A Chinese insurance executive who allegedly took 500 million yuan (US$82 million) from her company and fled the country has been escorted back from Fiji by police, state media reported.
Chinese police tracked down the former general manager of the Shanghai Fanxin Insurance Agency (上海泛鑫保險代理), Chen Yi (陳怡), with the help of Interpol, Xinhua news agency said.
China’s insurance regulator said last week that Fanxin sold investment schemes without authorization.
So-called wealth management products are loosely regulated in China and have found favor with investors looking for higher returns than bank deposits and securities.
Media reports said Chen was rumored to have fled with tens of millions of dollars, reportedly bound for Canada.
The China Insurance Regulatory Commission said it would cooperate with police and protect the interests of consumers, a statement said.
The case was reported to police last week, Xinhua said, quoting the Ministry of Public Security.
Fanxin is mainly engaged in life insurance intermediary business and claims to have sold more than 480 million yuan worth of insurance policies last year alone.
The Shanghai Daily newspaper said Fanxin partnered with Sunshine Insurance Group (陽光人壽保險), Kunlun Health Insurance Co (昆侖健康保險), Taikang Life Insurance Co (泰康人壽保險) and Happy Life Insurance Co (幸福人壽保險).
It said other partners were two Sino-foreign joint ventures: one set up by Canada’s Sun Life and Chinese financial giant Everbright Group (光大集團), and a venture between Dutch insurance group Aegon and Chinese energy giant CNOOC (中國海洋石油).
Nvidia Corp’s demand for advanced packaging from Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) remains strong though the kind of technology it needs is changing, Nvidia CEO Jensen Huang (黃仁勳) said yesterday, after he was asked whether the company was cutting orders. Nvidia’s most advanced artificial intelligence (AI) chip, Blackwell, consists of multiple chips glued together using a complex chip-on-wafer-on-substrate (CoWoS) advanced packaging technology offered by TSMC, Nvidia’s main contract chipmaker. “As we move into Blackwell, we will use largely CoWoS-L. Of course, we’re still manufacturing Hopper, and Hopper will use CowoS-S. We will also transition the CoWoS-S capacity to CoWos-L,” Huang said
Nvidia Corp CEO Jensen Huang (黃仁勳) is expected to miss the inauguration of US president-elect Donald Trump on Monday, bucking a trend among high-profile US technology leaders. Huang is visiting East Asia this week, as he typically does around the time of the Lunar New Year, a person familiar with the situation said. He has never previously attended a US presidential inauguration, said the person, who asked not to be identified, because the plans have not been announced. That makes Nvidia an exception among the most valuable technology companies, most of which are sending cofounders or CEOs to the event. That includes
INDUSTRY LEADER: TSMC aims to continue outperforming the industry’s growth and makes 2025 another strong growth year, chairman and CEO C.C. Wei says Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), a major chip supplier to Nvidia Corp and Apple Inc, yesterday said it aims to grow revenue by about 25 percent this year, driven by robust demand for artificial intelligence (AI) chips. That means TSMC would continue to outpace the foundry industry’s 10 percent annual growth this year based on the chipmaker’s estimate. The chipmaker expects revenue from AI-related chips to double this year, extending a three-fold increase last year. The growth would quicken over the next five years at a compound annual growth rate of 45 percent, fueled by strong demand for the high-performance computing
TARIFF TRADE-OFF: Machinery exports to China dropped after Beijing ended its tariff reductions in June, while potential new tariffs fueled ‘front-loaded’ orders to the US The nation’s machinery exports to the US amounted to US$7.19 billion last year, surpassing the US$6.86 billion to China to become the largest export destination for the local machinery industry, the Taiwan Association of Machinery Industry (TAMI, 台灣機械公會) said in a report on Jan. 10. It came as some manufacturers brought forward or “front-loaded” US-bound shipments as required by customers ahead of potential tariffs imposed by the new US administration, the association said. During his campaign, US president-elect Donald Trump threatened tariffs of as high as 60 percent on Chinese goods and 10 percent to 20 percent on imports from other countries.
RSS