Daily archives: June 6th, 2016

FINTS EVENING HIGHLIGHTS (6 Jun 2016)

*Bank of China (Hong Kong) has been allowed to access the renminbi cross-border payment system as a direct participant, the first among the offshore yuan clearing banks: report *China will submit next week its “negative…


Yuan surges vs dollar as US non-farm payrolls disappoint

The Chinese yuan has strengthened against the US dollar since June 3, as the disappointing US non-farm payrolls growth in May killed off expectations on the Fed’s rate hike in June. The news on the…


Shanghai-Hong Kong Stock Connect

Northbound stock trade sees a net fund inflow of 724 million yuan The Shanghai – Hong Kong Stock Connect saw a net fund inflow of 724 million yuan for northbound trade on Monday. The Shanghai…


Letv sees whopping transaction volume on trade resumption day

Letv (300104.SZ), one of China’s largest online video companies, issued a proposal on major assets restructuring on late Jun 2. Amid the Shenzhen stock exchange’s opening the next day, its stock price underwent a major…


Mutual funds to act as a pioneer of wealth management industry

As of the end of May, China’s public and private mutual funds managed by fund companies rose to 8.09 trillion yuan and 15.34 trillion yuan respectively, according to Li Chao, Vice Chairman of the China…


China Stock Market Roundup (6 Jun 2016)

China’s stock market closed mixed on Monday in a range-bound session. By the close, the Shanghai Composite Index edged 0.16% down, at 2,934.10 points, while the Shenzhen Component Index rose 0.18% to 10.363.09 points. The…


Suning to announce acquisition of Inter Milan on June 6

Chinese electronics retailer Suning could announce its acquisition of Inter Milan as early as 15:00 Beijing time on June 6 at a news conference in Nanjing, capital of Jiangsu province. On one hand, Italian media…


HKEX tightens listing review for quality control

Hong Kong Exchanges and Clearing Limited (HKEx) released a guidance letter on June 3 in regards to review of initial public offerings (IPO) and suitability for listing, in a move to push forward quality control…


Global cruise giants bet big on China market

Genting Dream, Genting Hong Kong’s inaugural ship to operate out of China, is set to sail in November 2016 from its homeport Nansha Port, Guangzhou, offering two- to five-night cruises to Hong Kong, Da Nang…


FINTS LUNCH TRAY (6 Jun 2016)

*China Foreign Exchange Trade System (CFETS) said the CFETS RMB Index on June 3 closed at 97.00, down 0.2 point from a week before *President Xi Jinping said at the opening ceremony of the U.S.–China…


Chinese companies increase unsolicited M&A offers overseas

Even though unsolicited offers are relatively uncommon in the world of big mergers and acquisitions, an increasing number of Chinese companies have been reaching out to foreign entities. Since the beginning of this year, 13…


Shenzhen looks to build three new airports

Shenzhen is considering to build three new airports, namely one each for commercial airliners, seaplanes and helicopters. The moves mark part of a 1.4-trillion-yuan plan to bring the city’s development eastward. According to the Eastward…


FINTS MORNING BRIEF

*China still has plenty of room for manoeuvring of monetary policy, says Assistance to Governor of PBOC. *China’s drone market will reach up to 75 billion yuan by 2025: iResearch *Taobao, a C2C shopping website…