CX Daily: Macau casinos to close lucrative VIP rooms following arrest of Junket King

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Gambling /

Macau casinos to close lucrative VIP rooms following arrest of King of the Junket

The recent arrest of a Macau junket tycoon has chilled city game industry as casinos rush to shut down lucrative VIP rooms run by junket operators.

Melco Resorts & Entertainment Ltd., one of six Macau casino licensees, decided to close its junket-run VIP rooms at City of Dreams and Studio City – two of its casino complexes – in late December, according to a document seen by Caixin.

The company informed junket operators on Monday that cooperation would cease on December 21, according to the document shared with Caixin by industry insiders.

Diffusion /

IQiyi sacks hundreds of workers as losses soar

Chinese video streaming platform iQiyi Inc. end hundreds of workers as losses soar, marking a sharp turnaround from its previous strategy of seeking profit through expansion.

The Baidu-backed company is laying off an average of 20% of its workforce across all departments, with layoffs of up to 40% for the less profitable divisions, several company employees said in Caixin.

FINANCE & ECONOMY

The central bank has lowered loan interest rates for small regional banks and rural lenders to support agriculture and small and medium enterprises. Photo: VCG

Interest rate /

PBOC cuts rates on loan facilities for small businesses and rural sectors

The central bank of China lower interest rates on two loan facilities of 25 basis points, or a quarter of a percentage point, to encourage commercial banks to lend more and at lower interest rates to small businesses and rural sectors.

As of Tuesday, the one-year repayment rate under the programs was lowered to 2%, the six-month rate to 1.9% and the three-month rate to 1.7%, according to released data. by the People’s Bank of China (PBOC).

The move comes a day after the PBOC announced the lower lender reserve requirement ratio (RRR) to release approximately 1,200 billion yuan (188 billion dollars) in the financial system, in a context of slowing economic growth of the country.

Quick shots /

Opinion: After Merkel, Germany’s China Policy Won’t Change Drastically

TRADE AND TECHNOLOGY

The shares of Weibo Corp. are down 6.09% in a disappointing trading debut in Hong Kong. Photo: VCG

Weibo

Weibo Records Loss In Hong Kong Debut Amid Tech Stock Crisis

Chinese social media giant Weibo Corp. stocks flopped on their Hong Kong debut on Wednesday, joining a slew of big dual-listed tech giants whose stock prices were hammered this week following ridesharing platform Didi’s decision to drop its listing in the states -United.

Shares of Weibo, backed by Alibaba, which has raised around HK $ 3 billion ($ 385 million) in its Hong Kong secondary registration, opened 6.1% below the offer price of HK $ 272.80 and slipped further to close down 7.2% at the end of trading.

Vaccines /

Fosun and BioNTech develop a vaccine specific to omicron

Shanghai Fosun Pharmaceutical (Group) Co. Ltd. noted it will actively work with its German partner BioNTech SE to develop a new vaccine targeting the omicron variant of Covid-19, and obtaining regulatory approval could take three to four months.

Fosun is the exclusivity partner of BioNTech for the commercialization of the mRNA vaccine co-developed by BioNTech and the American pharmaceutical giant Pfizer Inc. in Greater China, in particular in Hong Kong, Macao and Taiwan. Known in China as the Comirnaty vaccine, the product has not been approved for mainland China.

Biodiversity /

Protecting China’s biodiversity requires preventive measures, Supreme Court says

China’s highest court warned against a fault that endangers the rare fauna and the ecological environment, including the construction of infrastructure, with the aim of strengthening the judicial protection of biodiversity.

Citing seven case examples, the Supreme People’s Court noted that the five public interest litigation cases and two administrative decisions underscored the importance of acting before harm occurs.

Initial Public Offering /

Chinese company QingCi Games seeks $ 153 million for its Hong Kong IPO

QingCi Games Inc, a mobile game developer backed by Alibaba and Tencent. look for up to HK $ 1.19 billion ($ 153 million) in an initial public offering (IPO) in Hong Kong.

The Xiamen-based company plans to sell 85 million shares for 11.20 to 14 Hong Kong dollars each, according to the prospectus. The company said 10% of the shares would be sold in Hong Kong and 90% globally. Membership ends Thursday, and the action is expected to debut a week later.

Quick shots /

Chinese Xpeng sees The threat of delisting from the United States in “several years”

Hong Kong researchers develop stainless steel that kills the Covid

The era ends as HNA cedes control of major airline operations

GALLERY

Crew rescued after Chinese ship grounded

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