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☆ Country Garden dodges default by making last minute debt payments, state media reports
▼ + stars: | 2023-09-05 | by ( Laura He | ) edition.cnn.com time to read: +2 min

The two dollar payments come after the company won last minute support late last week from Chinese investors to delay payment of a maturing yuan-denominated bond. Country Garden, which was China’s largest residential developer by sales last year, hasn’t responded to a CNN request for comment. Shares in Country Garden, which dropped as much as 5% on Tuesday, pared losses following the publication of the media reports. It has about 31 billion yuan ($4.3 billion) in bonds set to mature through the end of 2024, according to Moody’s. The eight bonds have a total outstanding balance of 10.8 billion yuan ($1.5 billion) and are set to mature later this year, the report said.

Persons: hasn’t, Yicai Organizations: Hong Kong CNN, China Securities, CNN Locations: Hong Kong, Moody’s

☆ Chinese stocks get brief uplift from first share dealing tax cut since 2008
▼ + stars: | 2023-08-28 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China has made a series of moves to restore investor confidence in the world’s second largest economy, including cutting a tax on stock trading for the first time since 2008. Foreign investors dumped billions of dollars worth of Chinese stocks over the past few weeks as the prospects for the economy dimmed. The announcements boosted Chinese stocks on Monday. Separately on Sunday, the China Securities Regulatory Commission (CSRC) the country’s top securities watchdog, also unveiled several measures to “boost investor confidence” in the sagging stock market. Chinese stock markets have declined sharply in recent weeks, as investors fretted about a worsening slowdown in the world’s second largest economy and its real estate crisis.

Persons: ”, Chris Liu, ” Liu, Ken Cheung, Seng Organizations: Hong Kong CNN, Ministry of Finance, State Administration of Taxation, China Securities Regulatory Commission, Hong Kong’s Stock Connect, China’s, Mizuho Bank, Shanghai Locations: Hong Kong, China, Beijing, Shanghai, Shenzhen, China’s Shanghai

☆ China approves 37 retail funds to help revive market
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

A Chinese national flag flutters outside the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSHANGHAI, Aug 28 (Reuters) - China's securities regulator approved the launch of 37 retail funds over the weekend, part of government efforts to revive a stock market struggling for lift-off in an ailing economy. In an editorial on Monday, the official China Securities Journal said that recent support measures underline authorities' determination to stabilise the capital market, whose sound operation is essential to China's economic recovery. "A vibrant capital market is key to stabilizing people's expectations and increasing confidence," the editorial said. "Policymakers' resolve to revive the market and boost confidence must not be underestimated."

Persons: Tingshu Wang, Shri Navaratnam Organizations: China Securities Regulatory Commission, REUTERS, Rights, China Securities Journal, Shanghai, Thomson Locations: China, Beijing

☆ China halves stamp duty on stock trades to boost flagging market
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +2 min

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China October 25, 2022. REUTERS/Aly Song/File photo Acquire Licensing RightsBEIJING/SHANGHAI, Aug 27 (Reuters) - China halved the stamp duty on stock trading effective Monday in the latest attempt to boost the struggling market as a recovery sputters in the world's second-biggest economy. The finance ministry said in a brief statement on Sunday it was reducing the 0.1% duty on stock trades "in order to invigorate the capital market and boost investor confidence". Along with the finance ministry move, the China Securities Regulatory Commission (CSRC) is rolling out measures to shore up market confidence in investing in listed companies. China's leaders vowed late last month to reinvigorate the stock market - the world's second largest - which has been reeling as the post-pandemic recovery flags and a debt crisis in the property market deepens.

Persons: Aly, Xie Chen, CSRC, China's, Judy Hua, Joe Cash, Li Gu, William Mallard Organizations: REUTERS, Rights, Reuters, Shanghai Jianwen Investment Management, China Securities Regulatory Commission, Regulators, Ministry of Finance, State Council, Thomson Locations: Shanghai, Shenzhen, China, Rights BEIJING, SHANGHAI, Beijing

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. REUTERS/Aly Song/File Photo Acquire Licensing RightsAug 28 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. As the week gets underway, asset markets across Asia yet again will be dominated by key economic indicators, market- and growth-supportive policy steps and diplomatic signals from China. The Asian market headwinds are strong and clear - financial conditions are tightening sharply, in large part due to the steady rise in U.S. Treasury yields. According to Goldman Sachs's financial conditions indexes, global, emerging market and Chinese financial conditions last week hit their tightest levels this year.

Persons: Aly, Jamie McGeever, Jackson, Jerome Powell, Christine Lagarde, Kazuo Ueda, Gina Raimondo, Goldman, Fed's MIchael Barr, Diane Craft Organizations: REUTERS, China Securities Regulatory Commission, . Commerce, Treasury, Higher, Thomson, Reuters Locations: Shanghai, Shenzhen, China, Asia, India, Indonesia, Vietnam, Beijing, Japan, U.S, Australia

☆ Exclusive: China plans to cut stamp duty on stocks by up to 50% to revive confidence-sources
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +5 min

The proposal to reduce the current 0.1% stamp duty on securities trading suggested a cut of either 20% or 50%, which would be the first such reduction since 2008, the two people said. China's securities regulator also met with representatives from top Western asset managers on Friday to reassure them about the country's economic prospects, Reuters reported citing sources. China's fiscal revenue totalled 20.37 trillion yuan ($3.02 trillion) last year, with 276 billion yuan or 1.35% contributed by stamp duty on securities transactions, official data showed. Earlier this month, Bloomberg first reported Chinese authorities were considering cutting the stamp duty on stock trades. "Cutting stamp duty doesn't solve the problems that hamper China's economic growth."

Persons: Aly, Xie Chen, Huang Yan, Huang, Sumeet Chatterjee, Lincoln, Kim Coghill Organizations: REUTERS, Regulators, Ministry of Finance, State Council, Information Office, of Finance, China Securities Regulatory Commission, Shanghai Jianwen Investment Management Co, Bond, Reuters, Bloomberg, Shanghai QiuYang, Shanghai, Thomson Locations: Shanghai, China, HONG KONG, BEIJING, Beijing, Hong Kong

☆ Exclusive: China plans to cut stamp duty on stock trading by up to 50% to revive sentiment-sources
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +4 min

The proposal to reduce the current 0.1% stamp duty on securities trading suggested a cut of either 20% or 50%, which would be the first such cut since 2008, the two people said. The CSRC also said stablising the stock market was a priority. "A cut in stamp duty (on stock trading) can help decrease investment cost and boost trading activity," analysts at broker Topsperity Securities said in a note. "Compared with previous policy measures, a cut in stamp duty may have a stronger effect in repairing investor confidence. Earlier this month, Bloomberg first reported Chinese authorities were considering cutting the stamp duty on stock trades.

Persons: Sumeet Chatterjee Organizations: Ministry of Finance, State Council, Information Office, of Finance, China Securities Regulatory Commission, Bond, Reuters, Topsperity Securities, Bloomberg, Shanghai, Thomson Locations: HONG KONG, BEIJING, headwinds, Beijing, Hong Kong, Lincoln

☆ 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

☆ China plans to cut stamp duty on stock trading by up to 50% to revive sentiment
▼ + stars: | 2023-08-25 | by ( ) www.cnbc.com time to read: +1 min

Chinese authorities are planning to cut the stamp duty on domestic stock trading by as much as 50%, three people with knowledge with the matter said, in a further attempt to revitalize the country's struggling stock market. The proposal to reduce the current 0.1% stamp duty on securities trading suggested a cut of either 20% or 50%, which would be the first such cut since 2008, the two people said. The quantum of the cut, which has not been reported before, is likely to be set at 50%, they said. The State Council Information Office, which handles media queries on behalf of the government, did not immediately respond to a faxed request for comment. The Ministry of Finance and the China Securities Regulatory Commission, or CSRC, did not immediately respond either.

Organizations: Ministry of Finance, State Council, Information Office, of Finance, China Securities Regulatory Commission

REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSHANGHAI/SINGAPORE, Aug 25 (Reuters) - China's banks will cut deposit rates soon as part of efforts to make mortgages more affordable and revive property demand, analysts reading China's cryptic policy messages reckon. But China did not opt for a broad rate cut that would further depress banks' narrow net interest margins, instead deferring to banks to cut their deposit rates and give themselves room to cheapen mortgages, analysts said. Lowering deposit rates will give banks much needed wiggle room to cut mortgage rates. "Further reductions to the deposit rates are 'arrows on the string,'" said Wang Yifeng, banking analyst at Everbright Securities. He also expects a tweak to rules so that existing mortgage rates can be reset lower.

Persons: Tingshu Wang, Wang Yifeng, Zhu Qibing, LPR, Zhu, Lu Ting, Lu, Xing Zhaopeng, Xing, Winni Zhou, Tom Westbrook, Samuel Shen, Vidya Ranganathan, Jacqueline Wong Organizations: China Securities Regulatory Commission, REUTERS, Rights, Bankers, Everbright Securities, People's Bank of China, BOC International China, Nomura, ANZ, Thomson Locations: China, Beijing, Rights SHANGHAI, SINGAPORE, Shanghai, Singapore

☆ China vows to coordinate support to resolve local government debt risks
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +3 min

Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/ File Photo Acquire Licensing RightsBEIJING, Aug 20 (Reuters) - China will coordinate financial support to resolve local government debt problems, the central bank said in a statement on Sunday, as policymakers look to shore up an increasingly shaky economic recovery and reassure worried investors. Financial departments should coordinate support to resolve local debt risks, enrich tools to prevent and resolve debt risks, strengthen risk monitoring and firmly hold the line on avoiding systemic risk, according to the PBOC statement. Bloomberg reported on Aug. 11 that China will offer local governments a combined 1 trillion yuan ($137 billion) in bond issuance quotas for refinancing. "Financial support to the real economy must be strong enough" while major banks should increase lending, the statement said.

Persons: Jason Lee, Fitch, Pan Gongsheng, Xiao Yuanqi, Li Chao, PBOC, Ellen Zhang, Siyi Liu, Ryan Woo, Kim Coghill Organizations: People's Bank of China, REUTERS, Rights, Communist Party, Bloomberg, PBOC, National Financial Regulatory, China Securities Regulatory, Thomson Locations: Beijing, China, Rights BEIJING

☆ China unveils measures to revive stock market
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +3 min

The China Securities Regulatory Commission (CSRC) proposed steps including cutting trading costs, supporting share buybacks and encouraging long-term investment to support a stock market (.CSI300) that has slid to nine-month lows. China's leaders vowed in late July to reinvigorate the stock market, which has been reeling as the country's economic recovery flags and woes in the property market deepen. The CSRC said on Friday that stablizing the stock market was a priority. "Without a relatively stable market environment, there's no basis for reviving the market and lifting sentiment," the regulator said. "The key to lifting market sentiment is to rescue the economy, and the property market is the crux," Niu said.

Persons: Aly, CSRC, Niu Chunbao, Niu, Pang Xichun, Jason Xue, Samuel Shen, Tom Westbrook, Toby Chopra, Jan Harvey Organizations: REUTERS, Rights, China Securities Regulatory Commission, Ministry of Finance, Wanji Asset Management, Nanjing RiskHunt Investment Management, Thomson Locations: Shanghai, China, Nanjing, Singapore

HONG KONG, Aug 15 (Reuters Breakingviews) - Hong Kong has lost some permanent appeal. The introduction of two sets of approvals was mandated three decades ago when foreign investors wanted additional protections to invest in the first wave of Chinese firms listing in Hong Kong. China's domestic securities laws have since developed and global investors can now directly buy shares onshore through various channels. That could lead to more onshore shares being issued relative to offshore shares, further diluting minority owners in Hong Kong. In 2020, Hong Kong shareholders vetoed the Bank of Zhengzhou's proposal to avoid such an outcome.

Persons: Hong Kong, HKEX, Una Galani, Thomas Shum Organizations: Reuters, Hong Kong Exchanges, HK, China Securities Regulatory Commission, Asia Securities Industry, Financial Markets Association, Corporate Governance Association, China Life Insurance, Wall, Hong, Bank of, Companies, Global, Hang Seng China Enterprise Index, Graphics Global, Thomson Locations: HONG KONG, Hong Kong, China, Shanghai, Shenzhen, Hong

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

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

Risk factors usually flag uncertainties in how Chinese laws are interpreted and enforced as well as the government's "substantial oversight and influence" over businesses. Chinese regulators want those boilerplate disclosures dropped; if not, offshore listing applications could be denied approval. Trying to appease both American and Chinese regulators will get tougher. On Friday, Chinese regulators held a rare meeting with KKR (KKR.N), Blackstone (BX.N), Carlyle (CG.O) and others to ensure they can continue to invest in the country. China's new offshore listing rules came into effect on March 31.

Persons: Didi Global, underwriters Goldman Sachs, Morgan Stanley, JPMorgan Chase, Carlyle, Una Galani, Thomas Shum Organizations: Reuters, Global, U.S . Securities, Exchange Commission, underwriters, JPMorgan, KKR, Blackstone, Bloomberg, Communist Party, China Securities Regulatory Commission, SEC, Thomson Locations: HONG KONG, Beijing, Hong Kong, United States, New York, China

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

The gathering comes at a time when global investors and banks are warning that confidence is waning in China's economic outlook. Such a meeting, with a clear agenda to discuss challenges facing global fund managers investing in China, is rare, the three sources said, and reflected Beijing's keenness to shore up confidence among foreign investors. Weighed down by strict COVID measures, China's economy grew just 3% in 2022, one of its worst showings in decades. The meeting is organized by China's fund regulator Asset Management Association of China (AMAC). U.S. dollar-denominated fundraising by China-focused venture capital and PE firms this year also had its weakest first half year in the past decade, data from industry tracker Preqin showed.

Persons: Fang Xinghai, didn't, Andrew Collier, Premier Li Qiang, Xie Yu, Julie Zhu, Selena Li, Kim Coghill Organizations: U.S ., Reuters, Canada's, Ontario, China Securities Regulatory Commission, Management Association of China, ., Orient Capital Research, Ant, Premier, Wednesday, Thomson Locations: HONG KONG, Beijing, U.S, China, Taiwan, Hong Kong

☆ China mutual funds cut fees as regulator targets $3.7 trillion sector
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +4 min

The cuts, which the fund companies said in identical phrasing were "aimed at reducing investors' costs in managing their wealth", come after China's securities regulator on Saturday vowed to guide mutual fund fees lower. Fund management fees would be capped at 1.2% of assets and custodian fees at 0.2%, state media reported. Nevertheless, the industry collected 144.1 billion yuan in management fees in 2022, up 1.7% from a year earlier, according to TX Investment Consulting Co. FEE CUTFullGoal Fund Management Co said it would cut fees on 119 products starting Monday, while Harvest Fund Management announced cuts for 113 products. The CSRC published opinions in April last year to promote high-quality growth of the mutual fund industry.

Persons: Morningstar, Ivan Shi, China's, Warburg Pincus, Samuel Shen, Tom Westbrook, Selena Li, Muralikumar Anantharaman, Jamie Freed Organizations: China Asset Management Co, Bank of Communications Schroder Fund Management, China Securities Regulatory Commission, Ben Advisors, Investment Consulting Co, Management, Harvest Fund Management, Asset Management Co, Ou Asset Management Co, Warburg, Shanghai Securities News, Thomson Locations: SHANGHAI, SINGAPORE, China, United States, Shanghai, China's

Taipei/London CNN —China’s top financial regulators have fined Ant Group — the fintech firm founded by billionaire Jack Ma — about 7.1 billion yuan ($994 million) for breaking rules related to consumer protection and corporate governance. “We will comply with the terms of the penalty in all earnestness and sincerity and continue to further enhance our compliance governance,” Ant Group said in a statement. Ant Group is an affiliate of e-commerce giant Alibaba, which was also founded by Ma. In April 2021, Alibaba was fined 18.2 billion yuan ($2.5 billion) — a record for China — for behaving like a monopoly. Separately, China’s financial regulators also announced a fine of nearly 3 billion yuan ($415 million) for Tenpay, Tencent’s (TCEHY) online payment platform, according to information posted on the PBOC website on Friday.

Persons: London CNN —, Jack Ma —, Alibaba, Guo Shuqing, Ma Organizations: London CNN, Ant, China Securities Regulatory Commission, People’s Bank of China, National Financial Regulatory Administration, Ma, Communist Party, China, People’s Bank of, Xinhua, Ant Group Locations: Taipei, London, China, People’s Bank of China

☆ Chinese AI startup Fourth Paradigm receives China's nod for Hong Kong IPO
▼ + stars: | 2023-07-05 | by ( Kane Wu | ) www.reuters.com time to read: +2 min

HONG KONG, July 5 (Reuters) - Beijing Fourth Paradigm Technology, an AI startup, has completed procedural work for a Hong Kong initial public offering, becoming only one of a handful of companies to get the nod from China's securities regulator since new rules became effective this year. The company has successfully completed the offshore listing filing process，according a July 3 filing on the China Securities Regulatory Commission (CSRC) website. Fourth Paradigm and one other company got the CSRC greenlight on July 3, adding to two other firms this year. Fourth Paradigm, also known as 4Paradigm, filed its fourth IPO application to the Hong Kong Stock Exchange in April. Fourth Paradigm counts Goldman Sachs (GS.N), Sinovation, Haitong International Investment and a number of state-backed funds as investors, the CSRC filing showed.

Persons: Goldman Sachs, Kane Wu, Edwina Gibbs Organizations: Paradigm Technology, Hong, China Securities Regulatory Commission, Hong Kong Stock Exchange, Commerce Department, International Investment, China International Capital Corp, CCB International, China Merchants Securities, Thomson Locations: HONG KONG, Beijing, Hong Kong

☆ China's Trip.com will pay its workers $140 million to have kids
▼ + stars: | 2023-06-30 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s Trip.com, one of the world’s largest online travel agencies, is introducing new childcare subsidies worth 1 billion yuan ($138 million) to encourage its 32,000 employees to have kids. Trip.com’s announcement follows similar initiatives by smaller Chinese companies and comes as the country faces a demographic crisis. The country is now the world’s second most populous nation, having fallen behind India, according to the United Nations. Giving birth to a first or second child would lead to payments of 30,000 yuan ($4,130) and 60,000 yuan ($8,260) respectively, the reports said. Some 6.83 million couples married in 2022, according to data released by China’s Ministry of Civil Affairs earlier this month.

Persons: China’s, ”, James Liang, …, ” Liang, — CNN’s Simone McCarthy Organizations: Hong Kong CNN, Workers, Communist, United Nations, Beijing, Beijing Dabeinong Technology, China Securities, QiaoYin, QiaoYin City Management, China’s Ministry of Civil Affairs Locations: Hong Kong, Communist China, India, Trip.com, Beijing, QiaoYin City, China

[1/2] A Chinese national flag flutters outside the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. China's long-awaited rules for offshore stock exchange listings form part of a regulatory tightening on cross-border listings after years of a laissez-faire approach. REGULATORY 'BLACKBOX'The new listing regime requires CSRC to respond within 20 working days upon accepting an issuer's listing filing. Submitting additional materials can be time-consuming and thus delay the listing process, said bankers and lawyers. Reporting by Scott Murdoch in Sydney and Kane Wu in Hong Kong; Additional reporting by Selena Li in Hong Kong; Editing by Sumeet Chatterjee and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, JD.com, Scott Murdoch, Kane Wu, Selena Li, Sumeet Chatterjee, Muralikumar Organizations: China Securities Regulatory Commission, REUTERS, China, U.S, iMotion Automotive Technology, Reuters, Thomson Locations: China, Beijing, Hong Kong, SYDNEY, HONG KONG, Suzhou, Sydney

☆ Asia lobby group pushes for easing of China's offshore listing rules
▼ + stars: | 2023-06-27 | by ( Selena Li | ) www.reuters.com time to read: +3 min

HONG KONG, June 27 (Reuters) - China's new offshore listing rules for domestic companies have left bankers and lawyers who work on listings unsure how to take on liabilities and avoid breaching tightened confidentiality rules, Asia's largest financial lobby group said on Tuesday. China's long-awaited rules for offshore stock exchange listings came into effect on March 31 as part of a regulatory tightening on cross-border listings after years of a laissez-faire approach. Chao said the concept of such papers is vaguely defined, and also gave rise to disputes among investment banks and law firms over which side was primarily responsible for storing the documents. It's not good for Chinese companies who need to seek capital from the world," Chao said. The slowing Chinese economy, dimming offshore fundraising prospects, and heightened geopolitical tensions have prompted Wall Street and European banks to layoff investment bankers working on China deals in the last few months.

Persons: China's, Lyndon Chao, ASIFMA, Chao, Goldman Sachs, It's, Hong, Wall, Selena Li, Scott Murdoch, Kane Wu, Sumeet Chatterjee, Susan Fenton, Himani Organizations: China Securities Regulatory Commission, Asia Securities Industry, Financial Markets Association, JPMorgan, UBS, Thomson Locations: HONG KONG, Beijing, New York, Hong Kong, China

Citigroup (C.N) had at one point shown interest in acquiring Credit Suisse Securities China (CSS), they added. Citi, whose CEO Jane Fraser was in China this week, is setting up a securities brokerage in China. UBS already has a majority-owned securities brokerage business in China. UBS and a spokesperson representing both Credit Suisse and CSS declined to comment. Founder Securities and the China Securities Regulatory Commission did not immediately respond to Reuters requests for comment.

Persons: Jane Fraser, Selena Li, Engen Tham, Sumeet Chatterjee, Edwina Gibbs Organizations: Credit Suisse, UBS, Citigroup, Credit Suisse Securities China, Citi, Securities, SS, CSS, China Securities Regulatory Commission, Thomson Locations: HONG KONG, SHANGHAI, China, Swiss, Hong Kong, Shanghai

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