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Put in a Bind with New Law
KEVIN FRAYER/GETTY WEEK 24, 2021 I MA G ES CHINA INSIDER FOREIGN BUSINESSES IN CHINA PUT IN A BIND WITH NEW LAW See Page 2 2 | CHINA INSIDER Week 24, 2021 Week 24, 2021 CHINA INSIDER | 3 WILL RUSSELL/GETTY IMAGES OPINION Beijing’s ‘Anti-Foreign Sanctions’ Law Puts Global Businesses in Further Bind KEVIN FRAYER/GETTY IMAGES FAN YU People walk by an H&M oreign companies doing busi- store in Beijing on ness in China will soon find their March 30, operating environment littered 2021. with economic roadblocks be- cause of a series of new “anti- Fforeign sanctions” rules that China’s leg- islature rushed to pass on June 10. The new rules were introduced as coun- termeasures against foreign nations enact- ing sanctions on Beijing. This development may put foreign organizations and indi- viduals enforcing their home countries’ sanctions against China in a tough position going forward. The new law expands the Chinese re- gime’s toolkit to fight back against sanc- tions and can be used in conjunction with the existing Unreliable Entities List of com- panies it created last year. The measures are extensive and give the Chinese Communist Party (CCP) broad powers to sanction organizations and indi- viduals complying with sanctions against China. So, what exactly can it do? The CCP The Chinese consulate in Perth, Australia, on March 24, 2014. could deny visas for, deport, and restrict travel for affected entities, seize properties bank complying with President Joe Biden’s measures casually, these measures are now they have within China, block business updated executive order to affirm the available to the CCP under the new law. -
Media Capture with Chinese Characteristics
JOU0010.1177/1464884917724632JournalismBelair-Gagnon et al. 724632research-article2017 Article Journalism 1 –17 Media capture with Chinese © The Author(s) 2017 Reprints and permissions: characteristics: Changing sagepub.co.uk/journalsPermissions.nav https://doi.org/10.1177/1464884917724632DOI: 10.1177/1464884917724632 patterns in Hong Kong’s journals.sagepub.com/home/jou news media system Nicholas Frisch Yale University, USA Valerie Belair-Gagnon University of Minnesota, USA Colin Agur University of Minnesota, USA Abstract In the Special Administrative Region of Hong Kong, a former British territory in southern China returned to the People’s Republic as a semi-autonomous enclave in 1997, media capture has distinct characteristics. On one hand, Hong Kong offers a case of media capture in an uncensored media sector and open market economy similar to those of Western industrialized democracies. Yet Hong Kong’s comparatively small size, close proximity, and broad economic exposure to the authoritarian markets and politics of neighboring Mainland China, which practices strict censorship, place unique pressures on Hong Kong’s nominally free press. Building on the literature on media and politics in Hong Kong post-handover and drawing on interviews with journalists in Hong Kong, this article examines the dynamics of media capture in Hong Kong. It highlights how corporate-owned legacy media outlets are increasingly deferential to the Beijing government’s news agenda, while social media is fostering alternative spaces for more skeptical and aggressive voices. This article develops a scholarly vocabulary to describe media capture from the perspective of local journalists and from the academic literature on media and power in Hong Kong and China since 1997. -
Due Impartiality”;
Sanction 138 (20) CGTN Sanction: Decision by Ofcom Sanction: to be imposed on Star China Media Limited (SCML) For material broadcast on China Global Television Network Channel (CGTN) between 11 August 2019 and 21 November 20191. Ofcom’s Sanction against: SCML (the “Licensee”) in respect of its service CGTN (previously TLCS000575BA/22). For: Breaches of the Ofcom Broadcasting Code (the “Code”)3: Rule 5.1: “News, in whatever form, must be reported with due accuracy and presented with due impartiality”; Rule 5.11: “Due impartiality must be preserved on matters of major political and industrial controversy and major matters relating to current public policy by the person providing a service…in each programme or in clearly linked and timely programmes”; and Rule 5.12: “In dealing with matters of major political and industrial controversy and major matters relating to current public policy an appropriately wide range of significant views must be included and given due weight in each programme or in clearly linked and timely programmes. Views and facts must not be misrepresented”. Decision: To impose a financial penalty (payable to HM Paymaster General) of £125,000. 1 See Broadcast and On Demand Bulletin 403, 26 May 2020 (“the Breach Decisions”). 2 Ofcom revoked the Licence on 4 February 2021 under section 238(4) of the Communications Act 2003 and Condition 28(2)(a) of the Licence on the basis that SCML had ceased to provide the CGTN service and, in the circumstances, it was appropriate to revoke the Licence. The reasons for Ofcom’s decision are set out in the Notice of Revocation. -
Complaints Dealt with by the Communications Authority (“CA”) (Released on 15 December 2020)
Complaints dealt with by the Communications Authority (“CA”) (released on 15 December 2020) The CA considered the following cases which had been deliberated by the Broadcast Complaints Committee (“BCC”) – Complaint Cases 1. Television Programme “Another Hong Kong” (另一個香港) broadcast by Television Broadcasts Limited (“TVB”), PCCW Media Limited (“now TV”), Hong Kong Cable Television Limited (“HKCTV”) and Radio Television Hong Kong (“RTHK”) 2. Radio Programmes “Weekend Lucky Star” (潮爆開運王) broadcast by Hong Kong Commercial Broadcasting Company Limited (“CRHK”) The CA also considered cases of dissatisfaction with the decisions of the Director-General of Communications (“DG Com”) on complaint cases. Having considered the recommendations of the BCC, the CA decided– 1. that the complaints against the television programme “Another Hong Kong” (另 一個香港) were unsubstantiated. Nevertheless, there is scope to improve identification of the source of acquired/relayed factual programmes on controversial issues of public importance in Hong Kong to help viewers in making decisions in their choice of programmes and in forming their expectations and judgements. The CA suggested that TVB could inform viewers of the existence of other parts of such programmes which were not broadcast on its service, and that now TV and HKCTV should provide sufficient information about the source of such programmes in a prominent manner prior to their broadcast; 2. that strong advice should be given to CRHK on the complaint against the radio programmes “Weekend Lucky Star” (潮爆開運王); and 3. to uphold the decisions of the DG Com on two cases of dissatisfaction with the decisions of the DG Com. The list of the cases is available in the Appendix. -
U ACCESS Variable Capital Investment Company Luxembourg
Semi-annual report, including Unaudited Financial Statements as at 30th June 2019 U ACCESS Variable Capital Investment Company Luxembourg R.C.S. Luxembourg B 189 490 No subscription can be received on the basis of these financial statements. Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Documents (KIIDs) supplemented by the subscription form, the latest annual report including audited financial statements and the most recent semi-annual report including unaudited financial statements, if published thereafter. U ACCESS Contents Organisation ..................................................................................................................................................... 4 Combined statement of net assets ................................................................................................................... 8 Combined statement of operations and other changes in net assets ............................................................... 9 U ACCESS - BEST SELECTION CHINA A .................................................................................................... 10 U ACCESS - DYNAMIC CHINA (launched as at 9th April 2019)..................................................................... 19 U ACCESS - GLOBAL CREDIT 2020............................................................................................................. 27 U ACCESS - GLOBAL CREDIT 2021............................................................................................................ -
Evergrande Real Estate Group (3333.HK) Scalability Potential Not
October 9, 2009 Evergrande Real Estate Group Limited March 1, 2010 ACTION Buy Evergrande Real Estate Group (3333.HK) Return Potential: 29% Scalability potential not priced in; initiate with a Buy rating Source of opportunity Investment Profile We believe that Evergrande’s current valuation does not price in the scalability Low High potential of the company on the back of its: (1) strong balance sheet with optimal Growth Growth Returns * Returns * debt structure post its recent IPO and overseas note issuance; (2) attractive land Multiple Multiple bank portfolio located in 17 key municipalities and provincial capitals throughout Volatility Volatility China, with an average land cost of only 9% of 2009 ASP; (3) a standardized Percentile 20th 40th 60th 80th 100th Evergrande Real Estate Group (3333.HK) operation and product line that helps reduce execution risks during times of rapid Asia Pacific Property Peer Group Average scale expansion; and (4) a seasoned management team that is highly motivated * Returns = Return on Capital For a complete description of the investment profile measures please refer to to achieve its growth targets. We initiate coverage on Evergrande with a Buy the disclosure section of this document. rating and a 12-month NAV-based TP of HK$4.15. Catalyst Key data Current Price (HK$) 3.21 (1) We expect stronger-than-peers property sales performance to be achieved by 12 month price target (HK$) 4.15 Market cap (HK$ mn / US$ mn) 48,150.0 / 6,202.2 Evergrande through: (a) providing affordable, quality-competitive, mid-end Foreign ownership (%) -- properties to capitalize on the fast growing housing upgrade needs of less developed provincial capitals in China, and (b) setting asset turnover rather than 12/08 12/09E 12/10E 12/11E EPS (Rmb) 0.21 0.07 0.52 0.59 margin expansion as the business objective in a policy tightening environment, EPS growth (%) (53.9) (65.8) 630.7 13.9 which we think is practical. -
Freedom of Expression
1 II. Human Rights FREEDOM OF EXPRESSION International Standards on Freedom of Expression The Chinese government and Communist Party continued to re- strict expression in contravention of international human rights standards, including Article 19 of the International Convenant on Civil and Political Rights (ICCPR) and Article 19 of the Universal Declaration of Human Rights.1 According to the ICCPR—which China signed 2 but has not ratified 3—and as reiterated in 2011 by the Special Rapporteur on the Promotion and Protection of the Right to Freedom of Opinion and Expression, countries may impose certain restrictions or limitations on freedom of expression, if such restrictions are provided by law and are necessary for the purpose of respecting the ‘‘rights or reputations of others’’ or protecting na- tional security, public order, public health, or morals.4 An October 2009 UN Human Rights Council resolution declared restrictions on the ‘‘discussion of government policies and political debate,’’ ‘‘peace- ful demonstrations or political activities, including for peace or de- mocracy,’’ and ‘‘expression of opinion and dissent’’ are inconsistent with Article 19(3) of the ICCPR.5 The UN Human Rights Com- mittee specified in a 2011 General Comment that restrictions on freedom of expression specified in Article 19(3) should be inter- preted narrowly and that the restrictions ‘‘may not put in jeopardy the right itself.’’ 6 Reinforcing Party Control Over the Media INSTITUTIONAL RESTRUCTURING OF PARTY AND GOVERNMENT AGENCIES In March 2018, the Chinese -
Foreign Political Party
U.S. Department of Justice National Security Division Counterintelligence and Export Control Section Washington, DC 20530 December 20, 2018 Via FedEx Mr. Maurice A. Belan Baker & McKenzie LLP 815 Connecticut Avenue, NW Washington, DC 20006-4078 Re: Qbligation of CGTN America to Register under the Foreign Agents Registration Act DearMr. Belan: Based upon a review of yourletters of February 26, April 9, June 15, July 19, and July 31, 2018, including documents attached thereto; our meetings on February 27 and July 13, 2018; and open source information, including CGTN America’s own broadcasts, we have determined that CGTN America, the Washington, D.C., bureau of the China Global Television Network (‘CGTN”), has an obligation to register under the Foreign Agents Registration Act of 1938, as amended, 22 U.S.C. § 611 et seq. “FARA”or the “Act”). CGTN America’s obligation arises from its political activities and its actions as a publicity agent and information-service employee in the United States for the Chinese government, Chinese Communist Party, China Media Group, and its predecessor CCTV, each of which constitutes a foreign principal underthe Act. FARA The purpose of FARA is to inform the American public of the activities of agents working for foreign principals to influence U.S. Governmentofficials or the American public with reference to the domestic or foreign policies of the United States, or with reference to the political or public interests, policies, or relations of a foreign country or a foreign political party. The term“foreign principal” includes “a governmentof a foreign country” and “a partnership, association, corporation, organization, or other combination of persons organized underthe lawsofor having its principal place of business in a foreign country.” 22 U.S.C. -
V OLUME 20 • I SSUE 6 • a PRIL 01, 2020 Military Activity and Political
V OLUME 20 • IS SUE 6 • AP RIL 01, 2020 IN TH IS I SSUE: Military Activity and Political Signaling in the Taiwan Strait in Early 2020 By John Dotson… …………………………………………………..pp. 1-7 The Coronavirus Pandemic and the Rise of Chinese Civil Society By Willy Lam… ……………………………………………………....pp. 8-12 The Chinese Charm Offensive Towards Italy as the Coronavirus Crisis Deepens By Dario Cristiani… …………………………………………………pp. 13-18 Global Supply Chains, Economic Decoupling, and U.S.-China Relations, Part 1: The View from the United States By Sagatom Saha and Ashley Feng… ……………………………...pp. 19-24 China’s Deepening Diplomatic and Economic Engagement in Afghanistan By Syed Fazl-e Haider… ……………………………………………..pp. 25-29 Military Activity and Political Signaling in the Taiwan Strait in Early 2020 By John Dotson Introduction On March 16, People’s Liberation Army (PLA) Air Force aircraft conducted a set of unusual nighttime sorties over the sea to the southwest of Taiwan. At least one KJ-500 airborne early warning and control (AEWC) aircraft and an undisclosed number of J-11 FLANKER-L jet fighters participated in the mission, and at one point crossed the median line of the Taiwan Strait, which prompted a scramble by Republic of China Air Force (ROCAF) F-16 fighters in response ( Focus Taiwan, March 17; Taipei Times, March 18). Although the nature of the mission was unusual—this marked the first time that PLA aircraft flew in the vicinity of Taiwan at night—the incident was otherwise consistent with a pattern of increasingly provocative naval and military aviation operations conducted in the vicinity of Taiwan by PLA units in the first quarter of 2020. -
French-Language Chinese State Media Strategies and Social Media Accounts Analysis
FRENCH-LANGUAGE CHINESE STATE MEDIA STRATEGIES AND SOCIAL MEDIA ACCOUNTS ANALYSIS EU DisinfoLab OCTOBER 2020 EU DisinfoLab –- [email protected] – www.disinfo.eu Executive summary .................................................................................... 3 Introduction ................................................................................................ 5 1. China's state-controlled media in French ........................................ 8 1.1 Xinhua ................................................................................................................................. 8 1.2 CGTN-Français .................................................................................................................. 9 1.3 Radio Chine Internationale ....................................................................................... 10 1.4 Le Quotidien du Peuple ............................................................................................. 11 1.5 Comparison between the Chinese state-controlled media websites’ audience and the traffic generated by other French media ................................ 12 1.6 A new strategy: a network of female YouTubers .............................................. 13 1.5.1 Double messaging strategy ........................................................................................... 20 2. A study of French-language media narratives linked to the Chinese state............................................................................................ 23 2.1 Production -
Separate and Consolidated Interim Financial Statements As at 30 June 2019
Separate Financial Consolidated Financial Introduction Statements Statements I Separate and Consolidated Interim Financial Statements as at 30 June 2019 Separate and Consolidated Interim Financial Statements as at 30 June 2019 Contents Introduction 5 Interim Separate Financial Statements as at 30 June 2019 13 Interim Consolidated Financial Statements as at 30 June 2019 215 Corporate Directory 288 Introduction Corporate Officers 6 Organisational Structure 7 Introduction from the Chairman of the Board of Directors 8 Financial Highlights 10 Separate Financial Consolidated Financial Introduction 6 Statements Statements Corporate Officers Corporate Officers BOARD OF DIRECTORS Chairman Marcello Foa Chief Executive Fabrizio Salini Officer Directors Rita Borioni Beatrice Coletti Igor De Biasio Riccardo Laganà Giampaolo Rossi Board Secretary Anna Rita Fortuna BOARD OF STATUTORY AUDITORS Chairman until 4 July 2019 as of 5 July 2019 Biagio Mazzotta Carmine di Nuzzo Statutory auditors Roberto De Martino Giovanni Ciuffarella Anna Maria Magro Maria Teresa Mazzitelli Alternative auditors M.M. Assunta Protopapa Pietro Contaldi Pietro Floriddia Antonella Damiotti EXTERNAL AUDITOR PricewaterhouseCoopers Separate Financial Consolidated Financial Introduction Statements Statements 7 Organisational Structure Organisational Structure (short form) Board Chairperson of Directors of the Board Board of Statutory Auditors Internal Supervisory Audit Board Chief Executive Officer(1) General Management Corporate Mastheads TV channels Corporate CFO - Finance and genres and Support and Planning Radio COO - TV production CFO - Technological Property and Infrastructure local sites Rai Cinema Rai Com Rai Pubblicità Rai Way (1) Among others, the Staff Departments of the Chief Executive Officer and Corporate General Manager, International Relations (functionally reporting to the Chairman of the Board), Institutional Relations, Communication, Marketing and Research report to the Chief Executive Officer. -
Financial Street Holding Co (000402.SZ) in Line With
August 19, 2010 EARNINGS REVIEW Financial Street Holding Co (000402.SZ) Neutral Research Report In line with expectations: lacking catalysts in 2H10; stay Neutral What surprised us Investment Profile Financial Street reported 1H10 results with net profit down 33% yoy to Low High Rmb508 mn, in line and achieving 47% of our full year forecasts. Excluding Growth Growth one-off gains (revaluations, assets disposals, etc), core profit came in at Returns * Returns * Multiple Multiple Rmb277 mn, up 71% yoy. Highlights: (1) 1H10 gross margin increased Volatility Volatility 7ppt yoy mainly due to the booked high margin project, Tianjin Jinmen. Percentile 20th 40th 60th 80th 100th We expect full year margins to trend down as the contribution from lower- Financial Street Holding Co (000402.SZ) margin projects increases. (2) 1H10 contract sales lagged peers with Asia Pacific Property Peer Group Average * Returns = Return on Capital For a complete description of the Rmb2.7 bn achieved or 39% of our full year target of Rmb7.1 bn vs. peers’ investment profile measures please refer to c. 54%, due to limited new launches. We expect 2H10 contract sales to the disclosure section of this document. slightly improve driven by more launches but see little chance of a Key data Current surprise on the upside. (3) Investment properties operations were on Price (Rmb) 7.44 12 month price target (Rmb) 6.85 track in 1H10 with 43% of ‘10E full year revenue estimates of Rmb799 mn Market cap (Rmb mn / US$ mn) 22,521.5 / 3,315.8 achieved and we expect them to contribute c.