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☆ A.I. use rising in influence campaigns online, but impact limited - US cyber firm
▼ + stars: | 2023-08-17 | by ( Zeba Siddiqui | ) www.reuters.com time to read: +2 min

An AI (Artificial Intelligence) sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. Researchers at the Virginia-based company found "numerous instances" since 2019 in which AI-generated content, such as fabricated profile pictures, had been used in politically-motivated online influence campaigns. Generative AI would enable groups with limited resources to produce higher quality content at scale, Mandiant researchers said. Yet, the impact of such campaigns was limited. "Thus far, we haven't seen a single incident response where AI played a role," said Joyce.

Persons: Aly, Mandiant, Sandra Joyce, Joyce, Zeba Siddiqui, Alexandra Hudson Organizations: Artificial Intelligence, REUTERS, FRANCISCO, Google, Security, targetting, Mandiant Intelligence, Alexandra Hudson Our, Thomson Locations: Shanghai, China, Virginia, Russia, Iran, Ethiopia, Indonesia, Cuba, Argentina, Mexico, Ecuador, El Salvador, Hong Kong, North Korea, San Francisco

☆ China's JD.com beats revenue estimates on sales amid slowing economy
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

A sign of China's e-commerce company JD.com is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May 12, 2016. REUTERS/Aly Song/File Photo Acquire Licensing RightsAug 16 (Reuters) - Chinese e-commerce firm JD.com (9618.HK), beat Wall Street estimates for second-quarter revenue on Wednesday, as its focus on lower-priced products to attract customers amid an economic slowdown paid off. Revenue grew 7.6% to 287.9 billion yuan ($39.7 billion), compared with analysts' average estimate of 278.85 billion yuan, Refinitiv Eikon data showed. After China abandoned its stringent COVID-19 lockdown policies, consumption failed to rebound immediately amid a slowdown in the country's overall economy. Recent official economic data has also been gloomy, with consumer price index tipping into deflation in July.

Persons: Aly, JD.com, Yuvraj Malik, Sophie Yu, Vinay Dwivedi, Jason Neely Organizations: CES, REUTERS, HK, Wall, Revenue, Analysts, Thomson Locations: Asia, Shanghai, China, U.S, JD.com, Bengaluru, Beijing

☆ China's CATL launches fast charging LFP battery, mass production expected by year-end
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

People walk past the booth of the battery manufacturer Contemporary Amperex Technology Co. Limited (CATL) at the Auto Shanghai show, in Shanghai, China April 18, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING/SHANGHAI, Aug 16 (Reuters) - Chinese battery giant CATL(300750.SZ) on Wednesday launched a fast charging lithium iron phosphate or LFP battery capable of running 400 km (248 miles) on a 10-minute charge. "We hope through continuous efforts to improve technology and reduce costs, Shenxing will become a standard product available for every electric vehicle," Gao said. Automakers such as Chongqing Changan Automobile and Guangzhou Automobile Group also sourced more batteries from smaller suppliers to reduce costs. Reporting by Zhang Yan, Qiaoyi Li and Brenda Goh; Editing by Himani Sarkar and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, ， Gao Han, CATL's, Gao, CATL, Zhang Yan, Qiaoyi Li, Brenda Goh, Himani Sarkar, Tomasz Janowski Organizations: Amperex Technology, ., Auto, REUTERS, Rights, Wednesday, Chongqing Changan Automobile, Guangzhou Automobile Group, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING, SHANGHAI, Chongqing

A view of logo of New Development Bank (NDB) at its headquarters in Shanghai, China July 10, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsJOHANNESBURG, Aug 15 (Reuters) - The development bank founded by the so-called BRICS countries closed the auction for its first South African rand bonds on Tuesday, as it comes under pressure to boost its local currency fundraising and lending. The South African bond market has struggled in recent years to attract new issuers to match growing demand from domestic investors looking for quality credit assets. The most recent comparable South African government bonds were a 4.5-year bond priced at Jibar +90 bps and a seven year priced at Jibar +120 bps, said Raphi Rootshtain, a portfolio manager at Sasfin Wealth. The bond sale was arranged by Standard Bank, which declined to comment, and Absa Bank.

Persons: Aly, Leslie Maasdorp, Raphi Rootshtain, Rootshtain, Kumeshen Naidoo, Rachel Savage, Josie Kao Organizations: New Development Bank, REUTERS, Rights, Reuters, Sasfin, State Owned Companies, Standard Bank, Absa Bank, Thomson Locations: Shanghai, China, Rights JOHANNESBURG, Brazil, Russia, India, South Africa, Johannesburg, Absa

☆ Zhongrong Trust's missed payments trigger fears among Chinese investors
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +3 min

Investors look at an electronic board showing stock information at a brokerage house in Shanghai, China, March 7, 2016. REUTERS/Aly Song/File Photo Acquire Licensing RightsSHANGHAI, Aug 16 (Reuters) - Anxious Chinese retail investors are bombarding listed companies with questions about their exposure to Zhongrong International Trust Co after missed payments by the trust company triggered fears of contagion across the country's financial system. Zhongrong managed assets worth 785.7 billion yuan ($107.69 billion) at the end of 2022, out of which 629.3 billion yuan were linked to trust products, according to its latest annual report. Its missed payments had added to stress in the financial sector from the country's worsening property crisis. One investor on Wednesday asked Shanghai-listed New China Life Insurance Company (601336.SS) - which owned 14 billion yuan ($1.92 billion) of products from Zhongrong at the end of last year - whether there was a risk of missed payments.

Persons: Aly, Huang Yan, Jason Xue, Tom Westbrook, Tomasz Janowski, Jason Neely Organizations: REUTERS, Rights, Zhongrong International, Co, Investors, Shanghai QiuYang, Zhongzhi Enterprise Group, Wednesday, Shanghai, China Life Insurance, KBC Corp, Bescient Technology, Shanghai New Vision Microelectronics, Nanhua, Jiangsu Azure Corp, Topsperity Securities, Thomson Locations: Shanghai, China, Shenzhen, Zhongrong, Jiangsu, Singapore

REUTERS/Aly Song Acquire Licensing RightsSHANGHAI, Aug 16 (Reuters) - Alibaba Group's (9988.HK) work communication and collaboration platform DingTalk will split from the company's cloud division, according to two sources close to the company. Alibaba's Cloud Intelligence Business Group did not immediately reply to a request for comment on the matter. Though the Slack-like DingTalk will split structurally from Alibaba's Cloud Business Intelligence unit, the sources said it would continue to work closely with the cloud division technology-wise. The tech giant announced the split of its business in March and has said the cloud division was likely to IPO by May next year. Alibaba Group last week reported better than expected results for its first quarter, but sales for its Cloud Intelligence Business Group, a major growth driver outside of e-commerce, reported the smallest revenue growth among the group's business units of 4%.

Persons: Aly, Group's, DingTalk, Casey Hall, Himani Sarkar, Conor Humphries Organizations: Alibaba, Holding, REUTERS, Rights, HK, Alibaba Holding, Cloud Intelligence Business Group, Cloud Business Intelligence, Thomson Locations: Hangzhou, Zhejiang province, China

And with China's post-COVID recovery running into the ground and suffering a deepening real estate bust, western investment curbs throw more sand in the wheels. A question now is whether a retreat of western money from emerging markets at least partly explains both their recent underperformance and that of western government bonds, in which emerging central banks and sovereign funds are heavily invested. The picture has not been much better in aggregate emerging bond indices, even if they have done marginally better than developed world counterparts, and worries over emerging high-yield and property linked bonds are rising. Have global investors high-tailed it from emerging markets already? If western money grows more wary and is increasingly warned off China and other selective emerging investments, will there be a mutual pullback of official emerging money from western bond markets?

Persons: Aly, Joe Biden, Morgan, Biden, crumb, Mike Dolan, Richard Chang Organizations: REUTERS, U.S, U.S ., Bank of, Institute for International Finance, Treasury, Reuters, Twitter, Thomson Locations: Shanghai, Shenzhen, China, Ukraine, Washington, Russia, United States, Beijing, Moscow, Taiwan, Brazil, India, South Africa, Hong Kong, Saudi Arabia, South Korea

☆ Analysis: Country Garden undone by promise to bring 5-star life to China's hinterland
▼ + stars: | 2023-08-16 | 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. Smaller Chinese cities, whose revenues have already been deteriorating, could have a glut of unfinished homes, a social problem Beijing is trying to avoid. But as China's economy started slowing during and after its COVID-19 lockdowns, property sales in those areas has plummeted along with values of the homes themselves. Country Garden's sales in 2020 were 570.7 billion yuan ($78.22 billion), but that slipped to 357.5 billion yuan in 2022. Country Garden has nearly 1 million homes to complete, according to estimates from Japanese investment bank Nomura.

Persons: Aly, HONG KONG, Oscar Choi, Yang Huiyan, Lu Ting, Nomura, Gerwin Bell, Clare Jim, Liangping Gao, Matt Tracy, Davide Barbuscia, Christian Schmollinger Organizations: Shanghai Country Garden, REUTERS, Country, HK, National Bureau, Statistics, Partners Capital, China Evergrande, Oxford Economics, Nomura, Thomson Locations: Shanghai, China, HONG, Beijing, Dezhou, Hong Kong, Asia, Washington, New York

REUTERS/Aly Song/File PhotoHONG KONG/NEW YORK, Aug 15 (Reuters) - Chinese fears of a spillover from missed payments on some shadow banking linked trust products and worsening consumer sentiment are expected to hasten a policy response to revive the country's cash-starved property sector. Zhongrong International Trust Co, which traditionally had sizable real estate exposure, has recently missed repayments on some investment products, fuelling contagion fears. 'CONTAGION'The trust sector had been a major fundraising channel for property developers seeking rapid expansion. The outstanding value of trust products invested in the property sector was 1.2 trillion yuan as of end-2022, down about 30% year-on-year. Still, exposure to the real estate sector varies from different trust firms.

Persons: Aly, Yan Wang, Nomura, Arthur Kroeber, Kamil Dimmich, Phillip Wool, Wool, Vidya Ranganathan, Laura Matthews, David Randall, Ziyi Tang, Sumeet Chatterjee, Alexander Smith Organizations: REUTERS, HONG KONG, Trust Co, Barclays, International Trust, South Capital LLP, China Equity ETF, Beijing, Thomson Locations: Shanghai, China, HONG, Zhongrong, Beijing, New York, London, Singapore, Summer Zhen

☆ JPM warns of higher risk for Chinese REITs after Country Garden's troubles
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File PhotoAug 14 (Reuters) - Brokerage J.P.Morgan warned on Monday an estimated 2.8 trillion yuan ($385.78 billion) worth of assets under the management of Chinese real estate investment trusts (REITs) face higher risk following the debt payment delays by Country Garden (2007.HK). Country Garden, China's largest private developer, is seeking to delay payment on a private onshore bond for the first time after suspending trading in 11 onshore bonds. More broadly, rising trust defaults would drag economic growth by 0.3-0.4 percentage points directly, JPM warned. ($1 = 7.2581 Chinese yuan renminbi)Reporting by Roshan Abraham in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, J.P.Morgan, Katherine Lei, Lei, JPM, Roshan Abraham, Varun Organizations: Shanghai Country Garden, REUTERS, Country Garden, HK, Monday's, Thomson Locations: Shanghai, China, Bengaluru

☆ Shanghai Exchange urges bankers to closely vet Chinese medical firms IPOs - sources
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

A men wearing a mask walk at the Shanghai Stock Exchange building at the Pudong financial district in Shanghai, China, as the country is hit by an outbreak of a new coronavirus, February 3, 2020. REUTERS/Aly Song/File PhotoSHANGHAI, Aug 14 (Reuters) - The Shanghai Stock Exchange has urged bankers to pay close attention to the marketing practices of Chinese drug and medical equipment makers seeking initial public offerings (IPOs) amid an escalating anti-corruption drive in the sector, sources said. The Shanghai exchange declined to comment. Bankers should carefully examine if the company, controlling shareholders or actual controllers conduct bribery in marketing activities, the exchange said in the publication. The bourse also asked bankers to check the authenticity of the marketing expenses and urged companies to fully disclose information in their prospectus.

Persons: Aly, Christian Schmollinger Organizations: Shanghai Stock Exchange, REUTERS, bourse, Reuters, Bankers, Shanghai, Thomson Locations: Pudong, Shanghai, China

☆ Country Garden shares dive after bond trading halted, fans further economic distress
▼ + stars: | 2023-08-14 | 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. Shares of Country Garden dived 16.3% to HK$0.82 by noon, dragging down the Hang Seng Mainland Properties Index (.HSMPI) which dropped 3.9%. According to company registry portal Qichacha, a services unit of Country Garden offloaded its 51% stake in a Wuhan-based network technology company, while chief strategic officer of Country Garden Services also resigned from the firm's chairman. Country Garden Services did not immediately respond to request for comment. In September alone, Country Garden may need to repay more than 9 billion yuan ($1.25 billion) worth of onshore bonds.

Persons: Aly, HONG KONG, Dickie Wong, Wong, Longfor, Clare Jim, Yuhan Lin, Jacqueline Wong Organizations: Shanghai Country Garden, REUTERS, HK, China Evergrande, Mainland Properties, Reuters, Garden Services, Garden, Country Garden Services, Kingston Securities, State, Longfor, Seazen, Thomson Locations: Shanghai, China, HONG, HK, Wuhan, Hong Kong, Beijing

☆ Country Garden shares slump to record low after onshore bond trading halted
▼ + stars: | 2023-08-14 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File PhotoHONG KONG, Aug 14 (Reuters) - Chinese property giant Country Garden's (2007.HK) shares plunged to fresh record low on Monday, while its offshore bonds were also pressured after its onshore paper was suspended from trading as its debt problems deepened. Shares of Country Garden shed more than 15% to HK$0.83 in morning trading, dragging down the Hang Seng Mainland Properties Index (.HSMPI) which dropped 4.6%. Country Garden's offshore bonds also eased, with a few trading at the lower end of 6 cents on the dollar. Once considered a more financially sound developer, Country Garden's woes added to spillover concerns across a property market already grappling with weak buyer demand.

Persons: Aly, HONG KONG, Clare Jim, Jacqueline Wong Organizations: Shanghai Country Garden, REUTERS, HK, Mainland Properties, Finance, Thomson Locations: Shanghai, China, HONG, Hong Kong

REUTERS/Aly Song/File PhotoAug 15 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. As waves of volatility crashed over emerging markets on Monday, most notably in Argentina and Russia, the focus on Tuesday once again returns to the root of much of the deeper anxiety and uncertainty around EM: China. Reuters polls of economists suggest annual growth in investment and industrial output will remain steady from June's levels, while retail sales growth will rise to 4.5% from 3.1%. Tuesday's data dump comes a day before the central bank delivers its latest monthly monetary policy decision. With the U.S. dollar and U.S. Treasury yields marching higher, global financial conditions are tightening and there doesn't appear to be any respite for emerging markets on the immediate horizon.

Persons: Aly, Jamie McGeever, Marguerita Choy Organizations: REUTERS, Investment, Reserve Bank of, Authorities, Reuters, U.S ., U.S, Treasury, Thomson Locations: Shanghai, China, Argentina, Russia, Reserve Bank of Australia's, Japan, Beijing, U.S, Asia

☆ China's Country Garden stock plummets to record low, trading of onshore bonds suspended amid debt restructuring talks
▼ + stars: | 2023-08-14 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The Shanghai Country Garden Center pictured on August 9. Country Garden acknowledged last Thursday that it was facing a temporary “liquidity pressure” due to deteriorating sales and a difficult refinancing environment. Troubled giantCountry Garden is the latest major Chinese developer to run into trouble as the country’s property industry grapples with a historic downturn. The crisis at Country Garden is likely to spill over to the property industry and financial markets, analysts from Moody’s Investors Service said Friday. So far, Country Garden hasn’t yet defaulted on any debt.

Persons: hasn’t, CICC, Aly Song, “, ” Organizations: Hong Kong CNN, Garden, CNN, Shanghai Country Garden, Reuters, Country Garden, Longfor, China Resources, ., . China Overseas Land, Investment, Evergrande, Moody’s Investors Locations: Hong Kong, Shanghai, China, . China

☆ China's economic challenges gather steam as new loans plunge, property fears loom
▼ + stars: | 2023-08-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Real estate problems persist with once-healthy developer Country Garden now on the brink of default. Real estate dragChina's massive real estate sector, where the majority of household wealth is parked, has reemerged as an area of concern that it could drag down the broader economy. Developer Country Garden announced over the weekend it was suspending trading in at least 10 of its mainland-China traded yuan bonds. The more the government tries to help the real estate industry, the longer it takes for the industry to find a reasonable bottom. State-owned developers have also fared better in terms of recent sales than non-state-owned developers, data show.

Persons: Aly Song, Lu Ting, corporates, Xiangrong Yu, Goldman Sachs, Louis Lau Brandes, Louis Lau Organizations: Bund, Reuters, Nomura, Citi New, Citi, Garden, ., Country Garden's U.S, China U.S, Goldman, Louis Lau Brandes Investment Partners, Brandes Investment Partners Locations: Pudong, Shanghai, China, Reuters BEIJING, Japan, today's China, corporates, State, South Korea

☆ China's Country Garden woes raise fears of REIT defaults - J.P.Morgan
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File PhotoAug 14 (Reuters) - Turmoil at China's largest private developer Country Garden could set off a "vicious cycle" of financing stress on the country's real estate investment trusts (REITs), brokerage J.P. Morgan warned on Monday. These fresh worries come as Country Garden sought to delay payment on a private onshore bond for the first time and suspended trading in 11 onshore bonds. "The default events may lead to a chain reaction on developer financing, adding stress to POE (privately owned enterprise) developers and their creditors." Rising trust defaults would drag economic growth by 0.3-0.4 percentage points directly, J.P.Morgan warned.

Persons: Aly, Morgan, Katherine Lei, POE, J.P.Morgan, Nomura, Roshan Abraham, Susan Mathew, Danilo Masoni, Varun, Arun Koyyur Organizations: Shanghai Country Garden, REUTERS, China's, Zhongzhi Enterprise Group, Zhongrong, China Evergrande, Thomson Locations: Shanghai, China, HK, Beijing, Bengaluru, Milan

Nissan late last month upgraded its full-year operating profit forecast, raising it by 30 billion yen ($208 million) to 550 billion yen. About 20 billion yen of that came from the currency, CFO Stephen Ma told a briefing. At smaller Subaru (7270.T), a move of one yen against the dollar has a 20 billion yen impact on operating profit, CFO Katsuyuki Mizuma said earlier this month. On Wednesday, a Honda official said its April-June operating profit came in tens of billions of yen higher than expected, with the weak yen accounting for about half of that. It is unclear how long the weak yen will last.

Persons: Aly, Satoru Aoyama, Stephen Ma, Katsuyuki Mizuma, Eisuke Sakakibara, Mizuma, Daniel Leussink, David Dolan, Toby Chopra Organizations: Auto, REUTERS, Toyota, Honda, Nissan, Fitch, Japan, U.S . Federal Reserve, Subaru, Lexus, Reuters, Thomson Locations: Auto Shanghai, Shanghai, China, Asia, Europe, CHINA

Annual consumer price inflation is expected to show a sharp rebound in July to 6.40% from 4.8%, and a slowdown in wholesale price deflation to -2.4% from -4.1%. Investors and the Bank of Japan, meanwhile, will be paying close attention to Japanese inflation data later in the week. Asian stocks have badly underperformed this year, largely due to worries over China which is battling weak growth, deflation, and capital outflows. The MSCI Asia ex-Japan equity index index has now fallen two weeks in a row for the first time since April, and is up only twice in the last eight weeks. Here are key developments that could provide more direction to markets on Monday:- India consumer inflation (July)- India wholesale inflation (July)- Germany wholesale inflation (July)By Jamie McGeever; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly Song, Jamie McGeever, Diane Craft Organizations: Shanghai Stock Exchange, REUTERS, Tencent, Lenovo, Nasdaq, China's, Bank of Japan, Reuters, Thomson Locations: Pudong, Shanghai, China, New Zealand, Philippines, India, Asia, Japan, Beijing, outflows, Germany

☆ 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

An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China July 6, 2018. REUTERS/Aly SongSHANGHAI, Aug 11 (Reuters) - A growing number of healthcare companies in China are shelving their initial public offering (IPO) plans as its stock exchanges have stepped up scrutiny of the pharmaceutical industry's business practices amid an escalating anti-corruption drive. Vaccine maker Shanghai Rongsheng Biotech Co terminated its IPO plan this week, after the company's high proportion of sales expenses drew attention from regulators. The company's sales expenses over the past three years amounted to nearly half of its revenue. Another banker said drugmakers are stepping on the brakes of their IPO plans due to the rising uncertainty.

Persons: Aly Song SHANGHAI, Rongsheng, drugmakers, Fujian Mindong, Jason Xue, Tom Westbrook, Muralikumar Organizations: REUTERS, Pharmaceuticals, Shanghai Rongsheng Biotech Co, Shanghai Stock Exchange, Rejuenation Pharmaceutical Co, Shenzhen Stock Exchange, HIT, National Health Commission, Thomson Locations: Shanghai, China, Fujian, Rongsheng, Shenzhen, Singapore

☆ 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

☆ Chinese bourses improve trading mechanism to revive stock market
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +2 min

A man wearing a mask walks by the Shanghai Stock Exchange building at the Pudong financial district in Shanghai, China, February 3, 2020. REUTERS/Aly Song/File PhotoHONG KONG, Aug 10 (Reuters) - Shanghai and Shenzhen stock exchanges said late Thursday they would study measures to lower investors' trading costs and improve liquidity to further stimulate the market. They also came after China's securities regulators nudged mutual fund managers to cut fees to reduce trading costs. More specifically, investors trading stocks or listed funds would be allowed to place orders of a minimum of one share, or one unit. Such a change would reduce investors' costs, enable more efficient use of capital, and help improve market liquidity, the bourses said.

Persons: Aly, HONG KONG, bourses, Samuel Shen, Twinnie Siu, Bernadette Baum, Sam Holmes Organizations: Shanghai Stock Exchange, REUTERS, Thomson Locations: Pudong, Shanghai, China, HONG, Shenzhen, Beijing, Hong Kong

☆ BYD calls on China automakers to unite, 'demolish the old' in global push
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +4 min

BYD (002594.SZ) used an event this week to mark a production milestone to celebrate a bigger purpose: the emergence of China as a global auto manufacturing powerhouse. China's automakers are locked in a bruising price war that was started by Tesla (TSLA.O) in January and which shows no signs of easing. It ends with a call for China's automakers to "demolish the old legends and achieve new world-class brands," under the slogan, "Chinese Autos". said Li Xiang, CEO of Li Auto, who reposted the BYD video. In July, the industry group representing China's automakers retracted a pledge to avoid "abnormal pricing" brokered between 16 automakers, including BYD.

Persons: Aly, Wang Chuanfu, BYD –, BYD, Li Auto, William Li, Li Xiang, Wang Yuanli, Wall, Wang, Great Wall, Zhang Yan, Brenda Goh, Kevin Krolicki Organizations: Security, Auto, REUTERS, Tesla, FAW Group, HK, BYD's, Technology, China's Auto Business, China Association of Auto Manufacturers, BYD, Volkswagen, Thomson Locations: Auto Shanghai, Shanghai, China, Weibo, Europe

☆ Country Garden credit distress likely to spill over to China markets - Moody's
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: 1 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File PhotoLONDON, Aug 11 (Reuters) - Credit distress at Chinese private developer Country Garden is likely to spill over to the country's property and financial markets, weakening sentiment and delaying the recovery of the property sector, Moody's Investors Service said on Friday. Country Garden (2007.HK) on Tuesday said it had not paid two dollar bond coupons due on Aug. 6 totalling $22.5 million. The developer's shares and bonds dropped to record lows on Friday, deepening concerns about the property sector outlook in the absence of stronger support from Beijing. Reporting by Alun John; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Alun John, Amanda Cooper Organizations: Shanghai Country Garden, REUTERS, Moody's Investors, HK, Thomson Locations: Shanghai, China, Beijing

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