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On April 10th, a spokesperson for the China Securities Regulatory Commission (CSRC) answered reporters questions regarding the "Opinions on Deepening the Reform of the ChiNext Market to Better Serve the Development of New Productive Forces." The spokesperson mentioned that, regarding refinancing, to meet the needs of growth-oriented innovative and entrepreneurial enterprises that have long R&D cycles and high requirements for the flexibility and timeliness of fundraising, the CSRC will promote the implementation of the shelf registration system for refinancing on the ChiNext market, allowing for "one-time registration, multiple issuances." At the same time, the CSRC will improve the simplified refinancing procedure system, simplify company decision-making procedures, and improve refinancing efficiency. Regarding mergers and acquisitions (M&A), the CSRC will fully leverage the positive role of M&A in promoting industrial integration and transformation and upgrading, and continue to promote the implementation of the "Six Measures for M&A" on the ChiNext market.On April 10th, a spokesperson for the China Securities Regulatory Commission (CSRC) answered reporters questions regarding the "Opinions on Deepening the Reform of the ChiNext Market to Better Serve the Development of New Productive Forces." The spokesperson mentioned optimizing the trading system. This includes introducing a market maker system to promote the diversification of participants and trading strategies in the ChiNext market, reduce price volatility, and enhance market resilience. Negotiated block trades will be adjusted to real-time confirmation, improving the efficiency of investors securities and capital utilization, enhancing transaction certainty, and increasing the willingness of medium- and long-term funds to participate. An after-hours fixed-price trading mechanism for ChiNext-related ETFs will be introduced to better meet the diversified trading needs of investors and help reduce the impact of large transactions on the secondary market.The Hang Seng Index closed up 141.14 points, or 0.55%, at 25,893.54 on Friday, April 10; the Hang Seng Tech Index closed up 38.59 points, or 0.8%, at 4,860.26; the H-share Index closed up 43.21 points, or 0.5%, at 8,655.04; and the Red Chip Index closed up 31.31 points, or 0.74%, at 4,287.51.On April 10th, a spokesperson for the China Securities Regulatory Commission (CSRC) answered reporters questions regarding the "Opinions on Deepening the Reform of the Growth Enterprise Market (GEM) to Better Serve the Development of New Productive Forces." The spokesperson stated that this reform adds a fourth set of listing standards for the GEM, combining growth and innovation indicators such as compound annual growth rate of revenue and R&D investment with market capitalization and revenue indicators to better support high-growth potential and outstanding innovation capabilities of high-quality enterprises. Specifically, there are two indicators: First, "expected market capitalization of not less than 3 billion yuan, operating revenue of not less than 200 million yuan in the most recent year, and a compound annual growth rate of revenue of not less than 30% in the past three years," primarily applicable to companies in emerging industries; second, "expected market capitalization of not less than 4 billion yuan, operating revenue of not less than 200 million yuan in the most recent year, and cumulative R&D investment of not less than 100 million yuan in the past three years, accounting for not less than 15% of revenue," primarily applicable to companies in future industries.On April 10th, a spokesperson for the China Securities Regulatory Commission (CSRC) answered reporters questions regarding the "Opinions on Deepening the Reform of the ChiNext Market to Better Serve the Development of New Productive Forces." The spokesperson mentioned enriching the product and service system, optimizing the compilation of ChiNext-related indices, launching more ChiNext-related ETFs and options, introducing ChiNext stock index futures in due course, supporting fund investment advisors in allocating ChiNext ETFs, and including ChiNext ETFs in the Fund Connect platform for trading, to better meet the asset allocation and risk management needs of different investors and enhance investment convenience and attractiveness.

Lawsuit accuses troubled crypto lender Celsius Network of fraud

Skylar Shaw

Jul 08, 2022 14:54

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On Thursday, a former investment manager at Celsius Network filed a lawsuit against the cryptocurrency lender, alleging that it had frozen client funds and had rigged the price of its own cryptocurrency token using user contributions.


According to the lawsuit, Celsius engaged in "gross mishandling of client deposits" in order to enrich itself and deceived plaintiff KeyFi Inc, controlled by former manager Jason Stone, into delivering services worth millions of dollars while refusing to pay for them.


The complaint was filed in Manhattan's New York state court and demands both specific compensation and punitive damages; Celsius has not yet responded.


Stone's charges come after Celsius decided on June 12 to halt transfers and withdrawals for its 1.7 million clients due to "extreme" market circumstances.


Later, the Hoboken, New Jersey-based business recruited consultants to discuss a potential debt restructure that would include declaring bankruptcy.


While the cryptocurrency hedge fund went into liquidation late last month, the crypto lender Voyager Digital Ltd filed for bankruptcy protection this week.


Celsius guaranteed retail consumers disproportionate returns, up to 19% yearly.


However, Stone said that Celsius had trouble paying investors because it neglected to hedge its bets, leading to "severe" losses when the value of several currencies changed.


He also claimed that Celsius had a $100 million to $200 million hole in its records that it "could not completely explain or rectify" because certain deposits were recorded on a U.S. dollar basis even though clients were paid in bitcoin or other digital currencies.


The case filed on Thursday claims that Stone produced $838 million in profit for Celsius and KeyFi before expenses and overhead from August 2020 to March 2021 while mostly operating without a formal agreement, with KeyFi being entitled to 20% of net profit.


When it became apparent that the hedging difficulties "may be financially ruinous" for Celsius and harm KeyFi's image, Stone claims he ended the connection in March 2021. However, Stone claims that Celsius has refused to accept his resignation.


KeyFi Inc. v. Celsius Network Ltd. et al., New York State Supreme Court, New York County, is the name of the case.

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