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☆ A Chinese bank is offering customers a Pfizer COVID-19 vaccine if they deposit $500,000 into an account
  + stars: | 2023-01-10 | by ( Britney Nguyen | ) www.businessinsider.com   time to read: +2 min
A Chinese state-owned bank in Hong Kong is offering a Pfizer shot to customers who deposit about $500,000. The incentive signals mainland Chinese citizens' desire to receive a western developed mRNA vaccine. The "privileges" are being offered after mainland China lifted travel restrictions to Hong Kong. BioNTech's Pfizer mRNA vaccine is not widely available in mainland China, which has mostly relied on Chinese-produced vaccines that don't currently include mRNA technology. However, permanent residents of Hong Kong and Macau have had access to free Pfizer vaccines, according to Fortune.
☆ Tender sale of Evergrande's Hong Kong headquarters fails again -sources
  + stars: | 2023-01-03 | by ( Clare Jim | ) www.reuters.com   time to read: +2 min
[1/2] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly SongHONG KONG, Jan 3 (Reuters) - A tender for the sale of embattled China Evergrande Group's (3333.HK) headquarters in Hong Kong has lapsed again, two sources with knowledge of the matter said on Tuesday, because the offer prices and terms fell short of requirements. The tower had been pledged against a loan of HK$7.6 billion from lenders led by the Hong Kong subsidiary of Chinese state-owned China Citic Bank Corp Ltd (601998.SS). Evergrande and Savills, the agent for the tender sale, declined to comment. ($1=7.8102 Hong Kong dollars)Additional reporting by Ziyi Tang in Beijing; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.
☆ Lenders fail to sell Evergrande's Hong Kong headquarters by tender - sources
  + stars: | 2023-01-03 | by ( ) www.reuters.com   time to read: +1 min
[1/2] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly SongHONG KONG, Jan 3 (Reuters) - The tender sale of embattled China Evergrande Group's (3333.HK) Hong Kong headquarters has lapsed again, two sources with knowledge said, because the offer prices and terms did not meet requirements. Chinese state-owned China Citic Bank Corp Ltd (601998.SS), whose Hong Kong subsidiary leads the lender group, did not immediately respond to request for comment. Evergrande and Savills, agent for the tender sale, declined to comment. ($1 = 7.8102 Hong Kong dollars)Reporting by Clare Jim; Additional reporting by Ziyi Tang in Beijing; Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.
☆ Who will be Wall Street’s un-American idol?
  + stars: | 2022-12-16 | by ( John Foley | ) www.reuters.com   time to read: +8 min
Europeans have been losing the battle against Wall Street’s cozy club for a decade. Deutsche Bank has done the former. BNP has made smaller steps, buying Bank of America’s prime broking business in 2008, then Deutsche Bank’s in 2019. Even with the best intentions, European banks must contend with their own regulators, which affects their ability to take risk elsewhere. JPMorgan, Bank of America, Citigroup, Morgan Stanley and Goldman Sachs together took the top five slots for debt capital markets and merger advisory, as they also did in 2021.
☆ Investors bet on greed and fear as China loosens COVID grip
  + stars: | 2022-12-09 | by ( Samuel Shen Summer Zhen | Samuel Shen | Summer Zhen | ) www.reuters.com   time to read: +4 min
SHANGHAI/HONG KONG, Dec 9 (Reuters) - Investors caught off-guard by China's dramatic COVID policy pivot are betting on both greed and fear as the economy starts to gradually reopen, snapping up shares in businesses from travel agencies and casinos to funeral companies. Providers of death care services, including Hong Kong-listed Fu Shou Yuan International Group (1448.HK), China's biggest cemetery operator and funeral service provider, have also drawn investors. The positioning for both the bright and dark side of China's COVID pivot reflects growing concerns from investors surprised by the rapid policy change, especially as COVID vaccination rates among the elderly remain relatively low. "But we still think that the way China can flatten the curve of new COVID cases without doubling down on tightening looks quite challenging." Morgan Stanley Chief China economist Robin Xing said China's economy may remain sluggish for another quarter or two, but growth will pick up after Spring.
☆ China property sector surges on fundraising support, but COVID protests cloud outlook
  + stars: | 2022-11-29 | by ( Xie Yu | Jason Xue | ) www.reuters.com   time to read: +5 min
The move is the latest regulatory easing as Beijing steps up support for the property business, a sector that accounts for a quarter of the Chinese economy. Yuan-denominated bonds issued by Chinese developers CIFI Group, Guangzhou Times Holdings, Country Garden rocketed between 20% and 50% each on Tuesday. “Most of the funding channels the property developers need are covered now,” said Gary Ng, senior economist at Natixis. “It is now up to whether the market, or basically the state players will actually support the sector,” he said. If funds could be raised from state-backed investors, there will be meaningful consolidation in the property sector, Ng said.
☆ Exclusive: China set to fine Ant Group over $1 billion, signalling revamp nears end-sources
  + stars: | 2022-11-22 | by ( Julie Zhu | ) www.reuters.com   time to read: +5 min
The central bank has been in informal communication with Ant about the fine over the past few months, said three of the sources. It plans to hold more discussions with other regulators about Ant's revamp later this year and announce the fine as soon as the second quarter of next year, said a source. Ant's fine would be the largest regulatory penalty imposed on a Chinese internet company since ride-hailing major Didi Global was fined $1.2 billion by China's cybersecurity regulator in July. The fintech firm's affiliate, e-commerce titan Alibaba Group (9988.HK), last year received a record fine of 18 billion yuan ($2.51 billion) for antitrust violations. The PBOC, however, is unlikely to formally disclose the application till Ant wraps up its revamp, added the sources.
☆ Naspers swaps one Tencent headache for another
  + stars: | 2022-11-17 | by ( Robyn Mak | Thomson Reuters | Robyn Mak Joined Reuters Breakingviews In Previously | ) www.reuters.com   time to read: +4 min
HONG KONG, Nov 17 (Reuters Breakingviews) - Naspers (NPNJn.J) has a new Tencent (0700.HK) quandary. In June, they launched an open-ended plan to gradually sell Tencent shares and use the proceeds to repurchase stock in both companies. The problem, however, is that Tencent stock has underperformed that of Naspers and Prosus. Over the same period Naspers shares rose 6% while those of its Dutch subsidiary are down 19%. “The Naspers Board and Prosus Board reiterate their continued confidence in Tencent's long term prospects and continue to believe that the share repurchase programme is in the best interests of Prosus, Naspers and their respective shareholders," they said in a statement.
☆ China Evergrande says Hong Kong land plot sold by receivers for $637 mln
  + stars: | 2022-11-07 | by ( ) www.reuters.com   time to read: +1 min
HONG KONG, Nov 6 (Reuters) - China Evergrande Group (3333.HK) said on Sunday its plot of undeveloped land for residential development in Hong Kong's Yuen Long district has been sold by its receivers for $636.94 million. The land project is expected to result in a loss of about $770 million, the Chinese property developer said in a filing to the Hong Kong bourse. The sale proceeds will be used to repay the financial obligations tied to the land plot, it said. Evergrande bought the rural land plot from local developer Henderson Land for $600 million in 2019, and spent around $532 million to convert it into buildable land, according to local media. Saddled with more than $300 billion in total liabilities, the defaulted Chinese property developer has already seen many of its assets, both in mainland China and Hong Kong, seized by creditors.
☆ Prosus and Naspers deny report they are in talks to sell Tencent stake
  + stars: | 2022-11-01 | by ( ) www.reuters.com   time to read: +1 min
Prosus holds a 28% stake in Tencent worth $70 billion at current prices. It has said it intends to sell the stake down gradually to fund a share repurchase program. "The Naspers Board and Prosus Board reiterate their continued confidence in Tencent's long term prospects and continue to believe that the share repurchase programme is in the best interests of Prosus, Naspers and their respective shareholders," they said in a statement. Tencent shares rose sharply on Friday, gaining 10% to $226.2 HKD. Naspers shares, which usually follow movements in Tencent, rose 8.7% in Johannesburg.
☆ Prosus & Naspers deny report they are in talks to sell Tencent stake
  + stars: | 2022-11-01 | by ( ) www.reuters.com   time to read: +1 min
REUTERS/Aly SongAMSTERDAM, Nov 1 (Reuters) - Technology investment firm Prosus NV (PRX.AS) and its South African parent Naspers (NPNJn.J) on Tuesday rejected as "untrue" a report that they are in talks to sell their large stake in Chinese software and gaming giant Tencent (0700.HK). In a pre-market statement, Amsterdam-based Prosus said an article in Asian Tech Press citing unnamed sources saying that Naspers was in talks with a group of investors led by CITIC of China to sell its entire Tencent stake was "speculative and untrue". Prosus holds a 28% stake in Tencent worth $70 billion at current prices. It has said it intends to sell the stake down gradually to fund a share repurchase program. "The Naspers Board and Prosus Board reiterate their continued confidence in Tencent's long term prospects and continue to believe that the share repurchase programme is in the best interests of Prosus, Naspers and their respective shareholders," they said in a statement.
☆ Chinese automaker Geely's new energy brand Farizon raises over $300 mln
  + stars: | 2022-10-26 | by ( ) www.reuters.com   time to read: +2 min
BEIJING/HONG KONG, Oct 26 (Reuters) - Chinese automaker Geely's new energy vehicle subsidiary on Wednesday said its brand Farizon has raised over $300 million from a funding round led by Asian logistics firm Global Logistics Properties' (GLP) investment arm Hidden Hill Capital. The new capital raise, which involves other investors such as Chinese logistics and chemical group Transfar and an investment firm backed by major Chinese investment bank CITIC Securities, came as Geely stepped up its new energy vehicle development. Hangzhou-based Geely Holding Group, owner of Zhejiang Geely New Energy Commercial Vehicle Group which sells Farizon, is known globally with its investments in Volvo Cars and Mercedes-Benz. Farizon will use much of the funding "for research & development and ecosystem development, in order to further consolidate its market-leading position in new energy commercial vehicles," Zhejiang Geely New Energy Commercial Vehicle Group said in a statement. Geely New Energy Commercial Vehicle did not disclose Farizon's valuation in the statement.
☆ EXCLUSIVE Kaisa offshore creditors offer $2 bln to take over stalled projects - sources
  + stars: | 2022-09-19 | by ( Clare Jim | ) www.reuters.com   time to read: +5 min
A sign of the Kaisa Holdings Group is seen at the Shanghai Kaisa Financial Centre, in Shanghai, China, December 7, 2021. It also comes as authorities are scrambling to contain a mortgage boycott by homebuyers against stalled projects. The offshore bondholder group, which is being represented by financial advisory group Lazard Ltd, made the offer to acquire Kaisa's stalled projects to the developer's advisor CITIC Securities, said the people. As most of Kaisa's projects are in top-tier Chinese cities, where housing prices are relatively resilient, bondholders expect to reap the profits after the completion of the stalled projects, said the two people. It is unclear how many stalled projects would be covered by the bondholder group's offer, and how many of them meet the purchase criteria laid out by the group.
☆ Exclusive: Kaisa offshore creditors offer $2 billion to take over stalled projects
  + stars: | 2022-09-19 | by ( Clare Jim | ) www.reuters.com   time to read: +5 min
A sign of the Kaisa Holdings Group is seen at the Shanghai Kaisa Financial Centre, in Shanghai, China, December 7, 2021. It also comes as authorities are scrambling to contain a mortgage boycott by homebuyers against stalled projects. The offshore bondholder group, which is being represented by financial advisory group Lazard Ltd, made the offer to acquire Kaisa's stalled projects to the developer's advisor CITIC Securities, said the people. As most of Kaisa's projects are in top-tier Chinese cities, where housing prices are relatively resilient, bondholders expect to reap the profits after the completion of the stalled projects, said the two people. It is unclear how many stalled projects would be covered by the bondholder group's offer, and how many of them meet the purchase criteria laid out by the group.
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