https://www.scmp.com/rss/320382/feed Xie Yu worked at the Post from 2015 until 2019. She was the chief China finance reporter, covering the economy and development of financial markets. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Chinese clothing giant Shandong Ruyi Technology Group has been downgraded by Moody’s because it will struggle to meet upcoming debt repayments, according to a report issued by the rating agency on Thursday. Shandong Ruyi has been on an expensive global spending spree in recent years. It took over French fashion group SMCP – which manages affordable luxury brands including Sandro, Maje, and Claudie Pierlot – in 2016. It announced another deal to acquire Italian fashion giant Bally International... https://www.scmp.com/business/banking-finance/article/3032416/fashion-giant-shandong-ruyi-dubbed-chinas-lvmh-downgraded?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3032416/fashion-giant-shandong-ruyi-dubbed-chinas-lvmh-downgraded?utm_source=rss_feed Thu, 10 Oct 2019 13:37:25 +0000 Zhang Zhenxin, a financial tycoon who controlled a sprawling Chinese business empire spanning peer-to-peer lending to bitcoin mining, has died in London as his conglomerate slid into a debt crisis. Zhang, 48, chairman of UCF Group controller of NCF Group, died in the Chelsea and Westminster Hospital in London on September 18, his company announced in a WeChat post on Saturday night. Zhang, a low-profile businessman who ran three Hong Kong-listed companies, died of multiple organ failure related... https://www.scmp.com/business/companies/article/3031881/tycoon-zhang-zhenxin-owner-troubled-chinese-financial?utm_source=rss_feed https://www.scmp.com/business/companies/article/3031881/tycoon-zhang-zhenxin-owner-troubled-chinese-financial?utm_source=rss_feed Mon, 07 Oct 2019 11:30:06 +0000 The Hang Seng Index dropped to a one-month low at the close on Friday, ending the day 1.11 per cent lower at 25,821. Heavyweight stocks weighed on the benchmark, which was also affected by rumours around an address by Hong Kong leader Carrie Lam Cheng Yuet-ngor where she announced a ban of face masks during protests. Utilities, property developers and financial services providers were the biggest drag on the index. Electricity supplier CLP Holdings lost 1.6 per cent to HK$80.8 and HK&China Gas... https://www.scmp.com/business/banking-finance/article/3031600/utilities-property-heavyweights-drag-hang-seng-index-one?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3031600/utilities-property-heavyweights-drag-hang-seng-index-one?utm_source=rss_feed Fri, 04 Oct 2019 09:27:48 +0000 Will poor US economic data drive the Hong Kong stocks market on Friday, or will it be local concerns, such as the introduction of a face mask ban in the protest-hit special administrative region, that determine which way the markets go? Add to the mix the prospect of an interest-rate cut by the US Federal Reserve towards the end of October, and we might have ourselves a roller-coaster ride. Hang with us, Xie Yu and Azar Zaidi in Hong Kong, as we follow all the day’s developments. The mainland... https://www.scmp.com/business/markets/article/3031500/stocks-blog-hong-kong-market-expected-open-higher?utm_source=rss_feed https://www.scmp.com/business/markets/article/3031500/stocks-blog-hong-kong-market-expected-open-higher?utm_source=rss_feed Fri, 04 Oct 2019 01:10:15 +0000 The Hang Seng Index closed 0.3 per cent higher at 26,220.3 on Thursday, boosted by a Hong Kong government plan to ban face masks at public gatherings. The city’s stock market opened lower in the morning, weighed down by local property developers energy companies, but towards the afternoon, it was lifted by a rebound in MTR shares, mainland Chinese health care and consumer stocks, as well as the Macau casinos. Trains operator MTR gained 2.3 per cent following the news of the face mask ban, and... https://www.scmp.com/business/banking-finance/article/3031432/hang-seng-index-trains-operator-mtr-boosted-proposed-ban?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3031432/hang-seng-index-trains-operator-mtr-boosted-proposed-ban?utm_source=rss_feed Thu, 03 Oct 2019 09:21:36 +0000 The narrative of an impending global slowdown amid poor US data, as well as the fallout from National Day violence in Hong Kong, are expected to dominate the markets on Thursday. US equities fell overnight after American employment data – coming a day after poor factory data – too fell below expectations. Monthly jobs data coming out on Friday could set the tone as far as rate cut expectations are concerned. Mainland Chinese markets remain shut for “golden week” and will resume trading on... https://www.scmp.com/business/markets/article/3031346/stocks-blog-will-global-slowdown-fears-protests-weigh-hong-kong?utm_source=rss_feed https://www.scmp.com/business/markets/article/3031346/stocks-blog-will-global-slowdown-fears-protests-weigh-hong-kong?utm_source=rss_feed Thu, 03 Oct 2019 01:02:52 +0000 The Hong Kong protests as well as disappointing US manufacturing data weighed on the city’s stock market, which was closed on Tuesday for the National Day holiday. The mainland Chinese markets are shut for the “golden week” holiday and will resume trading on October 8. The benchmark Hang Seng Index closed 0.2 per cent lower at 26,042.7 on Wednesday. Sectors such as retail, financial services and utilities were among the worst performers. Chow Tai Fook, the world’s largest jewellery retailer, hit... https://www.scmp.com/business/banking-finance/article/3031291/hong-kong-protests-weak-us-factory-data-weigh-citys-stock?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3031291/hong-kong-protests-weak-us-factory-data-weigh-citys-stock?utm_source=rss_feed Wed, 02 Oct 2019 10:03:52 +0000 The global economy is expected to be in focus in Asia on Wednesday following weak US manufacturing data overnight. The data comes on the heels of disappointing figures from Europe earlier this week. The US will remain in focus this week, with attention now turning to the ADP employment report due on Wednesday and the monthly jobs report on Friday. Moreover, slowing growth globally, coupled with the US-China trade war, has sparked yet more speculation about US Federal Reserve interest rate cuts... https://www.scmp.com/business/markets/article/3031177/stocks-blog-week-us-factory-data-expected-weigh-stocks?utm_source=rss_feed https://www.scmp.com/business/markets/article/3031177/stocks-blog-week-us-factory-data-expected-weigh-stocks?utm_source=rss_feed Wed, 02 Oct 2019 01:11:05 +0000 The Hong Kong market closed higher on Monday, boosted by heavyweights in telecom and energy, while fears about the US delisting Chinese companies weighed on sentiment in mainland China, where the Shanghai Composite fell to a monthly low, wiping out all its September gains. The Shanghai Composite closed 0.92 per cent down at 2,905.19 on Monday, while the Shenzhen Component Index closed 1.1 per cent lower at 9,446.2. The technology-heavy ChiNext Index closed 1.2 per cent lower at... https://www.scmp.com/business/banking-finance/article/3030974/hong-kong-market-closes-higher-us-china-trade-war-fears?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3030974/hong-kong-market-closes-higher-us-china-trade-war-fears?utm_source=rss_feed Mon, 30 Sep 2019 09:38:44 +0000 The US-China trade war is expected to determine how markets in Hong Kong and mainland China kick off the week once again, before mainland markets go on holiday between October 1-7.  Overnight, Nasdaq was cracking down on initial public offerings by small Chinese companies by tightening restrictions and slowing down their approval, according to regulatory filings, corporate executives and investment bankers, amid calls to de-list Chinese companies.  Additionally, Hong Kong will be braced for any... https://www.scmp.com/business/markets/article/3030878/stocks-blog-stocks-expected-start-week-cautious-note?utm_source=rss_feed https://www.scmp.com/business/markets/article/3030878/stocks-blog-stocks-expected-start-week-cautious-note?utm_source=rss_feed Mon, 30 Sep 2019 01:11:27 +0000 Risk-off sentiment prevailed in the Hong Kong and mainland China stock markets on Wednesday, following news overnight of an impeachment inquiry against US President Donald Trump, leading to the Hang Seng’s biggest daily decline in a month. The Hong Kong benchmark closed 1.28 per cent lower at 25,945.35, dragged down by a broad decline across sectors – the usually safe health care stocks and technology shares were among the biggest losers. Wednesday’s drop was the index’s biggest since August 26... https://www.scmp.com/business/banking-finance/article/3030318/xiaomi-tencent-hit-hong-kong-stocks-weighed-down-trump?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3030318/xiaomi-tencent-hit-hong-kong-stocks-weighed-down-trump?utm_source=rss_feed Wed, 25 Sep 2019 09:21:00 +0000 Stay with us, Xie Yu and Azar Zaidi in Hong Kong, as we follow the day’s developments in markets in the special administrative region and the mainland.  If you would like to get the stocks blog via email each morning, shoot Deb Price a message at deb.price@scmp.com https://www.scmp.com/business/markets/article/3030223/stocks-blog-hong-kong-china-stocks-follow-us-equities-south?utm_source=rss_feed https://www.scmp.com/business/markets/article/3030223/stocks-blog-hong-kong-china-stocks-follow-us-equities-south?utm_source=rss_feed Wed, 25 Sep 2019 01:06:10 +0000 Local authorities in Hangzhou, the hometown of Asia’s most valuable company and the traditional cradle of China’s private enterprises, have started a charm offensive to shore up confidence among the non-state businesses that play an outsize role in the nation’s economy, as growth sputters amid a year-long trade war with the United States. The government of Zhejiang’s provincial capital has assigned civil servants to 100 of the biggest Hangzhou-based private companies, including this newspaper’s... https://www.scmp.com/business/companies/article/3030163/china-assigns-officials-100-companies-nations-cradle-private?utm_source=rss_feed https://www.scmp.com/business/companies/article/3030163/china-assigns-officials-100-companies-nations-cradle-private?utm_source=rss_feed Wed, 25 Sep 2019 00:30:06 +0000 The civil unrest that has shaken Hong Kong to its foundations is taking a toll on small stock brokerage firms, forcing them out of business in unprecedented numbers, data from the stock exchange suggests. With market turnover slashed by almost a third, struggling brokers are finding they can no longer rely on their traditional rescuers – mainland Chinese buyers willing to pay a healthy premium to get a foothold in the local market. Of 13 brokerages that have shut up shop this year, 10 have done... https://www.scmp.com/business/banking-finance/article/3029870/protests-force-hong-kongs-small-stock-brokers-out-business?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3029870/protests-force-hong-kongs-small-stock-brokers-out-business?utm_source=rss_feed Mon, 23 Sep 2019 01:30:15 +0000 China’s ongoing financial liberalisation will continue to benefit Hong Kong as its status as a gateway to the mainland will be hard to replace, say analysts. The demand for access to China’s equities and fixed-income markets is rapidly increasing among foreign investors, and they now understand both the opportunities and risks brought by a wider opening up of the market, said Damien Horth, head of Asia-Pacific research at UBS. China announced on September 10 that it would remove the quota limits... https://www.scmp.com/business/banking-finance/article/3029721/chinas-financial-market-reform-opens-opportunities-hong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3029721/chinas-financial-market-reform-opens-opportunities-hong?utm_source=rss_feed Sat, 21 Sep 2019 05:45:05 +0000 On the face of it, China’s recent move to scrap two important quotas limiting foreign investment in the country’s equities was a major step towards market liberalisation. But in reality it will make very little difference because the programmes under which the caps operated were already becoming somewhat redundant, according to analysts. In fact, the quotas that have been removed had been in no danger of being breached for at least a decade. China announced on September 10 that it would removed... https://www.scmp.com/business/banking-finance/article/3029625/chinas-scrapping-qfii-and-rqfii-caps-foreign-investment?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3029625/chinas-scrapping-qfii-and-rqfii-caps-foreign-investment?utm_source=rss_feed Sat, 21 Sep 2019 03:45:05 +0000 A Hong Kong multimillionaire has bought a penthouse at the Corinthia Hotel London for £10.75 million (US$13.4 million) in a deal that was sealed in 72 hours, according to property agent Aston Chase on Thursday. The identity of the buyer remains unknown. Aston Chase said in a press release that the buyer and his wife were regular visitors to London and the Corinthia Hotel London was their favourite hotel in the British capital. The purchase was the biggest deal in Whitehall, where the hotel is... https://www.scmp.com/business/article/3028176/mystery-hong-kong-buyer-completes-us134-million-corinthia-hotel-london?utm_source=rss_feed https://www.scmp.com/business/article/3028176/mystery-hong-kong-buyer-completes-us134-million-corinthia-hotel-london?utm_source=rss_feed Thu, 19 Sep 2019 15:29:01 +0000 Brokerage CLSA has renewed its office lease at Hong Kong conglomerate Swire Properties’ flagship property. The Financial Times reported on Wednesday the firm had been under pressure to quit the premises by its mainland Chinese state-owned parent, Citic Securities. Swire Properties’ parent, Swire Group, which owns Hong Kong carrier Cathay Pacific, has drawn Beijing’s ire after airline staff took part in the protests that have rocked the city since June. Rick Gould, CLSA’s chief executive, in an... https://www.scmp.com/business/banking-finance/article/3027937/clsa-renews-office-lease-property-arm-cathay-pacific-owner?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3027937/clsa-renews-office-lease-property-arm-cathay-pacific-owner?utm_source=rss_feed Wed, 18 Sep 2019 11:35:06 +0000 China’s debt market is at a crucial juncture. With 3.8 trillion yuan (US$560 billion) of bonds issued by government affiliates maturing in the next two years, defaults among lower tier issuers could rise, according to S&P Ratings. But the chances of default vary widely among China’s state-owned enterprises (SOEs) and local government financial vehicles (LGFVs) as a debilitating trade war with the US slowed China’s economy to a record low of 6.2 per cent in the second quarter. “Large state-owned... https://www.scmp.com/business/banking-finance/article/3026931/defaults-among-lower-tier-government-backed-bond-issuers?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3026931/defaults-among-lower-tier-government-backed-bond-issuers?utm_source=rss_feed Thu, 12 Sep 2019 23:30:06 +0000 China must stay alert to the possibility of a severe market disruption in case the trade war deteriorates further, as a repeat of the 2015 sell-off will shatter the confidence of international investors, said Jessie Pak, managing director for Asia at FTSE Russell. “The trade war is high up [there] … [but] it does not necessarily make the Chinese market scary to international investors because the market is volatile everywhere,” Pak said, adding that any massive disruption and suspension of... https://www.scmp.com/business/investor-relations/article/3026626/repeat-2015-china-stock-market-turmoil-will-shatter?utm_source=rss_feed https://www.scmp.com/business/investor-relations/article/3026626/repeat-2015-china-stock-market-turmoil-will-shatter?utm_source=rss_feed Wed, 11 Sep 2019 01:11:36 +0000 China is expected to continue to extend support to problematic banks, but authorities will be selective in their approach after pumping in billions of yuan to bail out three banks in the last four months, say analysts. Nicholas Zhu, a credit analyst at Moody’s Investors Service, said that while the Chinese government has been quick to deal with episodes of bank stress, as regulators aim to alleviate market fear of contagion risk amid ongoing shadow banking and interbank activity, they are also... https://www.scmp.com/business/banking-finance/article/3026505/china-become-more-selective-supporting-distressed-banks?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3026505/china-become-more-selective-supporting-distressed-banks?utm_source=rss_feed Tue, 10 Sep 2019 06:43:45 +0000 The trade war is driving rich Chinese people to drop their plans to emigrate to the US and seek alternative destinations in Europe, particularly the UK, the latest data suggests. Applications for so-called tier-1 investor visas to the UK by ultra-wealthy Chinese jumped by more than half to 83 – including 10 from Hong Kong – in the first quarter of 2019 from 54 in the preceding three months, according to Growthdeck. That is the highest number since the fourth quarter of 2014, according to the... https://www.scmp.com/business/banking-finance/article/3026388/wealthy-chinese-apply-move-uk-highest-rate-2014-trade-war?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3026388/wealthy-chinese-apply-move-uk-highest-rate-2014-trade-war?utm_source=rss_feed Mon, 09 Sep 2019 10:30:13 +0000 Those big gainers in Wednesday’s surge on a hopeful moment about quieting unrest in Hong Kong broadly fell on Thursday, with Sa Sa International plunging 7.9 per cent. The olive branch extended by city leader Carrie Lam – saying she would formally withdraw the radioactive bill that would have allowed extraditions to the mainland – fell far short of protesters’ demands. Violence broke out again at an MTR subway station, in which a station superviser was attacked by protesters and suffered... https://www.scmp.com/business/banking-finance/article/3025898/drama-packed-day-hong-kong-stock-market-big-gainers?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3025898/drama-packed-day-hong-kong-stock-market-big-gainers?utm_source=rss_feed Thu, 05 Sep 2019 10:04:48 +0000 Good day, traders -- Those big "olive branch" winners on Wednesday fell today. The protests aren't over, and that went back to weighing on sentiment. China stocks ended up, though, as investors expect looser monetary policy and the US and China plan to talk trade in October. Catch up on the day's action below. And if you have any feedback or questions, please shoot them to deb.price@scmp.com. Also, after numerous requests, we're going to try to start sending out the blog via email at the end of... https://www.scmp.com/business/markets/article/3025768/stocks-blog-will-hong-kongs-surge-be-one-day-wonder-protesters?utm_source=rss_feed https://www.scmp.com/business/markets/article/3025768/stocks-blog-will-hong-kongs-surge-be-one-day-wonder-protesters?utm_source=rss_feed Thu, 05 Sep 2019 01:09:14 +0000 Hong Kong’s battered stock market surged Wednesday on a South China Morning News report that chief executive Carrie Lam plans to formally withdraw the controversial extradition bill that has hammered local businesses and raised questions about the future of the city as an international financial centre. The Hang Seng Index closed up 3.9 per cent, at 26,523.23, after shooting up as much as 4.35 per cent. That was its biggest daily gain in 10 months. On November 2, the HSI gained 4.2 per cent, or... https://www.scmp.com/business/money/stock-talk/article/3025667/hong-kongs-hang-seng-surges-scmp-report-city-leader?utm_source=rss_feed https://www.scmp.com/business/money/stock-talk/article/3025667/hong-kongs-hang-seng-surges-scmp-report-city-leader?utm_source=rss_feed Wed, 04 Sep 2019 08:07:41 +0000 Good day, traders -- What a day in Hong Kong! Catch up on the day's action below, including the biggest jump in the Hang Seng in 10 months after the SCMP reported chief executive Carrie Lam will formally withdraw the extradition bill that turned this town upside down.   If you have any questions or feedback on our live stocks blog, shoot them to deb.price@scmp.com. We want to make our blog your must-read each day. -- Xie Yu and Deb Price in Hong Kong https://www.scmp.com/business/markets/article/3025594/stocks-blog-trump-warns-trade-deal-will-be-much-tougher-china?utm_source=rss_feed https://www.scmp.com/business/markets/article/3025594/stocks-blog-trump-warns-trade-deal-will-be-much-tougher-china?utm_source=rss_feed Wed, 04 Sep 2019 01:01:37 +0000 Hong Kong’s Hang Seng Index had another weak day, with investors selling off consumer staples and state-owned financial companies as uncertainty lingered over trade talks and Beijing sent a fresh warning about the city’s ongoing protests. The Hang Seng Index on Tuesday closed 0.4 per cent lower at 25,527.9, marking its second straight session of losses. The biggest losers included Geely Automobile, which closed lower by 3 per cent lower at HK$11.7. Mengniu Dairy closed 2.1 per cent lower at... https://www.scmp.com/business/banking-finance/article/3025522/hong-kongs-hang-seng-extends-losing-streak-second-day-amid?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3025522/hong-kongs-hang-seng-extends-losing-streak-second-day-amid?utm_source=rss_feed Tue, 03 Sep 2019 09:21:44 +0000 Good day, traders -- Catch up on the day's action below. If you have questions or feedback, please shoot them to deb.price@scmp.com.  -- Xie Yu and Deb Price in Hong Kong https://www.scmp.com/business/markets/article/3025431/stocks-blog-concerns-about-trade-talks-protests-likely-continue?utm_source=rss_feed https://www.scmp.com/business/markets/article/3025431/stocks-blog-concerns-about-trade-talks-protests-likely-continue?utm_source=rss_feed Tue, 03 Sep 2019 01:08:38 +0000 China shares posted solid gains on Monday as sentiment improved on the trade war front and on expectations of more policy support ahead. Hong Kong stocks, however, were weighed down as another weekend riot hit listed retailers and MTR, the owner and operator of the city’s subway system, which was vandalised. MTR closed down 3.1 per cent, at HK$44, which was 21 per cent off from its July 18 high. The benchmark Shanghai Composite Index added 1.3 per cent to close at 2,924.1, bolstered by shares in... https://www.scmp.com/business/banking-finance/article/3025381/china-shares-climb-improved-trade-sentiment-while-hong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3025381/china-shares-climb-improved-trade-sentiment-while-hong?utm_source=rss_feed Mon, 02 Sep 2019 09:58:16 +0000 Good day, traders, and welcome to a fresh month. China markets ended ahead, but the Hang Seng slipped amid a new round of tariffs and protests that disrupted airport and MTR service in Hong Kong. Catch up on the day's action below. If you have feedback or questions, please shoot them to deb.price@scmp.com -- Xie Yu and Deb Price in Hong Kong https://www.scmp.com/business/markets/article/3025297/stocks-blog-tariffs-airport-chaos-pressure-hong-kong-china-stocks?utm_source=rss_feed https://www.scmp.com/business/markets/article/3025297/stocks-blog-tariffs-airport-chaos-pressure-hong-kong-china-stocks?utm_source=rss_feed Mon, 02 Sep 2019 01:15:01 +0000 A Chinese property developer used its interim result to condemn US President Donald Trump on Friday, even as it praised Chinese leader Mao Zedong. China Properties Group, a Hong Kong-listed penny stock, reported a 42.3 per cent drop in its interim net profit for the first 6 months of this year. The company’s net profit attributable to owners slumped to 160.3 million yuan (US$175.9 million) for its biggest drop since 2017. Although its financial performance was far from impressive, China... https://www.scmp.com/business/companies/article/3025141/cunning-not-so-smart-trump-targeted-hong-kong-listed-chinese?utm_source=rss_feed https://www.scmp.com/business/companies/article/3025141/cunning-not-so-smart-trump-targeted-hong-kong-listed-chinese?utm_source=rss_feed Fri, 30 Aug 2019 12:47:42 +0000 The Chinese government has eased the rules for converting hard currencies into the yuan in Shenzhen, the special economic zone set up four decades ago to spearhead China’s economic reforms, taking another major step in sharpening the city’s competitiveness in southern China. Under a pilot programme, effective within the city limits of Shenzhen, foreign exchange will be allowed to be convertible into the renminbi without prior permission by the banks, according to Chinese media reports. The... https://www.scmp.com/business/banking-finance/article/3024933/chinas-regulator-relaxes-currency-conversion-rules?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3024933/chinas-regulator-relaxes-currency-conversion-rules?utm_source=rss_feed Thu, 29 Aug 2019 10:27:18 +0000 Three companies filed for initial public offering (IPO) in Hong Kong on Wednesday night, suggesting sentiment for fundraising may be starting to thaw, more than 12 weeks into a series of increasingly volatile anti-government protests that have shaken social and financial stability. Jiumaojiu International Holdings Limited, a restaurant chain boasting “affordable delicacies” in China, was one of them. Its specific fundraising target is pending. The other two firms that filed for IPO are Huisen... https://www.scmp.com/business/banking-finance/article/3024858/three-firms-file-ipo-hong-kong-suggesting-thawing?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3024858/three-firms-file-ipo-hong-kong-suggesting-thawing?utm_source=rss_feed Thu, 29 Aug 2019 06:00:58 +0000 US supermarket giant Costco was overwhelmed by the crowds that had descended on its newly opened store in Shanghai on Tuesday, forcing it to suspend operations because of safety concerns. Thanks to a savvy social media push reminding consumers about the imminent store opening and large discounts, there was a frenzy for items ranging from designer handbags to liquor and shoes, in stark contrast to declining sales at rivals Carrefour and Walmart stores that are fast losing out to the onslaught of... https://www.scmp.com/business/companies/article/3024579/birkin-bags-kweichow-moutai-how-costco-drew-huge-crowds-its?utm_source=rss_feed https://www.scmp.com/business/companies/article/3024579/birkin-bags-kweichow-moutai-how-costco-drew-huge-crowds-its?utm_source=rss_feed Tue, 27 Aug 2019 15:00:05 +0000 Shares of China Merchants Bank (CMB), a blue-chip stock in Hong Kong, tumbled on Monday, with investors shying away from risky assets that could face further headwinds as the trade war between China and the United States escalates once again. The Shenzhen-based lender, along with Bank of Communications (BOC) and Shanghai Pudong Development Bank (SPDB), was in June held in contempt of court by a US judge for refusing to comply with subpoenas in an investigation into North Korean sanctions... https://www.scmp.com/business/banking-finance/article/3024409/china-merchants-bank-shares-tumble-investors-fear?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3024409/china-merchants-bank-shares-tumble-investors-fear?utm_source=rss_feed Mon, 26 Aug 2019 11:04:35 +0000 Kangmei Pharmaceutical, found by regulators to have engaged in one of China’s largest financial frauds totalling US$12.6 billion, has seen its shares surge by 17.3 per cent this week, after it got a slap-on-the-wrist fine and may not face delisting. “This is a perfect example that shows when the cost is too small for a financial fraud, companies will have great motivation to do it,” said Ma Jinghao, a visiting professor to Central University of Finance and Economics in Beijing. “Investors sold... https://www.scmp.com/business/companies/article/3024084/why-kangmei-pharmaceutical-found-have-committed-one-chinas?utm_source=rss_feed https://www.scmp.com/business/companies/article/3024084/why-kangmei-pharmaceutical-found-have-committed-one-chinas?utm_source=rss_feed Fri, 23 Aug 2019 09:15:09 +0000 Huawei Investment and Holding was crowned as the champion of China’s top 500 private enterprises on Thursday, winning the title for the fourth consecutive year in the ranking of domestic private companies by a quasi-governmental group. Indebted Chinese conglomerate HNA Group was picked as the runner up. Suning Holdings Group, a home appliance retailing conglomerate, took third place. Chinese internet giant Alibaba and Tencent did not join the competition, according to a report issued by the... https://www.scmp.com/business/companies/article/3023862/huawei-named-top-private-enterprise-china-quasi-governmental?utm_source=rss_feed https://www.scmp.com/business/companies/article/3023862/huawei-named-top-private-enterprise-china-quasi-governmental?utm_source=rss_feed Thu, 22 Aug 2019 06:00:06 +0000 Small mainland China banks are using online agencies to attract seven-day and 14-day deposits from retail investors, with the promise of big cash paybacks and high interest rates, which suggests they continue to face a liquidity crunch. Beijing has already bailed out three banks since late May this year. In an advertisement circulated among Chinese investors on Monday night, Dainiter.com, a wealth management app, promises to connect users with rural and urban commercial banks and help users... https://www.scmp.com/business/banking-finance/article/3023605/chinas-small-banks-push-rules-limit-they-tap-individuals?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3023605/chinas-small-banks-push-rules-limit-they-tap-individuals?utm_source=rss_feed Tue, 20 Aug 2019 11:01:50 +0000 An iconic Beijing office tower in the shape of a dragon’s head has been sold for a discount during an online auction, as bankers and creditors succeeded on their third attempt to dispose of the asset to recover some of the 3 billion yuan (US$425 million) owed by the fugitive Guo Wengui. Pangu Plaza Tower 5, which houses IBM China’s office next to the Bird’s Nest Olympic Stadium in the Chinese capital, was sold for 5.187 billion yuan during a 24-hour auction on Taobao, the country’s largest... https://www.scmp.com/business/article/3023511/iconic-dragons-head-building-beijing-once-owned-fugitive-guo-wengui-sells?utm_source=rss_feed https://www.scmp.com/business/article/3023511/iconic-dragons-head-building-beijing-once-owned-fugitive-guo-wengui-sells?utm_source=rss_feed Tue, 20 Aug 2019 02:24:14 +0000 US President Donald Trump should not expect China to keep its yuan stable with the US dollar when he keeps rocking market sentiment and provoking disputes, says a former senior official with China’s foreign exchange watchdog. “It (maintaining the yuan’s stability) is a bilateral thing. It is unreasonable that you (US president Trump) insist on provoking disputes, striking market sentiment, while requiring China on its own handle the mission of stabilising the exchange rate,” Guan Tao, a... https://www.scmp.com/business/banking-finance/article/3023141/us-should-not-expect-china-keep-yuan-stable-alone-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3023141/us-should-not-expect-china-keep-yuan-stable-alone-says?utm_source=rss_feed Sun, 18 Aug 2019 01:00:14 +0000 The latest turn in the dramatic downfall of one of China’s most aggressive deal makers – CEFC China Energy – is the likely start this week of removing its only mainland-listed unit from the Shenzhen Stock Exchange. CEFC China amassed a large portfolio of energy and financial assets in Europe, the Middle East, Central Asia and Africa under its mysterious founder, Ye Jianming. The empire builder was detained by Chinese authorities 18 months ago and has not been seen since. His detention on... https://www.scmp.com/business/companies/article/3022905/missing-oil-tycoon-ye-jianmings-firm-faces-delisting-china-18?utm_source=rss_feed https://www.scmp.com/business/companies/article/3022905/missing-oil-tycoon-ye-jianmings-firm-faces-delisting-china-18?utm_source=rss_feed Thu, 15 Aug 2019 06:29:21 +0000 Hong Kong’s super rich are increasingly looking to buy homes in the United States and relocate there, having grown tired of local protests, moderating growth in the region, and escalating US-China tensions, according to Edward Mermelstein, a wealth management consultant based in New York. His firm, One & Only Realty, handles relocation and related business including luxury property investment starting at US$10 million. Over the past two weeks, his company has received four inquiries from Hong... https://www.scmp.com/business/money/wealth/article/3022720/bitter-unrest-hong-kong-prompts-citys-ultra-rich-look-packing?utm_source=rss_feed https://www.scmp.com/business/money/wealth/article/3022720/bitter-unrest-hong-kong-prompts-citys-ultra-rich-look-packing?utm_source=rss_feed Wed, 14 Aug 2019 05:57:33 +0000 Beijing should make efforts to win over other countries amid its protracted dispute with Washington, including by offering favourable trade policies, according to Chinese economists and former officials. Speaking at a forum in Yichun, Heilongjiang province on Saturday, Huang Yiping, an economics professor at Peking University, said Beijing should not allow US President Donald Trump’s trade war to “disrupt our progress”. “The experience gained from the last few decades tells us that China rose... https://www.scmp.com/business/china-business/article/3022274/china-should-try-win-over-other-countries-favourable?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3022274/china-should-try-win-over-other-countries-favourable?utm_source=rss_feed Sat, 10 Aug 2019 13:00:14 +0000 Shanghai’s stock market operator is stepping into the workout plans of corporate debtors on its bourse, aiming to calm nerves and buy more time for borrowers while the capital markets had been roiled by a deteriorating trade war and a slowing economy. During an August 5 meeting, the Shanghai Stock Exchange (SSE) asked holders of Hawtai Motor Group’s 5 billion yuan (US$284 million), five year puttable bond issued in 2016 to extend a put deadline to after China’s National Day celebrations on... https://www.scmp.com/business/banking-finance/article/3022021/shanghais-bourse-asks-banks-bondholders-cut-debtors-some?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3022021/shanghais-bourse-asks-banks-bondholders-cut-debtors-some?utm_source=rss_feed Fri, 09 Aug 2019 00:00:14 +0000 China on Tuesday rejected the charge by the United States that it is manipulating its currency, and moved to contain the yuan’s slide in the foreign exchange market. The Chinese currency slumped by more than 2.5 per cent over the past three days, weakening beyond the symbolic 7 yuan to the US dollar for the first time since 2009 on Monday. This led the US Treasury Department to label China a currency manipulator, a move which could lay the ground for higher trade war tariffs and sanctions,... https://www.scmp.com/economy/china-economy/article/3021675/china-hits-back-currency-manipulator-label-donald-trump?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3021675/china-hits-back-currency-manipulator-label-donald-trump?utm_source=rss_feed Tue, 06 Aug 2019 13:30:15 +0000 China’s central bank will sell 30 billion yuan (US$4.3 billion) worth of short-term yuan-denominated securities in Hong Kong next week, signalling its plan to absorb offshore liquidity and cushion against further depreciation of its currency versus the US dollar. The People’s Bank of China (PBOC) unveiled the plan in a statement on its official website at 9am on Tuesday, saying the operation would commence with the issuance of central bank bills in Hong Kong on August 14. “It is a clear message... https://www.scmp.com/business/banking-finance/article/3021587/chinas-central-bank-signals-move-shore-yuan-de-escalate?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3021587/chinas-central-bank-signals-move-shore-yuan-de-escalate?utm_source=rss_feed Tue, 06 Aug 2019 05:15:43 +0000 Bank of Jinzhou has appointed Guo Wenfeng, 47, to take over the post of governor at the mid-sized regional lender, part of a personnel shake-up affecting half a dozen senior positions, according to filings and news reports since Friday. Guo will be transferred from a current position with Industrial and Commercial Bank of China (ICBC), according to a Hong Kong stock exchange filing. Three other senior appointments will also involve personnel currently with ICBC, according to reports. Analysts... https://www.scmp.com/business/banking-finance/article/3021446/leadership-shuffle-bank-jinzhou-raises-questions-about?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3021446/leadership-shuffle-bank-jinzhou-raises-questions-about?utm_source=rss_feed Mon, 05 Aug 2019 06:33:32 +0000 O-Film Group, a major supplier of camera and touch-screen components for Apple, has reportedly laid off more than 8,000 staff at its plant in central China, adding to concerns about whether the country’s businesses can withstand a protracted trade war with the United States. O-Film made the cuts at its factory in Nanchang, Jiangxi Province, according to a report on Wednesday by Caixin, a Chinese financial news outlet. Weighed down by a gloomy market outlook for smartphones, increasingly fierce... https://www.scmp.com/business/companies/article/3021031/huge-staff-cuts-chinese-apple-supplier-raise-question-can?utm_source=rss_feed https://www.scmp.com/business/companies/article/3021031/huge-staff-cuts-chinese-apple-supplier-raise-question-can?utm_source=rss_feed Thu, 01 Aug 2019 13:00:09 +0000 The founder of a Chinese internet company has been detained by police as they investigate a botched overseas acquisition. Although Baofeng Group said in a filing on Sunday night that its chairman Feng Xin was arrested by police, sources close to Feng said that the investigation and informal interrogation had started a few weeks ago, stemming from the failed takeover of London-based sports agency MP & Silva Holding in 2016. The failure of the deal also highlights how a U-turn in national policy... https://www.scmp.com/business/banking-finance/article/3020835/pursuit-chinas-soccer-dream-turns-nightmare-internet?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3020835/pursuit-chinas-soccer-dream-turns-nightmare-internet?utm_source=rss_feed Wed, 31 Jul 2019 12:03:42 +0000 Dozens of mainland companies have suspended their fundraising plans or in some instances even halted their initial public offerings, as the economic fallout continues to mount in the four weeks since China’s second largest accounting auditor was placed under investigation. A total of 42 listed firms have announced they have suspended their fundraising plans after the auditor Ruihua Certified Public Accountants was placed under investigation in early July, according to filings made to the... https://www.scmp.com/business/banking-finance/article/3020524/dozens-companies-suspend-fundraising-investigation-audit?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3020524/dozens-companies-suspend-fundraising-investigation-audit?utm_source=rss_feed Mon, 29 Jul 2019 12:30:04 +0000