Bei Hu

Closer scrutiny of foreign investors

The government will tighten its supervision of banks' strategic stake sales to foreign investors this year, a senior industry regulator said yesterday.

Friday, 10 March, 2006, 12:00am

Huarong to offload 40b yuan in NPLs

China Huarong Asset Management plans to sell two batches of non-performing loans (NPLs) with a face value of about 20 billion yuan each to domestic and foreign investors in the near future, industry sources said yesterday.

14 Oct 2005 - 12:00am

New Yorker factors risk into Beijing

Foreign Bank of China appointment breaks new ground

In a place like Hong Kong, the chief credit officer (CCO) of a major bank typically maintains a low profile - the unsung hero who helps keep the average non-performing loan (NPL) ratio of banks in the city below 2 per cent.

3 Oct 2005 - 12:00am

Growth up but indicators point to slowdown

Hong Kong's economy saw its seventh consecutive month-on-month expansion last month, according to data from local firms.

But indicators such as business activity, new business and work in hand eased to the lowest rates in months, with new business orders from the mainland continuing to trail overall order-book expansion.

1 Aug 2005 - 12:00am

China Cinda move blocks foreign bids

Overseas investors say asset manager's plan to allow its peers to join sale of impaired loans offers them a home advantage

China Cinda Asset Management will allow its state-owned peers to bid for 6.5 billion yuan of impaired loans at an auction on Monday despite protests from foreign investors alleging unfair competition, sources said yesterday.

25 Jun 2005 - 12:00am

Accounting exams fall victim to outbreak

China's about-face in managing the Sars crisis is barely a week old but the impact is being felt in unexpected ways, affecting civic, academic and commercial life.

Yesterday, Beijing took the seemingly drastic step of cancelling annual examinations for its fast growing cadre of private-sector accountants, despite them being five months away.

26 Apr 2003 - 12:00am

Landmark stock-fraud trial ends, but masterminds are still at large

The case was seen as a litmus test of China's resolve to end equity scams

Seven individuals who stood trial in China's first and largest stock manipulation case were sentenced to up to four years in prison yesterday at the end of what has been widely seen as a hearing just for show.

2 Apr 2003 - 12:00am

Key state firms see earnings slip back

Profits at 511 large state firms slipped 8.7 per cent year on year in the first half with more than 20 per cent losing money, according to the State Economic and Trade Commission.

However, the profit slide had slowed by 20 percentage points from the first quarter, commission data suggested.

3 Aug 2002 - 12:00am

TV maker eyes 400pc rise in first-half profit

Sichuan Changhong Electric, one of China's largest television set producers, yesterday forecast a surge of at least 400 per cent in its first-half net profit.

Although the stunning prediction was partly due to last year's low base, the figure gave a glimmer of hope that China's beleaguered television makers are clawing their way back into profit after last year's price war.

17 Jul 2002 - 12:00am

Largest state enterprises record 37pc fall in profit

Key state enterprises saw their combined profit drop 37.1 per cent year on year in the first two months of the year, according to the State Economic and Trade Commission.

The 511 largest state companies booked profits of 22.98 billion yuan (about HK$21.5 billion) in January and February, down 13.52 billion yuan from a year ago.

4 Apr 2002 - 12:00am

Ministry tightens hold on account massaging

The Ministry of Finance has tightened rules on the valuation and accounting treatment of connected transactions by domestically listed companies.

A provisional regulation in effect since December 21 seeks to curb cash-strapped companies' ability to massage their accounts with connected transactions at inflated prices.

28 Dec 2001 - 12:00am

Pulp firm Yinge hit by $112m trust loss

Henan Yinge Industrial Investment (Holding) has emerged as the latest victim in a scandal rippling through much of China's securities markets.

21 Dec 2001 - 12:00am

China Post delivers the goods at last

China's giant postal system turned a profit of 160 million yuan (about HK$149 million) for last month after years of losses.

Liu Liqing, postmaster-general of the State Post Bureau, hailed the result as 'encouraging news', the China Securities newspaper reported yesterday.

China Post has always ended the year in the red despite price rises in recent years.

11 Oct 2001 - 12:00am

Ng Fung Hong drops packaging concern

China Resources Enterprise (CRE) subsidiary Ng Fung Hong is to quit its stake in a mainland packaging concern to focus on its food distribution operations.

Ng Fung Hong, a foodstuff distributor and operator of the CRC supermarket chain, agreed last Tuesday to sell its entire 55 per cent stake in loss-making East World International for HK$10 million.

30 Jul 2001 - 12:00am

ADB pledges US$3.7b package

The Asian Development Bank has pledged US$3.755 billion in loans and US$46.68 million in technical assistance to China over the coming three years.

A significant portion of the funding has been committed to improving public infrastructure and the regulatory environment, as well as more transparency into government procurement.

15 May 2001 - 12:00am