China Investment Corp (CIC), China’s US$200 billion sovereign wealth fund, saw a profit of about US$10 billion last year, Reuters reported, citing an unnamed source. CIC was able to make profits by avoiding new investments in Western banks. About half of the fund’s money is in Central Huijin, which holds government stakes in nine banks […]
Category: Banking & Finance
Insurers will be allowed to buy unsecured corporate notes for the first time in an effort to spur economic growth and develop the debt market, Bloomberg reported, citing an unnamed official at the China Insurance Regulatory Commission. The regulator will require that insurers set up internal credit-rating systems before they are allowed to invest in […]
Mainland stocks retreated on Tuesday on the back of negative news from Wall Street, which fell close to a 12-year low on Monday, the South China Morning Post reported. The Shanghai Composite Index (SCI) dropped 105.123 points, or 4.56%, to 2,200.654, the index’s lowest close since February 6. "The collapse on the US market hurt […]
Categories
CDB may purchase SDB stake
Shenzhen Development Bank (SDB) may be purchased by China Development Bank (CDB), the South China Morning Post reported. Shares of SDB rose by the 10% daily limit in Shenzhen on Monday on the news. CDB reportedly entered talks with shareholder Newbridge Capital about acquiring a controlling stake in SDB after the expiry of the lock-up […]
The quota allocated to participants in China’s Qualified Foreign Institutional Investor (QFII) program is set to reach US$30 billion by 2014, up from the current US$11 billion, according to Z-Ben Advisors, a Shanghai-based fund management research group. Foreign applicants that rent out their quotas to third parties such as hedge funds are likely to get […]