Big data indicate recovery in nighttime economy

NIGHTTIME consumption in China has almost returned to last year’s level, an index based on big data has shown.

The nighttime consumption recovery index has reached 92.6 this year, indicating the whole year’s nighttime consumption is almost the same as last year, according to big data released Wednesday by the China UnionPay Merchant Services Co. The index is mainly based on the value of consumption between 6 p.m. on any given day and 6 a.m. the following day, and a reading of 100 indicates the nighttime economy is at the level of the same period the previous year.

Regulator wants more institutional funds

CHINA’S securities regulator is prioritizing more institutional participation as one of its major tasks for next year, a move aimed at reducing market volatility associated with excessive speculation among retail investors.

Expanding the size of stock-focused mutual funds and linking pension funds to the capital market have been highlighted on the to-do list for 2021, the China Securities Regulatory Commission (CSRC) said in a statement on its website. It was posted after its chief, Yi Huiman, chaired a work meeting Tuesday about its targets for the year ahead.

Xiaomi’s market value swells past US$100b

XIAOMI Corp.’s market value swelled past the US$100 billion mark Wednesday, a figure the firm fell far short of when it listed shares two years ago.

Xiaomi’s stock rallied as much as 9.1 percent to a fresh record in Hong Kong, making it the 13th stock in the city’s benchmark Hang Seng Index to have a market capitalization above US$100 billion. It ended the day 7.6 percent higher with a market value of HK$802 billion (US$103 billion).

Jiasheng Gas plans US$380m LNG terminal

JIASHENG Gas Co., an independent gas distributor, has agreed an engineering and construction deal to build a 2.5 billion yuan (US$380 million) liquefied natural gas (LNG) storage and receiving facility in eastern China.

The little-known firm is among a group of companies outside the dominant State oil and gas giants that are expected to lead new investment in LNG import terminals over the next decade as China opens up the sector to more private participation.