In Depth: How Lax Oversight Opened the Door to Corruption in Poverty Relief

Cambricon’s new funding: Chinese artificial intelligence (AI) chipmaker Cambricon Technologies Corp. Ltd. is seeking to raise up to 4.98 billion yuan ($692 million) in a new share placement — its second since going public in 2020. The company said it will issue around 5% of its total shares to no more than 35 investors. Most of the money will go to chip projects, with the remainder going to AI software projects and to supplement working capital. In Cambricon’s last placement, it raised 1.67 billion yuan after twice revising downwards its target. However, the market environment has significantly improved since then, with the company’s stock price rising 244% over the past year through Thursday.

China’s own HPV vaccine: China has approved its first domestically developed nine-valent HPV vaccine, marking a significant milestone for local biotech firm Beijing Wantai Biolog Pha Ent Co. Ltd. and ending Merck’s long-standing monopoly in the market. The vaccine, Xinkening 9 is developed by Wantai’s subsidiary in Xiamen and is only the second nine-valent HPV vaccine in the world. It is approved for women aged 9 to 45. Like Merck’s Gardasil 9, it protects against seven high-risk and two low-risk HPV strains but offers a slightly more streamlined two-dose regimen for girls aged 15 to 17. Pricing has yet to be announced, though it is expected to undercut the imported version, which has long held a steep price tag of around 1,300 yuan ($180) per dose.

US-China leaders talk: Chinese President Xi Jinping and U.S. President Donald Trump spoke by phone Thursday, their first conversation since Trump’s inauguration. They emphasized the need for both nations to steer the U.S.-China relationship in the right direction by eliminating interference and maintaining dialogue. Xi highlighted the recent Geneva trade talks as a significant step forward, underscoring China’s commitment to the agreements reached and urging the U.S. to lift negative measures against China. He called for increased cooperation and communication across diplomacy, trade, military and law enforcement, while reiterating China’s firm stance on the Taiwan issue and warning against actions by pro-independence forces that could trigger confrontation. Trump expressed respect for Xi and reaffirmed the importance of U.S.-China relations, saying that a strong Chinese economy benefits both nations, China’s official Xinhua News Agency reported.

Cybersecurity bid-rigging: A subsidiary of China’s top cybersecurity firm has been suspended from military procurement over bid-rigging. The authorities didn’t offer further details, other than to say that other enterprises also managed or controlled by Feng Xinge, the legal representative of Qi An Xin Technology Group Inc.’s subsidiary, are also temporarily banned from bidding in procurement for the People’s Liberation Army Cyberspace Force. In the first quarter, Qi An Xin’s revenue fell over 2% to 686 million yuan and it lost 418 million yuan. At least one other major cybersecurity firm, Venustech Group Inc., has been banned from Cyberspace Force procurement this year on suspicion of dishonest conduct.

Shanxi official busted: Wu Cunrong, former chairman of Shanxi province’s political advisory body, has been expelled from the Communist Party for serious violations of discipline and law, the national graft buster announced Thursday. According to state media, Wu was found to have “lost his ideals and beliefs” by accepting bribes and using his power for other’s personal gain, among other corrupt practices.