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Government to List Firms Banned From Investing in Financial Sector - Caixin Global
As China continues its campaign to rein in financial risks, the government is planning to draw up a negative list that will name companies deemed too risky to be allowed to invest in the financial sector. The State Council and the State-Owned Assets Supervision and Administration Commission (SASAC) laid out at a meeting on Tuesday the principles and the criteria for inclusion on the list, which will be compiled by the end of the year, according to a report in the official China Securities Journal. Among those prohibited from making new investments in the financial sector will be companies whose main businesses are unprofitable, those with high asset-to-liability ratios, or those who have existing financial operations that are high-risk or whose role in supporting the company's core activities is unclear.
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12 hours ago by bbishop
Securities Regulator Loses Lawsuit on Insider Trading Case - Caixin Global
A Beijing court ruled against China’s top securities regulator Tuesday on its handling of an insider trading case that led to hefty fine on an individual. In a rare rebuke of the China Securities Regulatory Commission, the Beijing High Court revoked a 130 million yuan ($19 million) fine imposed in 2016 on businessman Su Jiahong as part of an administrative penalty for alleged insider trading. According to a media report, the CSRC lost just two of 24 lawsuits in Chinese courts in 2016.
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14 hours ago by bbishop
China's Yuan to Weaken With No Set Line of Defense, Pimco Says - Bloomberg
As long as the moves are driven by fundamental factors, the central bank is unlikely to defend the yuan at a particular level, according to Isaac Meng, an emerging market portfolio manager at Pimco in Hong Kong. Officials are more comfortable with swings in the currency and foreign funds have been boosting investment in onshore bonds, while domestic households already hold significant assets overseas, he wrote in a blog.
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14 hours ago by bbishop
Trump and China Are a $43 Billion Waste of Time for Qualcomm and NXP - Bloomberg
Back in April, the two companies set themselves a deadline of July 25 to complete the $43 billion takeover, as they awaited regulatory clearance from China’s Ministry of Commerce. That approval is still pending. While Qualcomm is based in San Diego, most of its sales are made in China. Almost 40 percent of NXP’s 2017 revenue came from the country.
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15 hours ago by bbishop
China bourses plan reprieve on dual-class Hong Kong shares | Financial Times $$
In an announcement on Wednesday, HKEX said that it had “reached a consensus” with the Shenzhen and Shanghai stock exchanges on devising a plan to allow Chinese mainland investors to buy dual-class companies through Stock Connect, the trading platform linking bourses in Hong Kong and China. The exchanges said they would set up a working group to decide on a way of phasing in the trading of companies with dual-class shares, after agreeing that investors in mainland China were “not yet familiar” with this structure, which gives company founders greater voting power at the expense of individual investors.
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15 hours ago by bbishop
China Share Buyback Boom Aims to Help Sliding Equity Market - Bloomberg
The current wave of buybacks, as well as pledges by shareholders to boost stakes in listed firms, may indicate that the market is at a trough, China International Capital Corp. analysts Hanfeng Wang and Changjie Zhou wrote in a July 9 note. The Shanghai Composite has tumbled more than 20 percent since a Jan. 24 high. Other indexes on the mainland and in Hong Kong have also fallen, plagued by a trade dispute with the U.S. and Beijing’s deleveraging campaign.
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15 hours ago by bbishop
Caught in China’s cash crunch: why private companies are collapsing into a black hole of shadowy debt | South China Morning Post
Chinese businessman Zhou Jiancan built an empire from steel pipes and industrial hoses but it all came apart when the money ran out // Comment: Maybe some of these companies are poorly run, their management makes dumb decisions, and they deserve to not get credit and to go out of business?
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15 hours ago by bbishop
Treasury Struggles With House GOP on Foreign Investments - Bloomberg
Republican lawmakers and the Treasury Department are struggling to reach agreement on legislation to bolster national security reviews of foreign investments, which could upend President Donald Trump’s less confrontational approach toward Chinese firms taking stakes in U.S. companies, according to two people familiar with the matter.
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15 hours ago by bbishop
Wenzhou ex-fugitive shares business journey during China's 40-year economic reform - Global Times
Merchants from Wenzhou, East China's Zhejiang Province are known for their talents in doing business. Many of them have grasped opportunities created by China's reform and opening-up policy to make ventures. The Global Times recently interviewed Hu Jinlin, a Wenzhou businessman nicknamed the "electric appliance king," to talk about his business ups and downs during the 40 years of reform and opening-up.
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15 hours ago by bbishop
China’s official figures: lies, damned lies, or just changing statistical methods? | South China Morning Post
Economist Ma Guangyuan said on Weibo, China’s Twitter-like microblogging service, that by changing its calculation methods without warning, the government was making it difficult for economists and analysts not only to do their work but also to trust the data. “The new methodology is so magical it can transform a sharp drop to an increase,” he said. By changing its calculation methods without warning, the government was making it difficult for economists and analysts not only to do their work but also to trust the data.
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yesterday by bbishop
Six Leading State-owned Enterprises Unveil Fresh Deleveraging Plans - China Banking News
According to state-owned media six  of China’s top SOE’s have already completed their deleveraging plans and submitted them for approval to the State Asset Supervision and Administration Commission (SASAC). These companies include China Railway Construction Corporation, China State Construction Engineering Corp, China Merchants Group, Huaneng, Huadian and Sinopec Group. SASAC itself will soon release a “work” plan for capping the debt ratios of the 96 SOE’s that currently fall under its jurisdic
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yesterday by bbishop
China's cobalt dominance meets blockchain-backed resistance - Nikkei Asian Review
The latest sign of China's determination to corner the market came on July 8. Citic Metal, a subsidiary of state-owned investment company Citic, finalized a decision to acquire a 19.5% stake in Ivanhoe Mines, a Canadian resources developer. Ivanhoe intends to use the money to develop mines in Africa. The prizes are mines in the copper belt of southern Congo. Cobalt is usually produced as a byproduct of copper and nickel mining.
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yesterday by bbishop
China money market funds’ rush into bank credit worries investors | Financial Times $$
in recent months China’s central bank has tightened monetary policy and access to credit, forcing down the funds’ once-attractive yields. At the biggest funds, average returns have dropped to an annualised to 3.7 per cent from about 4.5 per cent at the start of the year. In response, funds have rushed into bank credit, such as negotiable certificates of deposit, as a means to boost returns and continue attracting retail investments.
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yesterday by bbishop
Why millennials are driving cashless revolution in China | Financial Times $$
Surging use of mobile payment apps WeChat and Alipay has transformed daily life
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yesterday by bbishop
China's top steel city extends pollution measures until July 21 | Reuters
Tangshan, China’s top steel city, has extended recent emergency pollution control measures until July 21 because a smog warning for the area may reach its second-highest level, according to a document seen by Reuters and a source familiar with the matter.
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yesterday by bbishop
UBS Abandons Call for Yuan Gain in '18; Trims China GDP View - Bloomberg
“With underlying pressures on CNY set to intensify and China’s current-account surplus likely to decline notably, we see CNY coming under more depreciation pressures” despite the People’s Bank of China’s efforts to stabilize it, Wang Tao, head of China economic research at UBS in Hong Kong, wrote in a note
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yesterday by bbishop
Latest Sign of China’s Slowdown: A Technology Cash Crunch - The New York Times
Venture capital is a small part of the Chinese economy, which by most accounts is still growing at a quick pace compared with that of many other countries. But the industry’s fund-raising problems may be a symptom of a widening malaise...

“We ended up with a lot of dumb money, managed by inexperienced investors,” said Ran Wang, chief executive of the investment bank CEC Capital Group in Beijing. // Comment: a shakeout has been long overdue, far too many amateurs set up show as "VCs", and raised money from unsophisticated investors who had no understanding of VC or the time horizons
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yesterday by bbishop
Scaramucci's Path to $20 Billion Runs Through a Hot China Market - Bloomberg
Funds of hedge funds, which allocate client money across multiple managers, are opening at a record pace in Asia’s largest economy even as their numbers dwindle globally after 10 straight years of outflows. While investors in the U.S. and Europe have grown disillusioned with the funds’ fees and spotty performance, China’s rich are looking past those concerns as they hunt for alternatives to increasingly risky domestic asset-management products.
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yesterday by bbishop

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