CX Daily: China Set to Ease Controls on Genetic Resources to Plug Biotech Innovation Gap
TOP STORIES
Genetic resources?/
China is poised to relax its stringent decade-long regulations on human genetic resources in response to complaints from the industry and academia that overly tough restrictions are choking innovation, particularly in the burgeoning biotech sector that is racing to create new medicines to treat everything from cancer to rare diseases.
The National Health Commission (NHC) is spearheading the reform, focusing on revising rules for the use and management of human genetic resources, sources told Caixin. The aim is to streamline administrative procedures, boost regulatory efficiency?and invigorate scientific research and the biopharmaceutical industry as a whole, the sources said. ?
Iran?/
President Xi Jinping has sent a message of condolence to Iran after its President Ebrahim Raisi was killed in a helicopter accident Monday, stating that the Chinese people have “lost a good friend,” the foreign ministry said.
Xi expressed deep condolences and sincere sympathy to Raisi’s family and the Iranian government, in a message sent to Iran’s First Vice President Mohammad Mokhber, who is set to be the interim president of the country, according to a statement published by the foreign ministry. ?
Corruption?/
Tang Renjian, China’s minister of agriculture and rural affairs, has been placed under investigation, the country’s top anti-graft agency announced on Saturday.
Tang is being investigated for “severe violations of (Communist Party) discipline and law,” the Central Commission for Discipline Inspection said in the announcement. The term is official jargon for corruption. ?
FINANCE & ECONOMY
Property?/
Chinese banks had approved 935 billion yuan ($129 billion) in loans for real estate projects on official whitelists as of Thursday, an official at the top financial regulator said, as the authorities continue to encourage lenders to play their part in arresting the dire property slump.
This comes a few months after the National Financial Regulatory Administration (NFRA) and the housing ministry in January asked local governments to establish coordinated mechanisms to provide targeted financial support to eligible property projects. Since then, local regulators have been shortlisting projects based on developers’ qualifications, credit records and financial conditions.
Minsheng?/
China Minsheng Banking Corp. Ltd. has picked the president of its Shanghai branch to chair its wholly owned wealth management subsidiary, sources told Caixin.
Cong Jun is expected to take over the chairman position at CMBC Wealth Management Co. Ltd. from Ouyang Yong, who has reached retirement age, multiple sources with knowledge of the matter said Friday. ?
Trust?/
领英推荐
New Times Trust Co. Ltd., formerly controlled by failed financial conglomerate Tomorrow Holding Co. Ltd., is again up for sale after previous attempts to find investors and buyers failed.
All 6 billion shares of the trust firm — now owned by four shareholders — are available for purchase, with bids starting at 1.85 billion yuan ($260.4 million), an announcement published by the China Beijing Equity Exchange on Friday shows . That is about 20% lower than the starting price in September 2022, when the shares were first put up for sale. ?
Quick hit?/
BUSINESS & TECH
Inter Milan?/
Pressure is building for FC Internazionale Milano SpA’s majority stakeholder Suning Holdings Group Co. Ltd. as a deadline has arrived for the Chinese retail giant to repay a multimillion-euro loan or risk losing control of the club.
Suning, which owns a 68.55% stake in Inter Milan, has until Monday to repay some 350 million euros ($380 million) including 275 million euros in principal and 75 million euros in interest owed to distressed debt investor Oaktree Capital Management LP, one creditor told Caixin. The loan was made under a 2021 deal that allows Oaktree to take over the club and sell it in the event of a default. ?
EVs?/
Troubled Chinese luxury electric-vehicle (EV) brand HiPhi is working to resume production after securing financing from a U.S. investor, following a nearly three-month halt.
IAuto Group Inc., a Delaware-founded auto company that has an office in Hong Kong, signed a strategic agreement with HiPhi’s parent company, Human Horizons Group Inc. on May 10 to initially invest up to $1 billion for the latter’s restructuring, according to a press release published by iAuto Thursday.
Quick hits?/
Daily Tech Roundup?/
Long Read?/
GALLERY
South China pounded by record rainfall
Powerful rainstorms battered the Guangxi region over the weekend, with some areas, including the capital Nanning, receiving exceptionally heavy precipitation that led to roads flooding. The town of Longmengang in the port city of Qinzhou broke its 24-hour cumulative rainfall record, as well as the region’s historical record for hourly rainfall.
Next Trend Realty LLC./wwwHar.com/Chester-Swanson/agent_cbswan
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