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According to Hong Kong Stock Exchange filings, Tencent Holdings (00700.HK) repurchased 1.1 million shares on June 5, at a cost of HK$500.4 million.June 5th - The State Council announced the appointment and removal of state personnel. Liu Sushe was appointed Vice Minister of Culture and Tourism; Hong Zongming was appointed Vice Minister of Veterans Affairs; and Ding Xiangqun (female) was appointed Director of the State Financial Supervision and Administration Bureau. Liu Sushe was removed from his position as Vice Chairman of the National Development and Reform Commission; Chen Jiachang was removed from his position as Vice Minister of Science and Technology; Ma Feixiong was removed from his position as Vice Minister of Veterans Affairs; Zhang Yuzhuo was removed from his position as Director of the State-owned Assets Supervision and Administration Commission of the State Council; and Han Dong was removed from his position as Vice Director of the State Administration of Radio and Television.On June 5th, the General Office of the State Council issued guiding opinions on strengthening supervision, preventing risks, and promoting the high-quality development of private equity investment funds. The opinions state that the handling of risks associated with private equity fund managers shall be organized and implemented by the provincial-level or municipal-level governments where the managers are registered, in conjunction with the securities regulatory agency of the State Council and other relevant departments. The provincial-level or municipal-level governments where the managers are registered shall promptly ascertain the situation, formulate risk mitigation and disposal plans in accordance with market-oriented and rule-of-law principles, and carry out work such as asset recovery, asset verification, and distribution and liquidation, avoiding the expectation that risk mitigation and disposal will rely on public resources. Private equity fund risks shall be mitigated and disposed of under relevant local risk disposal mechanisms. The securities regulatory agency of the State Council and its branches shall actively cooperate with local governments in carrying out risk mitigation and disposal work, and properly handle handling and punishment. If multiple private equity fund managers controlled by the same actual controller across regions experience risks, the provincial-level or municipal-level governments responsible for leading the effort shall, in principle, be determined in the following order: the registered location of the headquarters enterprise, the place where the core enterprise pays its income tax, and the place where the personal income tax of the senior management personnel pays its income tax. Private equity funds shall not be used to illegally raise debt to resolve debt or dispose of problematic enterprises, to prevent the formation of new risk points.June 5th - On June 5th, XPeng issued a statement refuting rumors: Regarding the online reports of an XPeng car catching fire in Pingdu, Shandong, our company immediately investigated and analyzed vehicle data from the scene and found no information related to thermal runaway.Both WTI and Brent crude oil prices fell by nearly $1 in the short term, currently trading at $93.59/barrel and $93.36/barrel respectively.

Owning Government Officials From Working on Regulation

Cory Russell

Jul 07, 2022 16:31

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Government personnel who actively engage in cryptocurrencies or are discovered to be in possession of any are prohibited from taking part in the creation of legislation and policies pertaining to cryptocurrencies, according to a recent directive from the US Office of Government Ethics.

With Some Exceptions

Additionally, the advisory notice made clear that even if the restriction is in effect, it only does so with a de minimis exception.


Owners are still able to invest in cryptocurrencies via publicly listed shares and mutual funds of businesses offering cryptocurrency and blockchain services because to this exception. Stablecoins and all other forms of cryptocurrency are included.


Government personnel are still permitted to acquire cryptocurrencies; but, doing so will prevent them from contributing to the development of crypto-related regulations.


They may still work on such initiatives, however, provided they divert their cryptocurrency holdings into other financial opportunities.


The notification went on to further describe the situation, saying "An employee may not engage in a specific topic if the employee understands that particular item might have a direct and predictable influence on the value of their cryptocurrency or stablecoins."


However, even for those who are permitted to invest in cryptocurrency-related stock index listings, a $50k threshold has been imposed over which the de minimis exemption is no longer applicable.

Crypto investors suffer a loss

The cryptocurrency market isn't in the greatest of health right now, even if the Biden administration is concentrating on creating laws for cryptocurrencies after the POTUS issued an executive order for the same.


The continued bearishness is having an impact on cryptocurrency firms as the overall market value of all cryptocurrencies is struggling to reach $1 trillion.


Voyager Digital has filed for Chapter 11 bankruptcy a week after stopping the platform's withdrawal, trading, and deposit services after Harmony almost went bankrupt a while back.


Thus, even without the US GOE's decision, it would only have taken these investors a little longer to leave the market, similar to how many other investors are already doing.

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