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Search resuls for: "Shenzhen Stock Exchange"


10 mentions found


☆ China may have to bail out one of its poorest provinces
  + stars: | 2023-04-27 | by ( Laura He | ) edition.cnn.com   time to read: +9 min
Hong Kong CNN —One of China’s poorest and most indebted provinces has admitted defeat in trying to sort out its finances and is appealing to Beijing for help to avert default. Guizhou, located in a mountainous region of southwest China, has hired a top state-owned distressed debt fund, China Cinda Asset Management, to resolve its “urgent” problems. China’s local governments are struggling with trillions of dollars of debt, after three years of strict pandemic controls and a real estate crash drained their coffers. The Pingtang Bridge links two cities in southwest China's Guizhou province. In China, most local government liabilities are composed of “hidden debt” issued by their financing arms.
☆ Andon Health: Chinese company says it has full access to SVB-parked funds
  + stars: | 2023-03-13 | by ( Laura He | ) edition.cnn.com   time to read: +2 min
Hong Kong CNN —China’s Andon Health, a maker of medical devices, says it has full access to funds parked at Silicon Valley Bank, after the US government intervened to backstop all the deposits at the failed lender. The Tianjin-based company, which manufactures consumer health devices and supplied Covid test kits to the United States during the pandemic, has cash deposits at SVB worth 5% of its total cash and cash equivalents. “Our deposits at Silicon Valley Bank can be used in full and have not suffered any losses,” the company said in a Tuesday filing to the Shenzhen Stock Exchange. Those measures include guaranteeing that customers of the bank will have access to all their money starting Monday. The SPD Silicon Valley Bank, which was owned 50-50 owned by SVB and local partner Shanghai Pudong Development Bank, said Saturday that its operations were “sound.”
☆ 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.
☆ Web browser Opera is planning to incorporate ChatGPT
  + stars: | 2023-02-09 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: 1 min
In this article OPRA300418-CN Follow your favorite stocks CREATE FREE ACCOUNTOpera ranks among the top five mobile browsers by worldwide market share, according to Statcounter. Sopa Images | Lightrocket | Getty Imageswatch nowNorway-based Opera, which also operates a browser specialized for gaming, had an average of 321 million monthly active users as of the third quarter. The company said its gaming browser business helped boost revenue in the third quarter, for 28% growth year-on-year to $85.3 million. Parent company Kunlun Tech is based in Beijing and listed on the Shenzhen stock exchange. Kunlun Tech's shares are up more than 40% for the year so far.
☆ China set to launch long-awaited IPO reforms to reset the economy
  + stars: | 2023-02-02 | by ( Laura He | ) edition.cnn.com   time to read: +3 min
A surveillance camera outside the China Securities Regulatory Commission (CSRC) building in Beijing on July 9, 2021. Tingshu Wang/ReutersUnder the new system, regulators will stop vetting planned share sales by companies. Currently, listings on the main boards of the Shanghai and Shenzhen stock exchanges must be reviewed and approved by regulators before they can be launched. Financial stress has surged, even as the economy has started to recover after three years of strict pandemic controls. Following a chaotic exit from its zero-Covid policy, Beijing is trying to reset the economy and rebuild the trust of investors and businesses.
☆ 'Incredibly cheap': Strategist says Chinese tech stocks, like Alibaba, are a clear buy right now
  + stars: | 2022-11-21 | by ( Ganesh Rao | ) www.cnbc.com   time to read: +3 min
This year's 30% decline in the value of Chinese Big Tech stocks, such as Alibaba , has made them "incredibly cheap," according to investment bank China Renaissance. "We saw body blow after body blow when it came to that regulatory environment," Maynard told CNBC Friday, speaking from Hong Kong. According to Maynard, major global long-only investors, which dominate the Hong Kong stock exchange, now view large-cap tech stocks such as Alibaba, Meituan , Tencent and JD.com as "very deeply undervalued." Its Hong Kong traded shares ended the day up over 2% Friday, although its New York-listed shares were in the red after rising 7.8% the day before. However, Maynard cautioned that investors who ignore Chinese technology stocks would likely miss out on significant returns in the future.
☆ Warren Buffett-Backed Electric-Car Giant BYD Halts Spinoff of Chip Unit
  + stars: | 2022-11-16 | by ( Dan Strumpf | ) www.wsj.com   time to read: 1 min
HONG KONG—Chinese electric-car company BYD Co. said it was pausing the planned spinoff of its chip subsidiary, opting to focus on boosting the unit’s automotive-semiconductor output to meet rising demand for electric vehicles. Warren Buffett -backed BYD said in a filing Tuesday that it was shelving the spinoff of BYD Semiconductor and the company’s listing on the Shenzhen Stock Exchange until an unspecified date. It said it instead plans to accelerate investments in expanding its chip-making capacity, building on a recent investment in a chip factory in Jinan, in eastern China.
☆ Buffett-Backed Electric-Car Giant BYD Halts Spinoff of Chip Unit
  + stars: | 2022-11-16 | by ( Dan Strumpf | ) www.wsj.com   time to read: 1 min
HONG KONG—Chinese electric-car giant BYD Co. said it is pausing the planned spinoff of its chip subsidiary, opting to focus on boosting the unit’s automotive-semiconductor output to meet rising demand for electric vehicles. Warren Buffett -backed BYD said in a filing on Tuesday that it is shelving the spinoff of BYD Semiconductor and the company’s listing on the Shenzhen Stock Exchange until an unspecified date. It said it instead plans to accelerate investments in expanding its chip-making capacity, building on a recent investment in a chip factory in Jinan, in eastern China.
☆ China's BYD scraps IPO plan for semiconductor unit
  + stars: | 2022-11-15 | by ( ) www.reuters.com   time to read: +1 min
HONG KONG, Nov 15 (Reuters) - Chinese automaker BYD Co Ltd (002594.SZ) said on Tuesday it had scrapped plans to list its semiconductor unit in China, saying a move to increase investments in wafer production would significantly affect the unit's asset structure. "BYD Semiconductor intends to seize the time window to make large-scale investment in wafer production capacity," BYD said in a filing to the Shenzhen stock exchange, adding current wafer supplies were far from enough to meet demand amid rapid growth in electric vehicle manufacturing. BYD, backed by U.S. billionaire Warren Buffett, said it would restart the unit's listing process when the investment and production capacity expansion had been completed. According to the IPO prospectus, the chip unit aimed to raise 2 billion yuan ($281 million) to fund projects and replenish capital on the Nasdaq-like ChiNext Board of the Shenzhen Stock Exchange. The IPO plan was first halted by the exchange in August 2021, as a firm advising on the IPO process faced a regulatory probe.
☆ Chinese battery giant CATL Q3 profit jumps 188.4% Y/Y
  + stars: | 2022-10-21 | by ( ) www.reuters.com   time to read: 1 min
SHANGHAI, Oct 21 (Reuters) - China's CATL (300750.SZ), the world's largest electric vehicle (EV) battery maker, said on Friday its third-quarter profit nearly tripled, buoyed by rapid expansion in production to power the growth of EVs worldwide. CATL, whose clients include Tesla (TSLA.O), Volkswagen and BMW (BMWG.DE), booked a net profit of 9.4 billion yuan ($1.30 billion) from July to September, according to a company filing to the Shenzhen stock exchange. Revenue increased 232.5% in the three-month period to 97.4 billion yuan from a year before, the company said. The result is largely in line with an estimate provided by the company last week. ($1 = 7.2454 Chinese yuan renminbi)Register now for FREE unlimited access to Reuters.com RegisterReporting by Zhang Yan and Brenda Goh; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.
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