Alibaba Group Holding finance affiliate Zhejiang Ant Small & Micro Financial Services Group has closed a private placement valuing it at more than US$40 billion and granting stakes to China’s National Social Security Fund and China Development Bank Capital, Bloomberg reported, citing unnamed sources and local media. Ant Financial, controlled by Alibaba Chairman Jack Ma, […]
Category: Banking & Finance
Mainland China’s sole clearing services firm UnionPay has purchased 3% of Joint Electronic Teller Services Ltd. (JETCO), operator of the largest network of ATMs in Hong Kong and Macao, allowing it to name candidates for the JETCO’s board of directors, Caixin reported, citing a statement from the company. The firms will cooperate to introduce UnionPay’s […]
A reform plan of state-owned Bank of Communications (3328.HKG, 601328.SHA) that introduces the possibility of introducing private shareholders and an employee stock ownership plan has been approved by China’s State Council, The Financial Times reported, citing a filing by the company. However, the plan does not include any measures to fundamentally alter the bank’s structure […]
Guotai Junan Securities is planning to raise US$4.8 billion through the sale of shares on the Shanghai Stock Exchange, Bloomberg reported, citing a statement the firm made to the exchange. The largest domestic initial public offering since 2010 comes amid other mainland Chinese brokerages issue their own to replenish capital and fund margin lending businesses […]
Pressure is growing from 29,000 Chinese investors who claim they were scammed out of US$1.2 billion by API Permiere Swiss Trust AG after the company promised returns as high as 10% a month from currency trading, Bloomberg reported, citing testimony and documents from six of the victims. “We wanted to know the truth,” said Chen Biya, […]