China Limits Gaming Playtime, Stops Private Equity Fund-Raising for Residential Properties and Banks to Stop FX Services
3rd September 2021 | Hong Kong
China crackdown continues, with new measures of China limiting gaming playtime, stopping private equity funds from raising funds to invest in residential projects, regulators to root out fake private equity & venture capital funds, and some China banks to stop offering selected foreign exchange services. China gaming market was built on free and addictive games for kids, and under 18 years-old will only be allowed to play online video games for 3 hours a week (weekends, holidays between 8 – 9 pm) to safeguard children’s physical and mental health. China has also stopped allowing private equity funds to raise funds to invest in residential projects and sending the message that homes are for staying and not for speculative purpose. The China Securities Regulatory Commission (CSRC) will also work to root out fake private equity & venture capital funds that are sold to general public instead of qualified investors, and malpractice such as private placement for embezzlement or initial public offerings disguised as private placements. China Huaxia, one of China’s largest bank joins major banks in stopping selected foreign exchange services due to currency volatility. In May 2021, China Huaxia, China Bohai Bank, Bank of China, China Merchants Bank and Bank of East Asia were fined a total of $57 million for financial misconduct, including not warning clients about risks of investment products. View Official Announcement: China Gaming Limit, Read More: China Crackdown | Common Prosperity
” Stops Private Equity Fund-Raising for Residential Properties and Banks to Stop FX Services “
China Common Prosperity
China President Xi Jinping, at the 10th Meeting of China Central Finance and Economics Committee, has announced China’s new goal to promote common prosperity for all, not just for a few and not in the form of equal distribution, but common prosperity through a few stages including encouraging hard work and innovation, improving people’s livelihood, creating more inclusive & fair conditions to improve education level & development ability, and creating more opportunities for people to get rich. With the announcement, market analysts and various media reports are anticipating new policies such as higher taxes on high income earners, property tax, inheritance tax, capital gain tax and incentives for charity, philanthropy and corporate social programs.
Since late 2020, China has increased scrutiny on China technology companies on monopolistic behaviours, security & data privacy, capital-raising practices, cryptocurrencies and operations of financial institutions, strengthening regulations, preventing excessive marketing approaches such as using soft pornography involving children & minor to drive usage of platforms and to tackle anti-competitive behaviours. Read More: China Crackdown | Common Prosperity
Related:
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- China Distressed Asset Manager China Huarong with $15.9 Billion Losses to Receive State Bailout, Citic Group Becomes Key Shareholder
- China Sentenced Former Head of ICBC Shanghai to Lifetime Imprisonment for Receiving $21 Million in Bribes
- United States SEC Increased Oversight of China Companies IPO on Stock Exchange, Disclosures & Ownership Relationships
- China Crackdown Intensify, Changes to Tech Companies & Education Sector to Non-Profit with Share Prices Dropping 40% to 80%
- China Regulators Fine Tech Giants Alibaba, Tencent, Kuaishou, Weibo, Little Red Book for Content with Soft Pornography Involving Minor
- Didi App Download Suspended in China, Faces Lawsuit for Misleading Investor
- China Increased Scrutiny on Foreign IPOs & Tech Giants, Requires Pre-Approval for Offshore IPOs
- China Authority Crackdown on Virtual Currency, Issue Warning to Financial Institutions & Businesses
- 2020 China Private Equity and Venture Capital AUM at $1.04 Trillion, Southeast Asia at $33 Billion
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