Monthly archives: July, 2016

DONGBEI SPECIAL STEEL DEFAULTS FOR SEVENTH TIME IN FOUR MONTHS

Dongbei Special Steel, an unlisted Liaoning based steelmaker with a majority ownership by the provincial government, announced to default on a batch of two-year private placement notes worth 870 million yuan ($130 million) due July…


FINTS EVENING HIGHLIGHTS (29 July 2016)

Miao Yingyuan,president of the Securities Industry Association of Hong Kong, said he expects China could announce the launch date of the Shenzhen-Hong Kong Stock Connect next month, and launch it as soon as October Chinese…


SLOWING SALARY INCREASE MAY HOLD BACK CHINA’S ECONOMIC GAIN: GOLDMAN SACHS

A relaxed growth rate of wages may stifle consumption in China and then act as a drag on the country’s economic momentum, according to a recent report by Goldman Sachs. The report opposes views suggesting…


CHINA STOCK MARKET ROUNDUP (29 JULY 2016)

China’s stock market closed lower on Friday, as more investors stayed on hold after a sudden slump in on Wednesday. By the close, the Shanghai Composite Index lost 0.5%, at 2,979.34 points, while the Shenzhen…


CHINA’S SECURITIES REGULATOR STRENGTHENS MANAGEMENT ON PROPERTY COMPANIES’ REFINANCING

An official from the China Securities Regulatory Commission, China’s securities regulator, told a training session for sponsor institutions on July 25 that funds raised by property companies from refinancing projects should not be used for…


SOE’S CONSTITUTE DISPROPORTIONATELY HIGH RATIO OF ZOMBIE FIRMS

Approximately 7.51% of companies within China’s industrial sector are considered “zombies”, according to a July 27 report released by the Renmin University of China’s National Academy of Development and Strategy. In particular, a zombie refers…


FINTS LUNCH TRAY (29 July 2016)

The Shanghai Futures Exchange plans to make studies on gold futures and options, vice general manager of the exchange said Twelve Chinese commercial banks have signed an alliance allowing customers to transfer funds online and…


CHINA GIVES NOD TO LEGAL STATUS OF RIDE-HAILING INDUSTRY

China released new nationwide regulations concerning ride-hailing services on Jul 28, permitting private vehicles to pick up passengers as part of services offered by car-hailing platforms. The regulations will officially take effect starting Nov 1,…


BAIDU’S SECOND QUARTER NET PROFIT SLUMPS 34.1% YOY

China’s internet search giant Baidu on July 28 reported the largest quarterly profit decline in nearly eight years as expenses increased and profit margin narrowed in the second quarter. Baidu said in a statement that…


PIG AND PORK PRICES IN CHINA APPROACHING RECORD HIGH FOLLOWING FLOODS

Prices of pigs and pork in China soared to a record high lately, possibly approaching the May record of 21 yuan ($3.15) per kilogram as floods in the nation’s central provinces drove down supply and…


CBRC STRENGTHENS EFFORTS TO REIN IN FINANCIAL RISK

The China Banking Regulatory Commission (CBRC) declined requests from the country’s largest banks to relax rules on bad-loan provisions, following a separate move to curb the shadow banking sector (see article: CHINESE STOCKS SINK AS…


FINTS MORNING BRIEF (29 JULY 2016)

The State Council dispatches seven steering teams composed by officials from ministries and commissions to seven municipalities and provinces on a mission of promoting The China Banking Regulatory Commission says it is working on management…


FINTS EVENING HIGHLIGHTS (28 July 2016)

The world bank plans to issue up to 500 million SDR-denominated bonds in China as early as August: report An CSRC official told a meeting on Monday that property companies will be not allowed to…


CHINA’S STATE-OWNED ENTERPRISES SET UP FIVE CAPTIVES

Captives are becoming increasingly popular among China’s large state-owned enterprises as more large-sized enterprises, especially multinational enterprises, are taking this insurance approach as an important means of risk management, business magazine Caixin reported. A captive…


27 PROVINCES RELEASE SEMIYEARLY GDP FIGURES WITH TIBET AND CHONGQING LEADING THE GROWTH

Tibet and Chongqing came at the top of 27 Chinese provinces and municipalities that had released interim GDP growth figures as of Wednesday. Both reached a 10.6% growth, up 3.9 percent points from the national…