https://www.scmp.com/rss/320927/feed Laura covers capital markets and financial affairs in Hong Kong and China, including major IPOs, corporate finance, investment banking, and equity markets, with an eye on technology and innovation for the Post. Previously, she'd worked for MarketWatch and The Wall Street Journal Digital Network in San Francisco and Hong Kong. She has also worked for Forbes in San Francisco and had stints at Xinhua News Agency as economics editor, anchor and financial correspondent in both Beijing and Hong Kong.... en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Every month, Liu Yuan sets aside around 900 yuan (US$131), or 8 per cent, of his salary to be paid into the public pension fund, while his employer contributes about 2,000 yuan. These payments will guarantee the 33-year-old accountant of a construction company in eastern Shandong province a basic monthly pension payment of around 4,000 yuan a month when he retires in 25 years, all other things being equal. But starting this May, his employer can cut the mandatory contribution to his account by... https://www.scmp.com/economy/china-economy/article/3010678/china-plugging-pension-hole-tapping-us25-trillion-equity?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3010678/china-plugging-pension-hole-tapping-us25-trillion-equity?utm_source=rss_feed Mon, 20 May 2019 22:00:04 +0000 Trade war fears have triggered abrupt capital flows around the globe, as funds flee equities to seek shelter in lower risk assets and less trade dependent regions. Data from Jefferies and the Institute of International Finance showed that emerging markets saw the largest capital outflow in eight months, while inflows into bond funds grew at their fastest pace in 17 years. Global equities ETF (exchange-traded funds) meanwhile posted a combined outflow of US$22.6 billion over the past two weeks,... https://www.scmp.com/business/china-business/article/3010562/where-has-all-money-gone-after-trade-war-triggers-capital?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3010562/where-has-all-money-gone-after-trade-war-triggers-capital?utm_source=rss_feed Thu, 16 May 2019 22:30:04 +0000 Smart money is accelerating its pullout from China’s equities after riding Asia’s largest stock market to its crest in the first three months of 2019, as hopes of a resolution in the year-long US-China trade war gave way to pessimism about economic and earnings growth amid the impasse in the row. Capital pouring into the Shanghai and Shenzhen stock markets via Hong Kong, or the so-called northbound funds, posted a net outflow of 10.9 billion yuan (US$1.58 billion) on Tuesday, the highest daily... https://www.scmp.com/business/china-business/article/3010163/smart-money-pulls-out-chinas-equity-market-hong-kong-hopes?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3010163/smart-money-pulls-out-chinas-equity-market-hong-kong-hopes?utm_source=rss_feed Tue, 14 May 2019 09:30:13 +0000 China’s securities regulator has reiterated his resolve to crack down on malfeasance, outlining four types of corporate activities that breach the bottom line of good governance, as the country’s stock market reeled from a week of roller-coaster swings. “Corporate governance forms the pillar and the foundation of the capital market, without which a solid financial system cannot exist,” said the chairman of the China Securities Regulatory Commission (CSRC) Chairman Yi Huiman, during an event by... https://www.scmp.com/business/companies/article/3009854/chinas-securities-regulator-lays-out-his-bottom-line-corporate?utm_source=rss_feed https://www.scmp.com/business/companies/article/3009854/chinas-securities-regulator-lays-out-his-bottom-line-corporate?utm_source=rss_feed Sat, 11 May 2019 12:54:55 +0000 Earlier this week Kangmei Pharmaceutical, one of China’s biggest drugmakers, blamed an “accounting error” for overstating its cash holdings by an eyewatering 30 billion yuan (US$4.5 billion), making headlines around the world. The staggering blunder, amid China’s worst corporate earnings season on record, sent the firm’s stocks and bonds plummeting and sounded alarm bells about the quality of auditing in one of the world’s fastest-growing markets. But Kangmei is by no means alone in offering up... https://www.scmp.com/business/china-business/article/3008598/starving-pigs-disappearing-chairmen-chinese-companies-offer?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3008598/starving-pigs-disappearing-chairmen-chinese-companies-offer?utm_source=rss_feed Thu, 02 May 2019 10:00:23 +0000 This is the worst annual earnings season ever for China’s corporate sector, with a record 452 out of 3,602 public companies incurring annual losses, as the effects of the year-long US-China trade war seep into corporate earnings. By the end of April, the number of loss-making companies had doubled from 2017, while the proportion of such companies also hit an all-time high of 12.5 per cent, according to data provider Wind. The combined net profit of companies listed on the Shanghai and Shenzhen... https://www.scmp.com/business/china-business/article/3008432/corporate-china-hit-worst-earnings-record-2018-trade-war?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3008432/corporate-china-hit-worst-earnings-record-2018-trade-war?utm_source=rss_feed Thu, 02 May 2019 00:00:11 +0000 Hong Kong’s biggest initial public offering (IPO) of 2019 got off to a dire start, as the shares of Shenwan Hongyuan plummeted to finish their first trading day down 12 per cent from the offer price. Shares of China’s oldest brokerage began trading unchanged at HK$3.63, then dropped 15 per cent to an intraday low of HK$3.10 before clawing back some ground to finish the first day down by 12 per cent at HK$3.20. The Beijing-based broker raised HK$9.1 billion (US$1.16 billion) this month, the... https://www.scmp.com/business/companies/article/3007754/shenwan-hongyuan-falls-flat-its-hong-kong-trading-debut?utm_source=rss_feed https://www.scmp.com/business/companies/article/3007754/shenwan-hongyuan-falls-flat-its-hong-kong-trading-debut?utm_source=rss_feed Fri, 26 Apr 2019 03:30:18 +0000 Owners and senior executives of peer-to-peer lending platforms in the Chaoyang district of Beijing appear to have been asked not to leave China’s capital city pending an investigation into their business practices, according to the district’s Internet Finance Association. The notice, published on the association’s official social media account on Thursday, requires “senior managers” and controllers of peer-to-peer (P2P) platforms registered in Chaoyang district not to leave Beijing without... https://www.scmp.com/economy/china-economy/article/3007688/beijings-p2p-owners-and-senior-executives-hit-travel-ban?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3007688/beijings-p2p-owners-and-senior-executives-hit-travel-ban?utm_source=rss_feed Thu, 25 Apr 2019 12:15:04 +0000 China has further burnished its role in the Marvel universe with one of the world’s biggest, and most enthusiastic base of fans for the superhero storyline. Walt Disney Studios Motion Pictures’ Avengers Endgame has sold a fresh record 550 million yuan (US$82 million) in advance tickets, putting it on track to surpass the 2.4 billion yuan in box office receipts by the 2018 instalment Avengers: Infinity War, according to data by China’s largest online ticket site, Maoyan Entertainment. Eyed as “a... https://www.scmp.com/business/china-business/article/3007197/marvels-superhero-series-look-set-continue-their-11-year?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3007197/marvels-superhero-series-look-set-continue-their-11-year?utm_source=rss_feed Mon, 22 Apr 2019 12:02:11 +0000 Dagong Global Credit Rating, one of China’s oldest and biggest rating firms, has been taken over by the central government after its mainland licence was suspended last year from the bond market business for “chaotic” management problems and providing “fake” information. China Reform Holdings, a central government-owned enterprise, said in a statement on Thursday that it has acquired a controlling stake in Dagong and will put it under a strategic restructuring. “It’s not simply a nationalisation... https://www.scmp.com/business/china-business/article/3006739/beijing-takes-control-rating-agency-dagong-following-last?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3006739/beijing-takes-control-rating-agency-dagong-following-last?utm_source=rss_feed Thu, 18 Apr 2019 08:36:19 +0000 The head of China’s largest and oldest state-owned company in Hong Kong has recommended that the government should let competitive forces play a bigger role in certain market-oriented industries. The government should continue to dominate industries monopolised by state entities, such as power distribution and transmission, whereas industries that are already populated by private enterprises or quasi-state companies should be allowed to compete. “Let the fittest survive,” said Fu Yuning,... https://www.scmp.com/business/china-business/article/3006456/head-chinas-biggest-state-firm-hong-kong-urges-beijing?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3006456/head-chinas-biggest-state-firm-hong-kong-urges-beijing?utm_source=rss_feed Tue, 16 Apr 2019 23:00:17 +0000 Walt Disney Studios Motion Pictures’ Avengers: Endgame has broken the record for pre-release ticket sales in China, more than a week before Marvel Studios’ fourth instalment of the Avengers superhero series goes on show in the world’s second-biggest box office market. The blockbuster sold a record 247 million yuan (US$36.8 million) in tickets on Maoyan as of Monday afternoon, a third of which are for the midnight show on April 24 in 3D IMAX format, according to data by China’s largest online... https://www.scmp.com/business/china-business/article/3006238/trade-war-or-not-marvel-studios-avengers-endgame-breaks-pre?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3006238/trade-war-or-not-marvel-studios-avengers-endgame-breaks-pre?utm_source=rss_feed Mon, 15 Apr 2019 10:00:13 +0000 Shenwan Hongyuan, China’s oldest brokerage firm and currently the sixth largest by market value, is seeking to raise as much as US$1.25 billion in Hong Kong’s largest IPO this year to replenish its capital and expand internationally. Shenwan, already listed on the Shenzhen Stock Exchange, is set to become the 12th Chinese brokerage firm with dual listings in Hong Kong and mainland markets. The firm, controlled by state-owned Central Huijin Investment, plans to sell 2.5 billion shares priced... https://www.scmp.com/business/china-business/article/3005694/chinese-brokerage-giant-seeks-raise-us125-billion-hong?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3005694/chinese-brokerage-giant-seeks-raise-us125-billion-hong?utm_source=rss_feed Thu, 11 Apr 2019 06:59:14 +0000 Dalian Wanda Group has gone through a severe slimming exercise ever since it was placed on a watch list by Chinese regulators in April 2017 – for highly leveraged acquisitions around the world – as part of a government drive to crack down on debt and prevent private-sector borrowings from hurting China’s financial system. Other companies on the watch list include Anbang Group, HNA Group, Fosun Group and CEFC China. Wanda, the flagship of Wang Jianlin, China’s wealthiest man, is not halfway... https://www.scmp.com/business/china-business/article/3005385/having-dumped-us25-billion-assets-wanda-still-about-halfway?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3005385/having-dumped-us25-billion-assets-wanda-still-about-halfway?utm_source=rss_feed Wed, 10 Apr 2019 00:00:08 +0000 Chinese brokers would rather forget a disappointing 2018. Nearly 70 per cent of Chinese brokerages reported a reduction in employee compensation for last year, with one fifth slashing it by more than 20 per cent, as the industry struggled because of the market downturn and a slowing economy. The compensation includes salary, bonus, and benefits. “Last year was a tough year for the entire industry, as the market slumped amid trade war fears and tightening financial regulations,” said Li Xing, a... https://www.scmp.com/business/china-business/article/3004731/chinese-brokers-take-collective-pay-cut-after-miserable?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3004731/chinese-brokers-take-collective-pay-cut-after-miserable?utm_source=rss_feed Fri, 05 Apr 2019 00:00:12 +0000 Global deal making activity declined in a chilly first quarter, with Asia hit especially hard by the ongoing US-China trade war, growing economic headwinds and market volatility, according to separate reports from data providers Mergermarket and Dealogic on Wednesday. The number of mergers and acquisitions (M&A) declined by 30 per cent globally to 3,558, while the value of deals declined by 15 per cent to US$801.5 billion, data compiled by Mergermarket showed. Large cross-border deals that... https://www.scmp.com/business/banking-finance/article/3004474/global-ma-hit-hard-first-quarter-trade-war-and-cooling?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3004474/global-ma-hit-hard-first-quarter-trade-war-and-cooling?utm_source=rss_feed Wed, 03 Apr 2019 10:00:06 +0000 China has found a new boss for the country’s US$941 billion sovereign wealth fund, after a two-year search for the very man to head the company. Peng Chun, the 57-year-old chairman for Bank of Communications, will leave the bank to become the new chairman of China Investment Corporation (CIC), according to people familiar with the fund’s internal announcement. Caixin Media had reported the news earlier. Ju Weimin, currently deputy general manager for CIC, will replace Tu Guangshao as the general... https://www.scmp.com/business/china-business/article/3004356/who-new-boss-chinas-us941-billion-sovereign-wealth-fund?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3004356/who-new-boss-chinas-us941-billion-sovereign-wealth-fund?utm_source=rss_feed Tue, 02 Apr 2019 12:00:11 +0000 Gree Electric Appliances, the air conditioner giant chaired by one of China’s best known and toughest businesswomen, said its state-owned controlling shareholder was planning a “partial stake transfer”, which could result in a change of the ownership structure. Gree Electric is controlled by the Zhuhai city government, which owns 100 per cent of the Gree Group. Gree Group was the biggest shareholder of Gree Electric with an 18.22 per cent stake as of the end of September. The company’s biggest... https://www.scmp.com/business/companies/article/3004197/iron-lady-dong-mingzhus-gree-electric-facing-ownership-shake-air?utm_source=rss_feed https://www.scmp.com/business/companies/article/3004197/iron-lady-dong-mingzhus-gree-electric-facing-ownership-shake-air?utm_source=rss_feed Mon, 01 Apr 2019 23:00:06 +0000 The United States’ central bank may have to dust off some of the tools that helped steer the economy through the global financial crisis a decade ago should another recession hit, Boston Federal Reserve Bank president Eric Rosengren said on Tuesday. With interest rates already low leaving limited room for cuts, the US Federal Reserve would likely have to turn to quantitative easing and other balance sheet tools to stimulate its economy, in the case of a downturn. “I dare say it is important for... https://www.scmp.com/economy/global-economy/article/3003312/central-banks-must-turn-global-financial-crisis-tool-box?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3003312/central-banks-must-turn-global-financial-crisis-tool-box?utm_source=rss_feed Tue, 26 Mar 2019 07:32:23 +0000 The chance of a recession in the United States is “not extraordinary”, according to the president of the Chicago Federal Reserve, conveying a more benign outlook for the world’s largest economy than the fear that has roiled stock markets from New York to Sydney. Growth in “the US economy has slowed but is still robust”, said Charles Evans, with the United States’ US$21 trillion economy expected to grow by about 2 per cent this year, which is “pretty good”, putting the probability of a recession... https://www.scmp.com/economy/china-economy/article/3003161/chicago-federal-reserve-chief-plays-down-concerns-us?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3003161/chicago-federal-reserve-chief-plays-down-concerns-us?utm_source=rss_feed Mon, 25 Mar 2019 10:31:09 +0000 A deadly plant explosion in eastern China rocked chemical sector stocks in the country’s A share market on Friday, with shares of companies where employees were killed and production shut down sinking. Major dye producers, on the other hand, soared on expectations that dye prices could spike because of tightened supply of a chemical compound. “The explosion will have a direct impact on the supply of m-Phenylenediamine, a chemical intermediary used in producing dyes,” Bai Juntian, a Beijing-based... https://www.scmp.com/business/china-business/article/3002912/chemical-plant-explosion-sends-china-dye-stocks-surging?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3002912/chemical-plant-explosion-sends-china-dye-stocks-surging?utm_source=rss_feed Fri, 22 Mar 2019 11:38:32 +0000 Some of China’s best-known venture capitalists and bankers could play a key advisory role in picking companies on the upcoming Nasdaq-style technology board in Shanghai. The Shanghai Stock Exchange published on Wednesday night two separate lists with names of candidates for the “listing and consultative committees” for the tech board. The two committees consist of 48 candidates each. Neil Shen Nanpeng, the founder and managing partner of Sequoia Capital China; Zhang Lei, CEO of Hillhouse... https://www.scmp.com/business/china-business/article/3002750/top-venture-capitalists-bankers-land-key-role-deciding?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3002750/top-venture-capitalists-bankers-land-key-role-deciding?utm_source=rss_feed Thu, 21 Mar 2019 14:58:49 +0000 Hong Kong’s dominant broadcaster TVB posted a net loss of HK$199 million (US$25.3 million) for 2018, down from a net profit of HK$243 million a year earlier, mainly because of a write-off on bond holdings issued by Chinese theatre operator SMI Holdings Group. Television Broadcasts (TVB), held under parent film production company Shaw Brothers, said it had written off HK$500 million on its holdings of SMI Bonds, according to a filing on Wednesday night to the Hong Kong exchange. “Hong Kong... https://www.scmp.com/business/companies/article/3002580/hong-kongs-dominant-broadcaster-tvb-swings-loss-us253-million?utm_source=rss_feed https://www.scmp.com/business/companies/article/3002580/hong-kongs-dominant-broadcaster-tvb-swings-loss-us253-million?utm_source=rss_feed Wed, 20 Mar 2019 15:37:36 +0000 Nuclear power related shares soared across the board on Tuesday in Hong Kong and China after Beijing announced plans to invest 81.2 billion yuan (US$12 billion) in four new reactors for the first time since 2016. CGN Mining, a unit of state-owned China General Nuclear Power Group (CGN) that trades in uranium fuel, jumped 15 per cent to 38 Hong Kong cents in Hong Kong. CGN Power, a nuclear power station operator under CGN, also climbed 3.2 per cent to HK$2.27, extending a four-day winning... https://www.scmp.com/business/companies/article/3002379/nuclear-shares-soar-after-china-plans-invest-us12-billion-new?utm_source=rss_feed https://www.scmp.com/business/companies/article/3002379/nuclear-shares-soar-after-china-plans-invest-us12-billion-new?utm_source=rss_feed Tue, 19 Mar 2019 11:36:12 +0000 China’s Ministry of Finance has transferred a 6.8 per cent stake in the People’s Insurance Company of China (PICC) to the state pension fund, part of a pilot programme to transfer state assets to make up for the country’s pension shortfall amid an ageing population and debt pressure. The Ministry of Finance, the largest shareholder of PICC, transferred 2.989 billion class A shares of the insurer, valued at US$4.74 billion, to the National Council for Social Security Fund (NSSF), according to a... https://www.scmp.com/business/china-business/article/3001402/china-transfers-us47-billion-picc-shares-state-pension-fund?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3001402/china-transfers-us47-billion-picc-shares-state-pension-fund?utm_source=rss_feed Tue, 12 Mar 2019 23:45:10 +0000 Chinese food-delivery giant Meituan Dianping will continue to prioritise investments in new food-related businesses over profitability after reporting wider losses in the fourth quarter on Monday, according to its chief financial officer. “Profitability is not our most important goal in the short term, and we’ll continue to invest in areas such as our restaurant management system, and build up our ecosystem for the users and the merchants,” said Chen Shaohui, CFO and senior vice-president.... https://www.scmp.com/tech/start-ups/article/3001350/meituan-willing-sacrifice-profitability-growth-business-model-shifts?utm_source=rss_feed https://www.scmp.com/tech/start-ups/article/3001350/meituan-willing-sacrifice-profitability-growth-business-model-shifts?utm_source=rss_feed Tue, 12 Mar 2019 11:00:14 +0000 Mutual funds dedicated to the upcoming Nasdaq-style tech board in Shanghai could draw inflows of 300 billion yuan (US$45 billion), according to research from China Galaxy Securities. The study comes as at least 31 Chinese asset management firms have submitted applications for 43 mutual funds to the securities watchdog, information available on the China Securities Regulatory Commission website showed on Monday. Hu Lifeng, chief fund analyst for China Galaxy Securities, said in the research note... https://www.scmp.com/business/companies/article/2189538/us45-billion-mutual-fund-inflows-forecast-chinas-nasdaq-style?utm_source=rss_feed https://www.scmp.com/business/companies/article/2189538/us45-billion-mutual-fund-inflows-forecast-chinas-nasdaq-style?utm_source=rss_feed Mon, 11 Mar 2019 11:30:17 +0000 Hong Kong Exchanges and Clearing Limited (HKEX) may be on the verge of a breakthrough innovation in its transformation from a regional bourse into a global financial market place. The operator of Asia’s third-largest stock market, which gets 61 per cent of its revenue from equity-related trading, 19 per cent from futures and 17 per cent from its stake in the London Metal Exchange (LME), is looking at the potential of turning data into a new asset class that can be bought and sold in a financial... https://www.scmp.com/business/banking-finance/article/2189178/hong-kong-exchange-thinks-it-has-shot-worlds-fundraising?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2189178/hong-kong-exchange-thinks-it-has-shot-worlds-fundraising?utm_source=rss_feed Sat, 09 Mar 2019 00:04:41 +0000 Shares of Alibaba Pictures Group, the movie studio of the world’s largest e-commerce company, rose after a movie it co-financed won the best picture award at the 91st Academy Awards, also known as the Oscars. The stock rose as much as 2.1 per cent to an intraday high of HK$1.48 in Hong Kong, ending Monday’s trade 0.7 per cent lower at HK$1.44. Shares of the company, renamed in 2014 from ChinaVision after Alibaba Group bought a 52.9 per cent majority stake in it, have risen 38 per cent in the... https://www.scmp.com/business/companies/article/2187577/alibaba-pictures-shares-rise-after-striking-gold-green-books-best?utm_source=rss_feed https://www.scmp.com/business/companies/article/2187577/alibaba-pictures-shares-rise-after-striking-gold-green-books-best?utm_source=rss_feed Mon, 25 Feb 2019 08:28:08 +0000 Chinese venture capital funds have outperformed those in the US and Europe in the last 20 years, as the country’s breakneck economic growth has given impetus to the rapid expansion of the industry, according to analysts. Nevertheless, the sector is forecast to face major upheaval in 2019, with many smaller funds expected to collapse as winter sets in for the capital market amid a deepening economic downturn. Chinese VC funds delivered an overall return of 1.79 times in the period from 1997 to... https://www.scmp.com/business/china-business/article/2187147/chinas-venture-capital-firms-outperform-us-european-peers?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2187147/chinas-venture-capital-firms-outperform-us-european-peers?utm_source=rss_feed Thu, 21 Feb 2019 10:27:36 +0000 Companies have only raised US$5.4 billion globally so far in 2019, down by 78 per cent from the same period a year ago, marking the lowest year-to-date value in three years, global financial data provider Dealogic said on Tuesday. The number of deals also dropped to 87 during the period, down by 52 per cent year on year, according to Dealogic. All three regions – Asia-Pacific, the Americas and EMEA (Europe, the Middle East and Africa) – have reported significantly lower initial public offering... https://www.scmp.com/business/companies/article/2186838/ipos-slow-start-globally-2019-amid-brexit-us-china-trade-war?utm_source=rss_feed https://www.scmp.com/business/companies/article/2186838/ipos-slow-start-globally-2019-amid-brexit-us-china-trade-war?utm_source=rss_feed Tue, 19 Feb 2019 13:03:31 +0000 The trade war with the US and heightened scrutiny of Chinese dealmaking overseas could weigh heavily on China’s mergers and acquisitions in the year ahead, according to global accounting firm PwC. The prospect of the current trade negotiations between the world’s two largest economies ending in stalemate is potentially a “strong blow” that would crimp cross-border deals, said senior analysts at the company on Tuesday. Even if a satisfactory resolution were reached, the level of political... https://www.scmp.com/business/china-business/article/2186832/trade-war-intense-overseas-scrutiny-will-weigh-down-chinas?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2186832/trade-war-intense-overseas-scrutiny-will-weigh-down-chinas?utm_source=rss_feed Tue, 19 Feb 2019 12:12:03 +0000 The industrial hemp sector posted a big jump Monday morning on the Chinese stock market, as funds flew into the sector after local government media reported that northeastern Jilin province is expected to legalise its cultivation. Jilin would be the third province to cultivate the plant in China, which is the world’s largest hemp producing country. Yunnan and Heilongjiang provinces grow it already. Marijuana growth and consumption is illegal in China, but hemp – also part of the cannabis family... https://www.scmp.com/business/companies/article/2186602/hemp-related-stocks-surge-after-third-chinese-province-expected?utm_source=rss_feed https://www.scmp.com/business/companies/article/2186602/hemp-related-stocks-surge-after-third-chinese-province-expected?utm_source=rss_feed Mon, 18 Feb 2019 05:22:02 +0000 Chinese stocks closed out the Year of the Dog with an 18 per cent loss, the worst plunge since the Year of Rat in 2008. The benchmark Shanghai Composite Index advanced 1.3 per cent on Friday to close at 2,618.23, after trade talks between China and the US made progress and China further loosened restrictions on both domestic brokers and foreign institutions to invest in the capital markets. Still, the index fell 18.2 per cent in the Year of Dog from February 22, 2018 to February 1, 2019, the... https://www.scmp.com/business/companies/article/2184612/chinese-broker-shares-surge-after-beijing-moves-widen-foreign?utm_source=rss_feed https://www.scmp.com/business/companies/article/2184612/chinese-broker-shares-surge-after-beijing-moves-widen-foreign?utm_source=rss_feed Fri, 01 Feb 2019 04:30:22 +0000 Last year was a nightmare for investors. But the main benchmarks of Hong Kong and mainland China gave investors plenty of love in the first month of the new year. Hong Kong’s Hang Seng shot up 8 per cent in January, after suffering a loss of 15 per cent over all of last year. On Thursday, the Hang Seng closed at the highest level in four months – 27,942.47, or a 1.1 per cent gain. Meanwhile, the Shanghai Composite Index was up 3.6 per cent in January. Last year, it was the world’s worst... https://www.scmp.com/business/companies/article/2184408/china-hong-kong-stocks-get-boost-after-mainland-pmi-tops?utm_source=rss_feed https://www.scmp.com/business/companies/article/2184408/china-hong-kong-stocks-get-boost-after-mainland-pmi-tops?utm_source=rss_feed Thu, 31 Jan 2019 02:21:50 +0000 China’s benchmark share index dropped Wednesday to the lowest level in two weeks, down for a third day in a row, after more than 90 Chinese companies warned of annual profit losses in the past three days, fuelling concerns the economic slowdown is biting into corporate earnings. The Shanghai Composite Index closed down 0.7 per cent at 2,575.58. The large-cap CSI300 dropped 0.8 per cent to 3,168.48. On the Shenzhen Stock Exchange, the Component Index and the Composite Index fell 1.1 per cent and... https://www.scmp.com/business/china-business/article/2184234/china-and-hong-kong-stocks-swing-outlook-trade-talks-rates?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2184234/china-and-hong-kong-stocks-swing-outlook-trade-talks-rates?utm_source=rss_feed Wed, 30 Jan 2019 04:29:07 +0000 China’s stock markets went on a wild roller-coaster ride Tuesday, fuelled in part by a rumour – later shot down by the securities regulator – that the key task for the regulator in 2019 is to promote the mechanism for short-selling. The Shanghai Composite was down by as much as 1.4 per cent at one point, but closed down just 0.1 per cent. Morning trading started off rocky in the mainland over news that the US charged Huawei Technologies with bank fraud and conspiracyto steal trade secrets. That... https://www.scmp.com/business/china-business/article/2184063/chinese-small-cap-stocks-tumble-mainland-trading-concerns?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2184063/chinese-small-cap-stocks-tumble-mainland-trading-concerns?utm_source=rss_feed Tue, 29 Jan 2019 05:41:34 +0000 It seems investors appear to have given their backing to Pansy Ho Chiu-king as the casino queen after shares of Shun Tak Holdings and SJM Holdings rose on Thursday morning after she gained the upper hand in her battle for control of the Macau casino holding company co-founded by her father, “King of Gambling” Stanley Ho Hung-sun. Shares of SJM Holdings jumped nearly 10 per cent to HK$7.96 while Shun Tak Holdings rose as much as 7.7 per cent in Hong Kong to HK$2.79 on Thursday after an agreement... https://www.scmp.com/business/companies/article/2183383/pansy-ho-deepens-alliance-hong-kongs-fok-foundation-strengthen?utm_source=rss_feed https://www.scmp.com/business/companies/article/2183383/pansy-ho-deepens-alliance-hong-kongs-fok-foundation-strengthen?utm_source=rss_feed Wed, 23 Jan 2019 15:15:45 +0000 Hsin Chong Group Holdings, the Hong Kong construction major behind the iconic Ocean Park and former Kai Tak Airport, could be delisted in July after filing for provisional liquidation earlier this week. The development came just before the company defaulted on a US$150 million bond due on Tuesday. The Supreme Court of Bermuda approved Hsin Chong’s application to go into provisional liquidation. Edmund Yeung Lui-ming and Glen Ho Kwok-leung of Deloitte Touche Tohmatsu Hong Kong, and Rachelle Ann... https://www.scmp.com/business/companies/article/2183240/hong-kongs-hsin-chong-defaults-us150-million-senior-debt?utm_source=rss_feed https://www.scmp.com/business/companies/article/2183240/hong-kongs-hsin-chong-defaults-us150-million-senior-debt?utm_source=rss_feed Wed, 23 Jan 2019 01:12:53 +0000 Chinese authorities said they have approached a “handful” of potential IPO candidates for the hotly anticipated new technology board in Shanghai and will soon release draft rules for listings. The rules, to be sent out for a period of public consultation, will govern the listing threshold, trading mechanism and IPO review procedures for the Technology Innovation Board, top government officials said on Tuesday. “We are approaching a handful of IPO prospects in several key technology sectors to... https://www.scmp.com/business/companies/article/2183223/shanghais-hotly-anticipated-tech-board-vital-chinas-global?utm_source=rss_feed https://www.scmp.com/business/companies/article/2183223/shanghais-hotly-anticipated-tech-board-vital-chinas-global?utm_source=rss_feed Wed, 23 Jan 2019 00:19:33 +0000 Maoyan Entertainment, China’s largest movie ticketing app backed by Tencent and Meituan, has delayed its Hong Kong IPO and put off its listing date to February 4. It also named three new cornerstone investors, including a US$2.6 million investment by Xiaomi. The Beijing-based company, with Tencent Holdings as its second-biggest shareholder, will put off the Hong Kong IPO period to between January 23 and January 28, according to a renewed term sheet obtained by the South China Morning Post.... https://www.scmp.com/business/companies/article/2183029/chinas-top-movie-ticketing-app-maoyan-delays-ipo-names-xiaomi?utm_source=rss_feed https://www.scmp.com/business/companies/article/2183029/chinas-top-movie-ticketing-app-maoyan-delays-ipo-names-xiaomi?utm_source=rss_feed Mon, 21 Jan 2019 11:00:45 +0000 Wing Tai Properties, the Hong Kong unit of Singapore developer Wing Tai Holdings, sold more than 90 per cent of its flats on offer at Tuen Mun on Sunday, with some units priced as low as HK$9,488 per square foot (US$1,210), reflecting the weakest level seen in the neighbourhood since 2015. As of early evening, Wing Tai sold 108 out of the 118 flats in the first batch made available at the Carmel apartment project on Castle Peak Road in Tuen Mun. Prices for the units ranged from HK$3.32 million... https://www.scmp.com/business/article/2182919/homebuyers-spring-action-after-developers-slash-prices-cutting-inventory?utm_source=rss_feed https://www.scmp.com/business/article/2182919/homebuyers-spring-action-after-developers-slash-prices-cutting-inventory?utm_source=rss_feed Sun, 20 Jan 2019 10:59:52 +0000 Maoyan Entertainment, China’s largest movie ticketing app backed by the country’s biggest social network operator and games publisher, is planning to raise funds through an initial public offering in Hong Kong. The Beijing-based company, with Tencent Holdings as its second-biggest shareholder, plans to sell 132.377 million shares of between HK$14.8 and HK$20.4 per share, raising up to HK$2.7 billion (US$350 million) in capital, according to a term sheet obtained by the South China Morning... https://www.scmp.com/business/companies/article/2182646/chinas-largest-movie-ticketing-app-maoyan-backed-tencent-raise?utm_source=rss_feed https://www.scmp.com/business/companies/article/2182646/chinas-largest-movie-ticketing-app-maoyan-backed-tencent-raise?utm_source=rss_feed Fri, 18 Jan 2019 04:30:35 +0000 Mergers and acquisitions in China’s new economy sector fell to the lowest level in three years as Beijing tightened restrictions on companies raising money from the stock market and liquidity dried up after new rules raised the threshold for major shareholders to sell their holdings. The moves were originally aimed at curbing asset bubble and stabilising the weak stock market but had the unintended consequence of squeezing liquidity. On the A-share market, M&A activity and approval rates both... https://www.scmp.com/business/banking-finance/article/2182581/alibaba-and-tencent-dominate-china-new-economy-deals-market?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2182581/alibaba-and-tencent-dominate-china-new-economy-deals-market?utm_source=rss_feed Fri, 18 Jan 2019 00:00:57 +0000 Two weeks into 2019, five Chinese companies are already likely to default on 3.5 billion yuan (US$446.25 million) worth of debt, after a record US$17 billion default wave took the country by storm in 2018 amid a worsening economic slowdown and soaring refinancing costs facing the cash-starved private sector. Beijing Kang Dexin Composite Material, a hi-tech material firm that supplies optical film products to Apple and carbon fibre materials to Mercedes-Benz, tumbled by its maximum-allowed 10 per... https://www.scmp.com/business/companies/article/2182167/chinas-corporate-default-storm-continues-rage-start-2019-after?utm_source=rss_feed https://www.scmp.com/business/companies/article/2182167/chinas-corporate-default-storm-continues-rage-start-2019-after?utm_source=rss_feed Tue, 15 Jan 2019 10:15:45 +0000 In China’s rise to become an economy to rival the United States, few played a role as key as the country’s private companies. These businesses are mostly run by men, usually in manufacturing and real estate, and nearly all owned by families. But like in many families, things can get tricky when it comes to succession. China is about to be hit by a wave of retirements of aging business titans who don’t always have a solid plan for what’s next – or even children who want to carry on the family... https://www.scmp.com/business/chinas-big-family-businesses-lack-succession-plan/article/3000444?utm_source=rss_feed https://www.scmp.com/business/chinas-big-family-businesses-lack-succession-plan/article/3000444?utm_source=rss_feed Fri, 11 Jan 2019 10:03:52 +0000 China’s securities firms suffered a miserable 2018 as their core brokerage income fell sharply amid the world’s worst stock market decline, financial results showed. But analysts anticipate a better year to come as the central bank’s widely-expected rate cuts to ease monetary conditions rejuvenate stock market trading. The possible launch of a new board for technology companies’ shares in Shanghai could also bring the sector new IPO business. The 27 main listed securities firms had announced... https://www.scmp.com/business/companies/article/2181581/chinas-securities-firms-suffer-miserable-2018-amid-slumping-stock?utm_source=rss_feed https://www.scmp.com/business/companies/article/2181581/chinas-securities-firms-suffer-miserable-2018-amid-slumping-stock?utm_source=rss_feed Fri, 11 Jan 2019 00:00:45 +0000 China is getting ready to be hit by a wave of retirements of ageing business titans who built the private companies that fuelled the country’s economic boom and created its middle class. These companies are nearly all family owned, headed mostly by men who forged empires largely in real estate and manufacturing since China began experimenting with capitalism 40 years ago. The changes at the top will hugely impact China’s future, as it speeds up its shift from manufacturing to technological... https://www.scmp.com/business/companies/article/2180732/china-faces-tidal-wave-exits-ageing-tycoons-their-succession?utm_source=rss_feed https://www.scmp.com/business/companies/article/2180732/china-faces-tidal-wave-exits-ageing-tycoons-their-succession?utm_source=rss_feed Wed, 09 Jan 2019 00:00:45 +0000 The fortunes of Apple’s Taiwan-based suppliers are so closely linked to the iPhone maker’s stock that they seem to mirror its movement. About 15 per cent of the 195 globally listed companies that supply Apple are based in Taiwan, according to Bloomberg, including five of the California-based company’s biggest suppliers. Although, most of its suppliers are based in the United States, Taiwan is home to the most important, ranked by how much money Apple spends on their goods. Apple-related stocks... https://www.scmp.com/business/companies/article/2180908/apples-taiwan-suppliers-could-bear-brunt-slump-shares?utm_source=rss_feed https://www.scmp.com/business/companies/article/2180908/apples-taiwan-suppliers-could-bear-brunt-slump-shares?utm_source=rss_feed Sun, 06 Jan 2019 23:00:41 +0000 On July 12, the Hong Kong stock exchange (HKEX) conducted an unprecedented ritual to start its trading day: four gigantic gongs were struck one after the other by executives of eight companies to commemorate the debut of their stocks. The eight companies, including Chinese live-streaming application Inke, had to share the four cymbal-like instruments because the centre stage at the exchange was too narrow to accommodate a ceremonial gong for each representative. Eight trading debuts on a single... https://www.scmp.com/business/china-business/article/2179795/tenuous-truce-us-china-trade-war-will-decide-whether-hong?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2179795/tenuous-truce-us-china-trade-war-will-decide-whether-hong?utm_source=rss_feed Fri, 28 Dec 2018 12:00:15 +0000