Port expected to allow Beijing to bypass South China Sea for oil imports is cited as ‘major part’ of 1,700km China-Myanmar Economic Corridor.

Zhu Hexin’s political pedigree is a bit different than some of his predecessors, starting with a factory job and working his way to the upper echelon of Chinese finance.

Anil Wadhwani, Prudential’s first CEO to be based in Hong Kong, vows to keep using Hong Kong as centre for expansion in Asia and Africa as the UK insurer charts strong growth in the city in post-Covid-era.

The company, one of China’s largest distressed debt managers, will acquire a 5.01 per cent stake at HK$9.35 per share from Citic Polaris, a wholly owned subsidiary of Citic Group, and change its name to China Citic Financial Asset Management.

Chinese tech giants are the main attraction at the three-day World Artificial Intelligence Conference in Shanghai, as US firms maintain their distance.

Pan Gongsheng likely to be named PBOC governor next, industry insiders tell the Post, with notice also saying incumbent Yi Gang will step down.

Xiongan New Area plan viewed with suspicion because it is not near any regional commercial hub and workers do not want to move from China’s capital, says analyst.

Executives in the banking and brokerage sectors have taken massive pay cuts, with the Communist Party’s top disciplinary watchdog warning that pay in the sector was much higher than in other industries.

China’s onshore stock market ushered in its busiest day for IPOs in 16 months, with 10 debutants surging by at least 48 per cent in Shanghai and Shenzhen trading.

Deloitte Hua Yong has been fined 212 million yuan (US$31 million) for failures in audit work conducted at China Huarong Asset Management, China’s ministry of finance says.

The proposed new national regulatory body will be in the spotlight given its consolidated authority over financial institutions and its potential to lead reform, according to Goldman Sachs.

NPC to give stamp of legitimacy to State Council reform plan and new leadership line-up as its annual session continues this week.

The joint venture will focus on content delivery networks and technologies such as edge computing.

Reshuffle follows Central Committee retirements, banking crises and Xi Jinping’s anti-corruption campaign but scope of changes prompts uncertainty.

Kaisa Group reported some progress in its debt restructuring efforts, following agreements with undisclosed onshore creditors. Offshore creditors may need to wait longer for some good news.

Alibaba said all top executives of its fintech affiliate Ant Group are no longer members of its partnership structure, as the latter awaits Beijing’s approval to transform into a financial holding group.

Citic Securities topped the Chinese brokerage charts for the second consecutive year in 2021, according to the Securities Association of China.

The reshuffle comes as a state-directed overhaul of Ant nears completion and after China signalled an easing of a months-long Big Tech crackdown.

The move continues a series of bans on Chinese companies by the FCC, showing the Biden administration remains concerned over potential espionage and data theft.

Tech stocks plunged as another billion-dollar divestment by Tencent triggered a steep sell-off in peers including Meituan, Kuaishou and JD.com Chinese antitrust regulators fined some Alibaba and Tencent units.

Huarong, set up in 1999 to clean up ICBC’s bad loans, teetered close to bankruptcy as it failed to report its annual financial accounts in April, raising concern that the company would default on its onshore and offshore debt.

The order gives China Telecom Americas 60 days to halt US domestic and international service; China Unicom Americas and Citic Group’s ComNet (USA) are also under review by the US communications watchdog.

The plight of Huarong has become the biggest test in decades of whether Beijing would still shield state-owned firms from market forces amid a renewed push by President Xi Jinping to rein in debt growth as defaults have hit records.

The rescue package unveiled on Wednesday, while thin on official details, suggests President Xi Jinping’s government is for now unwilling to allow a default by one of China’s most systemically important state-owned companies.

The cuts are another example of how policymakers are pressuring the nation’s biggest state-owned financial groups to reduce salaries and costs to support China’s recovery from the pandemic.

Guoan owners Citic set US$0.16 reserve price for 36 per cent in effort to keep the club’s name despite new rules.

Surging popularity in the US has Asia-based funds seeking to tap special purpose acquisition companies, this year’s red-hot capital raising trend, according to deal makers.

‘One size fits all’ policy for new team names has been criticised by fans but only Shanghai Shenhua appear to have a reprieve from dropping corporate mentions.