Bank Crackdown and TikTok Purge – China Project

SVB’s catastrophic failure spills over into Chinese tech startupsThose who choose to keep their money in US banks are currently Has a harder time poaching than its American peerswas hampered by tighter regulations on Cayman Islands entities they set up to circumvent China’s strict rules on foreign ownership.

Western governments are purging TikTok. the United States threatened to ban The popular short-video app, owned by Chinese tech giant ByteDance, will be traded from China unless its Chinese owner sells its stake. Prohibit the use of TikTok On government devices, following similar moves by Canada, the EU, and the US

Chinese logistics company ZTO Express announces excellent 2022 performancenet profit was 6.8 billion yuan ($986.2 million), up 37.6% from 24.4 billion parcels delivered. (Earlier this month, short-seller Grizzly Research claimed that the financial information of a company listed on the New York Stock Exchange had been falsified.) Today’s Chinese Media Business Brief:

• Foreign companies were not specifically targeted State broadcaster CCTV’s annual 3.15 Consumer Day Gala will name and shame companies that harm consumer interests. This year, the focus was on food and drug safety, apps that violate user data privacy, substandard pipes in rural Jiangsu, and shoddy motorcycle helmets.