DIRS.INFO The most relevant business & tech news

A man stands near a screen showing news footage of Chinese President Xi Jinping at the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. The China Securities Regulatory Commission (CSRC) has told brokerages to stop offering securities trading from offshore accounts such as Hong Kong to new mainland investors, according to a Sept. 28 notice issued by its Shanghai unit. Activities now considered illegal include cross-border securities broking, securities lending, fund sales and investment consulting, according to the notice. The use of offshore brokerage accounts in Hong Kong entails converting yuan to other currencies. They can also use some foreign brokerage platforms outside mainland China if they have funds parked in offshore locations.

Persons: Xi Jinping, Tingshu Wang, brokerages, Shujin Chen, Guotai Junan, Selena Li, Zhen, Julie Zhu, Sumeet Chatterjee, Edwina Gibbs Organizations: China Securities Regulatory Commission, REUTERS, Reuters, outflows, Jefferies, Citic Securities, HK, Haitong Securities, Hong Kong, Futu Holdings, Fintech Holding, May, Hong, Stock, Hwabao Securities, Thomson Locations: Beijing, China, HONG KONG, Hong Kong, Shanghai, outflows

The figures suggest that China's latest steps to revive a crisis-hit property market, including lower mortgage rates and down payments, could unlock some pockets of housing demand in the most sought-after areas, but may struggle to halt the broader property market downturn. "These measures may generate a short-term rebound in property transactions, but are insufficient to stabilize the property market," Goldman Sachs analysts said in a note. But Yu Fei, a property sales agent at HomeLink, said the initial spike in interest he noticed in the first few days is already petering out. "Many homebuyers remain in a wait-and-see approach, some hoping for more radical policies to stimulate the property market," Yu said. Goldman analysts said if property sales kept sliding policymakers could release more liquidity into the market by cutting banks' reserve requirement ratios, lowering rates, easing home purchasing rules further.

Persons: Jason Lee, Goldman Sachs, Zhang Guoqiang, I'm, Zhang, Zhao Jie, Yu Fei, Yu, Goldman, Wan, Emelia Sithole Organizations: REUTERS, China Index, Haitong Securities, Longfor, HK, Thomson Locations: Beijing, China, BEIJING, HONG KONG, China's

☆ 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.

☆ UBS loses bid to stop Chinese businessman's $500 mln London lawsuit
▼ + stars: | 2023-03-01 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

LONDON, March 1 (Reuters) - UBS (UBSG.S) faces a $500 million lawsuit in London brought by an exiled Chinese businessman after an appeal court on Wednesday rejected the Swiss bank’s latest attempt to have the case thrown out. UBS had previously told a lower court that the claims are denied in their entirety. Lawyers representing Guo and Ace Decade did not immediately respond to a request for comment. Judge Geoffrey Vos said in the written ruling on Wednesday that “the damage caused to Ace Decade and (Guo) occurred in London when the H-shares ... were sold by UBS London”. “UBS London significantly participated in the events which have given rise both to the claim and to the loss claimed.”Reporting by Sam Tobin; additional reporting by Kirstin Ridley.

☆ Indian jeweller Joyalukkas withdraws $278 mln IPO
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 21 (Reuters) - Indian jeweller Joyalukkas has withdrawn its 23 billion rupee ($277.95 million) initial public offering (IPO), a document on the market regulator's website showed on Tuesday. Joyalukkas did not immediately respond to Reuters' request for comment. The jeweller, based in the southern Indian state of Kerala, operates showrooms across roughly 68 cities and is one of the biggest jewellery retailers in the country. The IPO's book runners Edelweiss Financial Services Ltd, Motilal Oswal Investment Advisors Ltd, Haitong Securities India, and SBI Capital Markets Ltd also did not immediately respond to a request for comment. ($1 = 82.7620 Indian rupees)Reporting by Varun Vyas in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

SHANGHAI/HONG KONG, Jan 19 (Reuters) - Chinese brokerages are in a race to raise billions of dollars in capital to meet regulatory requirements, jumping on a market upturn to bolster operations as they brace for tougher competition from Wall Street banks on their home turf. The brokerages need fresh capital to meet Chinese risk management rules, and finance capital-intensive businesses such as margin financing and market-making, having weathered volatile markets in the last couple of years. Chinese brokerages raised just 77 billion yuan via follow-up share sales last year, Refinitiv data showed. "Securities firms need capital to transform their business model by reducing reliance on traditional businesses." Chinese brokerages face stiffer competition after Beijing allowed Western banks, including Morgan Stanley (MS.N), Goldman Sachs (GS.N) and Credit Suisse (CSGN.S), to take full control of their China brokerage units.

☆ China's COVID surge hits Beijing trading floors, Shanghai finance hub
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI, Dec 19 (Reuters) - COVID-19 is sweeping through trading floors in Beijing and spreading fast in the financial hub of Shanghai, with illness and absence thinning already light trade and forcing regulators to cancel a weekly meeting vetting public share sales. Internal surveys by several big asset managers and banks suggest more than half of their employees in Beijing, the epicentre of the virus surge, have tested positive. Stock trading volume also eased last week. DISRUPTIONThe pandemic also has an impact on initial public offerings (IPOs), with the China Securities Regulatory Commission calling off a weekly meeting vetting them last week. To be sure, years of strict COVID rules have left a lot of businesses well placed to handle disruption.

☆ BNP Paribas gets regulatory nod to set up China asset management joint venture
▼ + stars: | 2022-10-18 | by ( Selena Li | ) www.reuters.com time to read: +2 min

HONG KONG, Oct 18 (Reuters) - BNP Paribas (BNPP.PA) has received Chinese regulatory approval to start building an asset management venture with Agricultural Bank of China (AgBank) (601288.SS), the two companies said, allowing the French firm to tap a $4 trillion market. Reuters reported in September last year that BNP's asset management arm was in talks to form a wealth management venture with a unit of AgBank, taking advantage of China's opening up of its financial markets for foreigners. BNP Paribas Asset Management and ABC Wealth Management, a wealth arm of AgBank, will fund the new platform, according to Monday's filing. Since China deregulated financial markets in 2019, allowing foreign asset managers to set up majority-owned ventures with local banks, a flurry of foreign firms including BlackRock and Amundi have launched majority-controlled units locally. The new platform will add to BNP Paribas' 49%-owned asset management joint venture with brokerage firm Haitong Securities which mainly runs mutual funds.

Search resuls for: "Haitong Securities"

8 mentions found