Latest news with #Chinese-based
West Australian
2 days ago
- Automotive
- West Australian
CATL, a Chinese-based Tesla battery supplier and lithium miner, expands its reach in Europe and Australia
CATL, a Chinese-based Tesla battery supplier and lithium miner, expands its reach in Europe and Australia
New York Post
2 days ago
- Business
- New York Post
Ex-Hochul, Cuomo aide accused of being Chinese spy stays free as feds push new charges in $8M PPE kickback scheme
There's something new under the sun. Linda Sun, the embattled ex-aide to Govs. Kathy Hochul and Andrew Cuomo accused of being a Chinese spy, will stay free on bail after facing a federal judge Monday on fresh bribery charges. Sun her husband Chris Hu both pleaded not guilty during a four-minute proceeding in Brooklyn that set the stage for a potentially sprawling trial focused on accusations she served as a foreign agent for the People's Republic of China and Chinese Community Party while working at the highest level of New York's government. A federal grand jury last week returned a superseding indictment that added more charges against Sun and Hu after the feds said they reaped $8 million in a COVID-era personal protective equipment kickback scheme. Advertisement 3 Linda Sun and Christopher Hu pleaded not guilty to new charges Monday in Manhattan federal court. Gregory P. Mango 'Not only did Sun allegedly use Chinese money and her influence in New York State to benefit the Chinese government, it is further alleged that she used her position to steer multi-million-dollar contracts to companies controlled by family members and friends,' said Harry T. Chavis, Jr., special agent in charge for the Internal Revenue Service's criminal investigation office in New York. The two Chinese-based PPE vendors that Sun steered contracts toward were respectively run by her second cousin and Hu and his business partner, the feds alleged. Advertisement Sun allegedly even altered an email to claim one company had been recommended by a China-based chamber of commerce, when it actually was run by her second cousin, prosecutors said. The cousin had allegedly given $2.3 million in kickbacks to Sun and Hu, the feds contended. 3 Sun's trial is scheduled to begin a day before her former boss Andrew Cuomo is on the ballot for New York's mayoral election. Luiz C. Ribeiro for New York Post 3 Gov. Kathy Hochus office fired Sun in 2023. Gabriella Bass Advertisement A judge kept Sun's and Hu's respective $1.5 million and $500,000 bonds — which they posted after they were first charged in September with acting as foreign agents for China — intact, meaning they'll remain out of federal jail until trial. Sun, 41, who wore a blue dress, entered a not guilty plea alongside Hu, 40, during the latest arraignment. Their trial is scheduled to begin Nov. 3 — a day before New York City's mayoral election in which Sun's former boss Andrew Cuomo remains on the ballot as an independent, despite being drubbed by socialist Zohran Mamdani in the Democratic primary. Advertisement Sun also worked for the governor's office under Kathy Hochul until 2023, when she was fired after misconduct accusations surfaced. 'This individual was hired by the Executive Chamber more than 10 years ago. Her employment was terminated in March 2023 after discovering evidence of misconduct, her actions were immediately reported to law enforcement and we have assisted law enforcement throughout this process,' a spokesperson for Hochul said in a statement.
Yahoo
5 days ago
- Business
- Yahoo
Qifu Technology vs. Sezzle: Which Credit Tech Stock is the Smarter Buy?
Both Qifu Technology QFIN and Sezzle SEZL are eminent players within the credit tech space. QFIN, a Chinese-based fintech company, serves customers utilizing an AI-powered credit platform. Sezzle, on the other hand, is a U.S.-based buy-now-pay-later (BNPL) service provider that offers installment credit to underbanked consumers. This comparative analysis serves well for investors who are keen on dipping their hands in the credit-tech domain and gain exposure in the fintech space at large. The end goal is to determine which stock provides a better growth opportunity. QFIN's core strength lies in its capital-light model, which maximizes growth while minimizing credit risk. The company utilizes the Intelligence Credit Engine (ICE) to connect borrowers with financial institution partners. This dual engine shifts credit risks to partners, thereby lowering the provisions for loan losses, thus improving margins. The company demonstrated an impressive financial performance during the March-end quarter. Total facilitation and origination loan volume registered a 15.8% year-over-year growth. The dual engine model was responsible for 49.3% of the total originations. The top line showed 12.9% growth while operating income grew a whopping 44.8% year over year, indicating strong operational leverage. Moving forward, we are optimistic about the company's AI-Plus credit strategy, launched in early 2025. The main goal of this strategy is to develop an AI agent platform to enhance core credit processes. QFIN has already seen benefits from this initiative, including increased loan volumes, and its delinquency rates after 30 days of collection have remained stable at 0.6%. Additionally, funding costs have decreased 30 basis points due to improved underwriting efficiency and strong asset quality. As a leading credit-tech platform in China, Qifu Technology benefits from the rising market opportunity. The Chinese digital lending platform market is expected to witness a CAGR of 27.3% from 2024 to 2030, and this bodes well for QFIN's business, indicating strong demand for its services in the future. SEZL's market play is vested in its ability to serve the underbanked population. By carving out this niche within the U.S. fintech market, the company enjoys an immense growth opportunity. Sezzle's presence is popular in the e-commerce space as it provides immediate financial flexibility during checkout. As a prominent player within the U.S. BNPL sector, the company is at the cusp of riding on the back of an expanding digital payment market that is expected to witness a CAGR of 11.8 % from 2023 to 2028. The recent financial performance demonstrates the company's ability to adapt to market forces and effectively serve the underbanked with alternative credit options. In the first quarter of 2025, SEZL's revenues increased 123.3% compared to the same period last year. This impressive increase was driven by a rise in transaction volume, as shown by a 64.1% year-over-year increase in gross merchandise volume. Operating income surged 260.6% year over year, clearly highlighting its operational leverage and scalability. Sezzle's continuous innovation solidifies its position within the credit-tech domain. Initiatives, including Sezzle Balance, Money IQ, and many more, aid customers' experiences, thus paying SEZL with dividends. During the March-end quarter, the company reported an increase in the annual customer purchases frequency to 6.5 times from the year-ago quarter's 4.5 times. It means that customers use Sezzle's platform more often for purchases, resulting in higher transactions, which leads to higher revenues. The Zacks Consensus Estimate for QFIN's 2025 sales is pegged at $2.6 billion, suggesting 7.6% year-over-year growth. The consensus estimate for earnings is pegged at $7.09, indicating a 25.3% rise from the preceding year's actual. Two earnings estimates for 2025 have moved north in the past 60 days, versus no southward revisions. Image Source: Zacks Investment Research The Zacks Consensus Estimate for SEZL's 2025 sales is pegged at $441.8 million, implying 62.9% year-over-year growth. The consensus estimate for earnings is pegged at $3.26 per share, indicating 77.2% year-over-year growth. Two earnings estimates for 2025 have moved north in the past 60 days, versus no southward revisions. Image Source: Zacks Investment Research Qifu Technology is currently trading at a forward 12-month P/E ratio of 5.97X, which is slightly above the 12-month median of 5.86X. Sezzle is trading at 43.86X, significantly higher than the 12-month median of 19.51X. Although both stocks are trading at a premium compared to their historical valuations, QFIN appears much cheaper than SEZL. Image Source: Zacks Investment Research Despite Sezzle's rapid revenue growth and a top-tier Zacks Rank #1 (Strong Buy), its steep valuation at 43.86x forward earnings raises caution. In contrast, Qifu Technology offers a more balanced profile with strong operating margins, a capital-light AI-driven model, and a far more attractive valuation at just 5.97x forward earnings. While QFIN holds a slightly lower Zacks Rank #2 (Buy), its risk-reward tradeoff appears more favorable given macro uncertainties. For value-conscious investors seeking solid growth at a reasonable price, QFIN looks like the smarter buy in the current fintech landscape. You can see the complete list of today's Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Qifu Technology, Inc. (QFIN) : Free Stock Analysis Report Sezzle Inc. (SEZL) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
New York Post
6 days ago
- Politics
- New York Post
Hochul's ex-aide accused of working as Chinese foreign agent faces new bribery charges
A former top aide to Gov. Kathy Hochul and ex-Gov. Andrew Cuomo who allegedly worked as a Chinese foreign agent was hit with more federal charges Wednesday tied to a COVID-era kickback scheme worth millions. Linda Sun and husband Chris Hu allegedly made off with as much as $8 million in the wide-scale fraud after she facilitated multiple contracts between New York state and two Chinese-based vendors for pandemic equipment, according to the US Attorney for the Eastern District of New York. One of the companies was run by Hu, 40, and his business partner, and the other was operated by Sun's second cousin, but the staffer never disclosed the personal ties, according to prosecutors. Advertisement 3 Linda Sun and her husband, Christopher Hu after a hearing in April. Gregory P. Mango Sun, 41, even allegedly doctored documents that showed the two companies were recommended by Chinese officials. Her husband is accused of keeping track of the expected ill-gotten proceeds on a spreadsheet under the title 'Me.' US Attorney for the Eastern District of New York Joseph Nocella assailed Sun, of Manhasset, for enriching herself when the state 'was at its most vulnerable at the start of the COVID-19 pandemic.' Advertisement 'When masks, gloves, and other protective supplies were hard to find, Sun abused her position of trust to steer contracts to her associates so that she and her husband could share in the profits,' he said in a statement. A lawyer for Sun said his client 'vehemently denied' Thursday's charges. 'The newest allegations continue the government's trend of making and publicizing feverish accusations unmoored from the facts and evidence that we expect will actually come out at trial,' said attorney Jarrod L. Schaeffer. When the pandemic first engulfed New York, Sun was part of a group of officials tasked with obtaining personal protective equipment and used her influence to work with the Chinese government to get the much-needed items. Advertisement 3 The new allegations involve a wide-scale kickback scheme. The Jiangsu Department of Commerce recommended four Chinese vendors to state officials for supplies on March 20, but Sun allegedly meddled with the document by replacing the first suggested business with her cousin's company, prosecutors said. She also allegedly inserted wording that claimed her relative's company's surgical masks were 'the gold standard' in the altered email. She helped her hubby's company by claiming in a state document it was referred to by the 'Chinese chamber of commerce,' the feds alleged. Advertisement The cousin's company funneled $2.3 million in 2020 and 2021 in kickbacks to the indicted couple, according to a spreadsheet kept on their personal computer, according to prosecutors. The spreadsheet kept by Hu estimated the couple expected to clinch $8.02 million from the two companies and alleged plot, prosecutors said. 'This alleged scheme not only created an unearned and undisclosed benefit for the defendants and their relatives, but it also exploited the state's critical need for resources in a health crisis,' FBI Assistant Director in Charge Raia said in a statement. 3 Sun worked for Gov. Hochul and former Gov. Cuomo. Gregory P. Mango Sun was arrested and initially charged in September with acting as a foreign agent to discreetly push Chinese interests in exchange for millions of dollars in bribes and other fancy perks like salted ducks. Hu was also arrested the same time as his wife and accused of laundering money by opening bank accounts in the name of a close relative, even though it was for his own use. The new charges against the couple include honest services wire fraud, honest services wire fraud conspiracy and bribery. They also face conspiracy to defraud the United States because the federal government doled out COVID funds to the state and Hu was slapped with a tax evasion charge because he allegedly didn't report the corrupt payments on his income taxes. Advertisement Hochul's office previously said Sun was terminated in 2023 when allegations of misconduct first surfaced. The arraignment for new charges against Sun and Hu are scheduled for Monday. A lawyer for Hu didn't immediately respond to a request for comment.
Newsweek
24-06-2025
- Business
- Newsweek
The U.S. Patent Office Should Not Let Itself Be Used for Litigation Gamesmanship
Advocates for ideas and draws conclusions based on the interpretation of facts and data. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Over a decade ago, I co-authored the bipartisan Leahy-Smith America Invents Act to modernize our patent system. One of its key reforms was the creation of a streamlined panel inside the U.S. Patent and Trademark Office (USPTO) called the Patent Trial and Appeal Board (PTAB) to resolve patent disputes more quickly and affordably than drawn-out court battles. Some patent infringers have figured out how to use the PTAB as a backchannel for relitigating resolved disputes, draining American innovators of resources, and giving competitors a second shot after losing in court. The PTAB's recent ruling against Efficient Power Conversion Corporation (EPC), a California-based semiconductor firm, in favor of a Chinese infringer is a prime example. United States Capitol building is pictured. United States Capitol building is pictured. Getty Images EPC holds patented technology for a next-generation power chip, the kind of high-efficiency semiconductor used in electric vehicles, data centers, and aerospace systems. When a Chinese-based competitor named Innoscience began importing products into the United States EPC believed copied its technology, EPC filed a petition with the U.S. International Trade Commission (ITC) asking the U.S. government to block those copycats imports. The ITC responded with a full investigation, including depositions, expert testimony, and a trial before an independent administrative law judge. After months of briefing, the judge ruled that EPC's patent was valid and infringed. When the full bipartisan commission composed of presidentially appointed, Senate-confirmed officials upheld that decision, Innoscience's copycat products were blocked from being imported into the U.S. market. That should have been the end. An innovator company followed the ITC's rigorous, multilayered process, proved its case, and won. Instead, as the ITC was concluding its own investigation, with post-trial briefing underway, the PTAB granted Innoscience's request to institute a brand new review of EPC's patent. Mere weeks after the ITC's order blocking Innoscience's products took effect, the PTAB issued a contradictory decision invalidating key patent claims the ITC had just found valid and infringed. This kind of inconsistent outcome was never what Congress intended when we created the PTAB. The board was meant to resolve disputes efficiently, not reopen cases already settled by another expert agency. And it certainly wasn't meant to undermine the ITC by creating conflicting rulings that foreign infringers can exploit to re-enter the U.S. market. These repeated challenges drain inventors' time and money. Deep-pocketed large corporations—foreign as well as domestic—can wear down smaller firms through sheer volume and cost. Defending just one PTAB challenge can cost patent owners $500,000, and challengers often file multiple challenges against a single patent if they think it poses a competitive threat. Just 10 companies account for nearly a quarter of all PTAB petitions. The consequences are impossible to ignore. An American company that successfully defended its patent in court is still struggling to defend its rights. Meanwhile, a Chinese infringer has been handed another chance to potentially re-enter the U.S. market. In an effort to prevent this kind of overreach, a bipartisan group of lawmakers recently introduced the PREVAIL Act. One of its key provisions could stop duplicative patent challenges by preventing the PTAB from undermining cases already decided by other forums like the ITC. That change would reaffirm that the PTAB exists to streamline justice, not undermine it, and safeguard inventors from facing endless litigation loops after winning in court. I knew when we passed the America Invents Act that we were creating a program with the potential to be used for gamesmanship through repeated litigation and administrative attacks on the validity of a patent. That is why I wrote at the time that the Judiciary Committee I chaired "intend[ed] for the USPTO to address potential abuses and current inefficiencies under its expanded procedural authority." Acting USPTO Director Coke Morgan Stewart could exercise her expanded procedural authority to reverse the PTAB's decision in the EPC case. USPTO policy is that the PTAB should not relitigate cases already nearing resolution in another forum. That safeguard seems to apply here. The ITC had already fully tried and decided this case. Reversing the PTAB's ruling would mark an important step toward restoring accountability within the board and reaffirming that the U.S. patent system exists to protect American innovation. America's patent system should not give deep-pocketed infringers multiple chances in different forums to invalidate patents. The PTAB was created to resolve patent disputes more quickly and at less cost, not encourage infringers. Lamar Smith represented the 21st Congressional District of Texas in the U.S. House from 1987 to 2019 and served as chairman of the Judiciary Committee. The views expressed in this article are the writer's own.
