Daily archives: July 8th, 2016

FINTS EVENING HIGHLIGHTS (8 July 2016)

China’s centrally-administered steel and coal firms will cut capacity by around 10% in the coming two years, and by 15% by 2020, as part of their efforts to tackle gluts in the sectors, the state…


MOUTAI SHARES SURGE 45% THIS YEAR, OUTSHINING THE DULL A-SHARE MARKET

Kweichow Moutai, the distiller of China’s iconic high-end liquor Maotai which is often served at state functions, has seen its share prices jump by 45% this year, outperforming the benchmark index and most A shares….


TRANSACTION BETWEEN LETV AND GUOAN CLUB REPORTEDLY FALLS APART

LeEco was said to have only paid half of the regulated grant in aid for Beijing Guoan soccer club, namely 50 million yuan ($7.48 million). The other half of the entire deal serves as a…


CHINA’S JUNE FOREIGN EXCHANGE RESERVES UNEXPECTEDLY RISE $13.43 BILLION

China’ foreign exchange reserves in June unexpectedly rose $13.43 billion to $3.21 trillion, the largest monthly increase since April 2015, according to the central bank’s data published on July 7. After China’s foreign exchange reserves…


TENCENT JOINS HANDS WITH PALACE MUSEUM TO LAUNCH INTERNET+ PROJECTS

Tencent has joined hands with the nation’s Palace Museum in launching a VR/ AR platform dubbed H5. According to Tencent founder Pony Ma, the Palace Museum is still a relatively untapped partner and platform, and…


CHINA STOCK MARKET ROUNDUP (8 JULY 2016)

China’s stock market closed mixed on Friday as more investors chose to take profit on recent gains. By the close, the Shanghai Composite Index lost 0.95%, to 2,988.09 points, while the Shenzhen Component Index was…


ALI HEALTH BUYS OUT AN INTERNET TRANSACTION LICENSED MEDICINE COMPANY

Alibaba’s healthcare subsidiary Ali Health acquired full ownership of Guangzhou Wuqiannian Medicine for 16.8 million yuan. Guangzhou Wuqiannian Medicine, a drug retailer, holds the Internet Drug Transaction Service Qualification Certificate (IDTSQC), a qualification essential for…


CHINA FORMALLY JOINS INTERNATIONAL ORGANIZATION FOR MIGRATION

China joined the International Organization for Migration (IOM) on Jun 30, only 17 days after China’s Deputy Minister of Foreign Affairs, Wang Chao, delivered a letter of application for membership. The IOM held a special…


FINTS LUNCH TRAY (8 July 2016)

The State-owned Assets Supervision and Administration Commission  plans to build a batch of state-owned capital investment companies, with a pilot run set to begin within this year: Economic Information Daily Outstanding amount of margin financing in…


BREXIT EXPECTED TO EXERT LIMITED IMPACT ON LENOVO:CEO

Yang Yuanqing, chairman and CEO of Hong Kong-listed Lenovo, the world’s largest supplier of personal computers, said on July 7 in Hong Kong that Britain’s vote to leave the European Union is expected to have…


CHINA’S FIRST SEX RELATED STOCK PERFORMS WELL ON NTB

Touch (Taqu.cn), China’s first sex related stock listed on the nation’s over the counter market New Third Board, has delivered a 19-fold return since the launch of its app. The app is now estimated at…


FINTS MORNING BRIEF (8 JULY 2016)

Head of the National Development and Reform Commission calls for proactive efforts to accomplish the capacity-reduction targets for coal and steel industry in 2016 Property tax law is unlikely to come into effect in 2017…