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6 mentions found


☆ China tries to halt stock market rout by boosting lending and wooing foreign investors
  + stars: | 2024-01-24 | by ( Laura He | ) edition.cnn.com   time to read: +6 min
Hong Kong CNN —China has vowed to pump more money into the economy and further open its $64 trillion financial industry to international investors, as Beijing scrambles to restore confidence following a massive stock market rout. The astonishing losses, reminiscent of the last Chinese stock market crash of 2015-2016, highlight a crisis of confidence among investors concerned about the country’s future. It will allow Hong Kong banks to expand their businesses in mainland China and reduce the barriers to investing in mainland insurers. Last month, China Reform Holdings, a state-owned investment fund, announced it had bought tech-focused index funds to support the market. The brutal sell-off in Chinese stock markets has even forced some hedge fund managers to apologize for making wrong bets.
Persons: Li Yunze, “, Pan Gongsheng, Goldman Sachs, Li, ”, Lam, Li Qiang, Wang Zhao, Premier Li Qiang, Stringer, Li Bei Organizations: Hong Kong CNN, Administration of Financial, People’s Bank of, Buildings, New Champions, Getty, Premier, Xinhua, Reuters, Securities Daily, Social Security Fund, China Reform Holdings, Central Huijin Investment, Shanghai Banxia Investment Management Locations: China, Hong Kong, Beijing, Shanghai, Shenzhen, People’s Bank of China, Victoria Harbour, British, Tianjin, AFP, Central, Fuyang, China's, Anhui
☆ GPU tech supplier Imagination Technologies lays off 20% of staff -sources
  + stars: | 2023-11-13 | by ( Max A. Cherney | ) www.reuters.com   time to read: +1 min
The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay/File Photo Acquire Licensing RightsNov 13 (Reuters) - Chip technology design maker Imagination Technologies plans to lay off 20% of the company’s staff, according to sources familiar with the matter. The cuts are company-wide and every unit will be affected, according to one of the sources. Imagination Tech is owned by the private equity firm Canyon Bridge, which is backed by the Chinese state-owned China Reform holdings. For last year, Imagination reported profit before tax of £17 million ($20.9 million) on revenue of £120.3 million, according to filings.
Persons: Hannah McKay, Imagination, Max A, Chris Reese, Stephen Coates Organizations: Imagination Technologies, REUTERS, Apple, Reuters, Arm Holdings, Imagination Tech, China Reform, Imagination, Thomson Locations: London, Britain, China, San Francisco
☆ China state asset manager plans $14 bln emerging industry fund -report
  + stars: | 2023-09-24 | by ( ) www.reuters.com   time to read: +1 min
SHANGHAI, Sept 24 (Reuters) - China Reform Holdings Corp, a Chinese manager of state assets, plans to raise at least 100 billion yuan ($13.70 billion) for a fund that will invest in emerging industries, the China Business News reported on Sunday. China's state-owned enterprises (SOEs) have been ramping up investment in emerging and strategic industries such as artificial intelligence, new energy, new materials and biotech as part of Beijing's SOE reforms. China Reform Holdings was set up in 2021 and tasked with deepening SOE reforms. It managed nearly 860 billion yuan of assets at the end of 2022, according to the company's website. ($1 = 7.2980 Chinese yuan renminbi)Reporting by Shanghai newsroom; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.
Persons: Jamie Freed Organizations: China Reform Holdings Corp, China Business, SOE, China Reform Holdings, Shanghai, Thomson Locations: SHANGHAI, China, China's
☆ China state asset manager plans $14 billion emerging industry fund, China Business News reports
  + stars: | 2023-09-24 | by ( ) www.reuters.com   time to read: +1 min
Coins and a banknote of China's yuan are seen in this illustration picture taken February 24, 2022. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsSHANGHAI, Sept 24 (Reuters) - China Reform Holdings Corp, a Chinese manager of state assets, plans to raise at least 100 billion yuan ($13.70 billion) for a fund that will invest in emerging industries, the China Business News reported on Sunday. China Reform Holdings was set up in 2021 and tasked with deepening SOE reforms. It managed nearly 860 billion yuan of assets at the end of 2022, according to the company's website. ($1 = 7.2980 Chinese yuan renminbi)Reporting by Shanghai newsroom; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.
Persons: Florence Lo, Jamie Freed Organizations: REUTERS, Rights, China Reform Holdings Corp, China Business, SOE, China Reform Holdings, Shanghai, Thomson Locations: China, China's
☆ Starving zoo animals and cucumber fines. China’s indebted cities are desperate for cash
  + stars: | 2023-09-20 | by ( Laura He Berry Wang | Laura He | Berry Wang | ) edition.cnn.com   time to read: +8 min
The zoo is run by the local government, which was said to be running out of money and therefore unable to feed its charges. These vehicles are legal entities created by Chinese cities to circumvent borrowing restrictions imposed by the central government in Beijing. “Why hurt small businesses which are the weakest?”Noodle sellers in Shanghai have been fined for adding cucumber to their dishes. Last year, Beijing issued a directive forbidding local governments from imposing “arbitrary fines” to generate income, and dispatched inspection teams to check that the policy was being followed. The scale of financial stress among China’s local governments is so big that “creative” sources of income can only cover a relatively small shortfall, he said.
Persons: hadn’t, Xi Jinping’s, ”, Willy Lam, Lam, “, Aly Song, Jiemian, Logan Wright, hasn’t, Li Qiang, Steve Tsang, Joseph Cheng, —, Martha Zhou Organizations: Hong Kong CNN, Species Fund, CNN Local, China Newsweek, ” CNN, China National Radio, Washington, Jamestown Foundation, CNN, ”, Weibo, “, SOAS China, SOAS University of London, City University of Hong Locations: China, Hong Kong, Dongshan, Liaoning, Beijing, Shanghai, Henan, Huizhou, Nanchang, Qingdao, City University of Hong Kong
☆ Kuhn: Tensions on both sides of the protests in China will lead to a no-win outcome
  + stars: | 2022-11-29 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKuhn: Tensions on both sides of the protests in China will lead to a no-win outcomeRobert Kuhn, "How China's Leaders Think" Author & Awarded the "China Reform Friendship Medal" by Pres. Xi, joins Worldwide Exchange to discuss the protests against COVID-19 lockdowns in China.
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