https://www.scmp.com/rss/322530/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Regulation in mainland China’s financial markets has come under the spotlight again after the disappearance last month of the head of a Shanghai-based hedge fund that has put at risk some 35 billion yuan (US$5.1 billion) of investors’ money. Zhu Yidong, 36, the chairman of Shanghai Fuxing Group, disappeared at the beginning of July, about five months after China Central Television (CCTV) reported that he had pocketed illicit gains of 600 million yuan by manipulating the stock price of... https://www.scmp.com/business/companies/article/2158040/vanishing-boss-chinas-us51-billion-hedge-fund-casts-financial?utm_source=rss_feed https://www.scmp.com/business/companies/article/2158040/vanishing-boss-chinas-us51-billion-hedge-fund-casts-financial?utm_source=rss_feed Fri, 03 Aug 2018 00:30:21 +0000 China’s booming e-commerce has given Bright ice pop, an age-old Shanghai ice cream brand a new lease of life in the sweltering summer. While the nostalgic comeback of the ice pops, created and made by Shanghai Yimin No 1 Food since the 1950s, has played out well on Chinese social media, the food manufacturer’s expansion into e-commerce and new retail channels have opened up new distribution and sales opportunities. Compared with fancier ice pops and ice cream by rivals Yili Group, Mengniu and... https://www.scmp.com/business/companies/article/2157516/alibaba-jdcom-and-wechat-give-age-old-shanghai-ice-pop-brand-new?utm_source=rss_feed https://www.scmp.com/business/companies/article/2157516/alibaba-jdcom-and-wechat-give-age-old-shanghai-ice-pop-brand-new?utm_source=rss_feed Mon, 30 Jul 2018 12:00:32 +0000 China needs to slash its highest tax levy on the nation’s top income earners in its upcoming individual tax code review, or risk seeing an unprecedented talent exodus, argued eight academics at a time when Beijing is likely to make its most dramatic amendment in decades. They called for authorities to scrap the top two tax brackets of 35 per cent and 45 per cent in the current seven brackets progressive tax system on individuals, granting high income earners more leeway with a five tax brackets... https://www.scmp.com/business/banking-finance/article/2156503/why-china-should-worry-if-it-keeps-its-45-cent-tax-rate-top?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2156503/why-china-should-worry-if-it-keeps-its-45-cent-tax-rate-top?utm_source=rss_feed Mon, 23 Jul 2018 11:17:09 +0000 China’s emerging affluent are pinched by financial stress as they anticipate setting aside 3.1 million yuan (US$462,300) for their children, including funding their education, marriage and even a first home, according to a survey. These individuals expect to set aside 1.27 million yuan for educational expenditures such as overseas studies and 1.83 million yuan for early adulthood outlays, such as wedding costs and a first home, said a joint report by Charles Schwab and the Shanghai Advanced... https://www.scmp.com/business/banking-finance/article/2155942/chinas-yuppies-think-us462300-needed-raise-educate-children?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2155942/chinas-yuppies-think-us462300-needed-raise-educate-children?utm_source=rss_feed Thu, 19 Jul 2018 05:01:02 +0000 China’s ailing peer-to-peer (P2P) lending businesses hit yet another blip after two big platforms in Shanghai failed to repay savers, and as key executives disappeared without explanation. Dozens of savers who’ve demanded repayment to no avail, reported to the local police in Shanghai’s Pudong district on Wednesday to file complaints about Yonglibao.com and Jucaicat.com. The value of the claims are reputed to be worth billions of yuan. On Tuesday, Yonglibao’s senior management team posted a... https://www.scmp.com/business/companies/article/2155839/shanghai-savers-sound-alarm-more-p2p-lenders-fail-return-funds?utm_source=rss_feed https://www.scmp.com/business/companies/article/2155839/shanghai-savers-sound-alarm-more-p2p-lenders-fail-return-funds?utm_source=rss_feed Wed, 18 Jul 2018 12:00:35 +0000 The Shanghai city government is hoping the rebound in foreign inflow of capital in the first half will continue for the rest of year as it ploughs ahead with efforts to further open up the market. In the first six months of the year, contracted foreign funds, an indicator of future commitments of capital, grew 18.1 per cent to US$21.5 billion in Shanghai, as the premier commercial hub signed more than 2,100 projects with overseas investors in the period, according to figures released by the... https://www.scmp.com/business/banking-finance/article/2155711/shanghai-remains-investment-destination-choice-reforms?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2155711/shanghai-remains-investment-destination-choice-reforms?utm_source=rss_feed Tue, 17 Jul 2018 23:00:24 +0000 Dying to Survive, a Chinese comedy film loosely based on the real life stories of leukaemia patients walking on the wrong side of the law to access cheap, life-saving generic Indian medicines, has earned more than 2 billion yuan (US$300 million) in the first nine days of its release, according to data provided by domestic ticketing provider Maoyan. And now mainland insurance companies are hoping the film, made with an estimated budget of about US$15 million, will bring a windfall for them as... https://www.scmp.com/business/companies/article/2155324/chinese-insurers-hitch-bandwagon-hit-comedy-hope-its-box-office?utm_source=rss_feed https://www.scmp.com/business/companies/article/2155324/chinese-insurers-hitch-bandwagon-hit-comedy-hope-its-box-office?utm_source=rss_feed Sun, 15 Jul 2018 09:03:15 +0000 By committing to Shanghai, where it will set up its Gigafactory and become the city’s biggest foreign manufacturing investor, Tesla has taken pole position when it comes to vehicles powered by alternative fuels. Its timing could not be better – the industry is forecast to grow nearly six times in size by 2025. The Palo Alto, California-based carmaker’s assembly line in Shanghai, its first outside the United States, will also be the first wholly foreign-owned car manufacturing facility in... https://www.scmp.com/business/companies/article/2154867/teslas-shanghai-plant-announcement-matter-auspicious-timing?utm_source=rss_feed https://www.scmp.com/business/companies/article/2154867/teslas-shanghai-plant-announcement-matter-auspicious-timing?utm_source=rss_feed Wed, 11 Jul 2018 12:44:42 +0000 The US-China trade war is hurting America's biggest electric car maker – but maybe not for long. Tesla has had to raise its China prices by 20%, in response to retaliatory tariffs on US imports to China. But now Tesla has announced that it is about to set up its first overseas assembly plant in Shanghai, establishing a beachhead in the world’s largest vehicle market. The California-based carmaker will establish its Gigafactory 3 on the outskirts of Shanghai, with an annual capacity to produce... https://www.scmp.com/business/tesla-announces-plans-open-shanghai-assemby-plant/article/2154740?utm_source=rss_feed https://www.scmp.com/business/tesla-announces-plans-open-shanghai-assemby-plant/article/2154740?utm_source=rss_feed Wed, 11 Jul 2018 08:12:22 +0000 Daniel Ren,Maggie Zhang Daniel Ren,Maggie Zhang Tesla will set up its first overseas assembly in China’s premier commercial city, establishing a beach head in the world’s largest vehicle market even as a trade war simmers between Washington and Beijing. The Palo Alto, California-based carmaker will establish its Gigafactory 3 at Lingang near Shanghai’s free-trade zone, with an annual capacity to produce 500,000 electric vehicles, according to an announcement. The wholly foreign-owned plant – the first car plant in China to operate without a... https://www.scmp.com/business/companies/article/2154674/tesla-build-its-gigafactory-shanghai-capacity-produce-500000-cars?utm_source=rss_feed https://www.scmp.com/business/companies/article/2154674/tesla-build-its-gigafactory-shanghai-capacity-produce-500000-cars?utm_source=rss_feed Tue, 10 Jul 2018 11:15:45 +0000 Tesla will raise prices by about 20 per cent for models sold in China, after Beijing slapped a 25 per cent punitive tariff on American-made automobiles amid an escalating trade row between the world’s largest two economies. The price adjustment came just six weeks after the US electric carmaker reduced prices following China’s decision to cut car import duties. A mainland buyer will pay an additional 139,320 yuan (US$21,045) for a Model S 75D which currently sells for 849,900 yuan. A Model X... https://www.scmp.com/business/companies/article/2154498/tesla-raises-prices-china-20pc-adding-us21000-cost-model-s-after?utm_source=rss_feed https://www.scmp.com/business/companies/article/2154498/tesla-raises-prices-china-20pc-adding-us21000-cost-model-s-after?utm_source=rss_feed Mon, 09 Jul 2018 14:32:22 +0000 Frank Gu, a US-educated legal counsel at a multinational company in Shanghai, is closely following the debate over China’s new individual tax code. Earning 1 million yuan (US$151,100) annually, the 37-year-old is concerned that he may fall foul of China’s most dramatic personal tax code revision in decades, even though the new tax code has a number of tax-cut measures. The nation’s top lawmakers are reviewing a basket of changes, including shifting toward an annual levy, higher monthly... https://www.scmp.com/business/banking-finance/article/2154325/why-chinas-high-income-earners-dread-new-tax-law-will-come?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2154325/why-chinas-high-income-earners-dread-new-tax-law-will-come?utm_source=rss_feed Mon, 09 Jul 2018 00:32:41 +0000 The US$34 billion in tariffs on Chinese goods imposed by the US on Friday could cause collateral damage to profits at Chinese companies not directly in the firing line, as the tariff war disrupts established trade flows. The initial set of tariffs targeted industrial components, cars and various tech products, while another US$16 billion in tariffs could be enacted soon. China immediately retaliated with tariffs of its own, mainly on US food and agricultural products. Analysts said the... https://www.scmp.com/business/companies/article/2154147/chinese-company-profits-could-become-collateral-damage-escalating?utm_source=rss_feed https://www.scmp.com/business/companies/article/2154147/chinese-company-profits-could-become-collateral-damage-escalating?utm_source=rss_feed Fri, 06 Jul 2018 11:58:19 +0000 Israeli medical laser maker Sisram Medical, a unit of Chinese conglomerate Fosun International, said it expects China to overtake the United States as its biggest market in five years, thanks to rising demand for cosmetic treatments. China is expected to contribute more than 35 per cent of the Hong Kong-listed company’s revenue by 2023, followed by the US with 30-35 per cent, said Lior Dayan, Sisram’s chief executive. The US currently accounts for exactly a quarter of Sisram’s revenue, followed... https://www.scmp.com/business/companies/article/2153900/fosun-unit-sisram-medical-says-china-will-be-its-largest-market?utm_source=rss_feed https://www.scmp.com/business/companies/article/2153900/fosun-unit-sisram-medical-says-china-will-be-its-largest-market?utm_source=rss_feed Thu, 05 Jul 2018 22:00:00 +0000 WuXi AppTec, the mainland’s leading biotechnology firm, has announced a plan to sell shares in Hong Kong, just two months after it went public in Shanghai via a fast-tracked listing. The board has approved a plan for a listing on the main board of the Hong Kong stock exchange, and the new shares will account for 10 per cent to 15 per cent of its enlarged share total, the company said in a filing to the Shanghai Stock Exchange on Sunday. Chinese biotech firm Ascletis first to apply for Hong Kong... https://www.scmp.com/business/companies/article/2153317/after-fast-track-shanghai-listing-mainland-biotech-firm-wuxi?utm_source=rss_feed https://www.scmp.com/business/companies/article/2153317/after-fast-track-shanghai-listing-mainland-biotech-firm-wuxi?utm_source=rss_feed Sun, 01 Jul 2018 23:30:46 +0000 It’s home to some of China’s biggest technology companies. And now growing numbers of overseas graduates returning to China want to make Hangzhou their home too, according to a new study. The eastern mainland city, widely regarded as China’s answer to “Silicon Valley”, was selected by 7 per cent of the 104,000 graduates surveyed by online recruiter zhipin.com as their preferred location to live and work. Although that pales compared to Beijing and Shanghai, which were each chosen by about a... https://www.scmp.com/business/companies/article/2152935/hangzhou-chinas-answer-silicon-valley-hit-returning-graduates?utm_source=rss_feed https://www.scmp.com/business/companies/article/2152935/hangzhou-chinas-answer-silicon-valley-hit-returning-graduates?utm_source=rss_feed Sun, 01 Jul 2018 22:01:43 +0000 With China set to emerge as the world’s second largest wine market by 2021, industry observers expect an increase in the number of investors in the mainland who value fine wine as an alternative investment. The current bear capital market in the mainland might make the point even more apparent for Chinese investors, according to UK-based fine wine investment company Cult Wines. This week, Shanghai’s benchmark stock index plunged to its lowest level in two years. It entered bear territory this... https://www.scmp.com/business/money/investment-products/article/2152841/can-bear-equity-market-ignite-interest-fine-wines?utm_source=rss_feed https://www.scmp.com/business/money/investment-products/article/2152841/can-bear-equity-market-ignite-interest-fine-wines?utm_source=rss_feed Thu, 28 Jun 2018 04:01:02 +0000 Chinese companies’ ability to rapidly respond to the fast-evolving consumer tastes has helped them to outgrow their rivals for a sixth year in a row in the world’s second largest consumer market, according to a study released on Wednesday. Sales of local brands jumped 7.7 per cent in 2017 compared with 0.4 per cent for their overseas rivals, said a joint report by consultancy major Bain and market research company Kantar Worldpanel. “There are multiple reasons for this, but a major one is speed... https://www.scmp.com/business/companies/article/2152676/nimble-chinese-firms-outgrow-foreign-rivals-worlds-second-largest?utm_source=rss_feed https://www.scmp.com/business/companies/article/2152676/nimble-chinese-firms-outgrow-foreign-rivals-worlds-second-largest?utm_source=rss_feed Wed, 27 Jun 2018 05:33:36 +0000 Hong Kong stands out as the preferred market for raising capital among China’s most valuable companies, according to a survey that vindicates last year’s overhaul in the city’s stock listing rules. Four out of every 10 so-called unicorns identified Hong Kong as the preferred market for an initial public offering (IPO), according to a PricewaterhouseCooper survey of 101 of these companies, each with at least US$1 billion in valuation. US stock markets come in second at 25 per cent, followed by... https://www.scmp.com/business/companies/article/2152318/more-chinese-unicorns-prefer-raise-capital-hong-kong-any-other?utm_source=rss_feed https://www.scmp.com/business/companies/article/2152318/more-chinese-unicorns-prefer-raise-capital-hong-kong-any-other?utm_source=rss_feed Mon, 25 Jun 2018 06:02:08 +0000 Actis, the British private equity firm, is making a concerted push into Asia-Pacific to ride on the rising tide of an economically maturing China and growing population of sophisticated regional investors, says its partner in charge of global fundraising. Neil Brown said that in the next five to seven years, Asian investors are expected to account for 30 per cent of the firm’s client base, up from 20 per cent of its current 235 clients globally. “If you look at how institutional capital is... https://www.scmp.com/business/companies/article/2151188/uk-private-equity-firm-actis-targets-sharp-rise-asian-investors?utm_source=rss_feed https://www.scmp.com/business/companies/article/2151188/uk-private-equity-firm-actis-targets-sharp-rise-asian-investors?utm_source=rss_feed Mon, 18 Jun 2018 01:45:24 +0000 UK payment services provider WorldFirst could get a licence to operate in the Chinese city of Shanghai imminently, a local official said, making it the first foreign company to be allowed into China’s payments business as the country pushes ahead with the opening of its financial sector. Zheng Yang, the director of the Shanghai Financial Services Office, said on the sidelines of the Lujiazui financial forum in the city on Friday that the authorities had already asked WorldFirst to provide... https://www.scmp.com/business/companies/article/2151085/uks-worldfirst-set-be-first-foreign-firm-allowed-chinas-payment?utm_source=rss_feed https://www.scmp.com/business/companies/article/2151085/uks-worldfirst-set-be-first-foreign-firm-allowed-chinas-payment?utm_source=rss_feed Fri, 15 Jun 2018 13:21:02 +0000 Debt defaults at Chinese companies could rise as a consequence of Beijing’s unrelenting drive to trim leverage and debt levels at state-owned enterprises and local governments, according to the country’s top financial regulator. As a result of the monetary tightening, at least 20 companies have failed to meet bond or loan repayment obligations so far this year. Bonds worth about 20 trillion yuan are set to expire by next year, triggering fears that the number of defaults could spiral as China’s... https://www.scmp.com/business/companies/article/2150852/debt-defaults-rise-china-focuses-tackling-bloated-state?utm_source=rss_feed https://www.scmp.com/business/companies/article/2150852/debt-defaults-rise-china-focuses-tackling-bloated-state?utm_source=rss_feed Thu, 14 Jun 2018 12:28:52 +0000 Asia’s major cities, and their hi-tech-savvy younger generation, are poised to play a more crucial future role in making urban life easier through the use of smart technology, a new McKinsey report predicts. The report measures “smartness” by the adoption levels of technology-led infrastructure, the availability of smart applications and urban residents’ embracing of such offerings, spanning from real-time public transit information to tele-medicine, or remote diagnosis of diseases. New York,... https://www.scmp.com/business/companies/article/2150636/asian-cities-poised-carry-torch-smart-city-movement?utm_source=rss_feed https://www.scmp.com/business/companies/article/2150636/asian-cities-poised-carry-torch-smart-city-movement?utm_source=rss_feed Wed, 13 Jun 2018 10:23:02 +0000 Mainland China’s top economic planning body has teamed up with state lender China Construction Bank to start a 300 billion yuan (US$47 billion) fund to invest in up and coming industries including new materials, biotechnology and new-energy vehicles. The National Development and Reform Commission (NDRC) said on its website on Tuesday that the fund would seek to attract private capital to invest in strategic industries. The initiative comes as China aims to nearly double the contribution of... https://www.scmp.com/business/banking-finance/article/2150464/china-state-planner-and-top-bank-set-us47-billion-fund?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2150464/china-state-planner-and-top-bank-set-us47-billion-fund?utm_source=rss_feed Tue, 12 Jun 2018 12:38:16 +0000 Hong Kong and London-listed Standard Chartered plans to apply for a virtual bank licence, making it the first traditional bank seeking a licence locally to operate purely online without physical branches. The Hong Kong Monetary Authority last month announced details on its virtual bank licences and set August 31 as the deadline for the first batch of applicants. HKMA deputy chief executive Arthur Yuen said about 50 companies had expressed interest in applying for the virtual bank licence, while... https://www.scmp.com/business/banking-finance/article/2150150/standard-chartered-says-it-will-apply-operate-virtual-bank?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2150150/standard-chartered-says-it-will-apply-operate-virtual-bank?utm_source=rss_feed Mon, 11 Jun 2018 02:22:29 +0000 In the not-so-distant future, Hongkongers will be able to live out their golden years in Zhuhai, Shenzhen – or any of the nine mainland cities within the “Greater Bay Area” in southern China, all within a short drive from Hong Kong. They could drive to Zhuhai along the 55-kilometre bridge and tunnel that is linking up the area, or take a high-speed train into Kowloon. Mobile payments could also be a breeze, probably with easier payment access embedded in their WeChat. This is the picture of... https://www.scmp.com/business/companies/article/2149988/hong-kongs-health-care-expertise-can-unlock-potential-greater-bay?utm_source=rss_feed https://www.scmp.com/business/companies/article/2149988/hong-kongs-health-care-expertise-can-unlock-potential-greater-bay?utm_source=rss_feed Sat, 09 Jun 2018 04:01:52 +0000 General Motors, the US car giant, will double its offering of new-energy vehicle models in China by 2023, introducing 10 new models after 2020 to accelerate its efforts at helping further electrify the world’s largest car market, the firm said on Tuesday. The new launches, which include plug-in hybrid and all-electric vehicles, expands on its earlier blueprint to introduce 10 new-energy models between 2016 and 2020 as demand grows and requirements tighten for cleaner cars across the country. GM... https://www.scmp.com/business/companies/article/2149313/gm-gears-rapid-new-energy-vehicle-expansion?utm_source=rss_feed https://www.scmp.com/business/companies/article/2149313/gm-gears-rapid-new-energy-vehicle-expansion?utm_source=rss_feed Tue, 05 Jun 2018 05:50:58 +0000 Banks in China are vying to set up independent asset management subsidiaries to cope with tighter regulations on wealth management that aim to break implicit guarantees of banking products worth 30 trillion yuan (US$4.7 trillion). Bank of Communications, the nation’s fifth largest lender by assets, announced last week that it will invest 8 billion yuan for an asset management subsidiary in Shanghai to run a business worth 1.6 trillion yuan. The investment, the biggest so far by a Chinese bank in... https://www.scmp.com/business/companies/article/2149044/chinese-banks-push-spin-asset-management-units?utm_source=rss_feed https://www.scmp.com/business/companies/article/2149044/chinese-banks-push-spin-asset-management-units?utm_source=rss_feed Sun, 03 Jun 2018 14:32:17 +0000 China has strengthened oversight of the nation’s fast-growing US$1.2 trillion money market funds sector, capping instant same-day redemption at 10,000 yuan (US$1,560) from a single fund and banning payment companies from allowing investors to foot their bills with such funds directly. Mainland’s money market funds have experienced problematic practices with regard to internet sales and redemption, harming the interests of investors and detrimental to fair play in the market, the People’s Bank of... https://www.scmp.com/business/companies/article/2148919/china-tightens-supervision-money-market-funds-capping-same-day?utm_source=rss_feed https://www.scmp.com/business/companies/article/2148919/china-tightens-supervision-money-market-funds-capping-same-day?utm_source=rss_feed Sat, 02 Jun 2018 03:33:25 +0000 Hong Kong top securities watchdog has slapped a hefty HK$3 million (US$382,200) fine on Hang Seng Bank’s investment arm for failing to meet regulatory requirements on the management of cash within its funds. It’s Hang Seng Investment Management’s (HSIM) first regulatory breach, and follows an independent review jointly agreed by The Securities and Futures Commission (SFC) and the company. It was discovered some of its funds maintained substantial cash deposits between 2010 and 2016, but the... https://www.scmp.com/business/companies/article/2148718/hang-seng-banks-investment-arm-slapped-us382000-fine?utm_source=rss_feed https://www.scmp.com/business/companies/article/2148718/hang-seng-banks-investment-arm-slapped-us382000-fine?utm_source=rss_feed Thu, 31 May 2018 13:35:13 +0000 A rising tide of corporate debt defaults is spooking investors in China’s financial markets and sparking some concern that another banking crisis may be just around the corner. More than 20 mainland firms have failed to meet bond or loan repayments so far this year, many of them the victims of monetary tightening as Beijing tries to ward off financial risks by reducing borrowing levels. With bonds worth about 20 trillion yuan (US$3.12 trillion) due to expire within the next year, and tighter... https://www.scmp.com/business/companies/article/2148635/will-chinas-debt-woes-develop-full-blown-banking-crisis?utm_source=rss_feed https://www.scmp.com/business/companies/article/2148635/will-chinas-debt-woes-develop-full-blown-banking-crisis?utm_source=rss_feed Thu, 31 May 2018 09:31:53 +0000 A price list of 48 floors of The Center, the world’s costliest tower bought by a consortium of investors from Hong Kong, is being circulated to gauge market sentiment for a possible resale, hardly a month since the record HK$40.2 billion (US$5.2 billion) deal was completed. In early May, the C.H.M.T Peaceful Development Asia Property group – led by Hui Wing Mau, Shimao Property Holdings’ founder, and Forbes’ wealthiest woman of 2017 Pollyanna Chu – closed the takeover of Li Ka-shing’s The Center... https://www.scmp.com/business/companies/article/2148539/price-list-worlds-costliest-tower-starts-doing-rounds-new-owners?utm_source=rss_feed https://www.scmp.com/business/companies/article/2148539/price-list-worlds-costliest-tower-starts-doing-rounds-new-owners?utm_source=rss_feed Wed, 30 May 2018 14:45:15 +0000 Agricultural Bank of China (AgBank) has been given the go-ahead from the mainland’s top securities regulator for its 100 billion yuan (US$15.6 billion) private placement, paying the way for what will be the country’s largest ever additional shares offering. The nation’s third largest lender by assets received the approval from the listing committee of the China Securities Regulatory Commission (CSRC) for its replenishment of capital plan, the Beijing-based bank said in a filing to the Shanghai... https://www.scmp.com/business/companies/article/2148345/agbank-gets-regulators-green-light-us156b-private-placement?utm_source=rss_feed https://www.scmp.com/business/companies/article/2148345/agbank-gets-regulators-green-light-us156b-private-placement?utm_source=rss_feed Tue, 29 May 2018 12:56:30 +0000 Huifu Payment, the Shanghai-based payment service provider, is looking to raise about US$200 million through its initial public offering (IPO) in Hong Kong next month, according to sources close to the company. It will become the first mainland China payment company to cash in on the booming digital payment industry in China, as the nation increasingly goes cashless. The company will start trading on June 15 and shares will open for subscription on June 1, said the sources, who declined to be... https://www.scmp.com/business/banking-finance/article/2148343/payment-service-provider-huifu-said-raise-us200m-june-hong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2148343/payment-service-provider-huifu-said-raise-us200m-june-hong?utm_source=rss_feed Tue, 29 May 2018 12:30:30 +0000 Hang Lung is paying 10.7 billion yuan (US$1.7 billion) for a parcel of prime commercial land in Hangzhou in eastern China – the Hong Kong firm’s first mainland purchase in five years. The land is believed to be the most expensive plot for commercial project development in the capital city of affluent Zhejiang province, and one of Hang Lung’s priciest ever mainland acquisitions. Total investment of 19 billion yuan is earmarked for the planned project, a large-scale commercial mixed-use complex,... https://www.scmp.com/business/companies/article/2148188/hang-lung-snaps-prime-hangzhou-plot-us17b?utm_source=rss_feed https://www.scmp.com/business/companies/article/2148188/hang-lung-snaps-prime-hangzhou-plot-us17b?utm_source=rss_feed Mon, 28 May 2018 22:15:47 +0000 Volkswagen is gearing up to take a further bite out of China’s booming sports utility vehicle and electric car sectors with three new factories openings this summer with Chinese partner FAW Group, the German car major said on Monday. With the three facilities in Qingdao in Shandong province, Tianjin, and Foshan in southern Guangdong province, the world’s largest carmaker said it is well on track to hit its target of releasing 40 new locally produced new-energy models over the next seven years,... https://www.scmp.com/business/companies/article/2148178/volkswagen-bets-big-china-three-new-plants-poised-open-summer?utm_source=rss_feed https://www.scmp.com/business/companies/article/2148178/volkswagen-bets-big-china-three-new-plants-poised-open-summer?utm_source=rss_feed Mon, 28 May 2018 12:32:39 +0000 China’s vehicle insurers can expect huge disruption to their traditional business models, as the era of autonomous driving, powered by artificial intelligence (AI) continues to accelerate, a new study claims. Three-quarters of insurers expect vehicle premiums to be included in the price tags of cars while more than 60 per cent expect a drop in premiums collected from car owners, once self-driving models becomes commonplace on our roads, said a joint report published between the Insurance Society... https://www.scmp.com/business/companies/article/2148009/car-insurers-warned-start-preparing-now-autonomous-driving-future?utm_source=rss_feed https://www.scmp.com/business/companies/article/2148009/car-insurers-warned-start-preparing-now-autonomous-driving-future?utm_source=rss_feed Sun, 27 May 2018 23:15:15 +0000 Chinese mergers and acquisitions activity is expected to have another “robust” year in 2018, according to a report released by global accounting firm EY on Thursday. Trade tensions have failed to hold back companies from pursuing their “go global” ambitions and M&A activity by private equity firms. Chinese companies are more optimistic about economic and market conditions, and expect the M&A market to remain upbeat, EY said in its latest “Capital Confidence Barometer”, a global survey of more... https://www.scmp.com/business/companies/article/2147664/another-robust-year-ahead-mergers-and-acquisitions-chinese?utm_source=rss_feed https://www.scmp.com/business/companies/article/2147664/another-robust-year-ahead-mergers-and-acquisitions-chinese?utm_source=rss_feed Fri, 25 May 2018 00:18:03 +0000 Maggie Zhang Maggie Zhang It is a US$2.8 billion industry, but jokes such as “the Chinese gulp down more ‘French’ wines than France makes” and “at least half of the Chateau Lafite-Rothschild consumed in China is fake” have undermined its credibility. Now, VeChain, a Shanghai-based start-up, wants to arm the wine trade with blockchain and build trust in wines imported to the city, the mainland’s second-largest market for imported wine after China’s southern Guangdong province. The company is testing the waters with French... https://www.scmp.com/business/companies/article/2147477/chinese-wine-connoisseurs-wondering-whats-their-bottle-its?utm_source=rss_feed https://www.scmp.com/business/companies/article/2147477/chinese-wine-connoisseurs-wondering-whats-their-bottle-its?utm_source=rss_feed Wed, 23 May 2018 23:01:00 +0000 Ant Financial, an affiliate of Chinese e-commerce giant Alibaba Group Holding, said on Wednesday it had signed a strategic cooperation agreement with China Everbright Bank and its financial technology affiliate Everbright Technology, to help the state bank with its digital transformation. Under the agreement, Ant Financial will share its financial technology capabilities and know-how with China Everbright to help the bank develop cloud computing, internet finance, mobile payment, artificial... https://www.scmp.com/business/banking-finance/article/2147454/ant-financial-help-state-lender-china-everbright-bank?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2147454/ant-financial-help-state-lender-china-everbright-bank?utm_source=rss_feed Wed, 23 May 2018 11:00:00 +0000 A growing number of well-off Chinese are choosing to invest their wealth offshore, according to a latest McKinsey report, leaving domestic banks in an increasingly tough fight for high net worth individuals, in what is now predicted to soon become the world’s second largest private banking market. More than 60 per cent of mainlanders with personal investible assets worth in excess of US$1 million now hold those offshore, and 10 per cent of that by value are handled by foreign banks, claims the... https://www.scmp.com/business/banking-finance/article/2147254/chinese-banks-ante-lure-millionaire-clients-overseas?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2147254/chinese-banks-ante-lure-millionaire-clients-overseas?utm_source=rss_feed Tue, 22 May 2018 07:18:31 +0000 More than a third of wealth management products sold in mainland China in 2017 were retailed online, according to a report released on Tuesday by consultancy major The Boston Consulting Group and internet finance company Lufax Holdings. According to the report, 34.6 per cent of such products sold in China were taken up online – second only to the United States, where this figure stood at 40.7 per cent. The US also maintained its position as the world’s largest wealth management market, at US$9.4... https://www.scmp.com/business/companies/article/2146281/chinese-adoption-online-wealth-management-products-second-only-us?utm_source=rss_feed https://www.scmp.com/business/companies/article/2146281/chinese-adoption-online-wealth-management-products-second-only-us?utm_source=rss_feed Tue, 15 May 2018 23:02:38 +0000 FWD Group, the insurance business of Hong Kong tycoon Richard Li Tzar Ka’s Pacific Century Group, has applied to set up a joint venture in Shanghai, as it looks to take advantage of Beijing’s policy of opening up its tightly regulated financial industry. FWD and its Chinese partners applied to the China Banking and Insurance Regulatory Commission on May 4 to set up a life insurance joint venture in Shanghai, the Shanghai Financial Service Office said on its website on Monday. The office did not... https://www.scmp.com/business/banking-finance/article/2146047/hong-kong-insurer-fwd-plans-joint-venture-shanghai-china?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2146047/hong-kong-insurer-fwd-plans-joint-venture-shanghai-china?utm_source=rss_feed Mon, 14 May 2018 09:30:33 +0000 Wu Xiaohui, the former chairman of beleaguered insurance giant Anbang Group, has been sentenced to 18 years behind bars for fraud and embezzlement worth more than US$12 billion. He will also have assets worth 10.5 billion yuan (US$1.65 billion) confiscated, Xinhua, China’s official state news agency, reported on Thursday. He forgot he was the senior manager chosen by a powerful group to make money, and mistook himself as the power itself Former business partner Wu, who was once at the helm of... https://www.scmp.com/business/companies/article/2145458/anbangs-ex-chief-wu-xiaohui-sentenced-18-years-behind-bars-us12?utm_source=rss_feed https://www.scmp.com/business/companies/article/2145458/anbangs-ex-chief-wu-xiaohui-sentenced-18-years-behind-bars-us12?utm_source=rss_feed Thu, 10 May 2018 02:48:58 +0000 Logistics, government and medical services are areas that enjoy the most potential to adapt blockchain technology in China, according to a joint survey by PwC and VeChain on Wednesday. Mainland regulators have clamped down on cryptocurrencies, banning initial coin offerings and forcing bitcoin trading platforms to move offshore. But authorities are still open to the use of the digital decentralisation technology. More than half of respondents said the new technology will have a significant... https://www.scmp.com/business/china-business/article/2145381/these-three-industries-china-are-poised-benefit-most?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2145381/these-three-industries-china-are-poised-benefit-most?utm_source=rss_feed Wed, 09 May 2018 09:38:45 +0000 Shanghai officials have vowed to focus on further developing the city’s chip and other advanced manufacturing industries, promising a series of tailor-made policies aimed at attracting the best talent. In a briefing on Monday, Chen Mingbo, head of the Shanghai Commission of Economy and Information Technology, said the Shanghai government is now accelerating the compilation of a blueprint on developing its integrated circuit (IC) sector, adding the city is well-placed in the highly... https://www.scmp.com/business/companies/article/2145061/shanghai-aiming-big-spearheading-technology-breakthroughs?utm_source=rss_feed https://www.scmp.com/business/companies/article/2145061/shanghai-aiming-big-spearheading-technology-breakthroughs?utm_source=rss_feed Tue, 08 May 2018 00:30:15 +0000 Global in-vitro diagnostics services and products provider Ortho Clinical Diagnostics plans to build Chinese manufacturing capacity and enter deals with local peers to maintain a 20 per cent sales growth in mainland China, according to its global chief. The New Jersey-headquartered company was banking on the mainland, its “No. 1 growth country”, to play a pivotal role in its strategic expansion, be it involving an acquisition or a public offering, or remaining a privately-held firm, said Martin... https://www.scmp.com/business/companies/article/2144897/china-plays-pivotal-role-diagnostics-provider-orthos-future-says?utm_source=rss_feed https://www.scmp.com/business/companies/article/2144897/china-plays-pivotal-role-diagnostics-provider-orthos-future-says?utm_source=rss_feed Mon, 07 May 2018 01:04:00 +0000 SAIC Motor, China’s largest carmaker by capacity, is building an assembly plant in China’s southeastern Fujian province to give it a presence in the fast-growing regional market and also act as a possible base for exports to Southeast Asia. The Shanghai-based carmaker has started construction of the 5 billion yuan (US$790 million) plant in Ningde in Fujian, which will have an annual capacity of 240,000 passenger cars. The plant will make SAIC’s MG and Roewe brand vehicles, according to a... https://www.scmp.com/business/companies/article/2143892/chinas-saic-drives-booming-southern-china-car-market-new-us790?utm_source=rss_feed https://www.scmp.com/business/companies/article/2143892/chinas-saic-drives-booming-southern-china-car-market-new-us790?utm_source=rss_feed Sun, 29 Apr 2018 06:14:41 +0000 Basking in the spotlight of the world’s media, Chinese carmakers are no longer shy about counting themselves among the world’s mobility disrupters, with their ambitions to forge ahead in the development of electric, intelligent and autonomous vehicles. At the Auto China 2018 show in Beijing this week, the exhibition halls were abuzz with announcements and discussions about making intelligent vehicles for Chinese drivers, a field the Chinese government has stated it plans to dominate over the... https://www.scmp.com/business/companies/article/2143771/smart-self-driving-and-electric-chinas-vision-car-industry-full?utm_source=rss_feed https://www.scmp.com/business/companies/article/2143771/smart-self-driving-and-electric-chinas-vision-car-industry-full?utm_source=rss_feed Sun, 29 Apr 2018 04:30:37 +0000 The Chinese government announced a fortnight ago the biggest liberalisation of the country’s automotive industry in decades, allowing global carmakers to operate wholly owned factories by 2022 in the world’s largest vehicle market. So far, the industry’s Big Bang has drawn nothing more than a collective shrug and yawn from global carmakers assembled this week at the Auto China 2018, the largest industry trade show on earth. Not a single global carmaker - who all need a local partner to operate... https://www.scmp.com/business/companies/article/2143750/big-bang-chinas-automotive-industry-draws-shrug-and-yawn-global?utm_source=rss_feed https://www.scmp.com/business/companies/article/2143750/big-bang-chinas-automotive-industry-draws-shrug-and-yawn-global?utm_source=rss_feed Sun, 29 Apr 2018 00:31:01 +0000