Record $781 billion Wiped off Chinese Internet Companies’ Market Value in Third Quarter

Chinese internet companies’ market values fell by a record amount in the third quarter as the ongoing wave of tougher regulations and bolstered enforcement spooks investors.

Since late last year, various regulators overseeing internet companies have issued new rules affecting internet businesses, including heightened scrutiny over data security as well as stinging antitrust penalties.

The market value of the 176 publicly traded Chinese internet companies fell by more than 5 trillion yuan ($781 billion) to 13.6 trillion yuan, sinking more than 27% quarter-on-quarter and 19.5% year-on-year, according to a research institute under the Ministry of Industry and Information Technology.

Source: Caixin Global

Asia-Middle East Digital Currency Trial Reports Progress

A trial of a digital cross-border payment system between Asia and the Middle East made progress in the eight months after it was launched, according to a report issued Wednesday.

A total of 22 banks and financial institutions from mainland China, the United Arab Emirates, Hong Kong and Thailand participated in the study of the Multiple Central Bank Digital Currency (m-CBDC) Bridge project.

The collaboration among the central banks of the four jurisdictions completed more than 2 billion yuan ($312 million) of cross-border transactions, according to the report released at the Hong Kong Fintech Week conference.

The project aims to facilitate real-time cross-border foreign exchange transactions in a multi-jurisdictional context and explore cross-border business usage employing domestic and foreign currencies.   PBOC says digital yuan users have surged to 140 million.

Source:  Caixin Global