CX Daily: How to Better Protect Procedural Justice for Criminal Suspects in China
TOP STORY
Law?/
China’s legislature is looking to amend its 45-year-old Criminal Procedure Law (CPL) for the fourth time, with hopes to realize procedural justice for suspects through reforms while addressing new issues that have emerged in recent years.
Commonly referred to as the “mini constitution,” the CPL seeks to balance the powers of law enforcement and judicial authorities with the rights of criminal suspects and defendants.
FINANCE & ECONOMY
Default?/
Shanghai Industrial Financial Leasing Co. Ltd., a state-backed leasing firm and a major funding source for local government financing vehicles, has missed the interest and principal payments on a 400-million-yuan ($55.9 million) private placement bond, highlighting the company’s deepening debt woes.
On Aug. 1 the company warned it might be unable to repay a bond maturing on Aug. 3 after negotiations to secure bondholders’ support for an extension failed. With a coupon rate of 7.00%, the total principal and interest due is 428 million yuan. Since Aug. 3 falls on a weekend, the actual payment date is Aug. 5. ?
Corruption?/
Zhou Jun, the former president of the state-owned investment conglomerate Shanghai Industrial Investment (Holdings) Co. Ltd., appeared in court on Wednesday to face charges of embezzlement and bribery totaling 176 million yuan ($24.5 million), Caixin learned.
A court in Shanghai heard the case against Zhou, who is accused of embezzling more than 154 million yuan in public funds during his tenure as president of Shanghai Industrial Investment from 2019 to 2023. ?
Quick hits?/
Finance Movers and Shakers?/
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BUSINESS & TECH
Uniqlo?/
Uniqlo Co. Ltd.’s strategy of raising prices in the face of rising costs has taken a toll on the Japanese clothing retailer’s bottom line in China due to growing competition and thriftier consumers.
The fast-fashion chain’s Greater China profit and revenue both fell in local currency terms during the March-May period, dragged down by a poor performance on the Chinese mainland and in Hong Kong, according to earnings results released last month by its parent company, Fast Retailing Co. Ltd. The results did not provide specific earnings figures for the period. ?
Xpeng?/
XPeng Aeroht, the flying car subsidiary of Chinese electric carmaker XPeng Inc., has secured $150 million in a new funding round as the company pushes forward to start mass production.
XPeng Aeroht hasn’t named the investors in the latest funding round but Caixin learned that the financing was coordinated by the Guangzhou government, with at least three state-owned companies participating. XPeng Aeroht’s post-investment valuation exceeds $1 billion, sources told Caixin. ?
Quick hits?/
China Auto Roundup?/
Long Read?/
GALLERY
The tennis star made history for China on Saturday, clinching the country’s first ever Olympic singles gold medal after beating Donna Veki? of Croatia in the women’s final. Zheng won both sets, blasting a forehand out of the Croatian’s reach to end the match. The Paris 2024 Summer Olympics tennis events wrapped up the following day with Serbia’s Novak Djokovic defeating Spain’s Carlos Alcaraz for his first Olympic gold. The men’s and women’s doubles golds went to Australia and Italy, respectively.
Realtor Associate @ Next Trend Realty LLC | HAR REALTOR, IRS Tax Preparer
7 个月Thanks for sharing.