Reports named China Life Insurance as a possible shareholder in China Construction Bank's new shareholding company set to launch September 21 in preparation for CCB's forthcoming flotation. Analysts said China Life's investment could signal restrictions separating insurance and banking activities could be lifted. Central Huijin Investment, the company set up to hold government bank investments, […]
Category: Banking & Finance
Shanghai's stock market urged state firms to slow their march to overseas listings and stay at home to support development of local stock markets, where interest has been slipping in tandem with prices � down 25% over the last three months. Shanghai's stock exchange executive president, James Liu, said he didn�t know of any country […]
In an astonishing display of protest, staff at GF Securities vowed to derail plans by rival Citic Securities to take over the firm. One source said the action involved 2,230 of GF's 2,500 employees. A-share listed Citic Securities revealed last week that it had launched into negotiations to take a stake in the Guangzhou-based broker. […]
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Fund management JV uncertain
With its China partner in financial trouble, First State Investments� planned mainland fund management joint venture now looks uncertain. After charging Shenzhen-based Hantang Securities with gross irregularities, China Securities Regulatory Commission (CSRC) placed the broker under China Cinda Asset Management, the state-owned restructuring company. First State is a unit of Commonwealth Bank of Australia. Cinda […]
In a challenge to the mainland's incumbent Xinhua-FTSE index, Dow Jones yesterday launched a new A-share market index in a joint venture with Shanghai Media Group's CBN unit. The Dow Jones CBN 600 Index tracks an estimated 70% of the 600 largest A-share companies on the Shanghai and Shenzhen exchanges. Dow Jones� other index products […]