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☆ Ex-chairman of China Everbright Group Li expelled from Communist party and post
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Oct 9 (Reuters) - Former party chief and chairman of China Everbright Group Li Xiaopeng was expelled from the Communist Party and his post for severe violations of discipline and law including bribery, Chinese state broadcaster CCTV reported on Monday. Li is the latest Chinese financial executive found guilty under President Xi Jinping's anti-corruption campaign that has in recent years targeted the country's financial institutions. China's anti-graft body said in April that Li was under investigation for possible law violations. Li's punishment came days after China's ruling Communist Party expelled the former chairman of Bank of China from the party, accusing him of illegal activities and taking bribes. China Everbright Group is one of China's biggest financial conglomerate and owns listed units including China Everbright Bank Ltd (601818.SS), Everbright Securities Co (601788.SS) and China Everbright Ltd (0165.HK).

Persons: Li Xiaopeng, Li, Xi Jinping's, China's, Jacqueline Wong, Lincoln Organizations: China Everbright, Communist Party, Bank of China, China Everbright Bank, Everbright Securities, China Everbright Ltd, HK, Beijing, Thomson Locations: BEIJING, China

☆ Hong Kong shares drop 3%, dragged down by real estate and energy
▼ + stars: | 2023-10-03 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

An urban view of high-rise buildings at dusk as seen from Hong Kong's Victoria Peak. Hong Kong's Hang Seng Index dropped more than 3% Tuesday, dragged by its real estate and energy sectors. The benchmark index's loss of over 500 points is a significant decline, Everbright Securities' Kenny Ng told CNBC via e-mail. "Additionally, the US dollar index has remained relatively strong, exerting downward pressure on the Hong Kong stock market." The index was last trading down 3.16% after coming back from a holiday on Monday.

Persons: Kenny Ng, Ng Organizations: Everbright Securities, CNBC, Hong Locations: Hong, Victoria, Hong Kong

REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSHANGHAI/SINGAPORE, Aug 25 (Reuters) - China's banks will cut deposit rates soon as part of efforts to make mortgages more affordable and revive property demand, analysts reading China's cryptic policy messages reckon. But China did not opt for a broad rate cut that would further depress banks' narrow net interest margins, instead deferring to banks to cut their deposit rates and give themselves room to cheapen mortgages, analysts said. Lowering deposit rates will give banks much needed wiggle room to cut mortgage rates. "Further reductions to the deposit rates are 'arrows on the string,'" said Wang Yifeng, banking analyst at Everbright Securities. He also expects a tweak to rules so that existing mortgage rates can be reset lower.

Persons: Tingshu Wang, Wang Yifeng, Zhu Qibing, LPR, Zhu, Lu Ting, Lu, Xing Zhaopeng, Xing, Winni Zhou, Tom Westbrook, Samuel Shen, Vidya Ranganathan, Jacqueline Wong Organizations: China Securities Regulatory Commission, REUTERS, Rights, Bankers, Everbright Securities, People's Bank of China, BOC International China, Nomura, ANZ, Thomson Locations: China, Beijing, Rights SHANGHAI, SINGAPORE, Shanghai, Singapore

☆ China's electric car game amps up. One stock has doubled this year
▼ + stars: | 2023-07-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Just when Chinese electric car companies may be needing the cash, foreign automakers need the market — not only in China but globally. Volkswagen isn't faring much better in China's electric car market, with an average of just over 10,000 vehicles delivered each month in the first half of the year. China's homegrown electric car brands from BYD to Zeekr have piled into the local market, where Tesla still commands a hefty share. Li Auto was the only one of the three U.S.-listed Chinese electric car companies to have the healthiest reading above 1, according to a Wind Information screen for the first quarter. China's electric car market is set to grow by 27% this year to 8.7 million units — and remain the largest in the world in coming years, according to Bank of America Securities.

Persons: Tesla, Nio, Li Auto, Volkswagen's Organizations: Volkswagen, Everbright Securities, CNBC, Bank of America Securities, International Energy Agency Locations: China, Western Europe, Shanghai, BYD, Abu Dhabi, U.S

☆ What people are saying about Ant Group's $984 mln fine and share buyback
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +3 min

July 10 (Reuters) - China's Ant Group has announced a surprise share buyback that values the fintech giant at $78.5 billion, well below the $315 billion touted in an abandoned IPO in 2020, in a move that may let some investors exit. "And second, of course, we're talking about the share buyback plan. DICKIE WONG, EXECUTIVE DIRECTOR AT KINGSTON SECURITIES IN HONG KONG:"Their share prices have strongly rebound today mainly driven by the expectation that regulatory pressure from mainland government will ease. Ant Group is on the right track to achieve their final target of an IPO." According to the company, the reason for the buyback is providing liquidity to existing investors and attracting and retaining talented individuals through employee incentives.

Persons: GARY NG, KENNY NG, DICKIE WONG, SUMEET SINGH, Xie Yu, Yantoultra, Scott Murdoch, Anne Marie Roantree, Jamie Freed Organizations: Alibaba, HK, ASIA PACIFIC, CHINA, HONG, People's Bank of, Ant Group, KINGSTON, SINGAPORE WHO, Thomson Locations: HONG KONG, People's Bank of China, SINGAPORE, COLOMBO, Hong Kong, Singapore, Sydney

Most economists expect another modest 10 bps LPR cut in the second half - on top of a 25 bps cut in banks' requirement ratio (RRR). The PROC last cut the RRR - the amount of cash that banks must hold as reserves -- in March, by 25 bps. Each 5 basis points LPR cut could reduce pre-tax profits of major banks by as much as 1.8%, China Merchants Securities said in a report. "A small rate cut is a useful painkiller for symptoms but cannot alleviate the real problem," said Gary Ng, Asia Pacific senior economist of Natixis. On Friday, China's cabinet discussed policy measures to support the economy.

Persons: COVID, NIM, Wang Yifeng, Wang, Gary Ng, China's, Zhang Ming, Zhang, Morgan Stanley, Kevin Yao, Ziyi Tang, Kripa Jayaram, Sumeet Chatterjee Organizations: People's Bank of China, Reuters, Everbright Securities, China Merchants Securities, Asia Pacific, stoke, Chinese Academy of Social Sciences, Thomson Locations: China, BEIJING, Beijing, Asia

☆ Alibaba to split into six units
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

March 28 (Reuters) - Alibaba Group Holding Ltd (9988.HK) said it plans split its business into six main units covering e-commerce, media and the cloud, adding that each of the units will explore fundraising or initial public offerings. STUART COLE, HEAD MACRO ECONOMIST AT EQUITI CAPITAL, LONDON"I am not sure how quickly Alibaba could be broken up. To me, it suggests something that Alibaba has been wanting to do for some time, but has been waiting for the opportunity to do so." With this expectation, investors will be more positive on Alibaba. It may reflect a new round of development for the business and reduce worries of regulatory issues."

☆ Stocks in Asia rise on China reopening hopes
▼ + stars: | 2022-11-04 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

The Hong Kong index was set for its biggest weekly gain in over a decade. European stock futures indicated stocks were set to gain, with the Eurostoxx 50 futures up 0.67%, German DAX futures up 0.45% and FTSE futures up 0.63%. Hong Kong and China stocks have moved sharply through the week. Rumours based on an unverified note circulated on social media on Tuesday that China was planning a reopening from strict COVID curbs in March. Additional reporting by Summer Zhen in Hong Kong; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Asia stocks struggle as Xi's leadership team spooks markets
▼ + stars: | 2022-10-25 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares (.MIAP00000PUS) fell to the lowest since April 2020 before an attempted rebound in beaten-down Hong Kong tech shares dragged it back to flat. "A short-term technical rebound is the main factor for today's rise," said Kenny Ng, a strategist at China Everbright Securities in Hong Kong. "(The) cumulative decline of Hong Kong stocks is deep." CHINA FLIGHTChinese markets remained volatile and jittery following Monday's withering selloff in Hong Kong. Xi Jinping's new leadership team has raised worries that China will increasingly prioritise the state at the cost of the private sector.

☆ China's smaller banks cut deposit rates to ease margin pressure
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +4 min

Several Chinese city commercial banks and rural commercial lenders have cut their rates on a range of deposits this week, according to statements released on the banks' websites. The smaller lenders followed in the footsteps of some of China's biggest state-owned banks, which implemented rate cuts earlier this month. Peiqian Liu, China economist at Natwest Markets, noted the commercial banks' deposit rate cuts are part of the monetary policy transmission mechanism after the central bank cut key policy rates in August. "This rate cut by commercial banks will help improve the profit margin slightly and is technically opening up more space for further (benchmark lending) rate cuts." Four of the five of China’s largest banks, except for Bank of China, reported falling net interest margins (NIMs) in the second quarter.

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