The China Securities Regulatory Commission has lifted an order requiring brokers to buy more than they sell in proprietary trading, Reuters reported, citing unnamed sources. The end of the measure, put in place in July amid a market rout, signals greater confidence from authorities as mainland equities continue their recovery, with the Shanghai Composite Index […]
Category: Business Practice
Shanghai-based peer-to-peer lending site Dianrong.com will attempt to raise as much as US$500 million in its next round of funding, The Wall Street Journal reported, citing founder Soul Htite. The online lender, founded in 2012 by Htite and partner Kevin Guo, is a Chinese version of the world’s biggest P2P platform, LendingClub, also founded by […]
Guotai Junan International Holdings has revealed Yim Fung, its chairman, executive director, and chief executive officer, has been missing since Wednesday, South China Morning Post reported, citing a filing to the Hong Kong Stock Exchange. Hong Kong-listed shares in the company – one of the mainland’s largest financial firms – slid 16% in response to the […]
Police in Zhejiang province have detained around 100 suspects from eight gangs in the course of a underground banking investigation involving transactions that total RMB410 billion (US$64.24 billion), Reuters reported, citing state media. Those detained belonged to eight gangs linked to a ringleader who operated dozens of shell companies in Hong Kong involved in money […]
Loans to borrowers that have missed a payment at Chinese banks are growing three times faster than those recognized as non-performing, Reuters reported, citing regulatory filings. A growing number of such overdue loans still sit on banks’ balance sheets at full value even after payments have been missed for more than 90 days–the accepted international […]