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☆ China names head of NFRA as financial industry faces greater scrutiny
▼ + stars: | 2023-05-11 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China has appointed the head of its powerful new financial watchdog, which was created as part of sweeping reforms aimed at reining in the $60 trillion industry. Currently, several provincial leaders had previous careers in the financial industry, including Wu Qing, vice mayor of Shanghai and formerly the chairman of the Shanghai Stock Exchange. China’s sprawling financial industry is coming under closer scrutiny as Xi and his key allies have asserted greater direct control over financial policy. For years, Xi has said the financial industry should better serve the real economy, including making money available to businesses that need it. To further consolidate control, according to analysts, the top anti-graft body has carried out a sweeping anti-corruption campaign in the financial industry, which has ensnared more than a dozen senior executives from state-owned financial institutions.

☆ Chinese company earnings reveal lopsided economic recovery
▼ + stars: | 2023-05-10 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

Restaurants and tourism businesses recovered, with travel-related consumer services sector earnings surging 155%, data from China International Capital Corp (CICC) showed. Food-and-beverage sector earnings jumped 18% and automobiles were up a smaller 8%. Several analysts believe the first quarter will be the low point for 2023 and full-year earnings will reach double digits. Refinitiv data forecasts full-year earnings growth of 26% for companies listed on the Shanghai Stock Exchange. The materials sector posted the worst results, with earnings in steel and building materials tumbling more than 60%, respectively.

☆ Futures subdued as investors eye bank earnings, Fed cues
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures up: Dow 0.07%, S&P 0.10%, Nasdaq 0.01%April 17 (Reuters) - U.S. stock index futures were largely flat on Monday as investors awaited more bank earnings and views from Federal Reserve policymakers that could shape expectations around when the central bank will pause its monetary policy tightening. Wall Street ended lower on Friday as a barrage of mixed economic data appeared to affirm another Fed interest rate hike in May, dampening investor enthusiasm after a series of big U.S. bank earnings launched the first-quarter reporting season. U.S. central bank officials including New York Fed President John Williams and Cleveland Fed President Loretta Mester are scheduled to speak later this week. ET (1230 GMT) is expected to show business conditions in New York state improved in April after slumping in the previous month. ET, Dow e-minis were up 24 points, or 0.07%, S&P 500 e-minis were up 4.25 points, or 0.10%, and Nasdaq 100 e-minis were up 1 point, or 0.01%.

Soldering demand from the electronics sector remains weak and investors in London and Shanghai continue to play the market from the short side. Surging purchases of electronic goods during lockdown were followed by sharply reduced spending as many Western consumers were hit by a cost-of-living squeeze. LME positioning reports show both investment funds and other financial players are currently net short of the London tin contract after the early-year rally went into reverse. LME tin price, stocks and cash-3s spreadSHANGHAI STOCKS UP, LONDON STOCKS DOWNReasons to be negative are more obvious in China. ShFE registered tin stocks have risen by 60% to 8,745 tonnes since the start of January.

☆ Shanghai exchange cancels Syngenta IPO hearing -filing
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, March 28 (Reuters) - The Shanghai Stock Exchange has cancelled a hearing to review Swiss agrichemicals and seeds group Syngenta's initial share offering (IPO) plan, a filing posted on the exchange showed. Syngenta, which planned to raise 65 billion yuan ($9.44 billion) in its Shanghai flotation, was bought for $43 billion by ChemChina in 2017 and folded into Sinochem Holdings Corp in 2021. The Shanghai exchange, which planned to conduct the hearing on Wednesday, did not provide a reason for the cancellation. Companies planning IPOs on the exchange need to appear before a panel for a hearing as a requirement for proceeding with their listing. ($1 = 6.8821 Chinese yuan renminbi)Reporting by Meg Shen and Twinnie Siu; editing by Jason Neely, Jane Merriman and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Syngenta IPO delay rekindles past China fears
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 28 (Reuters Breakingviews) - Syngenta’s bumpy relisting path in the People’s Republic brings back unpleasant investor memories. The Shanghai Stock Exchange had scheduled this week a hearing, one of the last steps before listing. The exchange’s rules vaguely mandate that any “major issue” affecting an IPO would justify the postponement. It’s unclear how long a drag this would cause, but Shenzhen VMAX New Energy had been on a similar boat: its IPO hearing was abruptly cancelled in January, only to be rescheduled two months later. Ant’s $37 billion Shanghai IPO was pulled in 2020 shortly before its shares were due to start trading.

☆ Exclusive: Shenzhen bourse taps intelligence tech firm as China battles capital market fraud
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +4 min

The Shenzhen Stock Exchange did not respond to Reuters' request for comment. EC Guard declined to be interviewed. The United States in 2019 placed EC Guard on its so-called entity list of companies that are subject to U.S. trade restrictions for reasons such as national security. Using that technology, EC Guard can identify relationships between users helping regulators identify potential illegal activity and also trace a company's ultimate shareholders to ensure they are legitimate owners, the person said. The Shanghai Stock Exchange, the country's largest bourse, stepped up its fight against fraud in December with a new generation of systems that supervise securities trading.

☆ Meet the 4 men tipped to run China’s economy
▼ + stars: | 2023-03-01 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Hong Kong CNN —The team of Communist Party officials running China’s economy is about to get a major makeover. They include the four men tipped to manage the world’s second biggest economy: Li Qiang as premier, Ding Xuexiang as executive vice premier, He Lifeng as vice premier and Zhu Hexin as the new central bank chief. That puts the 63-year-old in line to succeed Premier Li Keqiang when he steps down during the upcoming congress. Li would be the first premier since the Mao era not to have previously worked at the State Council, China’s cabinet, as vice premier, analysts say. Stringer/ICHPL Imaginechina/AP/FileThe 68-year-old would succeed Vice Premier Liu He, who led China’s negotiations with the United States during trade talks in 2018 and 2019.

[1/3] A man wearing a protective mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a new coronavirus outbreak, at the Pudong financial district in Shanghai, China, February 28, 2020. REUTERS/Aly Song/File PhotoNEW YORK/SINGAPORE, Feb 24 (Reuters) - Many large money managers are steering clear of Chinese assets, missing out on the nation's post-COVID stock market rally in the latest example of strategic concerns trumping juicy returns. "For our investors who might have that concern, there are plenty of other opportunities away from China." The concern flagged by some is whether this is part of a structural downgrade for Chinese assets, said Will Malcolm, a Singapore-based portfolio manager at Aviva Investors. That could attract cash in a hurry, but the behaviour of large investors so far suggests that a large sentiment shift will be needed.

☆ January flows to emerging markets largest in two years - IIF
▼ + stars: | 2023-02-15 | by ( Rodrigo Campos | ) www.reuters.com time to read: +2 min

The January figure of $65.7 billion net inflows outpaced the $30.9 billion for all of last year according to IIF data. Debt securities outside of China raked in $44.6 billion, the largest monthly figure on IIF records back to 2018. Reuters GraphicsThe first week of the year saw a record of about $28 billion in issuance from emerging market sovereigns and companies. Flows to Chinese equities also posted a strong rebound last month, bringing in the largest inflow since December 2020. Regionally, Asia and Latin America saw the largest inflows last month with $34.4 billion and $15.9 billion respectively.

Surging Shanghai metal stocks have injected an element of doubt into the bull narrative and the LME Index is now showing year-to-date gains of only 3% after a February pull-back. Shanghai Futures Exchange stocks of aluminium, copper and zincSEASONAL SURGEMetals bulls have been nervously watching the fast build in Shanghai Futures Exchange (ShFE) stocks over the past few weeks. Copper stocks have grown equally dramatically, from 69,268 tonnes to 242,009 tonnes over the same period. It is currently assessed by Shanghai Metal Market at a bombed-out $22.50 a tonne, down from an October high of $152.50. WAIT AND WATCHIt's difficult to say until China's seasonal stocks pattern plays out in full.

☆ Global investors losing appetite for Chinese government bonds
▼ + stars: | 2023-02-10 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

Signs of a peak in developed market rates are another reason why China's bonds, yielding roughly 3% on 10-year investments, are less appealing, given the potential greater capital gains elsewhere. "If investors are saying that I want to trade the China recovery, the answer is not Chinese government bonds (CGBs). "China bonds served as a very good type of diversifier, in particular over the past 3 years," said Pang. But as global rates hit a peak, it made sense to plough limited cash into better yielding markets, he said. ($1 = 6.7969 Chinese yuan renminbi)Reporting by Summer Zhen Additional reporting by Rae Wee in Singapore Editing by Vidya Ranganathan and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese A.I. stocks jump on growing ChatGPT interest, state media warns of risks
▼ + stars: | 2023-02-09 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

Visitors walk past a stand with AI (artificial intelligence) security cameras using facial recognition technology at the 14th China International Exhibition on Public Safety and Security at the China International Exhibition Center in Beijing in 2018. With growing interest surrounding OpenAI's ChatGPT, stocks related to artificial intelligence listed in mainland China have soared this year – with one company having tripled in valuation since January. Alibaba told CNBC it's working on a rival product similar to ChatGPT, while Baidu announced earlier this week it will launch "Ernie bot," its own artificial intelligence chatbot. Hanwang Technology is up 124% and CloudWalk Technology Company rose 105% as of Wednesday's trading session. "Please pay attention to investors, avoid capital risks, hype, make rational decisions, and invest prudently," it said in a Tuesday filing.

☆ Chinese state media, AI companies warn of risks in ChatGPT stock frenzy
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Feb 9 (Reuters) - Chinese state media on Thursday cautioned against risks in chasing ChatGPT-concept stocks, while artificial intelligence (AI) companies urged investors to be rational after their soaring share prices caught regulators' attention. Frenzy around the ChatGPT chatbot has spurred speculative bets in China's stock market, pumping up AI firms such as TRS Information Technology Co Ltd (300229.SZ), Hanwang Technology Co Ltd (002362.SZ) and CloudWalk Technology Co Ltd (688327.SS). ChatGPT, developed by OpenAI and backed by Microsoft Corp (MSFT.O), gives strikingly human-like responses to user queries. The Securities Times in a front-page editorial highlighted several technological concepts that spurred stock buying in China, such as fifth-generation telecommunications networks (5G), augmented reality (AR), virtual reality (VR) and anti-virus garments - the excitement for which has died down. Companies developing ChatGPT-like concepts have also flagged risks at the request of regulators after their prices shot up amid intense interest in generative AI - technology that can generate new data and media such as text and images.

☆ A stock trader who returned 440% in 2022 explains the software program he built to automatically buy and sell risky penny stocks for optimal profits
▼ + stars: | 2023-02-04 | by ( Laila Maidan | ) www.businessinsider.com time to read: +9 min

He fed the computer 20 years worth of stock data to determine the relationship between data points. And I certainly would not suggest to people that you can just easily make 440% in the stock market. The program trades stocks ranging from pennies priced under $1 a share to large-caps and makes about 20 to 50 trades a day. About 20 minutes later, the market price rose and hit the sell order price of $0.3449 and the position closed. About 17 minutes later, the market price declined and hit the buy order price, and the position closed.

☆ Jack Ma's Alibaba climbs after the the billionaire gives up control of Ant Group
▼ + stars: | 2023-01-09 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The rally comes as billionaire Jack Ma gives up control of Ant Group, the fintech business empire he built decades prior. Ant saw its $37 billion IPO canceled at the last minute in November 2020. Alibaba confirmed on Saturday a previous report by the Wall Street Journal that said Ma would cede control of Ant. Last week, he resurfaced in Thailand hours before Ant Group announced in a statement he was giving up control of the company. Local media reported that Ma was at a restaurant with Soopakij Chearavanont, the chair of the Charoen Pokphand Group.

☆ Asia stocks slide toward weekly loss as central banks plough on with rate hikes
▼ + stars: | 2022-12-16 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

"Central banks are still hawkish, still intent on raising rates," said Alvin Tan, Asia currency strategist at RBC Capital Markets in Singapore. "So there's a tension between the central banks being more hawkish than the market has been expecting, and that dichotomy has been emphasised over the past 48 hours by both the Fed and the European Central Bank." "This is not a pivot," she said of the smaller rate rate rise. The dollar index rose 0.9%. Gold fell against the rising dollar, dropping 1.7% to sit at $1,777 an ounce in Asia.

☆ China Meheco to distribute Pfizer's COVID treatment in China
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Alessandro DiviggianoHONG KONG, Dec 14 (Reuters) - China Meheco Group Co Ltd (600056.SS) said on Wednesday it signed an agreement with Pfizer Inc (PFE.N) to import and distribute the U.S. drugmaker's oral COVID-19 treatment Paxlovid in mainland China, as the country braces for a surge in COVID patients after scaling back its "zero COVID" policy. The agreement is valid between Dec. 14 and Nov. 30, 2023, China Meheco said in a filing to the Shanghai stock exchange. Pfizer last year said it could produce up to 120 million courses of Paxlovid this year. As of Nov. 30, Pfizer had shipped almost 37 million courses of Paxlovid to 52 countries around the world, it said in a statement. The U.S. government announced a deal on Tuesday to buy an additional 3.7 million Paxlovid courses for nearly $2 billion, supplementing the 20 million courses already purchased by the United States.

Dec 12 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. So far this month we have had 'hawkish' hikes from Australia and India, countered by a 'dovish' hike from Canada. chartBut as China's COVID curbs fade, China's health system will be severely tested and the impact on its 1.4 billion population remains to be seen. Annual inflation in India is expected to have slowed to 6.4% in November from 6.77% in October, which would be the lowest since February. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

LONDON, Dec 6 (Reuters) - The world is going to need another 50,000 tonnes of tin per year by 2030 to meet a looming surge in demand, according to the International Tin Association (ITA). The country exported 75,000 tonnes of refined tin last year with shipments running 8% higher through the first 10 months of this year. State producer PT Timah needs around two years to develop its existing tin chemical facility and longer to secure markets, Alwin Albar, chairman of the Association of Indonesian Tin Exporters, told a parliamentary hearing. China imported 22,600 tonnes of refined tin in the first 10 months of the year with Indonesian metal accounting for 19,000 tonnes. After peaking at 5,160 tonnes in September, headline LME tin stocks have fallen to 3,075 tonnes with 535 tonnes awaiting physical load-out.

☆ Wrong Covid test results in China raise concerns 'the pandemic may never end'
▼ + stars: | 2022-12-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Bloomberg | Bloomberg | Getty ImagesBEIJING — Local frustration with Covid controls in China has increasingly targeted virus testing requirements and the big business they've fueled. The article listed several instances of allegedly forged virus test results this year across the country, including in Shanghai and Beijing. Last week, Lanzhou city health authorities blamed one of those companies for reporting some positive virus test results as negative. In the U.S., a surge of pop-up virus testing stations raised concerns of fraud as well as identity theft. In May, the central government promoted the idea that in large cities, a Covid testing station should be within 15 minutes' walking distance.

☆ An internet hoax has dragged a popular China stationery company into the protests against the country's harsh COVID-19 restrictions
▼ + stars: | 2022-11-29 | by ( Rebecca Cohen | ) www.businessinsider.com time to read: +2 min

A fake document that circulated on Chinese social media said the country's largest stationery company would halt sales of white paper. The company quickly said the document was fake and that they would still sell A4 paper. But now a top Chinese stationery company has gotten caught up in the fervor thanks to an internet hoax. The document added that the Shanghai-based company "strongly condemns the recent 'white paper movement,'" the name given to the protests against China's restrictive COVID-19 policies. The company quickly announced the statement was fake and that it would keep selling white paper — but not before the company's stock price tumbled 3%.

☆ ‘White paper’ protests: China’s top stationery supplier says it’s still selling A4 sheets
▼ + stars: | 2022-11-29 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN Business —The rare protests that spread across China over the weekend often featured demonstrators holding pieces of blank white paper, a phenomenon that has caused problems for the country’s top stationery chain. A4 refers to a standard paper size commonly used in countries outside of the United States and Canada. After M&G issued its filing, some social media users said they weren’t able to order A4 white paper sheets from the company’s online stores. Following the stock exchange filing, shares in M&G Stationery clawed back some losses, but were still down 1% at Monday’s close. ‘White paper’ protestsThe protests were triggered by a deadly fire last Thursday in Urumqi, the capital of the far western region of Xinjiang.

☆ China’s ‘white paper’ protests cause headaches for country’s top stationery supplier
▼ + stars: | 2022-11-29 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN Business —The rare protests that spread across China over the weekend often featured demonstrators holding pieces of blank white paper, a phenomenon that has caused problems for the country’s top stationery chain. M&G Stationery is based in Shanghai and sells its products in over 50 countries and regions around the world, according to the company’s website. After M&G issued its filing, some social media users said they weren’t able to order A4 white paper sheets from the company’s online stores. Following the stock exchange filing, shares in M&G Stationery clawed back some losses, but was still down 1% by Monday’s close. ‘White paper’ protestsThe protests were triggered by a deadly fire last Thursday in Urumqi, the capital of the far western region of Xinjiang.

☆ Shanghai bourse unit suffers temporary glitch in a market data system
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Nov 9 (Reuters) - A Shanghai Stock Exchange (SSE) unit said on Wednesday a market data system had resumed normal service following a temporary glitch that had led to abnormal data being supplied to information providers. In early trading on Wednesday, some investors complained in social media of abnormal data on various stock trading platforms, which affected their investment. The InfoNet also said that Shanghai market trading was not affected by the system switch, after checking with the SSE. However, many investors reported their trading platforms crashed or showed abnormal market data in the morning and complained about losses caused by the breakdown. This technical glitch came a day after a fat-finger incident in China's financial futures market.

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