China Economic ReviewChina's company and securities laws are set for a major shake-up this week reducing government intervention in private business and strengthening the rights of minority stakeholders. The reforms are designed to bring securities oversight into compliance with a new administrative law set for approval in October, the South China Morning Post reported. One effect of […]
China Central Television reported that China Cinda Asset Management began to auction off RMB 15.7 billion in distressed assets with foreign and domestic investors. The buyers were not identified. The auction reportedly comprises 185 items, including property, coal and commodities, all from companies located in China's broken and rusted Northeast. Cinda and other asset management […]
Industrial Commercial Bank of China said it was going into the fund management business. Zhang Xingsheng, a senior officer of the bank's research institute, said ICBC had begun preparations last year and was ready to open for business once the government approves the plan. Commercial banks are anxious to develop non-banking businesses ahead of stiffer […]
China Everbright Bank is planning a private placing to mainland and overseas companies later this year as part of efforts to improve its balance sheet in preparation for a stock market listing. The placing could include shares worth as much as RMB 9 billion (US$1.08 billion). Standard Chartered is in talks to acquire a 15% […]
The China Insurance Regulatory Commission and People's Bank of China jointly announced that insurers will be allowed to invest up to 80% of their foreign currency reserves overseas. A total of US$7 billion in foreign exchange held by the insurers can be invested abroad effective immediately. Approved investments for the insurers include deposits at well-rated […]