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HONG KONG, Sept 26 (Reuters Breakingviews) - Global banks in Hong Kong are feeding on scraps. Bankers in Hong Kong are working on smaller issuances than they typically took on in the past, Dealogic data shows. Among the bigger ones in the works, courier SF Holding (002352.SZ) has filed for a secondary listing in Hong Kong and may raise up to $3 billion, per IFR. Fees on Indian deals are tiny, for example, and costs in Hong Kong are high. Overall investment banking fees in Hong Kong are set to come in at the lowest level in a decade too, Dealogic data shows, with HBSC top of the table.

Persons: Morgan Stanley, Debtwire, Una Galani, Pranav Kiran Organizations: Reuters, UBS, Bank of America, Bankers, HK, SF, Thomson Locations: HONG KONG, Hong Kong, New York, Swiss, United States, China, brimming, Shenzhen, Asia, India, U.S, Asia Pacific, Japan

☆ Crisis at Evergrande deepens as it misses another bond payment
▼ + stars: | 2023-09-26 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Evergrande Group has just missed another bond payment, casting further doubt over the future of the embattled property developer at the epicenter of China’s real estate crisis. China’s property industry once accounted for as much as 30% of the country’s gross domestic product. Questions about financial stabilityConcerns over China’s economic stability have resurfaced, driven by the deepening financial crisis at Evergrande, said Stephen Innes, managing partner of SPI Asset Management. On Sunday, Evergrande surprised investors with an announcement that it was unable to issue new notes due to the investigation into Hengda. It was the first criminal probe launched against Evergrande since it was hit by the debt crisis nearly two years ago.

Persons: Evergrande, Tao Wang, Stephen Innes, ”, Innes, Mengchen Zhang, Marc Stewart Organizations: Hong Kong CNN — Evergrande, Shenzhen Stock Exchange, Getty, China, Asia Economics, UBS, CNN, Evergrande Locations: China, Hong Kong, AFP, Asia, Evergrande

The launch event became the most discussed topic on Chinese social network Weibo, racking up six billion views and 1.6 million posts. Huawei quietly started selling the Mate 60 Pro in August, without a formal launch event or sharing full technical specifications. The company “knows everyone wants to know more about the chip [in the Mate 60 Pro], so them not talking about it is almost like defiance,” he said. Its share of the Chinese market rose from 6.9% to 11.3% over that period. The Shenzhen-based company has seen a recent “surge in sales” for its Mate 60 series, with weekly sales almost tripling to 225,000 units, according to Counterpoint.

Persons: Richard Yu, Tesla, ” trended, “, ”, Yu, Andy Lau, Ben Sin, Andrea Verdelli, Ivan Lam, Lam, Tesla Yu, ” Yu Organizations: Hong Kong CNN, Huawei, United, Weibo, Bloomberg, Research, Tesla’s Locations: China, Hong Kong, United States, Washington, Weibo, Beijing, Shenzhen

☆ Asia markets set to extend losses ahead of China loan prime rate decision; Fed decision on horizon
▼ + stars: | 2023-09-20 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

SHENZHEN, CHINA - AUGUST 26: An aerial view of the Shenzhen skyline on August 26, 2020 in Shenzhen, Guangdong Province of China. (Photo by He Shaoping/VCG via Getty Images) Vcg | Visual China Group | Getty ImagesAsia-Pacific markets are set to extend losses from Tuesday as investors await China's one-year and five year loan prime rates and brace for the U.S. Federal Reserve's rate decision Wednesday stateside. The region will also see August trade data out from Japan, while wholesale inflation in South Korea jumped for the first time since July 2022. In Australia, futures for the S&P/ASX 200 also point to a lower open, at 7,184 compared with the last close of 7,196.6. Futures for Hong Kong's Hang Seng index stood at 17,980, lower than the HSI's last close of 17,997.17.

Organizations: Getty, Visual China, U.S, Japan's Nikkei Locations: SHENZHEN, CHINA, Shenzhen, Guangdong Province of China, Asia, Pacific, U.S . Federal, Japan, South Korea, Chicago, Osaka, Australia

☆ US says it has no evidence that Huawei can make advanced smartphones ‘at scale’
▼ + stars: | 2023-09-20 | by ( Michelle Toh | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Commerce Secretary Gina Raimondo says the US government has no evidence that Huawei can produce smartphones with advanced chips “at scale,” as it continues to investigate how the sanctioned Chinese manufacturer made an apparent breakthrough with its latest flagship device. On Tuesday, Raimondo told US lawmakers that she was “upset” by news of the launch of Huawei’s Mate 60 Pro during her visit to China last month. “The only good news, if there is any, is we don’t have any evidence that they can manufacture 7-nanometer [chips] at scale,” she told a US House of Representatives hearing. That surprised many because SMIC, a partially state-owned Chinese company, has also been subject to US export restrictions for years. The following year, the US government expanded on those curbs by seeking to cut Huawei off from chip suppliers that use US technology.

Persons: Gina Raimondo, Raimondo, China’s, TechInsights, Ivan Lam, Kevin Frayer, Toby Zhu, Zhu, Lam, — Rashard Rose, Mengchen Zhang Organizations: Hong Kong CNN —, Huawei, Kirin, Semiconductor Manufacturing International Corporation, CNN, SK Hynix, Huawei ”, Research, IT, Eurasia Group Locations: China, Hong Kong, Korean, Beijing, Shenzhen, Apple’s

"Indonesia is not an easy market to do business on your own," said Kim, adding that, beyond government sales, VKTR was in talks with large domestic businesses to sell BYD EV buses. TAKING ON TESLAThai EV buyers contributed 24% of BYD's overseas sales in the second quarter, making it the Chinese automaker's largest foreign market, according to Counterpoint, whereas fewer than 1% of Tesla's sales are in Southeast Asia. BYD's Southeast Asia playbook and its embrace of dealerships contrasts with Tesla, whose direct-to-consumer approach is hard to replicate, since no other new EV brand has its buzz or the outsized media presence of its CEO Elon Musk. BYD and its partner Sime Darby Motors are experimenting with a new approach to draw young, tech-savvy consumers towards the Chinese brand in Singapore. The partnership has launched five "BYD by 1826" showrooms that double as white-tablecloth restaurants where dishes are named after BYD EV models.

Persons: Edgar Su, EVs, Tesla's, Soumen, BYD, Sime Darby, Indonesia's, Chee, Kiang Lim, Ayala, Antonio Zara, Rever, Alex Kim, Kim, VKTR, Tesla, Elon Musk, Darby, Jeffrey Gan, Devjyot Ghoshal, Stefanno Sulaiman, Jamie Freed Organizations: REUTERS, Rights, Counterpoint Research, Reuters, Commission, Ayala Corp, Thailand's, Urban Science, Brothers, Ayala Corp's, Motors, Thai EV, Asia playbook, Darby Motors, Sime, Sime Darby Motors, Thomson Locations: Singapore, Rights BANGKOK, JAKARTA, Southeast Asia, Thailand, Malaysia, Philippines, China, Shenzhen, Bangkok, Indonesia, Jakarta, Asia, Hong Kong, Macau

The Shenzhen-based company has not explained exactly how seven-nanometer chips ended up in the new Mate 60 Pro smartphone series. Analysts estimate deliveries of the Mate 60 Pro could top 5 million this year. Follow @KatrinaHamlin on XCONTEXT NEWSHuawei started preselling its Mate 60 Pro+ smartphone alongside a new foldable phone in September. The Chinese company started selling its high-end smartphones Mate 60 and Mate 60 Pro at the end of August. The Huawei Mate 60 Pro contained a 7-nanometer processor that was made in China by Semiconductor Manufacturing International Corp, according to analysts at TechInsights.

Persons: TSMC, TechInsights, Una Galani, Thomas Shum Organizations: Reuters, TechInsights, Kirin, Manufacturing International Corp, HK, Washington, SK Hynix, Huawei, TSMC, Semiconductor Manufacturing International Corp, SK, South, Bloomberg, Thomson Locations: HONG KONG, China, Shenzhen, Beijing

☆ Evergrande stock tumbles after Chinese police detain staff at its wealth management unit
▼ + stars: | 2023-09-18 | by ( Laura He | ) edition.cnn.com time to read: +5 min

The state-owned Shanghai Securities Journal reported that one of the detainees is the general manager and legal representative of Evergrande Wealth, citing an unnamed source. CNN has reached out to Evergrande and Evergrande Wealth for comment about the investigation, but hasn’t received a response. Of that amount, 34 billion yuan ($4.7 billion) was still unpaid by the end of last year. Multiple protestsProblems at Evergrande’s wealth unit first became widely known in August 2021, when it stopped issuing financial products due to “difficulty” in repaying them. Sayaka Nanbu/APTo appease its creditors, Evergrande Wealth subsequently proposed several repayment plans.

Persons: “ Du, hasn’t, Evergrande, Sayaka Nanbu Organizations: Hong Kong CNN, Hong, Police, Evergrande, Shanghai Securities Journal, CNN, Shenzhen government’s, Evergrande’s Locations: Hong Kong, Shenzhen, Evergrande’s Shenzhen, Shanghai, United States

TAIPEI, Taiwan (AP) — Police in a southern Chinese city said they have detained some staff at China Evergrande Group’s wealth management unit in the latest trouble for the heavily indebted developer. A statement by the Shenzhen police on Saturday said authorities “took criminal coercive measures against suspects including Du and others in the financial wealth management (Shenzhen) company under Evergrande Group.”It was unclear who Du was. Media reports about investors’ protests at the Evergrande headquarters in Shenzhen in 2021 had listed a person called Du Liang as head of the company’s wealth management unit. Evergrande is the world’s most heavily indebted real estate developer, at the center of a property market crisis that is dragging on China’s economic growth. A series of debt defaults in China’s sprawling property sector since 2021 have left behind half-finished apartment buildings and disgruntled homebuyers.

Persons: “, Du, Evergrande, Du Liang Organizations: — Police, China, Shenzhen, Evergrande, Media Locations: TAIPEI, Taiwan, Shenzhen

Still, it could hurt perceptions of Chinese EV makers as they expand abroad, Bernstein analysts said in a client note. Nio and Geely declined to comment on the EU probe, while BYD, Xpeng and SAIC did not respond to requests for comment. Shares in European carmakers were also among the biggest fallers on the euro zone stock index (.STOXXE50) in early trading. STRAINED RELATIONSThe anti-subsidy probe, initiated unusually by the European Commission and not from any industry complaint, comes amid broader diplomatic strains between the EU and China. It accounted for 40.25% of EV exports from China between January and April 2023.

Persons: Annegret, Ursula von der Leyen, Bernstein, BYD, CATL, Cui Dongshu, EVs, Donny Kwok, Brenda Goh, Ryan Woo, Anne Marie Roantree, Tom Hogue, Jamie Freed, Mark Potter Organizations: REUTERS, China, EV, EU, European, Ministry of Commerce, Eurasian Group, Reuters Graphics, Reuters Graphics Hong Kong, HK, Geely, SAIC, BMW, Volkswagen, Mercedes, European Commission, China Passenger Car Association, EVs, for Strategic, Internal Studies, Reuters, Thomson Locations: Berlin, Germany, Europe, China, SHANGHAI, BEIJING, Beijing, EU, Brussels, Southeast Asia, Reuters Graphics Hong, Shanghai, Xpeng, Shenzhen, SZ, Moscow, Russian, Ukraine, U.S, Hong Kong

Analysts said the probe could slow capacity expansion and the capital spending cycle of China's battery suppliers, although the move should not pose a big downside risk for Chinese EVs. Hong Kong shares of market leader BYD fell more than 3%. Nio and Geely declined to comment on the EU probe, while BYD, Xpeng and SAIC did not respond to requests for comment. GROWING MARKET SHAREEU officials believe Chinese EVs are undercutting the prices of local models by about 20% in the European market, piling pressure on European automakers to produce lower-cost electric vehicles. It accounted for 40.25% of EV exports from China between January and April 2023, up from 36.5% in 2022.

Persons: Angelika Warmuth, Ursula von der Leyen, BYD, CATL, der Leyen, Li Qiang, Cui Dongshu, EVs, Donny Kwok, Brenda Goh, Ryan Woo, Anne Marie Roantree, Tom Hogue, Jamie Freed Organizations: BYD Company, REUTERS, China, EV, European Commission, EU . European, Analysts, HK, Geely, SAIC, EU, Chamber of Commerce, China Passenger Car Association, Center, Strategic, Internal Studies, Volvo, Thomson Locations: Munich, Germany, Europe, HONG KONG, SHANGHAI, Hong Kong, Beijing, Shanghai, Xpeng, Shenzhen, SZ, China, Moscow, Russian, Ukraine, New Delhi, Brussels, U.S

☆ Walter Isaacson's new Elon Musk biography is already taking off in China
▼ + stars: | 2023-09-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

A Citic Press book stand advertises for the release of the Chinese version of Walter Isaacson's new Elon Musk biography. BEIJING — Walter Isaacson's new biography of Elon Musk hit the Chinese market Tuesday, several hours ahead of the U.S. release due to a time difference that puts Beijing 12 hours ahead of New York. A day earlier, publisher Citic Press Group raised the book's selling price to 79 Chinese yuan ($10.84), up from 59 yuan previously, according to Chris Sun, lead translator of Isaacson's book into Chinese. Citing conversations with the publisher, Sun said a rare, urgent additional printing was done during the pre-sale period and that the work was Citic Press' "highest-level confidential project" of the year. The Shenzhen-listed company reported revenue from operations of 872.65 million yuan for the first half of the year, up 2.9% from a year ago.

Persons: Walter Isaacson's, Elon, BEIJING — Walter Isaacson's, Elon Musk, Chris Sun, Sun, Citic Organizations: Press, BEIJING, Beijing, Citic Press, CNBC Locations: New York, Shenzhen

☆ These 10 China-focused ETFs are up this year — and one is expected to rise by another 40%
▼ + stars: | 2023-09-11 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Chinese stock markets have failed to perform in 2023. All three major indexes have lost money for investors over the past week, month, three months, six months, and year. As a result, shorting the Chinese currency has been one of the most profitable investments this year, according to analysis by CNBC Pro of FactSet's ETF performance data. CNBC Pro screened for global China-focused ETFs that have posted positive returns this year to date. A weighted average analysts' price target for companies in the ETF points toward a further 22.4% upside over the next 12 months, according to FactSet data.

Persons: Thierry Wizman, Goldman Sachs, Brent Organizations: Shenzhen Component, Shanghai, Index, U.S, CNBC Pro, Singapore ., London Stock Exchange, U.S ., Macquarie, People's Bank of, China Energy, New York Stock Exchange, bbl, Goldman, Dragon, China Communication Services Locations: Shenzhen, China, New York, London, Amsterdam, Frankfurt, Singapore, People's Bank of China, Macquarie, Dragon China, U.S

☆ UBS loves these electric vehicle stocks — and says one offers China's 'answer to Tesla Model 3'
▼ + stars: | 2023-09-08 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

UBS named electric vehicle stocks it likes in China and described one car as a "Chinese answer to Tesla Model 3." It enjoyed some edge not only over foreign incumbents, but also Chinese EV startups," UBS analysts led by Paul Gong wrote in a Sept. 1 research note. UBS described the Seal model as having a large interior space, with 5G connectivity and a rotating cockpit screen. "The result is a decent alternative to Tesla Model 3 at 10-20% lower selling price," the analysts wrote. Chinese EV stocks Alongside BYD, the bank is buy-rated on Great Wall Motor , which has several EV models.

Persons: BYD, Paul Gong, — CNBC's Michael Bloom, Ganesh Rao Organizations: UBS, Tesla, China EV, Hong, Toyota, BYD, Li, Amperex Technology, Shenzhen Stock Exchange, VW, Renault Locations: China, Europe, Hong Kong

☆ Hedge fund investor Dan Niles says Apple is now his largest single stock short
▼ + stars: | 2023-09-07 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Widely followed investor Dan Niles revealed Thursday he dumped his Apple shares and started betting against the tech giant in a significant way. "Sold $AAPL & now our largest single stock short," the founder and senior portfolio manager of the Satori Fund said in a post on X , formerly known as Twitter. The hedge fund manager bought Apple on Aug. 18 and started selling Wednesday, he said. Shares of Apple were down for a second day in a row, bringing losses this week to more than 6%. AAPL YTD mountain Apple Secondly, Niles said Huawei's resurgence could pose a threat to Apple.

Persons: Dan Niles, Satori, Niles Organizations: Apple, Twitter, Bloomberg News, Street Journal, Revenue Locations: China, Shenzhen

☆ Huawei spinoff Honor launches foldable phone globally as Chinese firm looks to rival Apple, Samsung
▼ + stars: | 2023-09-01 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Honor released its Magic V2 foldable on July 12, 2023, starting with the China market. HonorChinese consumer electronics firm Honor launched its flagship foldable smartphone overseas — venturing into a high-end market dominated by Samsung and Apple . The Honor Magic V2 will go on sale in markets in Europe and elsewhere — but not in the United States — no later than the first quarter of 2024, the company said. The Magic V2 is part of that. Honor Magic V2 details

Persons: United States —, Simon Baker, Baker Organizations: Samsung, Apple, Huawei, IDC, China, CNBC Locations: China, Europe, United States, Shenzhen

☆ China's BYD adds second model to Japan EV line-up
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

YOKOHAMA, Sept 1 (Reuters) - China's BYD (002594.SZ) on Friday said it will start selling its second electric vehicle model in Japan this month, as it seeks to secure a foothold in a market that has given rise to some of the world's best-selling auto brands. BYD, which stands for Build Your Dreams, will also announce Dolphin pricing on that date. A spokesperson declined to disclose how many vehicles it needed to sell in Japan each year to be profitable. This year, its Japan unit signed a car dealership contract with Japanese trading house Sojitz (2768.T). ($1 = 7.2582 Chinese yuan renminbi)($1 = 145.6700 yen)Reporting by Daniel Leussink; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: BYD, Daniel Leussink, Christopher Cushing Organizations: Japan, Thomson Locations: YOKOHAMA, Japan, China, The Shenzhen, Yokohama

☆ Country Garden: China's biggest homebuilder is fighting for its life. Here's what you need to know about the real estate crisis
▼ + stars: | 2023-08-31 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Just a few months ago, Country Garden was the biggest property developer in China, with more than 3,000 developments spanning the country. Real estate accounts for between a quarter and third of China’s gross domestic product (GDP). A default by Country Garden or another peer could also spread to China’s wider economy and even spill over into global markets. Beijing has announced a flurry of stimulus measures to bolster the real estate sector in recent days, including easing mortgage curbs for homebuyers. This week’s news from Country Garden and Vanke suggest the crisis might not have bottomed out yet.

Persons: Hong Kong CNN —, “, ”, China Vanke, Zhu Jiusheng, Yu Liang, Yu, Evergrande Organizations: Hong Kong CNN, Zhongrong, Country, National Bureau of Statistics, Kaisa, Shimao, Times Locations: Hong Kong, China, Beijing, Shenzhen, United States, Times China

☆ China's BYD H1 profit triples as deliveries break record
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +3 min

Net earnings for the six-months ending June 30 reached 10.95 billion yuan ($1.50 billion), up 204.7% from 3.6 billion yuan a year earlier, on a 72.7% rise in revenue to 260.12 billion yuan, BYD said in a stock market filing. The company posted a 6.82 billion yuan net profit for the April-June quarter, up 144.7%, a Reuters calculation showed. The Q2 earnings, the second highest quarterly number, was within BYD's net profit forecast of between 6.37 billion yuan and 7.57 billion yuan. Buoyed by its Dynasty and Ocean series of plug-in petrol-electric hybrids cars and battery-only electric vehicles (EV), BYD set a monthly sales record in July after deliveries hit 700,244 vehicles in the second quarter. Tesla recorded a decline in quarterly automotive gross margin in the second quarter, prioritising sales over earnings.

Persons: Aly, BYD, Warren Buffett's Berkshire Hathaway, Tesla, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Mike Harrison Organizations: Security, Auto, REUTERS, Rights, Volkswagen, Inc, U.S, EV, Tesla, BYD, China Association of Automobile Manufacturers, Reuters, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING, Shenzhen, Singapore, Australia

☆ China's Evergrande says its losses narrowed by 50% in the first half of 2023
▼ + stars: | 2023-08-27 | by ( Laura He | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —Evergrande Group, the world’s most indebted real state developer, has reported a significant narrowing in its net losses for the first half of the year, thanks to a rise in revenue because of “the short boom of the property market” earlier this year. Its shares plummeted 87% at Monday’s open, after they resumed trading following a 17-month suspension. Evergrande said its loss attributable to shareholders amounted to 33 billion yuan ($4.5 billion) for the January to June period, a 50% drop from the 66.4 billion yuan loss ($9.1 billion) recorded in the same period a year ago, it said in a Sunday filing to the Hong Kong stock exchange. Revenue surged 44% from a year ago, reaching 128.2 billion yuan ($17.6 billion). But it had borrowed heavily to fund its expansion and defaulted on its debt in 2021, sparking a crisis in China’s real state sector, which accounts for as much as 30% of the country’s economy.

Persons: Evergrande, “, ” Organizations: Hong Kong CNN — Evergrande, Revenue Locations: Hong Kong, Shenzhen, United States

☆ Centaline says mainland China unit has 'huge' unpaid developers' commissions
▼ + stars: | 2023-08-26 | by ( ) www.reuters.com time to read: +2 min

A sign of Centaline Property is pictured at the company's office in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang Acquire Licensing RightsBEIJING, Aug 26 (Reuters) - Centaline Property has said its mainland China unit is owed a huge amount of unpaid commissions and so it cannot pay employees their commissions, responding to reports of delayed payments to the unit by developers including the embattled Evergrande. The Hong Kong property agency's mainland arm, Centaline Property Agency (Shenzhen), has not recovered some commission fees as property developers grapple with the debt crisis and liquidity crunch, Centaline said in a statement on Friday. "The current amount of unpaid commissions from developers and agents is huge and Centaline Property is not in a position to advance them to its employees," the company said. The Shenzhen unit has paid fixed salaries up to July, Centaline said, adding that all of units were operating normally and it would not withdraw from the mainland China market.

Persons: Tingshu Wang, Centaline, Liu Tianyang, Ella Cao, Ryan Woo, Robert Birsel Organizations: REUTERS, Rights, Centaline Property Agency, Securities Times, Thomson Locations: Tianjin, China, Rights BEIJING, Hong Kong, Shenzhen

☆ China launches 'unprecedented' crackdown on its healthcare industry amid economic woes
▼ + stars: | 2023-08-24 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +10 min

CNN —China has launched a sweeping anti-corruption campaign targeting its hospitals, pharmaceutical industry and insurance funds as it grapples with mounting economic challenges and long-standing public frustration about high costs in the behemoth healthcare sector. Some areas have set up hotlines for phoning in tips about corruption in the sector, according to state media. At least one state media report has described the campaign as “unprecedented in the depth, breadth and intensity” of targeting the healthcare sector. Despite wide health insurance coverage, absolute costs of healthcare can be a heavy burden for many in China. “Given the economic slowdown and the shrinking fiscal revenue, the debt-ridden local governments really don’t have the capabilities to invest more in the medical sector and corruption continues to be an issue,” said Huang.

Persons: That’s, Xi Jinping, Ren Jianming, Yanzhong Huang, ”, Huang, Jade Gao, Xi Chen, ” Chen, Winning Health Technology Group’s, Zhou Wei, Sun Ningling, ” “ Organizations: CNN, behemoth, Communist Party, China News Service, Center for Integrity Research, Education, China’s Beihang University, Publishing, Council, Foreign Relations, Getty Images, Yale School of Public Health, Getty, Health Commission, NHC, Central Commission, CSI, Reuters, Shanghai Serum, Winning Health Technology, Peking University People’s Hospital Locations: China, Yunnan, Shanghai, Beijing, Zhejiang, United States, New York, AFP, Guangzhou, Shenzhen

☆ China Country Garden to suspend trading of onshore bonds from Monday
▼ + stars: | 2023-08-14 | by ( ) www.cnbc.com time to read: 1 min

China's Country Garden, the country's top private property developer, will suspend trading of its 11 onshore bonds from Monday, according to filings to the Shenzhen Stock Exchange on Saturday. Resumption of trading of the bonds will be determined at a later date, the company said in filings to the stock exchange. Country Garden's Hong Kong shares hit a record low on Friday on fears the company is preparing for a debt restructuring, adding to concerns about the outlook for the property sector in the absence of stronger support from Beijing.

Organizations: Shenzhen Stock Exchange Locations: Hong Kong, Beijing

An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China July 6, 2018. REUTERS/Aly SongSHANGHAI, Aug 11 (Reuters) - A growing number of healthcare companies in China are shelving their initial public offering (IPO) plans as its stock exchanges have stepped up scrutiny of the pharmaceutical industry's business practices amid an escalating anti-corruption drive. Vaccine maker Shanghai Rongsheng Biotech Co terminated its IPO plan this week, after the company's high proportion of sales expenses drew attention from regulators. The company's sales expenses over the past three years amounted to nearly half of its revenue. Another banker said drugmakers are stepping on the brakes of their IPO plans due to the rising uncertainty.

Persons: Aly Song SHANGHAI, Rongsheng, drugmakers, Fujian Mindong, Jason Xue, Tom Westbrook, Muralikumar Organizations: REUTERS, Pharmaceuticals, Shanghai Rongsheng Biotech Co, Shanghai Stock Exchange, Rejuenation Pharmaceutical Co, Shenzhen Stock Exchange, HIT, National Health Commission, Thomson Locations: Shanghai, China, Fujian, Rongsheng, Shenzhen, Singapore

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