The US$2 billion (RMB322.8 million) initial public offering of China National Nuclear Power Co. locked up RMB1.69 trillion (US$273 billion) in bids for new shares in the company, Bloomberg reported, citing a statement posted on the website of the Shanghai Stock Exchange. The country’s second-largest atomic power operator plans to use the revenue from the 3.9 […]
Category: Banking & Finance
China’s banks can now offer large-denomination negotiable certificates of deposit to households and non-financial firms, allowing depositors willing to lock away their money for one month to five years to enjoy a market rate for their deposits rather than the state-determined benchmark of 2.25%, South China Morning Post reported, citing an announcement from the People’s […]
Alibaba Group Holding (BABA.NYSE) plans to invest more than RMB1 billion (US$161 million) in financial media outfit China Business Network, Reuters reported, citing unnamed sources and local media, which themselves cited unnamed sources. An Alibaba spokesperson declined to comment on the matter. A stake in financial media outlet – owned by Shanghai Media Group – would […]
Central Hujin Investment, a branch of China’s sovereign wealth fund, has announced its president, Xie Zhichun, has stepped down after the company’s sale of state bank shares was cited by traders as contributing to the dramatic fall late last week in China’s stock markets, Reuters reported, citing a statement posted on the company’s website. The firm said […]
The sudden breakdown of Alibaba’s (BABA.NYSE) Alipay online payment system for 2 1/2 hours this week has raised questions about the backup systems in place to ensure transactions can be made by users, Caixin reported. A post from the Sina Weibo microblog account for the Alipay Wallet app – owned by Alibaba affiliate Ant Financial […]