Tsinghua PBCSF Global Finance Forum (2018) convened in Beijing
On May 19, Tsinghua PBCSF Global Finance Forum (2018), which was hosted by Tsinghua University and organized jointly by the Tsinghua University PBC School of Finance (PBCSF), Tsinghua University National Institute of Financial Research (NIFR) and Tsinghua University Institute of Financial Technology, convened in Beijing. The theme of the forum is “Financial Reform, Opening-up and Stability in the New Ear”.
The forum has set a total of seven themed forums, including “Financial Reform and Opening-up”, “Financial Supervision and Prevention of Financial Risk,” “Capital Market and Real Economy,” and “Prospect of Fintech Industry under Strengthened Regulation”, “China-US Trade and Financial Liberalization,” “Asset Management Trends and Outlook,” and “Financial Support for Cultural Prosperity”. (Source：PBCSF）
The Ministry of Industry and Information Technology issued ” China Blockchain Industry White Paper (2018)”
On May 20, the 2018 China Blockchain Industry Summit Forum was held in Beijing.
During the summit, the Ministry of Industry and Information Technology jointly issued a “China Blockchain Industry White Paper (2018)” (“White Paper”) with a number of relevant units.
The white paper systematically analyzes the status quo of China’s blockchain industry development and its ecological composition. Additionally, the paper summarized the characteristics of China’s blockchain industry, especially the application of blockchain technology in the financial field and the real economy.
Through case-studies of a large number of blockchain applications and industry practices, the document presents its prospects for this emerging industry in China. (Source: iyiou)
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Baihang Credit Rating Co., Ltd officially established in Shenzhen
On May 23, Baihang Credit Rating Co., Ltd officially announced its establishment in Shenzhen. On January 6, 2018, the People’s Bank of China accepted the application for the personal credit information service of Baihang Credit Rating Co., Ltd.
Under the guidance of the PBOC, Baihang Credit was jointly set up by 8 entities (namely Sesame Credit, Tencent Credit, Qianhai Zheng Xin, Koala Zheng Xin, Pengyuan Credit Services, China Chengxin Credit, IntelliCredit, and Sinoway Credit) and the National Internet Finance Association of China. (Source：mpaypass.com)
Ant Financial’s $10-billion fund-raising faced oversubscription
The ongoing $10-billion fund-raising of Ant Financial Services has attracted the attention of multiple investors.
According to informed sources, investors expected to participate in this round of financing include private equity group Carlyle, General Atlantic, Silver Lake, Sequoia Capital China, Warburg Pincus, sovereign wealth fund Temasek, institutional funds Canada Pension Plan Investment Committee (CPPIB) and BlackRock; while many other investors were rejected.
According to a person involved in the funding, this round of financing will value Ant Financial at more than US$150 billion. However, a high valuation doesn’t mean a profitable return.
Investors participating in Ant Financial’s $10-billion financing will receive convertible financial instruments instead of equity, and these convertible financial instruments will be converted into shares on the occasion of Ant Financial’s listing.
The news that Ant Financial would raise $10-billion financing was first disclosed in April this year. Industry insiders believe that Ant Financial will become the world’s largest financial technology [Fintech] company and the largest start-up company after the successful round of financing. (Source: wallstreetcn.com)
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