Stock market regulators have approved new rules allowing foreign brokerages with representative offices established in China for at least a year to apply for special membership of China's stock exchanges, Reuters reported. The new rule, which would give overseas brokers non-voting rights, took effect at the end of July. At the same time the Shanghai […]
Category: Banking & Finance
Beijing Peking University Founder Group, China's second largest personal computer maker, has moved to take a controlling stake in Zhejiang Securities, according to sources at the troubled south China brokerage reported by South China Morning Post. Founder was waiting for regulatory approval to acquire a 51 per cent stake from the brokerage's largest shareholder, Zhejiang […]
Anheuser-Busch, the world's largest brewer, has signed an agreement to buy 22 per cent of Tsingtao Brewery, 21st Century Business Herald said. The American brewer now holds 27 per cent of Tsingtao's shares listed on the Hong Kong stock market, making it the second largest shareholder in the company after Qingdao city's asset manage- ment […]
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Bank probe finds irregularities
An official investigation of China Everbright Bank has found widespread irregularities, South China Morning Post said. In the first such investigation since China adopted its Accounting Law, the Ministry of Finance sent more than 400 inspectors to 30 branches of the bank in August last year. The investigation was completed in November but the findings […]
Foreign banks in China licensed to do local currency business are protesting at a new rule by the central bank that will set limits on their borrowing of local currency, the Financial Times said. The People's Bank of China has told the banks that funds raised in bilateral loans from Chinese financial institutions would be […]