World Business Quick Take

Agencies

Wed, Sep 23, 2015 - Page 15

CHINA

Securities official fired

The Chinese Communist Party (CCP) has sacked the assistant chairman of the China Securities Regulatory Commission (CSRC), the official Xinhua news agency reported yesterday, days after it was announced he was the subject of a graft probe. Zhang Yujun (張育軍) is under investigation for suspected “serious violation of discipline,” the party’s Central Commission for Discipline Inspection said on Wednesday last week, using the euphemism it employs for corruption. Zhang is the first CSRC official to come under investigation amid the stock market turmoil, which started in June.

EQUITIES

Plan to sell Russell wavers

London Stock Exchange Group PLC’s plan to sell Russell Investments to China’s Citic Securities Co (中信證券) is faltering and might soon collapse, people with knowledge of the matter said. The plunge in the Chinese stock market since mid-June and investigations into some Citic Securities executives have derailed the discussions, the people said. China’s biggest listed brokerage had been in advanced talks to buy the fund management business for about US$1.8 billion, a person with knowledge of the matter said in July.

INTERNET

Deezer to sell shares

French music-streaming service Deezer yesterday said it plans to launch a public share offering on the Paris stock exchange in the hopes of consolidating its position in the online music market. Founded in 2007, the company has 6 million subscribers and 16 million individual users each month. Its main rival, Sweden’s Spotify Ltd, claims 75 million users, of whom 20 million subscribe to its paid version and is valued at more than US$8 billion.

LIFESTYLE

Snoop starts cannabis site

Snoop Dogg is rolling his love for cannabis into a new lifestyle Web site intended to be an online “encyclopedia” for anything anyone would want to know about pot. Merryjane.com went live on Monday, featuring a home page inviting people to apply for early access to a beta version of the platform. The full launch is expected next month. The rapper described it as an online venue for information, insights, news and business guidance about the marijuana world and includes celebrity allies such as Seth Rogen and Miley Cyrus.

REAL ESTATE

Mizuho to help Greenland

Greenland Holdings Corp (綠地控股), China’s biggest listed developer, said Mizuho Financial Group Inc is to help it with debt financing as the builder seeks overseas investment. The Japanese lender is to supply bond market and international capital market services to Greenland, according to an e-mailed statement on Monday. Mizuho is also to provide the developer with property investment targets in Japan and services in asset management, after the two agreed to cooperate on global businesses including financing, the statement said.

INTERNET

Kickstarter changes to PBC

Crowd-funding platform Kickstarter on Monday officially made social good part of its business model by changing its US corporate status. Kickstarter changed from a standard for-profit structure to being a public benefit corporation (PBC) that is out to make money, but bound to take into account the effects of business decisions on society as well as on shareholders, its founders said. Less than 1 percent of US companies have opted for PBC status, including Patagonia Inc, Kickstarter said.