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☆ Exclusive: HSBC to acquire Citigroup China consumer wealth business -sources
▼ + stars: | 2023-09-28 | by ( Selena Li | ) www.reuters.com time to read: +1 min

[1/2] A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. REUTERS/Tyrone Siu//File Photo Acquire Licensing RightsHONG KONG, Sept 28 (Reuters) - HSBC (HSBA.L) is set to acquire Citigroup's (C.N) China consumer wealth management business, which manages more than $3 billion in assets, two sources with knowledge of the matter said, in a major boost to the London-based bank's business in that country. Citi said in December it was looking to sell some of its portfolios as part of its plan to wind down its China retail banking business. Citi's China wealth management operations, part of the retail banking business it has planned to exit since 2021, mainly serves mass affluent clients in the world's second-largest economy. Reporting by Selena Li; Editing by Sumeet Chatterjee, Tom Hogue and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Tyrone Siu, Citi, Selena Li, Sumeet Chatterjee, Tom Hogue, Sonali Paul Organizations: HSBC, REUTERS, U.S, Citi, Thomson Locations: Hong Kong, China, HONG KONG, London, Asia

☆ UBS and China's ICBC to explore banking, asset and wealth management collaboration
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Sept 26 (Reuters) - Swiss banking group UBS (UBSG.S) said on Tuesday it had signed a memorandum of understanding with the world's largest lender by assets, Industrial and Commercial Bank of China (ICBC) (601398.SS), , to explore strategic collaborations in China and overseas markets. The banks will explore cooperation in asset management, wealth management, and investment and corporate banking, according to a UBS statement. The deal includes product development and distribution, client coverage, global market trading, investment and financing, research, asset custody and exchange of expertise. UBS acquired its smaller cross-town rival Credit Suisse in June, through which it now holds a 20% stake in ICBC Credit Suisse Asset Management Company, a fund joint venture previously partially owned by Credit Suisse. Reporting by Selena Li; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

Persons: Selena Li, Kevin Liffey Organizations: UBS, Industrial, Commercial Bank of China, Credit Suisse, ICBC, Asset Management Company, Thomson Locations: HONG KONG, Swiss, China

☆ China bans Nomura senior investment banker from leaving mainland -sources
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +4 min

The logo of Nomura Securities is pictured at the company's Otemachi Head Office in Tokyo, Japan, November 18, 2016. Charles Wang Zhonghe, China investment banking chairman at Nomura, is prohibited from travelling outside the mainland, said the sources, who sought anonymity as they were not authorised to speak to media. Asked why the Nomura banker was barred from leaving, Chinese foreign ministry spokesperson Wang Wenbin said he did not have knowledge of the situation at a regular news briefing on Monday. A Reuters analysis has found an apparent surge of court cases involving such bans in recent years, and foreign business lobbies are voicing concern about the trend. In August last year, he was also appointed as chairman of Nomura Orient International Securities, the bank's majority-owned securities business headquartered in the commercial hub of Shanghai.

Persons: Toru Hanai, Charles Wang Zhonghe, Wang, Nomura, Bao Fan, Cong Lin, Bao, Cong, Nomura's Wang, Wang Wenbin, Mintz, Zhong, Selena Li, Kane Wu, Makiko Yamazaki, Liz Lee, Sumeet Chatterjee, Clarence Fernandez Organizations: Nomura Securities, REUTERS, Authorities, Nomura Holdings, Nomura, Financial Times, China Renaissance Holdings, HK, ICBC, Commercial Bank of China Ltd, Reuters, Bain & Company, Group, Beijing, European Union, Deutsche Bank, Securities, Nomura Orient International Securities, Thomson Locations: Tokyo, Japan, HONG KONG, China, Hong Kong, Beijing, Shanghai

[1/2] Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Credit Suisse, which was Switzerland's second-biggest bank, suffered years of scandals and losses before it had to be rescued in March in a state-engineered takeover by UBS. Credit Suisse declined to comment. Spokespeople for central banks in South Korea, India, Ireland, and Saudi Arabia also did not immediately respond to Reuters requests for comment. Last month, a Moscow court banned UBS and Credit Suisse from disposing of shares in their Russian subsidiaries, Reuters reported, citing court documents.

Persons: Denis Balibouse, Laws, Engen Tham, Selena Li, Jihoon Lee, Alexander Marrow, Sumeet Chatterjee, Stephen Coates, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, Rights, Reuters, Suisse, Western, Thomson Locations: Zurich Switzerland, Rights SHANGHAI, HONG KONG, South Korea, India, Swiss, Ireland, Saudi Arabia, Russia, Moscow, Ukraine, Bahrain, Dubai, Abu Dhabi, Japan, Thailand, Turkey, Shanghai, Hong Kong, London

☆ UBS cuts nearly 70% Credit Suisse researchers in Hong Kong-sources
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. UBS' takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged in March this year by Swiss authorities to avert Credit Suisse's collapse. More than 15 equity researchers were notified earlier this week about the layoffs in Hong Kong, the sources said, adding less than 10 researchers focusing on Hong Kong and China equities will join the UBS team. Credit Suisse did not respond to a Reuters request for comments. Both of them will bring some junior researchers from Credit Suisse, the sources added.

Persons: Denis Balibouse, Charles Zhou, China financials, Kenneth Fong, Zhou, Fong, Sergio Ermotti, Julie Zhu, Kane Wu, Selena Li, Summer Zhen, Sumeet Chatterjee, Bernadette Baum, Emelia Organizations: Credit Suisse, UBS, REUTERS, Credit, Suisse's Securities Research, Reuters, Monday, Asia, China Internet, Thomson Locations: Zurich Switzerland, HONG KONG, Hong Kong, China, Asia Pacific, Asia, Swiss

[1/2] Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. UBS completed its takeover of Credit Suisse in June. UBS and Credit Suisse did not respond to Reuters request for comment. Spokespeople for central banks in South Korea, India, Ireland, and Saudi Arabia also did not immediately respond to Reuters request for comment. In the review document, UBS said "a single non-cooperative regulator can jeopardize the timeline of the parent bank merger and other transactions", impacting other related integration deals.

Persons: Denis Balibouse, Engen Tham, Selena Li, Sumeet Chatterjee, Stephen Coates Organizations: Credit Suisse, UBS, REUTERS, Rights, UBS Group AG, Reuters, Thomson Locations: Zurich Switzerland, Rights SHANGHAI, HONG KONG, South Korea, India, Ireland, Saudi Arabia, Swiss, Shanghai, Hong Kong

☆ Singapore picks Chia Der Jiun as central bank head from next year
▼ + stars: | 2023-09-04 | by ( ) www.cnbc.com time to read: +1 min

Singapore named Chia Der Jiun as chief of its central bank on Monday, replacing Ravi Menon, the city state's longest-serving central banker, the Monetary Authority of Singapore (MAS) said. Menon, who turns 59 this year, had been re-appointed as recently in May for two more years in his role but will retire from public service after more than a decade at the central bank, MAS said. Chia, a permanent secretary at Singapore's manpower ministry, had previously spent 18 years at the MAS and led major functions from implementing monetary policy to managing reserves. Singapore's central bank was one of the earliest to tighten monetary policy as the country of 5.6 million exited the COVID-19 pandemic. Regardless of who is at the helm the independence and high standing of the central bank is unlikely to change," said OCBC economist Selena Ling.

Persons: Chia Der Jiun, Ravi Menon, Menon, Chia, Selena Ling Organizations: Monetary Authority of Singapore, MAS Locations: Singapore

☆ Asia stocks edge higher as China acts on housing, yuan weakness
▼ + stars: | 2023-09-01 | by ( Selena Li | ) www.reuters.com time to read: +2 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.15%, while Japan's Nikkei (.N225) was up 0.45%. All eyes are on Beijing's efforts to revive the crisis-hit property sector and weak consumption, which are weighing heavily on the ailing economy. read moreChina's onshore yuan firmed to 7.2360 per dollar in early trade after the cuts. Hong Kong's cash stock market was closed for the day as super typhoon Saola approaches southern China, but Hang Seng index futures (.HIS), rose 0.23%. U.S. crude rose 0.24% to $83.83 per barrel and Brent was at $87.03, up 0.23% on the day.

Persons: Redmond Wong, Australia's, Brent, Selena Li, Kim Coghill Organizations: Federal Reserve, Japan's Nikkei, ., Saxo Markets, Thomson Locations: HONG KONG, China, Asia, Pacific, Japan, Greater China, Hong Kong

The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance to its branch in Beijing, China April 1, 2019. Industrial and Commercial Bank of China Ltd (ICBC) (601398.SS), the country's biggest lender, and Bank of China (BoC) (601988.SS) posted in exchange filings first half profit growth of 1.2% and 0.78%, respectively, from a year earlier. "There are some regional risks that have begun to emerge," Liu said, adding that asset quality has declined slightly but remains under control. BoC's NIM narrowed to 1.67% at end-June from 1.7% at end-March. "Chinese banks are likely to continue to face earnings pressure from margin compression," said Ming Tan, director at S&P Global Ratings.

Persons: Florence, Liu Jiandong, Liu, NIM, BoC's NIM, ICBC, Ming Tan, Tan, BoC's, Ziyi Tang, Engen Tham, Selena Li, Muralikumar Anantharaman, Mark Potter, Kirsten Donovan Organizations: Industrial, Commercial Bank of China, REUTERS, BoC, Commercial Bank of China Ltd, Bank of China, Thomson Locations: Beijing, China, BEIJING, SHANGHAI, HONG KONG, ICBC's

☆ Top China bank ICBC posts 1.2% H1 profit rise
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: 1 min

The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance to its branch in Beijing, China April 1, 2019. REUTERS/Florence Lo/File Photo Acquire Licensing RightsBEIJING, Aug 30 (Reuters) - Industrial and Commercial Bank of China Ltd (ICBC) (601398.SS), the country's biggest lender, said on Wednesday net profit grew 1.2% year-on-year in the first half of this year. Profit was 173.74 billion yuan ($23.83 billion) for the first half of this year, compared with the restated 171.67 billion yuan in the same period a year earlier, the bank said in a filing. ($1 = 7.2543 Chinese yuan renminbi)Reporting by Ziyi Tang, Engen Tham and Selena Li; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Ziyi Tang, Engen Tham, Selena Li, Muralikumar Organizations: Industrial, Commercial Bank of China, REUTERS, Rights, Commercial Bank of China Ltd, Profit, Thomson Locations: Beijing, China, Rights BEIJING

☆ Chinese banks to cut existing mortgage rates as property crisis deepens
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +5 min

The reduction in existing mortgage rates will come amid several other property, economic and market support measures Beijing has announced over the past few weeks, as concerns mount about the health of the world's second-largest economy. Chinese lenders were widely expected to cut interest rates on existing mortgages after the PBOC earlier this month said that it would guide commercial banks to do so. The central bank's proposal to cut rates, which came after a wave of early repayments of mortgage debt, aims to reduce the interest rate costs for homebuyers and to boost consumption in a slowing economy. Adjusting existing mortgage rates is conducive to easing pressure on banks from mortgage prepayment, Lin Li, vice president of Agricultural Bank of China Ltd (601288.SS), the country's No.3 lender by assets, said earlier on Tuesday. Cutting deposit rates could help banks to maintain a proper level of NIM, one of the sources said.

Persons: Tingshu Wang, Zhu Qibing, Lin Li, Fu Wanjun, NIM, Xiangming Hou, Rong Ma, Tang, Ryan Woo, Selena Li, Sumeet Chatterjee, Alex Richardson, Sharon Singleton Organizations: Agricultural Bank of, REUTERS, Bank, BEIJING, People's Bank of China, Reuters, HK, BOC International China, Citigroup, Agricultural Bank of China Ltd, Agricultural Bank, China's, Thomson Locations: Agricultural Bank of China, Beijing, China, Hong Kong

☆ China regulator met with foreign investors to alleviate concerns - sources
▼ + stars: | 2023-08-25 | by ( Selena Li | ) www.reuters.com time to read: +2 min

[1/2] People walk past the China Securities Regulatory Commission (CSRC) sign at its building on the Financial Street in Beijing, China July 9, 2021. Fang Xinghai, a vice chairman of the CSRC hosted the meeting from Beijing, the sources said. An executive from Fidelity International was among those from the large funds attending, according to one of the sources. Bloomberg first reported the CSRC meeting on Friday. However, the modest stimulus has so far failed to satisfy investors, who want a stronger policy response, including massive government spending.

Persons: Tingshu Wang, HONG KONG, Fang Xinghai, Selena Li, Sumeet Chatterjee, Sharon Singleton Organizations: China Securities Regulatory Commission, REUTERS, Reuters, The China Securities, Regulatory, Fidelity International, Fidelity, Bloomberg, Thomson Locations: China, Beijing, HONG

REUTERS/Jeenah Moon/File Photo Acquire Licensing RightsAug 24 (Reuters) - Blackstone's (BX.N) newly established China unit has received regulatory approval to raise funds that will be invested overseas, joining other global asset managers in seeking to tap Chinese investor demand for foreign assets. Blackstone registered a fund management unit with the Asset Management Association of China under the qualified domestic limited partnership (QDLP) programme, a notice from the regulator showed. The unit, which was established in March, has seven full time employees, including five fund professionals, the notice said. The quota-based QDLP programme, first launched in 2012, allows foreign and domestic fund managers to raise money from Chinese high-net worth individuals and institutions which is then fed into offshore funds. The QDLP programme is generally more popular when the yuan is weaker.

Persons: Blackstone, Roxanne Liu, Selena Li, Edwina Gibbs Organizations: Blackstone Group, REUTERS, Asset Management Association of China, U.S, KKR KKR.N, BlackRock BLK.N, Investment, Thornburg Investment Management, Thomson Locations: New York City, U.S, China, Hong Kong, Shanghai

☆ US bank Citi completes sale of Taiwan consumer unit to Singapore's DBS
▼ + stars: | 2023-08-14 | by ( Selena Li | ) www.reuters.com time to read: +1 min

[1/2] The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File PhotoHONG KONG, Aug 14 (Reuters) - U.S. bank Citigroup (C.N) has completed the sale and migration of its Taiwan consumer businesses to Singapore's DBS Group (DBSM.SI), it said on Monday. The now transferred retail business includes retail banking, credit card, mortgage and unsecured lending businesses, as well as the transfer of close to 3,000 employees. The lender plans to complete the sale of the ninth consumer unit in Indonesia later this year. Citi, in a major strategy shift, has said it plans to exit consumer banking across 14 markets globally.

Persons: Chris Helgren, HONG KONG, Selena Li, Tom Hogue Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, Singapore's DBS, Thomson Locations: Toronto , Ontario, Canada, HONG, Taiwan, Australia, Bahrain, India, Malaysia, Philippines, Thailand, Vietnam, Indonesia

☆ 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

☆ Exclusive: Credit Suisse to cut 80% of Hong Kong investment bank jobs from this week
▼ + stars: | 2023-08-07 | by ( Selena Li | ) www.reuters.com time to read: +2 min

A pedestrian walks past a logo of Credit Suisse outside its office building in Hong Kong, China March 21, 2023. Hong Kong accounts for Credit Suisse's biggest share of investment bankers in Asia. It has since said it would reduce risk in Credit Suisse's investment banking operation. UBS laid off employees from Credit Suisse's investment bank in New York last week, Reuters reported, citing a source familiar with the situation. Besides Hong Kong, other regional markets in which Credit Suisse has investment bankers include China, Singapore, Vietnam, Australia, South Korea, Thailand and India.

Persons: Lam, HONG KONG, Christian Deiss, Deiss, Selena Li, Julie Zhu, Sumeet Chatterjee, Christopher Cushing Organizations: Credit Suisse, REUTERS, UBS Group, Credit Suisse's, Asia . Credit Suisse, UBS, Credit, Reuters, Thomson Locations: Hong Kong, China, HONG, Asia ., Swiss, New York, Houston, Asia, Singapore, Vietnam, Australia, South Korea, Thailand, India, Credit Suisse's Asia, Pacific

A panel displaying share prices is seen inside the Shenzhen Stock Exchange in the southern Chinese city of Shenzhen October 23, 2009. The Shenzhen Stock Exchange, one of the two major bourses in the Chinese mainland, is in negotiations with the Saudi Tadawul Group (1111.SE), operator of the Saudi Stock Exchange, for ETF Connect, as the programme is called, two of the sources said. The China Securities Regulatory Commission, the Shenzhen Stock Exchange and the Tadawul Group did not respond to Reuters' requests for comment. China has launched 'ETF Connect' projects in recent years with offshore stock exchanges in Hong Kong, Japan, South Korea, and Singapore. Reporting by Xie Yu and Selena Li in Hong Kong; Additional reporting by Hadeel Al Sayegh in Dubai; Editing by Sumeet Chatterjee and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Bobby Yip, HONG KONG, HKEX, Jackie Choy, Xie Yu, Selena Li, Hadeel Al, Sumeet Chatterjee, Muralikumar Organizations: Shenzhen Stock Exchange, REUTERS, Saudi Tadawul Group, Saudi Stock Exchange, Connect, China's, China Securities Regulatory Commission, Tadawul, Singapore . Industry, Government Bond Index, Management, Saudi, Hong Kong Exchanges, Clearing, Tadawul Group, Hong Kong bourse, Morningstar Asia, Saudi Arabia's Ministry of Investment, Saudi Aramco, Thomson Locations: Shenzhen, HONG, China, Saudi, Beijing, Riyadh, Saudi Arabia, East Asia, Hong Kong, Japan, South Korea, Singapore, HK, Hong, Europe, East, Africa, Hadeel Al Sayegh, Dubai

☆ Analysis: US institutional investors could face restrictions on Chinese stock ownership
▼ + stars: | 2023-08-04 | by ( Ross Kerber | ) www.reuters.com time to read: +5 min

Chinese companies including Tencent (0700.HK) and Alibaba (9988.HK) accounted for 31% of the MSCI Emerging Markets index (.MSCIEF) in July. RED-FLAGGED COMPANIESMSCI and rivals removed seven Chinese companies from global indexes in 2020 because of U.S. ownership restrictions. The committee's letters this week cited contractors to China's People's Liberation Army it identified in BlackRock funds or MSCI indexes. Some of the companies have been flagged such as appearing on the U.S. Treasury's "Chinese Military-Industrial Complex" companies list. For companies on it, U.S. persons and asset managers face purchase and sale restrictions but not divestment requirements.

Persons: Tingshu Wang, Biden, Jo Ritcey, Donohue, there’ll, BlackRock, MSCI, RUSH, Mike Gallagher, Gallagher, Todd Rosenbluth, Rosenbluth, Russell, Ross Kerber, Karin Strohecker, Michael Martina, Patricia Zengerle, Selena Li, Megan Davies, Cynthia Osterman Organizations: Waterdrop Inc, New York Stock Exchange, REUTERS, U.S, BlackRock, Washington, Chinese Communist Party, HK, Vanguard FTSE, Vanguard, FTSE Russell, People's, Ritcey, Department of, Thomson Locations: U.S, New, Beijing, China, BlackRock, Washington, Taiwan, Ukraine, MSCI, Boston, London, Hong Kong

HSBC (0005.HK) raised its near-term return on tangible equity goal to at least mid-teens for 2023 and 2024, from a previous target of at least 12% from 2023 onwards. It reported return on tangible equity of 9.9% for 2022. That reflected an environment where rising interest rates around the world are boosting lending income, while a global deal drought and volatile markets suppress revenues from investment banking and trading. The lender lifted its forecast for net interest income this year to be above $35 billion instead of $34 billion, although some analysts had looked for an upgrade nearer to $36 billion. ($1 = 7.7969 Hong Kong dollars)Reporting by Selena Li and Lawrence White; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

Persons: Noel Quinn, Quinn, Selena Li, Lawrence White, Himani Sarkar Organizations: HSBC, Hong, HSBC Holdings, HK, Nationwide, Reuters, Sohar International Bank, Thomson Locations: Hong Kong, HONG KONG, London, Britain, China, Asia, Oman, Russia, New Zealand

☆ HSBC launches up to $2 bln buyback on 235% first-half profit jump
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Aug 1 (Reuters) - HSBC Holdings (HSBA.L) reported a 235% increase in first-half profit on Tuesday, as it benefited from rising interest rates around the world and the positive effects of its planned French unit sale. Europe's largest bank with a market value of $162 billion posted a pretax profit of $21.7 billion for the first six months this year, versus $9.2 billion a year earlier. The results were better than the $20.9 billion mean average estimate of brokers compiled by HSBC. The London-headquartered bank announced the second of a new cycle of buybacks, along with the results, of up to $2 billion, which starts immediately. Reporting by Selena Li and Lawrence White; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

Persons: Selena Li, Lawrence White, Edmund Klamann Organizations: HSBC Holdings, HSBC, The, Thomson Locations: HONG KONG, The London

Companies Standard Chartered PLC FollowJuly 31 (Reuters) - China's Ant Group and Standard Chartered (STAN.L) said on Monday they will work together in green finance and global fund management, broadening their existing partnership. The deal is the first high-profile tie-up between Ant and a major foreign bank since authorities cancelled a planned mega-IPO by the fintech giant in 2020. StanChart will help Ant build "an industry-leading global liquidity and foreign exchange management structure", they said in a joint statement. They also plan to enhance collaboration in environmental, social and governance, digital innovation and inclusive finance, the statement said. Ant also hired StanChart as one of the lead arrangers and book runners for the $6.5 billion sustainability-linked syndicated loan it took out last year.

Persons: StanChart, Ant, Roxanne Liu, Selena Li, Edwina Gibbs Organizations: Chartered, Standard Chartered, Thomson Locations: China

HONG KONG, July 31 (Reuters) - Hong Kong's stock exchange will no longer require companies to spell out China-related business risks in listing applications from Tuesday, in a move that aligns the city more closely with disclosure changes ordered by Beijing. China's securities watchdog published updated rules for offshore listings in February and Hong Kong followed with its own consultation on proposed changes a week later. In a summary of rule revisions, the exchange didn't list the removal of China risk disclosures as a major change. The majority of Chinese companies' offshore listing proposals have been filed with the Hong Kong exchange since the country new offshore listing regime came into effect on March 31, but few of them have got Beijing's nod to start raising funds. Reporting by Selena Li and Kane Wu in Hong Kong; Editing by Sumeet Chatterjee and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Selena Li, Kane Wu, Sumeet Chatterjee, Christina Fincher Organizations: bourse, Hong Kong Exchanges, Clearing, HK, People's, China Securities Regulatory Commission, Reuters, U.S . Securities, Exchange Commission, Hong, Thomson Locations: HONG KONG, China, Beijing, Hong Kong, People's Republic of China, United States, Hong

The lender upgraded its guidance for income growth in 2023 to a 12%-14% range from 10% previously. StanChart's robust results showed how global market conditions are playing to the emerging markets-focused lender's strengths. London-headquartered StanChart's transaction banking income shot up by 92% to $2.86 billion, with cash management income up 166%, benefiting from a favorable interest rate environment. That contrasted with the prolonged slump in income at more deal-focused U.S. and European rivals. Reporting by Selena Li and Lawrence White; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Bill Winters, StanChart, Goldman Sachs, Selena Li, Lawrence White, Muralikumar Organizations: Standard Chartered PLC, Jefferies, Hong, Citigroup, Deutsche Bank, Thomson Locations: HONG KONG, Asia, Hong Kong, London

The move, which not been reported before, is the latest in tightening scrutiny of Chinese companies' offshore listings, and comes at a time when Beijing is stepping up controls over cross-border transfer of sensitive information. The Chinese law firms acting as IPO advisors have been asked to drop such boilerplate risk disclosures, said one of the people, who declined to be identified as the discussions were confidential. China's new offshore listing rules that came into effect on March 31 forbid any comments in the listing documents that "misrepresent or disparage laws and policies, business environment and judicial situation" of China. Representatives from the CSRC's International Cooperation Department, more than 10 Chinese law firms and other government and industry bodies attended the July 20th meeting, according to one of the people. Large domestic law firms Fangda Partners, Han Kun Law Offices，and Zhong Lun Law Firm were among the attendees, said two of the sources.

Persons: prospectuses, CSRC, Han, Zhong, Han Kun, Zhong Lun, Julie Zhu, Kane Wu, Selena Li, Sumeet Chatterjee, Tomasz Janowski Organizations: China Securities Regulatory Commission, CSRC's International Cooperation Department, Fangda Partners, Zhong Lun Law, Reuters, Thomson Locations: Beijing, China, United States, The China

Credit Suisse Securities (China), 51%-owned by Credit Suisse, is expected to start the cuts, accounting for about 20% of its local workforce, as early as Monday, according to the sources. Credit Suisse, Credit Suisse Securities and UBS declined to comment. The move is aimed at further tightening spending at the joint venture as Credit Suisse "seeks to stem losses", said one of the sources. The joint venture booked a net loss of 254.5 million yuan ($35.27 million) in 2022, its annual report showed. Out of the 200-strong team at the local unit, 58 were in investment banking and 36 in wealth management related businesses as of end-2022.

Persons: Securities, Summer Zhen, Engen Tham, Selena Li, Kane Wu, Kim Coghill Organizations: Credit Suisse, UBS, Credit Suisse Securities, Staff, Citi, Reuters, Thomson Locations: HONG KONG, China, Swiss

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