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☆ Chinese EV maker Zeekr prices IPO at $21, at the top end of range, reports say
▼ + stars: | 2024-05-09 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

A Zeekr 001 electric vehicle (EV) by Geely is seen displayed at the Zeekr booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. Chinese electric vehicle maker Zeekr priced its initial public offering at $21 a share Thursday, at the top end of its range, according to news reports. Zeekr, which is backed by Chinese-based automotive group Geely, offers several luxury vehicle models, including an upscale sedan it began delivering in January. "Our sales gap with Tesla keeps on narrowing," Zeekr CEO Andy An told CNBC in an interview last month translated from Mandarin. Zeekr has said it plans to use the proceeds from the offering to develop more advanced battery electric vehicle technologies.

Persons: Geely, Tesla, Andy, Zeekr, Goldman Sachs, Morgan Stanley, Merrill Lynch Organizations: Auto Shanghai, New York Stock Exchange, Reuters, Bloomberg News, Securities and Exchange Commission, SEC, Tesla, CNBC, Underwriters, China International Capital Locations: Shanghai, China, Zhejiang, Europe, Latin America, Sweden, Netherlands

☆ Analysts at China's CICC told not to publish bearish views, wear luxury items -memo
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

The company logo of China International Capital Corporation Ltd (CICC), China’s first joint venture investment bank, is displayed at a news conference on the company's annual results in Hong Kong, China March 30, 2016. Additionally, staff at the state-owned investment bank have been asked to not wear luxury brands or disclose their pay. Employees should "make sure their family members adhere to social and ethical standards", the memo said. Banks have also been forced to cut pay and perks for investment bankers, including compensation and budget reductions for travel and entertainment. Reuters reported in April that CICC slashed bankers' bonuses by as much as 40%.

Persons: China’s, Bobby Yip, CICC, Banks, Selena Li, Jason Xue, Sumeet Chatterjee, Edwina Gibbs Organizations: China International Capital Corporation, REUTERS, China International Capital Corp, HK, Reuters, Bloomberg, Thomson Locations: Hong Kong, China, HONG KONG, dealmaking

The company logo of China International Capital Corporation Ltd (CICC), China’s first joint venture investment bank, is displayed at a news conference on the company's annual results in Hong Kong, China March 30, 2016. China is Brazil's largest trading partner, however Chinese investments in Brazil fell 78% in 2022, the Brazil-China Business Council (CEBC) said in August. "We believe that more Chinese investment will be willing to ... invest into the Latin America region, especially in Brazil," said Lin. "I don't remember when politics got so involved in daily business," Lin said, reflecting on her 21 years in business. However, there were still Chinese companies listing here, said Lin and China's securities regulator China Securities Regulatory Commission had pre-approved 20 Chinese ADRs.

Persons: China’s, Bobby Yip, Lindsay Lin, Lin, CICC, acquirer, Biden, Didi Global, we're, ” Lin, Megan Davies, Echo Wang, Diane Craft Organizations: China International Capital Corporation, REUTERS, Securities, China International Capital Corp, HK, Reuters NEXT, China Business Council, Monetary Fund, China Securities Regulatory Commission, Reuters, reuters, Thomson Locations: Hong Kong, China, Brazil, New York, America, Latin America, U.S, China's

[1/5] A view of the residential apartments in Country Garden's Forest City development in Johor Bahru, Malaysia August 16, 2023. The group hired PJT Partners (PJT.N) as financial adviser to lead discussions with Country Garden, two people with knowledge of the matter said. Ratings agency Moody's said on Thursday it could downgrade Country Garden's (2007.HK) 'corporate family rating' if the recovery prospects for its creditors weaken further. Moody's said Country Garden's senior unsecured rating of C was already at the lowest of its rating scale. Country Garden and Frasers did not immediately respond for a request for comment on that sale.

Persons: Edgar Su, PJT, Moody's, Frasers, Houlihan Lokey, Sidley Austin, Yeung Kwok Keung, Yang Huiyan, Yeung, Yang, Cao Jianglin, Garden's, China Evergrande, Scott Murdoch, Xie Yu, Clare Jim, Anousha Sakoui, Liz Lee, Lewis Jackson, Kim Coghill, Christopher Cushing, Jamie Freed, Lincoln, Miral Fahmy, Jane Merriman Organizations: REUTERS, HK, PJT Partners, Garden's, Australian Financial, Reuters, China International Capital Corporation, Finance, HSBC, China National Agricultural Development, SOE, Thomson Locations: Garden's, City, Johor Bahru, Malaysia, China HONG KONG, Garden's Australian, Melbourne, China, Shunde, Guangdong province, Sydney, Hong Kong, London, Beijing, Sydndey

☆ China ramps up yuan internationalisation under Belt and Road Initiative
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +4 min

[1/2] A China yuan note is seen in this illustration photo May 31, 2017. And funding BRI projects has helped China revitalise the once-stalled process of yuan internationalisation. Another policy bank, the Export-Import Bank of China, signed a yuan-based loan agreement with Saudi National Bank, while Bank of China helped Egypt issue Africa's first yuan-denominated Panda bonds. Beijing also allocated an additional 80 billion yuan ($10.94 billion) to its Silk Road Fund for BRI projects. "Can you do this in a targeted way with MOUs with all BRI countries?

Persons: Thomas White, Vladimir Putin, Xi, Alicia Garcia Herrero, China revitalise, Malaysia's Maybank, Haoxin Mu, Natixis, Garcia Herrero, Samuel Shen, Tom Westbrook, Simon Cameron, Moore Organizations: REUTERS, Rights, Initiative, Forum, Asia Pacific, Natixis, China International Capital Corp, China Development Bank, BBVA, Export, Import Bank of China, Saudi National Bank, Bank of, Fund, Thomson Locations: China, Rights SHANGHAI, SINGAPORE, Beijing, Russia, Asia, U.S, Ukraine, Africa, Europe, Egypt's, BBVA Peru, Bank of China, Egypt

☆ Explainer: Country Garden: What happens next?
▼ + stars: | 2023-10-17 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. A non-payment is expected after Country Garden last week warned about its inability to meet offshore debt obligations. Country Garden has appointed Houlihan Lokey, China International Capital Corporation (CICC) and law firm Sidley Austin as advisers to carry out an offshore debt restructuring. Until this year, Country Garden was the largest Chinese developer by sales. Country Garden has said repeatedly that "home delivery" is its top priority.

Persons: Aly, Houlihan Lokey, Sidley Austin, Evergrande, Clare Jim, Anne Marie Roantree, Sonali Paul Organizations: Shanghai Country Garden, REUTERS, HK, China International Capital Corporation, WHO, China Evergrande, Evergrande, Regulators, Beijing, Thomson Locations: Shanghai, China, HONG KONG, Beijing

☆ Country Garden: What happens next?
▼ + stars: | 2023-10-17 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

☆ Country Garden's entire offshore debt to be in default if Tuesday payment not made
▼ + stars: | 2023-10-16 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

REUTERS/Edgar Su/File Photo Acquire Licensing RightsHONG KONG, Oct 17 (Reuters) - Country Garden's (2007.HK) entire offshore debt will be deemed to be in default if China's largest property developer fails to make a $15 million coupon payment on Tuesday, the end of a 30-day grace period. Lack of payment - which is expected after Country Garden last week warned about its inability to meet offshore debt obligations - would make the firm the latest in scores of Chinese developers who have defaulted. Country Garden has also missed other offshore payments in the past few weeks though those payments still have not seen their 30-day grace periods lapse. Country Garden declined to comment. With nearly $11 billion of offshore bonds and $6 billion of offshore loans, a default by Country Garden would set the stage for one of China's biggest corporate debt restructurings.

Persons: Edgar Su, Houlihan Lokey, Sidley Austin, Clare Jim, Edwina Gibbs Organizations: REUTERS, HK, China International Capital Corporation, Kingboard Holdings, JPMorgan, Thomson Locations: Garden's, City, Johor Bahru, Malaysia, HONG KONG, China, Hong Kong

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Country Garden, China's largest private property developer, has not defaulted so far, but has missed coupon payments on some dollar bonds since last month and faces the end of 30-day grace periods for making payments from next week. In a filing with the Hong Kong stock exchange on Tuesday, Country Garden said that its sales and financing were facing "significant challenges", and its available funds have continued to decrease. Country Garden was due on Monday to pay $66.8 million in coupons on 2024 and 2026 dollar bonds, although the payments have a 30-day grace period. ($1 = 7.8284 Hong Kong dollars)Reporting by Scott Murdoch in Sydney and Xie Yu in Hong Kong; additional reporting Rishav Chatterjee in Bengaluru and Clare Jim in Hong Kong; Editing by Rashmi Aich, Lincoln Feast, Jamie Freed and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, homebuyers, Houlihan Lokey, Sidley Austin, Jeff Zhang, Sandra Chow, CreditSight's, Scott Murdoch, Xie Yu, Rishav Chatterjee, Clare Jim, Rashmi Aich, Lincoln, Jamie Freed, Kim Coghill Organizations: Shanghai Country Garden, REUTERS, HK, Hong, China International Capital Corporation, Asia, China Evergrande, Investment, Thomson Locations: Shanghai, China, HONG KONG, Hong Kong, Beijing, Sydney, Bengaluru, Clare

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Companies accounting for 40% of Chinese home sales - mostly private property developers - have defaulted on debt obligations since a liquidity crisis hit the sector in 2021, leaving many homes unfinished. The developer had been working towards announcing a restructure of its offshore debt, Chinese media reported on Monday. Country Garden faces another big test next week when its entire offshore debt could be deemed in default if it fails to pay a $15 million September coupon by Oct. 17. "The difficult situation shows that Chinese developers face severe liquidity pressure from weak home sales, and repayment to bondholders is still a lower priority," said Gary Ng, senior economist at Natixis Corporate and Investment Bank.

Persons: Aly, Houlihan Lokey, Sidley Austin, Morningstar, Jeff Zhang, Sandra Chow, CreditSight's, Gary Ng, Scott Murdoch, Xie Yu, Rishav Chatterjee, Rashmi Aich, Lincoln, Jamie Freed 私 Organizations: Shanghai Country Garden, REUTERS, Garden Holdings, HK, Hong Kong Stock Exchange, China International Capital Corporation, Asia, Natixis Corporate, Investment Bank Locations: Shanghai, China, HONG KONG, Hong Kong, Sydney, Bengaluru

☆ China’s Country Garden warns of default again as property sales plunge
▼ + stars: | 2023-10-10 | by ( Laura He | ) edition.cnn.com time to read: +6 min

The deepening woes at Country Garden offer more evidence that China’s all-important property market is languishing in a persistent downturn, which poses a major threat to the country’s growth prospects. Country Garden was one of the few major private developers still standing after a liquidity crisis engulfed China’s property sector two years ago. The news shocked investors, triggering a broad sell-off in China’s property stocks. Significant uncertaintyOn Tuesday, Country Garden reported that its sales plunged further in September, down 81% from a year earlier. If confirmed, a debt restructuring for Country Garden would be the latest for a Chinese home builder.

Persons: “, Houlihan Lokey, Sidley Austin, Xu Jiayin Organizations: Hong Kong CNN, Hong Kong, Hong Kong Stock Exchange, CNN, China International Capital Corporation Hong Kong Securities, Country Locations: China, Hong Kong, Beijing

☆ China's property crisis just keeps getting worse — property giant Country Garden just warned it may default on its debt
▼ + stars: | 2023-10-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China's Country Garden warned on Tuesday it could default on its offshore debt payments. Country Garden is the latest high-profile Chinese real-estate giant ensnared in a liquidity crunch. On Tuesday, embattled property giant Country Garden signaled that it may be facing its first default ever, in a filing to the Hong Kong Stock Exchange. However, Country Garden has around 3,000 unfinished projects — which is around four times that of Evergrande's 800 projects that are still being built. Country Garden shares were down 9.5% at 76 Hong Kong cents at 3.34 p.m. local time.

Persons: —, Evergrande —, it's, Houlihan Lokey, Sidley Austin Organizations: HK, Service, Hong Kong Stock Exchange, Hong, Bloomberg, China International Capital Corporation, Garden Locations: Hong Kong, China

Hozon's IPO plan comes after it announced a 7 billion yuan pre-IPO fundraising late on Tuesday in a social media statement. More banks could be added to the syndicate working on the IPO as the deal progresses, they said. Local Hong Kong media reported earlier this week Hozon could raise up to $1 billion in a local listing. Hozon is building its first overseas plant in Thailand and aims to start production there in January 2024. Reporting by Kane Wu in Hong Kong and Scott Murdoch in Sydney; Additional reporting Zhang Yan; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, Morgan Stanley, CICC, Kane Wu, Scott Murdoch, Zhang Yan, David Holmes Organizations: Hozon, Beijing International Automotive, Auto, REUTERS, Rights, Zhejiang, New Energy Automobile Co, HONG, Hozon Auto, China International Capital Corporation, Hong, Hong Kong Stock Exchange, Thomson Locations: Auto China, Beijing, China, HONG KONG, SYDNEY, Hong Kong, Indonesia, Thailand, Myanmar, Nepal, Sydney

☆ Country Garden's cash flow in focus as troubled firm set to report $7.5 bln loss
▼ + stars: | 2023-08-29 | by ( Clare Jim | ) www.reuters.com time to read: +4 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Country Garden shares were down over 3% in early trade on Wednesday. It has already flagged a net loss of up to 55 billion yuan ($7.55 billion) in the first six months, a staggering slide from the 6.7 billion yuan loss it posted in the second half of 2022 and from the net profit of 1.9 billion yuan it posted a year earlier. JP Morgan has estimated it would cost about 316 billion yuan to finish all the company's projects under construction, including both sold and unsold flats. On Tuesday, Country Garden proposed adding a 40-day grace period for the repayment of a 3.9 billion yuan private onshore bond due Saturday.

Persons: Aly, HONG KONG, JP Morgan, Clare Jim, Miral Organizations: Shanghai Country Garden, REUTERS, Garden Holdings, Garden, HK, Kingboard Holdings, Country Garden, China International Capital Corporation, City, China Overseas Land & Investment, Thomson Locations: Shanghai, China, HONG, HK, Hong Kong, Guangzhou, Malaysia

Yields on one-year real estate bonds rated AA- have widened 220 bps in the past month, data from Chinabond shows. That divergence reflects investors' expectations that Beijing will support LGFVs in order to minimise financial contagion, despite rising delinquencies among developers. Yields on LGFV bonds issued in August averaged around 3.9%, the lowest seen this year, according to data provider Dealing Matrix(DM). The chorus of economists calling for China to support LGFVs as part of measures to shore up the economy has grown. Chi Lo, Hong Kong-based senior economist at BNP Paribas Asset Management, said Beijing needs to refinance LGFV debt over the next three to five years to prevent the system from imploding.

Persons: Aly, Zhu Yangmo, LGFVs, Zhu, Chi Lo, Li Gu, Samuel Shen, Tom Westbrook, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Rights, China Central Depository, Asset Management, Garden Holdings, HK, China International Capital Corp, Tianjin Infrastructure Investment Group, AAA, China, Thomson Locations: Shanghai, China, Rights SHANGHAI, SINGAPORE, Hainan, Beijing, Tianjin, Hong Kong, imploding, Singapore

☆ Bank of China starts nationwide move to reduce salary gap among employees, manager levels -sources
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

A man rides his bicycle across the street under the Guomao bridge at the Central Business District in Beijing, China, October 19, 2015. Bank of China didn't immediately reply to a Reuters' request for comment. The move follows pay cuts being made at investment banks such as China International Capital Corp (CICC) (3908.HK). Two of the sources said the bank had finished implementing the plan at its headquarters in the first half of the year. A third source said the bank's Shanghai branch staff last week received notice that the bank would be reducing pay gaps there.

Persons: Jason Lee, Xi Jinping, Bank of China didn't, Ziyi Tang, Rong Ma, Ryan Woo, Hugh Lawson Organizations: Central Business District, REUTERS, Bank of China Ltd, Communist Party, Bank of, China International Capital Corp, HK, of, Central Commission, Inspection, Shanghai, Thomson Locations: Beijing, China, BEIJING, Bank of China, of China, Shanghai

☆ Country Garden restructuring fears deepen China property concerns
▼ + stars: | 2023-08-11 | by ( Clare Jim | ) www.reuters.com time to read: +6 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. The regulator also asked the property developers about their financing needs and sought suggestions, according to Cailianshe. China International Capital Corporation (CICC) has been hired as a financial adviser to Country Garden, the Yicai and Caixin reports said. Country Garden shares ended down 5.8% on Friday, having fallen as much as 14.4% during the day to a record low of HK$0.89. "It is likely to further weaken market sentiment and delay the recovery of China's property sector," it said.

Persons: Aly, Yicai, Cailianshe, CICC, John Lam, Clare Jim, Selena Li, Himani Sarkar, Jamie Freed, Raju Gopalakrishnan, Jane Merriman Organizations: Shanghai Country Garden, REUTERS, HK, China Evergrande, Sunac China Holdings, China's, Communist Party, China International Capital Corporation, Garden, UBS, China Aoyuan, Fantasia Holdings, Thomson Locations: Shanghai, China, HONG KONG, Beijing, Hong Kong

☆ Country Garden shares hit record low on loss forecast, restructuring fears
▼ + stars: | 2023-08-11 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Country Garden declined to comment. Country Garden told Reuters this week that it had not been able to make $22 million of dollar coupon payments on time, though both have 30-day grace periods. The shares shed as much as 14.4% on Friday morning to a record low of HK$0.89 ($0.1139), having lost 38% of their value so far this week. Country Garden forecast the large first-half loss in filings on Thursday, and said that it would take measures to meet its debt obligations and fix operational issues to get the company back on track.

Persons: Aly, Yicai, CICC, Garden's, Clare Jim, Himani Sarkar, Jamie Freed Organizations: Shanghai Country Garden, REUTERS, HK, China International Capital Corporation, Garden, Reuters, China Evergrande, Sunac China Holdings, Communist Party, Industry, Thomson Locations: Shanghai, China, HONG KONG, Hong Kong

☆ Country Garden, one of China's real-estate behemoths, could look at restructuring its debt after missing key interest payments this week: JPMorgan
▼ + stars: | 2023-08-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The warning is a "prelude to an ultimate credit event," paving the way for debt restructuring, per JPMorgan. Country Garden racked up 1.4 trillion Chinese yuan, or almost $200 billion, in liabilities at the end of 2022. It also faces 7.8 billion Chinese yuan, or $1.1 billion, in payments for notes and bonds in September. Another analyst feels Country Garden could restructure if it's unable to raise cash in time. Country Garden and CICC did not immediately respond to requests from Insider for comment.

Persons: JPMorgan Chase, Karl Chan, Nicholas Chen, CreditInsights, Chen, Iris Chen, Yang Huiyan, CICC Organizations: JPMorgan, Service, Garden, China International Capital Corporation, Reuters, Nomura, Bloomberg, Hong Locations: Wall, Silicon, China, Hong Kong, Beijing

A Midea company sign is seen at the Appliance and Electronics World Expo (AWE) in Shanghai, China March 23, 2021. REUTERS/Aly Song/File PhotoAug 9 (Reuters) - Chinese home appliance maker Midea Group (000333.SZ) said on Wednesday it is studying a potential listing in Hong Kong as part of its global strategy. The new shares to be issued would account for no more than 10% of enlarged capital, Midea, already listed in the Shenzhen stock exchange, said in a filing. Midea's market capitalisation was $56.47 billion before the listing plan was made public, meaning a deal of up to 10% would be one of the largest listings in Hong Kong since 2021. The initial filing to the Hong Kong Stock Exchange would be made this year, with a likely share sale sometime in 2024, one of the sources added.

Persons: Aly, Midea, Scott Murdoch, Roxanne Liu, Kane Wu, Jason Neely, Gerry Doyle Organizations: Appliance, Electronics, REUTERS, Midea, Bank of America, China International Capital Corp, HK, Hong Kong Stock Exchange, Thomson Locations: Shanghai, China, Hong Kong, Midea, Shenzhen, Sydney

☆ Chinese AI startup Fourth Paradigm receives China's nod for Hong Kong IPO
▼ + stars: | 2023-07-05 | by ( Kane Wu | ) www.reuters.com time to read: +2 min

HONG KONG, July 5 (Reuters) - Beijing Fourth Paradigm Technology, an AI startup, has completed procedural work for a Hong Kong initial public offering, becoming only one of a handful of companies to get the nod from China's securities regulator since new rules became effective this year. The company has successfully completed the offshore listing filing process，according a July 3 filing on the China Securities Regulatory Commission (CSRC) website. Fourth Paradigm and one other company got the CSRC greenlight on July 3, adding to two other firms this year. Fourth Paradigm, also known as 4Paradigm, filed its fourth IPO application to the Hong Kong Stock Exchange in April. Fourth Paradigm counts Goldman Sachs (GS.N), Sinovation, Haitong International Investment and a number of state-backed funds as investors, the CSRC filing showed.

Persons: Goldman Sachs, Kane Wu, Edwina Gibbs Organizations: Paradigm Technology, Hong, China Securities Regulatory Commission, Hong Kong Stock Exchange, Commerce Department, International Investment, China International Capital Corp, CCB International, China Merchants Securities, Thomson Locations: HONG KONG, Beijing, Hong Kong

China's top graft-busting watchdog earlier this year vowed to eliminate ideas of a Western-style "financial elite" and rectify the hedonism of excessive pursuit of "high-end taste". Industrial and Commercial Bank of China (ICBC) (601398.SS) and China Construction Bank Corp (CCB) (601939.SS) plan to cut some allowances of employees at the banks' headquarters from this year, two sources familiar with the matter said. Domestic rival China International Capital Corp (CICC) (3908.HK) last month cut this year's bonuses for investment bankers by 30%-50% from a year earlier, Reuters has reported, citing sources with knowledge of the matter. Besides anti-corruption crackdown and "common prosperity" drive, financial firms are also reining in the flashy lifestyle of their staff to make sure they are not violating the Communist Party's ideology, said industry officials. China's securities regulator and the central bank cut the budget allocation for employee salaries in 2023, following reforms ordered as part of a broader drive to reduce income disparity, Reuters reported last month.

Persons: Xi Jinping's, CCB, Xin Sun, Sun, Xie Yu, Julie Zhu, Selena Li, Ziyi Tang, Binbin Huang, Rong Ma, Sumeet Chatterjee, Lincoln Organizations: Industrial, Commercial Bank of China, China Construction Bank Corp, Securities, Reuters, China International Capital Corp, HK, Party, King's College London, Thomson Locations: China, HONG KONG, Beijing, Hong Kong, Shanghai

☆ China's top investment bank CITIC cuts base salary by up to 15% -sources
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

HONG KONG/BEIJING, June 5 (Reuters) - China's CITIC Securities is cutting pay across its investment banking division, lowering base salaries by up to 15%, two sources said, in a rare move in the country's financial sector as Beijing pushes to bridge income disparity. The country's top investment bank by market value has also yet to pay bonuses to bankers for work done last year, the two sources close to the matter said. China's well-heeled financial dealmakers over the past year have been getting a crash course in austerity with pay cuts and perks reined in as their state-owned employers respond to the "common prosperity" drive. CITIC Securities' domestic rival China International Capital Corp (CICC) (3908.HK) last month cut this year's bonuses for investment bankers by 30%-50% from a year earlier, said two separate sources with knowledge of the matter. Besides remuneration cuts, some investment banks have asked staff to avoid displays of wealth such as uploading photographs to social media of expensive meals or overseas trips, industry sources have said.

Persons: China's, CICC, Julie Zhu, Selena Li, Roxanne Liu, Louise Heavens, Kirsten Donovan Organizations: CITIC Securities, China International Capital Corp, HK, Reuters, China's, Thomson Locations: HONG KONG, BEIJING, Beijing, China, CICC, Hong Kong

☆ Futu, UP Fintech shares fall on plan to remove apps in China
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, May 16 (Reuters) - New York-listed shares in Futu Holdings Ltd and UP Fintech Holding Ltd plunged in pre-market trading on Tuesday, after the online brokerages said they will remove their apps in mainland China following guidance from regulators. U.S.-listed shares of Futu slumped more than 15% in pre-market trading, while UP Fintech dropped roughly 10%. It added the company remains dedicated to serving existing clients in mainland China. It's not clear if Hong Kong units of Chinese brokerages, such as China International Capital Corp and Haitong Securities, also need to remove their apps in China. Futu, which has delayed its Hong Kong listing plan, holds a licence in Hong Kong, Singapore and the United States.

☆ Stocks rise as U.S. inflation trends lower, bond yields slide
▼ + stars: | 2023-05-10 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

The odds of the Fed cutting rates later this year also increased. Consumer prices decelerated to 4.9% year-on-year, the 10th straight month of slowdown as prices react to the Fed's rate-tightening cycle. The two-year Treasury yield, which typically moves in step with rate expectations, slid from 4.05% before the CPI news and dropped to 3.908%. The dollar index eased 0.20% and equity markets rose as the CPI data suggested the Fed's most aggressive rate hikes in four decades were yielding results. U.S. crude futures fell 1.6% to settle at $72.56 a barrel, and Brent settled down 1.3% at $76.41 a barrel.

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