Coin offerings create financial risks: industry body

LAUNCHES of new digital currencies, known as initial coin offerings (ICOs), have shaken up social and economic order, created hidden financial risks, and in some cases may amount to fraud, China’s National Internet Finance Association said.

ICO investors should be wary and report any suspected crimes to police, the association said in the latest sign of growing official concern about ICOs. On Monday, the financial magazine Caixin reported regulators were preparing new rules on digital coin offerings.

Fosun ‘not under investigation’ over overseas deals

FOSUN International Ltd., one of the China’s most acquisitive dealmakers, hasn’t been investigated by the country’s regulators over its overseas investments and deals, chief executive officer Wang Qunbin said Thursday.

The conglomerate, which has assets in Brazil, Portugal, France, Canada and the United States, supports the Chinese Government’s new guidelines to regulate overseas investment, he said. He added that China is looking to support capable firms investing overseas while restricting or banning deals in certain sectors.

ICBC to follow rules on overseas acquisitions

THE world’s largest lender, Industrial and Commercial Bank of China (ICBC), said Wednesday it would follow restrictions set by the State Council, or Cabinet, on overseas acquisitions.

Earlier this month, the State Council issued new guidelines to regulate overseas investment. “The State Council’s document has made it clear which [areas of overseas investment] are encouraged and which areas are restricted,” said Yi Huiman, chairman of ICBC. “For overseas acquisitions in the areas under restriction, we will implement the government’s requirements. But for overseas acquisitions that are being encouraged, our financing is normal,” Yi added.

Safety inspections target coal mines, chemical plants

THE government will launch nationwide safety inspections of coal mines, chemical plants, gas operators and logistics firms, starting in September.

The new round of inspections comes after an environmental crackdown in August roiled commodities markets. “It is a top priority for us to give coal mines thorough checks. Hazardous chemical producers, city gas operators as well as fireworks manufactures will also be our list for the inspections,” the government said in a statement Wednesday.