Market Chatter: US Plans to Block Chinese Tech from Undersea Internet Cables

The Hong Kong Monetary Authority, Securities and Futures Commission, Insurance Authority, and Mandatory Provident Fund Schemes Authority launched the Anti-Scam Consumer Protection Charter 3.0, according to a statement released Wednesday.

The initiative, backed by the Consumer Council, Hong Kong Association of Banks, Hong Kong Police Force, and the Office of the Communications Authority, establishes a collaborative framework between financial regulators, technology firms, and telecommunications companies to combat financial fraud and scams targeting the public.

Participants include Google, Meta, Microsoft, WeChat, China Mobile , and HKT.

Building on the success of the 2023 and 2024 charters, the framework introduces six key principles focused on fraud reporting, advertiser checks, internal monitoring, enforcement of terms of service, and joint public education efforts.

HKMA Chief Executive Eddie Yue called the charter a "significant milestone" in uniting the public and private sectors to safeguard the community better.

BEIJING, July 07, 2025 (GLOBE NEWSWIRE) — On July 3, 2025, the Global Digital Economy Collaboration Forum — one of the key events of the 2025 Global Digital Economy Conference (GDEC 2025) — was held in Beijing. Under the theme "Sail Together, Thrive Together," the forum aimed to build a platform for international exchange, promote collaborative project innovation, and establish a hub for industrial cooperation. It explored distinctive service models for digital economy enterprises going global and served as a driving force for international innovation collaboration.

Distinguished international guests attended the event, including Zhao Houlin, Honorary President of the Global Digital Economy City Alliance, former Secretary-General of the International Telecommunication Union (ITU), and Senior Advisor to the China Association of Communications Enterprises; Francis Gurry, President of the Global Digital Economy City Alliance, former Director General of the World Intellectual Property Organization (WIPO), and Co-Chair of the Advisory Board of the UN Sustainable Development Goals and Leadership Development Center; Qiao Zhan, Deputy Resident Representative of the United Nations Development Programme (UNDP) in China; and Michael Campbell Hooker, Ambassador of Nicaragua to China. Over 800 representatives from digital economy enterprises, including IBM, Thales, and Yonyou, gathered for the event.

As a core segment of GDEC 2025, this was the first forum to focus specifically on the themes of digital economy globalization and international cooperation. Participants held in-depth discussions around pressing topics such as "Digital Transformation Opportunities in Emerging Markets," "Empowering Sustainable Development through International Organizations," and "Going Global: Practices of Chinese Digital Enterprises."

During the keynote sessions, representatives from the World Intellectual Property Organization, the Embassy of Malaysia in China, the Indonesian education sector, the China Academy of Information and Communications Technology (CAICT), Beijing's Daxing District, iSoftStone, and other institutions shared insights from various perspectives, including policy leadership, industrial practices, international collaboration, academic research, and enterprise innovation. Their contributions offered diverse perspectives and strategic insights into how enterprises can achieve integration and innovation in the context of globalization, while also providing a platform for countries to advance cross-sector cooperation in the digital economy.

At the forum, a joint signing ceremony was held for the UNDP Beijing Digital-Friendly and Sustainable Digital Economy Innovation Demonstration Project Document by representatives of four parties: the United Nations Development Programme (UNDP), the China International Center for Economic and Technical Exchanges under the Ministry of Commerce, the Beijing Municipal Bureau of Economy and Information Technology, and Daxing District People's Government of Beijing Municipality.

Additionally, the Beijing Innovation Service Hub for Digital Economy Enterprise Going Global signed strategic cooperation agreements with 16 leading enterprises, including China Silk Road Group Co., Ltd., China Digital Culture Group Co., Ltd., and Global Infotech Co., Ltd. The participating companies include Fortune Global 500 firms, central and state-owned enterprises, listed companies, national high-tech enterprises, and specialized and innovative SMEs. The total value of the agreements exceeded 10 billion yuan.

The International Alliance for Digital Economy Going Global Services was officially launched at the forum. The first group of members includes 24 domestic and international business associations and Fortune 500 companies such as the EU–Sino Enterprises Association, the Export-Import Bank of China, China Telecom, Li Auto, and KPMG.

Source: 2025 Global Digital Economy Conference

Contact person: Ms. Zhu, Tel: 86-10-63074558.

HKBN said that US-based infrastructure investment firm I Squared Capital has decided not to proceed with a possible takeover offer, according to a Monday filing with the Hong Kong bourse.

As of the company's monthly update on June 3, HKBN had said its board was still evaluating options and that discussions with I Squared were ongoing, with no binding agreement reached.

The latest development follows a Reuters report from over a month ago, which said I Squared had dropped out of the race, while rival bidder China Mobile was moving closer to a deal to acquire HKBN.

According to the report, I Squared had not obtained the necessary approval from China Investment Corp (CIC), China's sovereign wealth fund, to move ahead with a formal bid.

CIC, a minority shareholder in I Squared-controlled HGC Global Communications, reportedly vetoed the deal over concerns that the potential acquisition could affect HGC's broadband operations in Hong Kong.

I Squared was preparing to trump China Mobile's HK$5.23 per-share offer made in December, but was reportedly reluctant to go beyond HK$6 apiece, Reuters said in January.

HKBN CEO William Yeung told Reuters in May that it was a "rumour" that CIC had vetoed I Squared's plan to present a formal offer for HKBN.

Meanwhile, China Mobile, which had acquired a 15.5% stake in HKBN from buyout firm TPG, revised its voluntary cash offer for the broadband operator to HK$5.075 per share in May through its wholly owned unit, China Mobile Hong Kong.

The revised bid came shortly after Yeung said the offer was "not good enough" and did not reflect the company's recent growth.

The US Federal Communications Commission said it could fine China Mobile unit China Mobile International (USA) for failing to respond to a probe on whether it is skirting American restrictions.

The FCC has been probing China Mobile since November 2022 through the issuance of a letter of inquiry, and subsequently sent a supplemental LOI to China Mobile in February, according to a notice dated June 16.

"China Mobile's conduct throughout this matter exhibits a disregard for the Commission's authority and threatens to compromise the Commission's ability to adequately investigate," the FCC said.

The telco's "misconduct inhibits our ability to detect and deter potential rule and statutory violations," the commission said in its citation.

Aside from China Mobile, the FCC is also probing Huawei Technologies, ZTE , Hangzhou Hikvision , and China Telecom for the same violations, Reuters reported Wednesday.

HKBN has set up an independent board committee to assess China Mobile's proposed takeover of the Hong Kong broadband company, according to a Monday filing with the Hong Kong bourse.

The committee will evaluate whether the offer is fair and reasonable, the filing said.

The formation of the independent committee could add more uncertainties to the stalled deal, The Standard reported separately.

Jiangsu Zhongtian Technology and its subsidiaries won 3.62 billion yuan worth of projects, according to a Shanghai bourse filing on Monday.

The projects include procurement bids from China Mobile and the State Grid Corporation of China, as well as international projects in countries like Italy, Tanzania, Brazil, and regions such as the Southeast Asia and the Middle East, the Chinese communication products manufacturer said.