China Readings for October 30th

"Sinocism is the Presidential Daily Brief for China hands"- Evan Osnos, New Yorker Correspondent and National Book Award Winner

  • Sina Weibo Launching English Version Soon, With the Partnership of FlipBoard and Instagram | TechNode | TechNode – However, launching the site in English is not a big deal (Tencent Weibo’s English version has been launched) .

    It’s not about accessing the oversea market, it’s about the oversea companies to access the Chinese users.

  • Wen Pledges to ‘Firmly’ Maintain Curbs on the Chinese Real Estate Market – Bloomberg – China will maintain the control measures on the property market “firmly” and seek to “fine tune” its economic policies at an appropriate time, according to a government statement following a State Council meeting chaired by Premier Wen Jiabao today.
    Local governments should be responsible and continue to strictly implement the government’s real-estate policies and let the Chinese people see the effects in the coming months, according to the statement. The government said it will “fine tune” the economic policies in “an appropriate degree and appropriate time.”
  • Are China’s Rulers Getting Religion? by Ian Johnson | NYRblog | The New York Review of Books – real Daoists want nothing to do with state-sponsored "Daoism"//

    Meanwhile, though it has been far less noted, Beijing is giving new support to religion—even the country’s own beleaguered traditional practice, Daoism.

    After decades of destruction, Daoist temples are being rebuilt, often with government support. And even as the plenum was taking place, authorities were convening an International Daoism Forum. The meeting was held near Mt. Heng in Hunan Province, one of Daoism’s five holy mountains, and was attended by 500 participants. It received extensive play in the Chinese media, with a noted British Daoist scholar, Martin Palmer, getting airtime on Chinese television. This is a sharp change for a religion that that was persecuted under Mao and long regarded as suspect. What, exactly, is gong on here?

  • Asian Americans most bullied in US schools: study – Asian Americans endure far more bullying at US schools than members of other ethnic groups, with teenagers of the community three times as likely to face taunts on the Internet, new data shows.
    Policymakers see a range of reasons for the harassment, including language barriers faced by some Asian American students and a spike in racial abuse following the September 11, 2001 attacks against children perceived as Muslim
  • Report: RIM operating surveillance facility in India – Remember when India was threatening to shut down BlackBerry service unless it could tap user's communications? Reports have RIM operating a wiretapping facility in Mumbai to help with that.
  • New VIE IPOs and enhanced disclosures | China Accounting Blog | Paul Gillis – The lawyers are doing their job even if their behavior seems more like the world's first profession than the second. The SEC is not responsible for evaluating these risks, rather only to make sure they are disclosed. The accountants, however, are in the tough spot. I see two problems with this offering. The first is whether the "substantial uncertainty" with respect to the legal risks rises to the level of "substantial doubt" as to whether the business is a going concern. The PCAOB pointed to this issue in their recent guidance on auditing in emerging markets. 

    The second issue relates to a more conventional use of going concern. Will Lashou actually have enough cash to continue operations? That seems like a silly question, given that the company has US$116 million in cash at June 30, 2011 and hopes to raise another $100 million. Its burn rate was $22 million for the six months to June 30, so they would appear to be safe here. Or are they? Lashou discloses that because of SAFE rules it may not be able to transfer any of the IPO proceeds to its operating companies in China. If that is a problem, how did they transfer the early PE funded rounds to China?  The disclosures about where the cash is located and whether the company can freely use it within the group are woefully inadequate. On a positive note, Lashou discloses summary financial information about the VIE, something that I have been calling for

  • Lashou IPO Filing And The VIE Issue | DigiCha – If you are interested in the variable interest entity (VIE) issue, go read Paul Gillis’ new post on the Lashou ($LASO) IPO filing–New VIE IPOs and enhanced disclosures. He is the authority on VIEs
  • eTao: Alibaba’s Two-Faced Gambit Implodes | TechRice – In covering the eTao incident, the media has largely missed just how brazenly hypocritical Alibaba’s cry for ‘openness’ is.
  • 腾讯公益投500万设“筑德基金”_互联网_DoNews-IT门户-移动互联网新闻-电子商务新闻-游戏新闻-风险投资新闻-IT社交网络社区
  • An Open Letter to Relativity Media | ChinaGeeks | analysis and translation of modern China – Because maybe it’s just my sense of humor, but holding an innocent blind man and his family in their house, beating and robbing well-intentioned net users trying to visit him, and then lying about it to the world does not sound like a great premise for a hilarious buddy comedy. And every day you’re in Linyi shooting 21 and Over, you’re funding that, too, whether you want to be or not.

    Do the right thing here.

  • China defines terrorism to win global support – Yahoo! News – BEIJING – China's legislature authorized new guidelines Saturday to define and combat terrorism, inching closer to international practices as the nation grapples with a sporadically violent rebellion in Central Asian border lands.
    The resolution clearly sets China's legal definition of terrorism and the steps for formally declaring groups and individuals terrorists and for freezing their assets. The measure should help law enforcement prosecute terrorists differently from other criminals and to promote international cooperation on terrorism, said Li Shouwei, a criminal law expert for the legislature.
  • U.S.Aerospace Joint Ventures May Be Helping China: Draft – Defense News – unknowingly?//

    U.S. aerospace companies may unknowingly be helping China's military, according to a rough draft of the annual report on China's military modernization by the U.S.-China Economic and Security Review Commission, to be released in November.

    Defense News got an early look at the draft.

    The report noted last January's announcement by General Electric and the Aviation Industry Corporation of China (AVIC) that they would launch a joint venture for integrated avionics. It also noted several Boeing-AVIC moves, including April's announcement that the two would double the capacity of the Boeing Tianjin joint venture, which produces composite materials

  • China names new regulators in leadership renewal: report | Reuters – Shang Fulin, currently the securities regulator, was named chairman of the China Banking Regulatory Commission (CBRC), replacing Liu Mingkang.

    Ex-China Construction Bank (601939.SS) (0939.HK) chairman Guo Shuqing will take up the post of chairman of the China Securities Regulatory Commission. Late on Friday, the bank said Guo resigned due to the need to attend to state financial work.

    Ex-Agricultural Bank of China (601288.SS) (1288.HK) chairman Xiang Junbo will take up the post of chairman of the China Insurance Regulatory Commission (CIRC). AgBank also said in a short statement on Friday that Xiang resigned "due to the need of state financial work."

  • 真正极品大面 for iPad on the iTunes App Store
  • 国信办:在网上兴起学习贯彻六中全会精神热潮-搜狐IT
  • China Unveils Supercomputer Based on Its Own Chips – – China has made its first supercomputer based on Chinese microprocessor chips, an advance that surprised high-performance computing specialists in the United States.

    The announcement was made this week at a technical meeting held in Jinan, China, organized by industry and government organizations. The new machine, the Sunway BlueLight MPP, was installed in September at the National Supercomputer Center in Jinan, the capital of Shandong Province in eastern China.

    The Sunway system, which can perform about 1,000 trillion calculations per second — a petaflop — will probably rank among the 20 fastest computers in the world. More significantly, it is composed of 8,700 ShenWei SW1600 microprocessors, designed at a Chinese computer institute and manufactured in Shanghai.

  • US Group Calls For Film Boycott Over Human Rights in China « VOA Breaking News – A U.S. rights group is calling for a boycott of a U.S. film company because it is shooting a movie in a Chinese city where a leading activist is in prison.
    The group, Women's Rights Without Frontiers, says Relativity Media is filming the movie 21 and Over in Linyi, China.
    The city is where blind activist Chen Guangcheng is serving time in prison for exposing the fact that the city had 130,000 forced abortions and sterilizations in 2005.
  • Blue Coat Acknowledges Syria Used Its Gear for Internet Censorship Amid Arab Spring – – A U.S. company that makes Internet-blocking gear acknowledges that Syria has been using at least 13 of its devices to censor Web activity there—an admission that comes as the Syrian government cracks down on its citizens and silences their online activities.

    Blue Coat Systems Inc. of Sunnyvale, Calif., says it shipped the Internet "filtering" devices to Dubai late last year, believing they were destined for a department of the Iraqi government. However, the devices—which can block websites or record when people visit them—made their way to Syria, a country subject to strict U.S. trade embargoes.

    Blue Coat told The Wall Street Journal the appliances were transmitting automatic status messages back to the company as the devices censored the Syrian Web. Blue Coat says it doesn't monitor where such "heartbeat" messages originate from. Computer code reviewed by the Journal indicates that Syrians were also using other Blue Coat products, raising questions about how the tools came to be used this way and whether Blue Coat has violated the trade embargo.