export market loss with the United States and growing international isolation. In Chinese leader Xi Jinping’s own words, “The wind is strong, and the tides are high.” The Asia-Pacific Regional Comprehensive Economic Partnership (RCEP) pact, led by the 10 ASEAN countries, was signed in November. In
A high-level Chinese official acknowledged at a forum on Nov. 28 that many of China’s investment projects in the semiconductor industry were short-sighted and ultimately failed. Wang Zhijun, one of the deputy ministers at China’s Ministry of Industry and Information Technology, made the comments while speaking at the China Development Forum hosted by the prestigious
A Chinese hacker has revealed how he conducted cyberattacks on foreign governments, companies, and overseas dissident groups on behalf of the communist regime, blowing the lid off the secretive world of Chinese state-sponsored cyber espionage operations. The whistleblower, who spoke to The Epoch Times on the condition of anonymity, is a senior cybersecurity officer at
News Analysis President Donald Trump’s latest executive order bars U.S. investors from holding ownership stakes in a list of 31 Chinese companies designated to have ties with various Chinese Communist Party (CCP) military apparatuses. This order, while somewhat limited in scope, ensnares several well-known Chinese companies, including non-public companies such as Huawei and publicly traded
Commentary Ant Group, China’s shiniest fintech star, was all set to raise a record-setting $37 billion in an initial public offering—before everything disintegrated in a matter of days. Ant’s IPO blowup shocked all involved parties, except perhaps those within the highest echelons of the Chinese Communist Party (CCP). From the wreckage of Ant’s share sale, we can draw a
Commentary The CCP (Chinese Communist Party) has been vaunting about “self-reliance” since its relationship with the United States took a sharp turn for the worse. However, the Chinese economy relies heavily on imported goods including petrol, food, and semiconductor chips. With a dwindling exportation prospect, the CCP has to depend on its foreign exchange reserves
After Chinese leader Xi Jinping’s visit to Shenzhen two weeks ago, in which he emphasized the city as an engine to drive up the economy of the Guangdong-Hong Kong-Macau Greater Bay Area, locals have raised concerns to The Epoch Times that factories continue to move out or close down in the industrial zone. Some analysts say this
Commentary The regime in Beijing recently completed digital yuan testing in a seemingly innocuous manner. In the southern city of Shenzhen, the Chinese Communist Party (CCP) distributed 10 million digital yuan to 50,000 residents in the form of virtual “red envelopes,” a whimsical reference to gifts of money received on the Lunar New Year. While
Most books on the supply chain and globalization take the consumer for granted and ignore the fact that at the end of every supply chain is the customer. A new worldwide change in economics is occurring in response to the behaviour of the Chinese communist government in releasing and denying responsibility for the COVID-19 pandemic.
WASHINGTON—Ant Technology Group launches its initial public offering (IPO) with a record share sale this week amid concern over national security and the company’s involvement in human rights abuses. The company is set to raise about $34.5 billion in its dual public listing in Shanghai and Hong Kong. This would mark the biggest IPO of all time,
WASHINGTON—Ant Technology Group, the parent company of China’s largest digital payment platform Alipay, is set to go public this year, even as the company’s ties to the Chinese Communist Party (CCP) could pose significant risks to U.S. investors. Controlled by billionaire Jack Ma, founder of Alibaba, the Chinese financial technology company is preparing for an initial public
Internal government documents obtained by The Epoch Times suggest that one of the main drivers behind China’s Belt and Road Initiative (BRI, also known as “One Belt, One Road”) is to get rid of the country’s excess industrial capacity by moving them out to participating BRI countries. Under the Banner of International Industrial Capacity Cooperation
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