State-linked Chinese conglomerate Legend Holdings Corp — largest shareholder of Lenovo Group (0992.HKG) — is hoping to raise US$3 billion in its IPO on the Hong Kong stock exchange in July after it applies for listing approval in the coming weeks, The Wall Street Journal reported, citing unnamed sources. Should that target be reached it will […]
Category: Banking & Finance
China’s trust firms are redirecting money into risky capital markets and off-exchange financial instruments like asset-backed securities in response to a clampdown last year on trust lending to risky real estate and industrial projects intended curb the dangers of the country’s shadow banking sector, Reuters reported, citing data from the China Trust Association. Analysis of the […]
International banks were required this Sunday to submit plans to Chinese officials on how to convert internal technology into what Beijing considers controllable systems, The Wall Street Journal reported. The regulations require banks to turn over their source codes and encryption keys protecting sensitive data, use Chinese encryption keys and submit to intense testing. Various American and […]
The China International Payment System (CIPS) for processing cross-border yuan transactions is ready and could launch as early as September, Reuters reported, citing three unnamed sources. The system’s launch would remove one of the biggest hurdles to internationalizing the yuan and could greatly increase global usage of the currency by cutting transaction costs and processing […]
China’s banks led a stock market climb Monday on news that the China Securities Regulatory Commission said it was considering allowing them to apply for securities licenses, Bloomberg reported. Industrial & Commercial Bank of China (1398.HKG, 601398.SHA) and China Construction Bank (0939.HKG, 601939.SHA) gained more than 4%, and Industrial Bank (601166.SHA Jumped 8.7% after people familiar with […]