74% of adult rural residents in China had their own bank account as of the end of 2014, marking a substantial gain from 54% in 2011 and helping bring the nationwide rate up to 79%, The Wall Street Journal reported, citing new data from the World Bank. China’s banks have traditionally balked at the cost of building branches […]
Category: Banking & Finance
Relief last month at word that China would delay implementing guidelines to encourage banks on the mainland to buy key tech — including mainframes and servers — from local companies now appears premature, The New York Times reported, citing a letter from the American Chamber of Commerce and other trade organizations which claims Chinese banks are now doing just that. With […]
Alibaba-affiliated (BABA.NYSE) Ant Financial Services Group launched an e-commerce tracking stock index Thursday as its finance division’s general manager announced the company’s online bank would launch in June, Reuters reported. The CSI Taojin Big Data 100 Index tracks e-commerce activities to gauge firms’ performances, pairing the company’s data troves with its aspiration to build an internet finance platform […]
Shares in China brokerage GF Securities jumped 37% above a discounted offer price of HK$218.85 (US$28.24) during grey market dealings on Thursday prior to the firm’s debut on the Hong Kong exchange, South China Morning Post reported, citing Phillip Securities. The shares were priced at a 50% discount from the brokerage’s Shenzhen-traded shares, which had surged 200% […]
Cloud Live Technology Group (002306.SHE), a big data provider that entered the industry after corruption probes hit its former restaurant business, said it would miss payments due Tuesday, April 7 to investors who had exercised an option to sell back notes, likely marking the second onshore default in China’s corporate bond market, Bloomberg reported, citing a […]