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☆ China is pumping money into stocks and markets are loving it
▼ + stars: | 2024-02-06 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The Shanghai Composite, mainland China’s benchmark index for large state-owned companies and blue-chip stocks, ended up 3.2% on Tuesday, ending a six-day losing streak. By Monday, about $6.1 trillion in market value had been wiped from the Chinese and Hong Kong stock markets since their recent peaks in February 2021. Central Huijin Investment, the equity arm of state-owned China Investment Corp, announced Tuesday that it had recently expanded its holdings of exchange-traded funds (ETFs) on mainland stock markets. The intensified efforts came after Chinese markets resumed their slide on Monday, when more than 1,800 stocks fell by more than 10% in Shanghai and Shenzhen. Tuesday’s rally in China was in contrast to other markets in the region.

Persons: “, Australia’s, Evergrande, Anna Cooban Organizations: Hong Kong CNN, Alibaba, Huijin Investment, China Investment Corp, China Securities Regulatory Commission, Central Huijin Investment, Embassy, Nikkei, Kospi Locations: China, Hong Kong, Shanghai, Shenzhen, Europe, Beijing, United States

☆ China has vowed to save its crashing stock market, but investors are just not convinced
▼ + stars: | 2024-02-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Read previewChina's stock market watchdog upped its game over the weekend after its brutal week of selloff, vowing to prevent "abnormal market fluctuations" — but stock market investors don't seem quite convinced. These continued gyrations in China and Hong Kong's stock markets have widened losses that are now totaling $7 trillion following an extended market meltdown since their peaks in 2021, as foreign investors beeline for the exit. Still, Beijing's frequent pronouncements on market stabilization may not be a bad thing. Advertisement"The frequency of these statements may indicate market stabilization is becoming more important for policymakers," wrote analysts at Dutch bank ING wrote on Monday. "Formalization of a potential market stabilization fund could provide a short-term boost for markets but investor sentiment remains downbeat for now, awaiting improvement in fundamentals," the ING analysts added.

Persons: —, selloff, Vishnu Varathan, Nomura Organizations: Service, China Securities Regulatory Commission, Business, Asia Asia, Mizuho Bank, Nomura, ING, Bloomberg Locations: China, Asia, Japan, Shanghai, Hong, Beijing

Last week, Chinese stocks capped their worst week in five years. On Friday, Big Tech stocks once again carried Wall Street to a record, even though the majority of stocks fell due to renewed worries about risks of a hot economy. The Big Tech stocks, which are two of Wall Street’s most influential, also vaulted the Nasdaq composite up by 1.7%. But the Dow Jones Industrial Average, which has less of an emphasis on tech, rose by a more modest 0.3% to 38.654.42. They’re both members of a small group of Big Tech stocks known as the “Magnificent Seven” responsible for the majority of Wall Street’s run to a record.

Persons: Donald Trump, Hang Seng, Australia’s, it’s, Stocks, Jerome Powell, They’re Organizations: China Securities Regulatory Commission, Nikkei, Big Tech, Meta, Dow Jones, Nasdaq, Federal Reserve, Facebook, Amazon, Apple, Charter Communications, New York Mercantile Exchange, Brent, U.S Locations: HONG KONG, Beijing, Shenzhen, Shanghai, U.S, China, Hong, Asia

☆ China stock market: angry Chinese take to US Embassy’s social media account to vent about plunging shares
▼ + stars: | 2024-02-05 | by ( Laura He | ) edition.cnn.com time to read: +2 min

On Monday, mainland Chinese markets slumped again after their worst weeks in years. Under a Friday post by the US Embassy’s Weibo account about protecting wild giraffes, many Chinese people complained about the stock market rout and the challenging economy. “The US government, please help Chinese stock investors,” a user said in a repost of the animal protection article. Investors seemed to have shrugged off Chinese regulators’ latest pledge to bolster the stock market. On Sunday, the China Securities Regulatory Commission vowed to prevent “abnormal fluctuations” in the stock market and stabilize confidence.

Organizations: Hong Kong CNN, Embassy, US, Weibo, Investors, China Securities, CNN Locations: China, Hong Kong, Beijing, Shanghai, Shenzhen

☆ China stock market: CSRC limits short-selling in latest effort to stem a rout
▼ + stars: | 2024-01-29 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China’s top securities regulator has limited short-selling, in its latest effort to stem a protracted $6 trillion-dollar stock market rout that began in 2021. The China Securities Regulatory Commission announced Sunday it would “fully” suspend the lending of restricted shares on bourses in mainland China. The Shenzhen stock exchange is the second-largest in mainland China after Shanghai. Bloomberg/Getty ImagesCalm returns but challenges remainChinese authorities have stepped up their measures to stem the stock market rout over the past week. A day later, in an unprecedented move, regulators said they were considering evaluating the performance of the heads of state-owned companies based on their stock market value.

Persons: Hong Kong CNN —, ”, Ken Cheung, Evergrande, ” Cheung, Hong, Li Yunze, Pan Gongsheng Organizations: Hong Kong CNN, China Securities Regulatory Commission, Mizuho Bank, Bloomberg, Shanghai Shenzhen, Administration of Financial, People’s Bank of China Locations: Hong Kong, bourses, China, Shanghai, Shenzhen

☆ China securities regulator suspends restricted share lending from Monday
▼ + stars: | 2024-01-29 | by ( ) www.cnbc.com time to read: +3 min

An investor reacts as she views the stock index at a securities company on May 30, 2007 in Shanghai, China. The CSRC added that the move would "resolutely" crack down on illegal activities that use securities lending to reduce holdings and cash out. The regulator also said it will limit the efficiency of some securities lending in the securities refinancing market from March 18. Last October, the CSRC restricted securities lending businesses and tightened scrutiny of improper regulatory arbitrage by imposing higher margin requirements. Both Shanghai and Shenzhen stock exchanges said they will suspend securities lending by strategic investors during lockup periods, effective from Jan. 29.

Persons: CSI300 Organizations: Analysts, China Securities Regulatory Commission Locations: Shanghai, China, Beijing, Shenzhen

BANGKOK (AP) — Asian shares were mixed on Wednesday after Japan reported its exports jumped nearly 10% in December, though shares in Tokyo declined. Hong Kong’s Hang Seng surged 2% to 15,569.39, helped by gains in technology companies like e-commerce giant Alibaba, which surged 3.8%. The index rose 0.3% to 4,864.60. United Airlines flew 5.3% higher after it also reported stronger profit for the last three months of 2023 than analysts expected. Among Tuesday’s headliners was Verizon Communications, which rose 6.7% after beating analysts’ profit estimates.

Persons: Wang Jiangjun, Hang Seng, ” Gabriel Ng, India's Sensex, Gamble, D.R, Horton, Brent Organizations: Japan, China Securities Regulatory Commission, Capital Economics, Nikkei, Bank of, Nasdaq, Dow Jones, Procter, United Airlines, Boeing, Max, Tesla, Intel, Verizon Communications, General Electric, Analysts, Federal Reserve, Treasury, New York Mercantile Exchange, U.S Locations: BANGKOK, Tokyo, China, Shanghai, Bank of Japan, South Korea, Australia, Bangkok

Shein has not determined the size of its offering or the valuation at IPO, the sources said. Shein, Goldman and JPMorgan declined to comment, while Morgan Stanley did not immediately respond to a request for comment. The most valuable China-founded enterprise to go public in the United States so far is ride-hailing giant Didi Global's (92Sy.MU) debut in 2021 at $68 billion valuation. In 2021, the comparable number was $300 billion when the IPO market was close to its peak. Fast fashion retailers have been gaining popularity in the United States, with Shein taking away market share from the likes of Gap (GPS.N) as shoppers look for fresher styles.

Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Shein, Goldman, Didi Global's, Jason Benowitz, David, Dee, Delgado, CSRC, Simon Property, Sumeet Singh, It's, Pritam Biswas, Ananya Mariam Rajesh, Kane Wu, Anirban Sen, Rishabh, Scott Murdoch, Miyoung Kim, Stephen Coates Organizations: Amazon, JPMorgan, Bloomberg, Arm Holdings, Roosevelt, REUTERS, China Securities Regulatory Commission, U.S, Reuters, Securities and Exchange Commission, SPARC Group, Forever, Brands, Simon, Aequitas Research, China's Shanghai Securities, Street, Thomson Locations: United States, China, U.S, Singapore, New York City, Shein, Bengaluru, Hong Kong, New York, Sydney

☆ Exclusive: Beijing bourse tells 'major shareholders' to refrain from selling, sources say
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

The sign of Beijing Stock Exchange is seen at its entrance during an organised media tour, in Beijing, China February 17, 2022. A "major shareholder" is one with a stake of 5% or more and is required to make a public filing with the relevant stock exchange before selling shares, according to rules for China's bourses. The Beijing exchange has been rejecting those filings, said the people who were not authorised to speak to media and declined to be identified. The Beijing exchange and the China Securities Regulatory Commission did not immediately reply to requests for comment. The Beijing bourse currently houses 232 listed companies with a combined market capitalisation of 366 billion yuan ($50 billion).

Persons: Florence, Edwina Gibbs Organizations: Beijing Stock Exchange, REUTERS, Rights, bourse, China Securities Regulatory Commission, Beijing bourse, Shanghai bourse, Thomson Locations: Beijing, China, Rights SHANGHAI, BEIJING, Shanghai, Shenzhen

☆ Beijing is reportedly blocking big shareholders from selling stocks in a bid to sustain a market rally
▼ + stars: | 2023-11-27 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Beijing's stock exchange is stopping major shareholders from selling stocks, Reuters reported. Sales are being blocked in a bid to sustain a market rally, sources told the news agency. AdvertisementThe Beijing Stock Exchange is stopping big shareholders from selling stocks in a bid to sustain a market rally, Reuters reported. It's not clear how long the policy, which appears to be an attempt by the authorities to ensure a recent market rally doesn't fade, will stay in effect, per Reuters. The Beijing Stock Exchange is the youngest of China's three major exchanges.

Persons: —, didn't Organizations: Reuters, Service, Beijing Stock Exchange, Beijing Stock, CSI, China Securities Regulatory Commission, Business, China Morning Post, Financial Locations: Beijing, Shanghai, Shenzhen, Sichuan

☆ Exclusive: Beijing stock exchange tells 'major shareholders' to refrain from selling -sources
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

The sign of Beijing Stock Exchange is seen at its entrance during an organised media tour, in Beijing, China February 17, 2022. REUTERS/Florence Lo/File Photo Acquire Licensing RightsSHANGHAI/BEIJING Nov 27 (Reuters) - The Beijing Stock Exchange has de facto implemented a new policy that prevents major shareholders of companies listed on its bourse from selling stock, worried that such sales could douse a market rally, three people familiar with the matter said. The Beijing exchange has been rejecting those filings, said the people who were not authorised to speak to media and declined to be identified. The so-called window guidance - where directions are made orally without written documents - could help sustain the upward momentum for the Beijing Stock Exchange 50 Index (.CSI899050). Reporting by Beijing and Shanghai newsroom; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Edwina Gibbs Organizations: Beijing Stock Exchange, REUTERS, Rights, bourse, China Securities Regulatory Commission, Beijing Stock, Thomson Locations: Beijing, China, Rights SHANGHAI, BEIJING, Shanghai

☆ Japan's Mizuho applies to set up securities company in China
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +1 min

Mizuho Financial Group logo is seen at the company's headquarters in Tokyo, Japan August 20, 2018. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsBEIJING/TOKYO, Nov 23 (Reuters) - Japan's Mizuho Financial Group (8411.T) has sought to establish a securities company in China, becoming the latest foreign firm to make inroads into China's onshore securities market with a fully-owned entity. The China Securities Regulatory Commission has received the application from the securities arm of the third-largest Japanese banking group, according to a filing record issued on Wednesday from the regulator's website. The application comes as Mizuho is hoping to tap China's lucrative capital markets fee pool, the largest after the United States and Europe. Citigroup (C.N) and Standard Chartered (STAN.L) are also in the process of establishing securities units in China after Beijing allowed wholly-owned foreign securities companies in 2019.

Persons: Toru Hanai, Mizuho, Makiko Yamazaki, Jacqueline Wong, Mrigank Dhaniwala, Kim Coghill Organizations: Mizuho Financial, REUTERS, Rights, Mizuho Financial Group, China Securities Regulatory Commission, Citigroup, Standard Chartered, Sumitomo Mitsui Financial Group, Hong Kong, Thomson Locations: Tokyo, Japan, Rights BEIJING, TOKYO, China, Mizuho, United States, Europe, Beijing, Hong

☆ Fidelity raises $700 mln in its first bond mutual fund in China
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI/SINGAPORE, Nov 23 (Reuters) - Fidelity International has garnered 5 billion yuan ($700 million) from investors for its first fixed income mutual fund in China, deepening the asset manager's involvement in the $3.8 trillion mutual fund market. The bond fund - Fidelity's second mutual fund product in China - raised the sum mainly from institutional investors in a three-week, shortened subscription period, the money manager said. China's mutual fund industry is crowded with over 150 players, including foreign ones such as BlackRock (BLK.N), Schroders (SDR.L) and JPMorgan Asset Management. "The fundraising size is rather encouraging," due to tough competition in the local market and Fidelity's limited track record in China, said Huang, who heads Fidelity International's two-year-old China mutual fund unit. Fidelity International was formerly the international investment arm of Boston-based Fidelity Investments before being spun off.

Persons: Helen Huang, Huang, Neuberger Berman, ASIFMA, Li Gu, Samuel Shen, Tom Westbrook, Muralikumar Organizations: Fidelity International, Reuters, Fidelity, JPMorgan Asset Management, Fidelity Investments, Regulators, China Securities Regulatory Commission, Thomson Locations: SHANGHAI, SINGAPORE, China, BlackRock, Boston, Beijing, Shanghai, Singapore

☆ China vows to support property sector, tackle local debt
▼ + stars: | 2023-11-18 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 17 (Reuters) - China's central bank and financial regulators pledged on Friday to ensure financing support for the property sector and to work together to resolve local government debt risks. Chinese leaders are trying to revive the economy and fend off potential financial risks from a property slump and 92 trillion yuan ($12.77 trillion) in local government debt. Recent efforts to stabilise financing for the real estate sector via bank credit, bonds, and equity are gaining traction, the China Securities Regulatory Commission said. China will promote stable credit expansion to support its economic growth, and financial institutions should work with local governments to resolve debt risks, by extending, swapping or rolling over debt, the regulator added. ($1 = 7.2050 Chinese yuan renminbi)Reporting by Kevin Yao and Ella Cao; editing by Christina Fincher, William MacleanOur Standards: The Thomson Reuters Trust Principles.

Persons: Kevin Yao, Ella Cao, Christina Fincher, William Maclean Organizations: China Securities Regulatory Commission, Thomson Locations: BEIJING, China

☆ China's securities watchdog asks Alibaba's Cainiao to submit more info for HK listing
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

People visit the booth of Alibaba's logistics unit Cainiao at the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 3, 2021. REUTERS/Florence Lo/File Photo Acquire Licensing RightsSHANGHAI, Nov 14 (Reuters) - China's securities watchdog has asked Cainiao, the logistics arm of Alibaba Group (9988.HK), to submit additional information about its shareholders and operational structure as the unit seek to list in Hong Kong. It is a common practice for the regulator to seek supplementary information from listing hopefuls under this current system. The CSRC also asked Cainiao if beneficiaries of the firm's stock incentive scheme abided by Chinese foreign exchange management rules and other regulations. Cainiao was also asked to explain Alibaba's logic, principle and arrangements in spinning off assets for listing, and offer details of listing plans by other units.

Persons: Florence, Cainiao, Shen Guojun, Alibaba, Shen Yiming, Brenda Goh, Miral Organizations: Fair for Trade, Services, REUTERS, Rights, Alibaba, HK, China Securities Regulatory Commission, Hong, Thomson Locations: Beijing, China, Hong Kong, Alibaba

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

☆ China's LONGi jumps on probe into Hillhouse unit's stake transfer
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

Shares of the solar energy firm rose nearly 5% in morning trade after it said HHLR Management Pte. Ltd was being investigated by the China Securities Regulatory Commission (CSRC) for violating share transfer rules. Singapore-based HHLR Management is part of Chinese investment giant Hillhouse's public investment arm HHLR. HHLR Management was notified by the CSRC of the investigation on suspected rule violations on Wednesday, LONGi said, without giving details. HHLR Management held a 4.98% stake in LONGi at the end of September, compared with 5.85% at the end of 2022, according to filings.

Persons: Hillhouse, LONGi, Zhang Lei, didn't, Samuel Shen, Varun Organizations: Green Energy Technology, Management, China Securities Regulatory Commission, HHLR Management, Reuters, Pionner Driving, Thomson Locations: SHANGHAI, HONG KONG, Singapore, Nanjing, LONGi, Shanghai, Shenzhen, Summer, Hong Kong

☆ Exclusive: China asks brokerages to curb leveraged stock trades - sources
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +3 min

A source at one of China's big brokerages confirmed the guidance, citing regulators' concern over market risks. The new restrictions come after China's securities watchdog vowed to strengthen supervision and prevent risks in a volatile stock market. Sources told Reuters in September that regulators were probing brokerages for data around the DMA-Swap business. Hedge fund managers received notices from their brokerages after trading closed on Wednesday asking them to cap their DMA-Swap business at current levels, two sources said. CSRC Chairman Yi on Wednesday attributed previous market crises - including China's 2015 stock market crash - to leverage getting out of control.

Persons: brokerages, Yi Huiman, Yi, Vidya Ranganathan, Simon Cameron, Moore Organizations: Reuters, China Securities Regulatory Commission, Shanghai, Thomson Locations: SHANGHAI, SINGAPORE, China

☆ Chinese leaders defend state of economy at global finance summit in Hong Kong
▼ + stars: | 2023-11-07 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Senior Chinese officials have defended the state of the world’s second largest economy at a conference in Hong Kong, telling global financiers not to worry about prospects in China despite an uneven recovery and ailing property market. “Since the beginning of the year, China’s economy has been picking up in general,” He said Tuesday at the Global Financial Leaders’ Investment Summit, which was organized by the Hong Kong Monetary Authority, the city’s de facto central bank. “Global investors have some concerns about China’s economy, including the pace of economic recovery, problems with property markets, and local government debt. “The potential of the Chinese economy remains promising,” he told the audience, which included the heads of Goldman Sachs, Citi and Morgan Stanley. A discussion on China at the Global Financial Leaders' Investment Summit in Hong Kong on Tuesday.

Persons: Lifeng, ”, Zhang Qingsong, ’ ”, “, Zhang, Goldman Sachs, Morgan Stanley, Peter Parks, ” Wang Jianjun, Wang Organizations: Hong Kong CNN — Senior, Global, ’ Investment, Hong Kong Monetary Authority, People’s Bank of China, “ Global, Citi, Monetary Fund, Global Financial, Investment, Getty, China Securities Regulatory Commission, Stock Connect Locations: China, Hong Kong, AFP

But areas of the market dominated by small stocks and frequented by the country's retail investors have done surprisingly well. Scores of retail investors are dabbling in micro-cap stocks - stocks whose market capitalisation is tiny - operating under the radar of big funds and investors and their massive market-moving flows. Strategies such as Cui's stand out this year in a stock market depressed by China's wobbly economy, heightened geopolitical risks and surging overseas interest rates. Some brokerages are starting to recommend micro stocks to clients. GF Securities said in an October strategy report that buying micro stocks is part of a new investment paradigm in a stock market suffering from anaemic growth, and global decoupling risks.

Persons: Aly, horribilis, Joseph Cui, Cui, Yuan Yuwei, Helen Wu, Wu, Yi Huiman, Lu Deyong, Seres, Lu, Huang Yan, Jason Xue, Samuel Shen, Summer Zhen, Vidya Ranganathan, Simon Cameron, Moore Organizations: REUTERS, Rights, Huawei Technologies, Regulators, Wisdom Asset, China Securities Regulatory Commission, Huawei, Security Technology, TRS Information Technology, Automotive, Seres, Securities, Shanghai QiuYang, Thomson Locations: Shanghai, China, Rights SHANGHAI, HONG KONG, United States, ChatGPT, Ningbo, Summer, Hong Kong

BEIJING (AP) — The remains of former Chinese Premier Li Keqiang are to be cremated on Thursday, with flags around the country to be flown at half-staff to mourn the official who helped guide the world’s second-largest economy for a decade. Mourners gathered at his childhood home in the city of Hefei in an apparently spontaneous outpouring of grief seen by some as a rebuke of state leader and head of the ruling Communist Party Xi Jinping. Li was once seen as a potential top leader, but the trained economist was shunted aside in a leadership shakeup last year and replaced with Xi loyalist Li Qiang. Political Cartoons View All 1227 ImagesAlthough he was the Communist Party's second-ranking official, Li received far less attention from state media outlets than Xi. Flags will be lowered at government offices, including in the semi-autonomous cities of Hong Kong and Macao and at Chinese consulates and embassies around the world, Xinhua said.

Persons: Li Keqiang, Li, Xi, shakeup, Li Qiang Organizations: BEIJING, Communist, Central Financial Commission, China Securities Regulatory Commission, Communist Party, Party, Xinhua News Agency, Xinhua Locations: Hefei, China, Hong Kong, Macao, Asia, asia

The National Financial Work Conference, usually held twice a decade, is expected to further fortify leader Xi Jinping’s control of the country’s $61 trillion financial sector. “Overall, the financial sector in China has made progress but at this moment they face challenges,” said Nakao. Last week, Xi reportedly visited the central bank, or People’s Bank of China, a rare step that underscores the party’s consolidation of controls over markets and financial institutions. Country Garden, another major developer, failed last week to meet a deadline to pay interest on a dollar bond. It has adopted measures to support private industries, which provide the lion's share of jobs in China.

Persons: —, Xi Jinping’s, Takehiko Nakao, China’s, ”, Li Keqiang, Li, shakeup, Xi, Lan Fo’an, Evergrande, Hui Ka Yan, Zen Soo Organizations: Financial Work Conference, Asian Development Bank, Central Financial Commission, China Securities Regulatory Commission, People’s Bank of, International Monetary Fund, AP Locations: BANGKOK, Beijing, China's Guangzhou, “, China, People’s Bank of China, Hong Kong, Foshan

☆ Chinese listings overseas getting complicated despite growing interest, says NYSE's Ge
▼ + stars: | 2023-10-21 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

Traders work during the IPO for Chinese ride-hailing company Didi Global Inc on the New York Stock Exchange (NYSE) floor in New York City, U.S., June 30, 2021. There is strong appetite among Chinese companies to list on U.S. stock exchanges, but these IPOs have become a more complicated process, according to Kobe Ge, the head of China at the New York Stock Exchange. But they're not so familiar with the procedures, which have proved to be more challenging of late, he added. "Previously, listing in the U.S. was relatively easy," Ge said, noting it would take just four-and-a-half or five months for Chinese firms to complete a U.S. IPO. Amid a tepid U.S. IPO market, the handful of Chinese names that have been able to list this year have mostly been smaller companies.

Persons: Kobe Ge, they're, Ge Organizations: Global Inc, New York Stock Exchange, CNBC's East Tech West, CNBC, China Securities Regulatory Commission Locations: New York City, U.S, Kobe, China, Covid, Nansha, Guangzhou, Hong Kong

☆ Exclusive: Star Chinese fund manager Wang detained and under investigation - sources
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Oct 13 (Reuters) - Wang Yawei, a star fund manager in China, has been detained by authorities since August and is under investigation, according to three sources with knowledge of the matter. The 52-year-old founder of Qianhe Capital Management in Shenzhen and Top Ace Asset Management in Hong Kong is the latest high-profile Chinese business executive to be investigated or detained. His case relates to an investigation into Zhu Congjiu, a former senior official at China's top securities regulator, the sources said. Before setting up his own shop, Wang spent 14 years at China Asset Management Co (AMC), one of the country's largest mutual fund houses, as its vice-president and chief investment officer. Zhu is one of several former China Securities Regulatory Commission (CSRC) officials to come under scrutiny in recent years.

Persons: Wang Yawei, Zhu Congjiu, Wang, Zhu, Xi, Sumeet Chatterjee, Edwina Gibbs Organizations: Qianhe Capital Management, Asset Management, Communist, Central Commission, Ministry of Public Security, Qianhe, China Asset Management Co, AMC, China Securities Regulatory Commission, Shanghai bourse, Reuters, Thomson Locations: China, Shenzhen, Hong Kong, Zhejiang province

☆ China considers new stabilization fund to prop up stock market, Bloomberg reports
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

People stand at a shopping mall near the CCTV headquarters and China Zun skyscraper, in Beijing's central business district (CBD), China September 7, 2023. REUTERS/Tingshu Wang//File Photo Acquire Licensing RightsOct 12 (Reuters) - China is considering creating a state-backed stabilization fund to shore up confidence in its equity markets, Bloomberg News reported on Thursday. The plan calls for the fund to have access to total capital of up to hundreds of billions of yuan, the report said, adding that implementation details have not been finalized and there could be a chance the proposal will be scrapped. This move comes as China's "Big Four" state banks said late on Wednesday that their controlling state parent shareholder Central Huijin Investment bought their Shanghai-traded shares, and plans to further increase its holdings in the next six months. Reporting by Jyoti Narayan in Bengaluru; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, Jyoti Narayan, Sonali Paul Organizations: REUTERS, Bloomberg, Financial, China Securities Regulatory Commission, Central Huijin Investment, Thomson Locations: China, Beijing's, Shanghai, Bengaluru

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