https://www.scmp.com/rss/517949/feed The latest news, analysis and opinion on CITIC Group. In-depth analysis, industry insights and expert opinion. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Mia Nurmamat Mia Nurmamat Once dubbed the world’s tallest abandoned skyscraper, Goldin Finance 117 in northern China appears to be in the homestretch of a marathon construction effort – after nearly a decade of dormancy and a year of resumed work – even as the nation’s property market struggles to leg out a sustained recovery. Late last month, workers began installing a diamond-shaped crown on top of the building – designed to be 596 metres (1,955 feet) tall upon completion – in the port city of Tianjin, according to... https://www.scmp.com/economy/china-economy/article/3348901/chinas-long-delayed-skyscraper-goldin-finance-117-nears-completion-amid-property-woes?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3348901/chinas-long-delayed-skyscraper-goldin-finance-117-nears-completion-amid-property-woes?utm_source=rss_feed Sun, 05 Apr 2026 06:00:11 +0000 Julie Zhang Julie Zhang Chinese investment bank Citic Securities took the top position for overall investment banking fees in Asia-Pacific, excluding Japan, in 2025, driven by its strong business performance in bond and initial public offering (IPO) underwriting, according to a report released on Tuesday by the London Stock Exchange Group (LSEG). The Beijing-based brokerage generated US$1.45 billion in investment banking fees during the last year, accounting for 5.8 per cent of the total Asia-Pacific investment banking... https://www.scmp.com/business/banking-finance/article/3338888/citic-securities-tops-asia-pacific-investment-banking-ranks-us145-billion-fees?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3338888/citic-securities-tops-asia-pacific-investment-banking-ranks-us145-billion-fees?utm_source=rss_feed Tue, 06 Jan 2026 07:01:11 +0000 William Zheng William Zheng China has executed a former senior banker who was found guilty of taking more than 1.1 billion yuan (US$155 million) in bribes. Bai Tianhui, the former general manager of the asset management firm China Huarong International Holdings, was executed on Tuesday after the Supreme People’s Court approved the sentence, state broadcaster CCTV reported. The state-owned offshore unit Bai ran was taken over by Citic Group and renamed China Citic Financial Asset Management in January last year. It is rare... https://www.scmp.com/news/china/politics/article/3335722/former-chinese-senior-banker-bai-tianhui-executed-taking-us155-million-bribes?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3335722/former-chinese-senior-banker-bai-tianhui-executed-taking-us155-million-bribes?utm_source=rss_feed Tue, 09 Dec 2025 11:00:08 +0000 Enoch Yiu Enoch Yiu An increasing number of wealthy customers from mainland China are using Hong Kong to diversify their investments and expand their businesses globally, according to a senior executive of Hong Kong-based mid-tier lender China Citic Bank International. “After many government efforts to promote family offices in recent years, we have seen strong growth from wealthy mainland customers seeking our bankers to help them set up family offices in Hong Kong,” said Wendy Yuen Miu-ling, head of the bank’s... https://www.scmp.com/business/banking-finance/article/3331074/chinas-wealthy-flock-hong-kong-global-investment-opportunities-banker-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3331074/chinas-wealthy-flock-hong-kong-global-investment-opportunities-banker-says?utm_source=rss_feed Sun, 02 Nov 2025 03:30:12 +0000 Aileen Chuang Aileen Chuang As anxiety grows that artificial intelligence will replace human labour, young finance professionals are confronting a harsher reality: entry-level work is disappearing fast. Yet with the right skills, mindset and a recovering market, opportunities remain, according to senior bankers and recruiters in Hong Kong. Three-quarters of Hong Kong banks had already integrated AI into their operations, up from 59 per cent in 2022, the city’s de facto central bank said on Friday. The shift mirrors a... https://www.scmp.com/business/banking-finance/article/3330612/what-ai-means-finance-graduates-fewer-entry-roles-faster-career-paths?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3330612/what-ai-means-finance-graduates-fewer-entry-roles-faster-career-paths?utm_source=rss_feed Wed, 29 Oct 2025 01:30:12 +0000 Wency Chen Wency Chen AMIES Technology, a new Chinese lithography equipment manufacturer that showcased its latest chipmaking products at an industry event in Shenzhen last week, is offering renewed optimism in the nation’s drive to reduce its dependence on Dutch giant ASML. The company presented a wide range of products – including compound-semiconductor lithography machines, laser-annealing systems, advanced inspection tools and solutions for packaging and wafer bonding – at the WeSemiBay Semiconductor Ecosystem... https://www.scmp.com/tech/tech-war/article/3329508/meet-amies-chinas-new-hope-breaking-reliance-asmls-chipmaking-machines?utm_source=rss_feed https://www.scmp.com/tech/tech-war/article/3329508/meet-amies-chinas-new-hope-breaking-reliance-asmls-chipmaking-machines?utm_source=rss_feed Sun, 19 Oct 2025 02:00:16 +0000 Yulu Ao Yulu Ao Shanghai’s high-end property market continues to buck the national downturn, with deep-pocketed buyers pouring capital into top-tier homes that are seen as value-preserving assets despite economic uncertainty, analysts said. Buyers snapped up all 64 units offered at One Central Park, a luxury development in the city’s core Huangpu district, on Wednesday, spending 4 billion yuan (US$556 million). Developed by Sunac China Holdings, Citic Group and Xinhu Group, the project is located in the city’s... https://www.scmp.com/business/china-business/article/3311551/hot-shanghai-property-market-defies-national-slump-luxury-units-sell-quickly?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3311551/hot-shanghai-property-market-defies-national-slump-luxury-units-sell-quickly?utm_source=rss_feed Sun, 25 May 2025 03:00:12 +0000 Cao Li Cao Li A head of private-equity investment at China Investment Corp (CIC), the world’s second-largest sovereign wealth fund, has left to join state-owned investment company Citic Group. Bao Jianmin, a CIC veteran with experience in private equity, international investment and real asset investments, is now listed as part of the management team at Citic, where he serves as deputy general manager and a member of the Communist Party committee. The profile of the 57-year-old on Citic’s website shows that... https://www.scmp.com/business/china-business/article/3309123/chinese-sovereign-wealth-funds-private-equity-investment-head-moves-citic?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3309123/chinese-sovereign-wealth-funds-private-equity-investment-head-moves-citic?utm_source=rss_feed Mon, 05 May 2025 10:00:19 +0000 Salina Li Salina Li One of China’s largest state-owned real estate developers is teaming up with companies in Saudi Arabia to launch a large residential property project in Riyadh, expanding its footprint in the Middle East amid a slumping market at home. Citic Construction launched the Tilal Khuzam project, located near King Khalid International Airport, with the Saudi National Housing Company (NHC) and Rafal Real Estate during the Cityscape Global exhibition in the Saudi capital last week. The project, also... https://www.scmp.com/business/article/3287177/citic-enlarges-its-saudi-arabia-footprint-3500-home-tilal-khuzam-project-riyadh?utm_source=rss_feed https://www.scmp.com/business/article/3287177/citic-enlarges-its-saudi-arabia-footprint-3500-home-tilal-khuzam-project-riyadh?utm_source=rss_feed Tue, 19 Nov 2024 05:56:50 +0000 The move by Myanmar’s shadow government to escalate its bid to oust the junta by seeking support from China is aimed at capitalising on the military’s inability to protect Chinese interests in the Southeast Asian nation, analysts say. While the National Unity Government (NUG) is signalling that it can be a reliable partner for China in Myanmar, it is unlikely that Beijing would respond favourably to NUG’s olive branch, according to the analysts. Last week, the group released a 10-point document... https://www.scmp.com/week-asia/politics/article/3248068/myanmar-conflict-china-unlikely-pull-carpet-junta-and-accept-resistance-groups-olive-branch?utm_source=rss_feed https://www.scmp.com/week-asia/politics/article/3248068/myanmar-conflict-china-unlikely-pull-carpet-junta-and-accept-resistance-groups-olive-branch?utm_source=rss_feed Fri, 12 Jan 2024 01:29:47 +0000 China and the Myanmese military government have signed a supplementary agreement for the Kyaukphyu deep water port, as both sides seek to get the stalled Belt and Road Initiative project off the ground. The renewed push for the project in Myanmar’s restive western Rakhine state comes amid escalating violence between ethnic rebel groups and the ruling junta, which has prompted repeated security warnings from the Chinese mission. Chinese state-owned Citic Group will, as agreed in 2018, maintain a... https://www.scmp.com/news/china/diplomacy/article/3246551/china-myanmar-revive-hopes-bay-bengal-deep-water-port-kyaukphyu-under-belt-and-road-initiative?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3246551/china-myanmar-revive-hopes-bay-bengal-deep-water-port-kyaukphyu-under-belt-and-road-initiative?utm_source=rss_feed Fri, 29 Dec 2023 02:00:18 +0000 A veteran Chinese banker has been appointed party chief of the State Administration of Foreign Exchange (SAFE) – a vital role in helping to guard against the economic headwinds of US rate hikes while managing the world’s largest foreign exchange reserve. In the latest personnel reshuffle among China’s key financial regulators, 55-year-old Zhu Hexin has replaced Pan Gongsheng, who still heads the country’s central bank. Zhu has thus become a key member of China’s financial regulatory team tasked... https://www.scmp.com/economy/china-economy/article/3242753/chinas-new-forex-party-chief-will-oversee-us3-trillion-reserves-while-trying-stabilise-yuan?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3242753/chinas-new-forex-party-chief-will-oversee-us3-trillion-reserves-while-trying-stabilise-yuan?utm_source=rss_feed Fri, 24 Nov 2023 11:07:37 +0000 Prudential’s CEO Anil Wadhwani, who is the British insurer’s first global head to be based in Hong Kong in its 175-year history, pledged to continue using the city as a centre for its expansion programmes in Asia and Africa, after it showed a strong post-Covid recovery. “Hong Kong is an excellent hub for international insurance companies to base themselves to capture the strong growth in the insurance sector in Hong Kong and to be able to expand more widely across Asia where there are... https://www.scmp.com/business/article/3241954/hong-kong-excellent-hub-international-insurers-planning-asian-expansions-prudential-ceo-says?utm_source=rss_feed https://www.scmp.com/business/article/3241954/hong-kong-excellent-hub-international-insurers-planning-asian-expansions-prudential-ceo-says?utm_source=rss_feed Sun, 19 Nov 2023 02:00:36 +0000 State-owned distressed-asset manager China Huarong Asset Management has agreed to buy a 5.01 per cent stake in Citic Limited for HK$13.6 billion (US$1.7 billion), according to Huarong’s filing with the Hong Kong stock exchange on Wednesday. Huarong will acquire the stake at HK$9.35 per share from Citic Polaris, which is a wholly owned subsidiary of Citic Group, a state-owned investment company backed by the finance ministry. Huarong also announced it will change its name to China Citic Financial... https://www.scmp.com/business/banking-finance/article/3241731/china-huarong-buys-stake-citic-limited-us17-billion-distressed-asset-manager-adopt-citic-name?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3241731/china-huarong-buys-stake-citic-limited-us17-billion-distressed-asset-manager-adopt-citic-name?utm_source=rss_feed Thu, 16 Nov 2023 05:12:20 +0000 China kicks off its annual World Artificial Intelligence Conference (WAIC) in Shanghai this week in a showcase of Beijing’s AI ambitions amid a deepening technological rivalry with the US. The annual event, which is hosted by several government ministries, has attracted China’s top AI firms and institutions. The published agenda that runs from Thursday to Saturday is dominated by local firms and speakers, with some big international names conspicuously missing. Most notably, Microsoft-backed... https://www.scmp.com/tech/tech-trends/article/3226429/chinas-biggest-ai-conference-kicks-week-qualcomm-sole-us-sponsor-amid-escalating-tech-rivalry?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3226429/chinas-biggest-ai-conference-kicks-week-qualcomm-sole-us-sponsor-amid-escalating-tech-rivalry?utm_source=rss_feed Mon, 03 Jul 2023 13:32:17 +0000 Pan Gongsheng, a deputy governor of the People’s Bank of China (PBOC), has been appointed Communist Party chief of the central bank. The 59-year-old veteran banker is also party secretary and director of China’s foreign exchange regulator – the State Administration of Foreign Exchange (SAFE). Pan will replace 66-year-old Guo Shuqing as PBOC party secretary, according to a brief statement on the central bank’s website citing a memo from the organisation department of the Central Committee, the... https://www.scmp.com/news/china/politics/article/3226242/china-names-forex-regulatory-head-pan-gongsheng-communist-party-chief-central-bank?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3226242/china-names-forex-regulatory-head-pan-gongsheng-communist-party-chief-central-bank?utm_source=rss_feed Sat, 01 Jul 2023 14:00:24 +0000 Top officials from Hebei province have visited some of China’s biggest state firms in Beijing as part of President Xi Jinping’s push to relocate some leading institutional headquarters to one of Xi’s signature projects. The visit came just over a month after Xi’s latest inspection trip to Xiongan New Area in an apparent attempt to dispel reluctance about the project and give another strong push to move “non-essential institutions” from China’s capital to the zone in neighbouring Hebei... https://www.scmp.com/news/china/politics/article/3223921/top-provincial-officials-survey-state-owned-enterprise-hqs-help-president-xi-jinping-move-key?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3223921/top-provincial-officials-survey-state-owned-enterprise-hqs-help-president-xi-jinping-move-key?utm_source=rss_feed Tue, 13 Jun 2023 09:16:54 +0000 When a Chinese woman flaunted her banker husband’s 80,000 yuan (US$11,562) a month salary on social media last year, she quickly drew the ire of common folk and the attention of regulators towards financial elites like her spouse. The young CICC banker and his colleagues soon paid a heavy price for the folly, taking a pay cut of almost 50 per cent. This quickly spread across the sector, with employees taking pay cuts of some 20 per cent to 30 per cent last year, according to data compiled by the... https://www.scmp.com/business/china-business/article/3218750/chinas-crackdown-high-flying-finance-executives-sends-jitters-across-brokerage-industry?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3218750/chinas-crackdown-high-flying-finance-executives-sends-jitters-across-brokerage-industry?utm_source=rss_feed Mon, 01 May 2023 00:00:13 +0000 China’s onshore stock market had its busiest day for initial public offerings (IPOs) in 16 months, with 10 companies rallied by at least 48 per cent on their first day of trading in Shanghai and Shenzhen. The 10 firms represented the first batch of mainboard listings approved under a registration-based mechanism. It marked the most number of stock debuts on a single day since November 15, 2021, when the Beijing stock exchange commenced operations with 10 new listings. Five companies including... https://www.scmp.com/business/china-business/article/3216452/chinas-bourses-set-busiest-day-ipo-debuts-2021-10-companies-start-trading-after-rule-overhaul?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3216452/chinas-bourses-set-busiest-day-ipo-debuts-2021-10-companies-start-trading-after-rule-overhaul?utm_source=rss_feed Sun, 09 Apr 2023 23:30:07 +0000 Deloitte Hua Yong, the “Big Four” accounting firm’s China unit, has been fined 212 million yuan (US$31 million) for failures in audit work conducted at bad loan manager China Huarong Asset Management, as Beijing strengthens financial regulation. The Deloitte unit failed to detect the true conditions of some of Huarong’s underlying assets, or to fully assess its businesses and operations, from 2014 to 2019, China’s ministry of finance said in a statement on its website on Friday. Deloitte’s... https://www.scmp.com/business/banking-finance/article/3213961/deloitte-china-unit-hit-us31-million-fine-auditing-failures-troubled-bad-debt-manager-huarong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3213961/deloitte-china-unit-hit-us31-million-fine-auditing-failures-troubled-bad-debt-manager-huarong?utm_source=rss_feed Fri, 17 Mar 2023 14:20:46 +0000 China’s proposed National Financial Regulatory Commission will better tackle lingering issues that threaten to destabilise the economy, ranging from a housing bubble to the unbridled expansion of financial conglomerates, according to Goldman Sachs. The new watchdog, which will combine the power of the China Banking and Insurance Regulatory Commission (CBIRC) and part of the central bank’s oversight job, will level up regulatory requirements and integrate oversight of conglomerates such as Ant... https://www.scmp.com/business/banking-finance/article/3212817/goldman-chinas-new-financial-watchdog-prevent-regulatory-arbitrage-giant-firms-citic-ant-group?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3212817/goldman-chinas-new-financial-watchdog-prevent-regulatory-arbitrage-giant-firms-citic-ant-group?utm_source=rss_feed Wed, 08 Mar 2023 10:05:10 +0000 A pivotal reform plan for the State Council – China’s cabinet – and a new leadership line-up are expected to be officially unveiled later this week, as the country’s top legislative body holds its key annual session. The changes were part of President Xi Jinping’s efforts to strengthen the ruling Communist Party’s role in top-level decision making, and tighten its control over the crucial finance and technology sectors, observers said. State Council secretary general Xiao Jie will brief... https://www.scmp.com/news/china/politics/article/3212453/chinas-two-sessions-xi-jinping-seen-tighten-communist-party-grip-state-council-reform-choice-new?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3212453/chinas-two-sessions-xi-jinping-seen-tighten-communist-party-grip-state-council-reform-choice-new?utm_source=rss_feed Mon, 06 Mar 2023 22:00:12 +0000 Chinese social media giant Tencent Holdings has received Beijing’s approval to set up a joint venture with a major China state-owned telecoms operator in a private-public sector deal. The JV between the investment arms of China Unicom and China’s biggest private tech company was one of 15 investment deals to receive “unconditional approval” from the State Administration for Market Regulation (SAMR), the country’s antitrust watchdog, according to a notice published on the agency’s website dated... https://www.scmp.com/tech/big-tech/article/3198169/beijing-approves-public-private-jv-between-tencent-and-china-unicom-covering-content-delivery?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3198169/beijing-approves-public-private-jv-between-tencent-and-china-unicom-covering-content-delivery?utm_source=rss_feed Wed, 02 Nov 2022 11:06:25 +0000 A bigger-than-expected reshuffle of economic and financial personnel unfolded at the just concluded Communist Party congress, as development security, tech self-reliance and common prosperity were adopted as new overriding guidelines to counter rising external uncertainties over the next five years. It has generated major questions over how the new team will shore up the slowing economy, handle spillover from US Federal Reserve rate hikes and grapple with the looming global... https://www.scmp.com/news/china/politics/article/3196897/economic-and-finance-shake-chinas-central-committee-heralds-new-era-face-global-uncertainty?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3196897/economic-and-finance-shake-chinas-central-committee-heralds-new-era-face-global-uncertainty?utm_source=rss_feed Sat, 22 Oct 2022 11:36:02 +0000 Kaisa Group Holdings is making progress in restructuring some of its US$18 billion borrowings after defaulting on its offshore bonds, while pledging to publish its overdue 2021 accounts by the end of October. The cash-strapped developer based in Shenzhen said it reached agreements with some onshore creditors to extend its existing borrowings, according to a stock exchange filing late Monday. It did not disclose on the number of creditors or the amount involved. Kaisa earlier signed a “strategic... https://www.scmp.com/business/china-business/article/3186642/kaisa-group-makes-baby-step-progress-repay-us18-billion?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3186642/kaisa-group-makes-baby-step-progress-repay-us18-billion?utm_source=rss_feed Tue, 26 Jul 2022 09:30:59 +0000 Alibaba Group Holding said all top executives of Ant Group have resigned from its partnership structure in a sign of further partitioning between the e-commerce giant and its fintech affiliate, as the latter awaits Beijing’s nod to transform into a financial holding group. Seven Ant executives, including chairman and chief executive Eric Jing Xiandong, chief technology officer Xingjun Ni and president of its international business group Angel Ying Zhao, were no longer Alibaba partners as of May... https://www.scmp.com/tech/big-tech/article/3186607/ant-group-executives-exit-alibaba-partnership-fintech-unit-seeks?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3186607/ant-group-executives-exit-alibaba-partnership-fintech-unit-seeks?utm_source=rss_feed Tue, 26 Jul 2022 05:31:21 +0000 Citic Securities was the top ranked Chinese brokerage in 2021, surpassing its rivals in all major metrics including assets and revenue, data from an industry guild showed. The Beijing-based brokerage had total assets of 1.28 trillion yuan (US$192 billion) at the end of last year, the most among the nation’s 117 firms, the Securities Association of China said. It was followed by Huatai Securities and Guotai Junan Securities, with assets of 806.7 billion yuan and 791.2 billion yuan, respectively.... https://www.scmp.com/business/banking-finance/article/3180704/citic-securities-tops-chinas-brokerage-industry-charts?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3180704/citic-securities-tops-chinas-brokerage-industry-charts?utm_source=rss_feed Tue, 07 Jun 2022 07:00:19 +0000 Ant Group, the fintech business affiliated with Alibaba Group Holding, has added Laura Cha as a new independent director to its board as part of an executive reshuffle, as the group nears the end of a broad restructuring aimed at addressing government concerns. Cha, chairman of Hong Kong Exchanges and Clearing and a member of the Executive Council of the Hong Kong government, was listed as an independent director of Ant’s board as of Wednesday, according to information on the company’s... https://www.scmp.com/tech/big-tech/article/3180028/ant-group-appoints-hkex-chairman-laura-cha-independent-director?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3180028/ant-group-appoints-hkex-chairman-laura-cha-independent-director?utm_source=rss_feed Wed, 01 Jun 2022 12:00:29 +0000 The US Federal Communications Commission ejected Pacific Networks Corp. and ComNet (USA) LLC from the US market, continuing a series of bans of Chinese telecommunications companies over security concerns. Wednesday’s 4-0 vote follows the agency’s January decision to bar China Unicom Hong Kong Ltd. Last year the agency barred China Telecom (Americas) Corp., and earlier it refused to let China Mobile Ltd. enter the US market. The move shows potential espionage and data theft by Chinese state-owned... https://www.scmp.com/news/world/united-states-canada/article/3170733/chinas-pacific-networks-ejected-us-telecoms?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3170733/chinas-pacific-networks-ejected-us-telecoms?utm_source=rss_feed Wed, 16 Mar 2022 17:42:01 +0000 Chinese technology stocks sank, pushing the broader Hong Kong market towards its worst start to a year in 17 years, amid concerns Tencent Holdings will keep cutting its stakes in a host of companies following several recent billion-dollar divestment plans. The Hang Seng Index fell 1.6 per cent to 22,907.25 at the close, bringing the loss so far this week to 2.1 per cent, surpassed by only a 4.6 per cent loss in the first week of trading in 2005. The Hang Seng Tech Index tumbled 4.6 per cent,... https://www.scmp.com/business/china-business/article/3162163/tech-stocks-sink-hong-kong-concerns-tencent-exit-more?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3162163/tech-stocks-sink-hong-kong-concerns-tencent-exit-more?utm_source=rss_feed Wed, 05 Jan 2022 02:46:19 +0000 China Huarong Asset Management said it would receive a bailout from five state-backed investors to stave off its bankruptcy, as one of the first and largest of the country’s five managers of distressed debt emerges from a restructuring. Huarong will receive about 42 billion yuan (US$6.6 billion) from a consortium comprising Citic Group, China Insurance Investment’s Rongxin Fund, China Cinda Asset Management, China Life and a unit of the Industrial and Commercial Bank of China (ICBC), Huarong... https://www.scmp.com/business/companies/article/3156459/citic-cinda-china-life-lead-state-firms-handing-huarong-us66?utm_source=rss_feed https://www.scmp.com/business/companies/article/3156459/citic-cinda-china-life-lead-state-firms-handing-huarong-us66?utm_source=rss_feed Thu, 18 Nov 2021 02:35:59 +0000 The US Federal Communications Commission (FCC) on Tuesday voted to order China Telecom Americas to stop providing telecommunication service in the United States, citing national security concerns. The move, announced at the start of a virtual open meeting, follows the FCC’s issuance of a “show cause” order last year to the subsidiary of one of China’s largest state-owned firms, and gives the unit 60 days to end its domestic and international service in the US. The order obliged the company to... https://www.scmp.com/news/china/article/3153800/us-federal-communications-commission-revokes-china-telecom-americas?utm_source=rss_feed https://www.scmp.com/news/china/article/3153800/us-federal-communications-commission-revokes-china-telecom-americas?utm_source=rss_feed Tue, 26 Oct 2021 17:57:50 +0000 China Huarong Asset Management’s long-delayed 2020 results showed a record loss, with leverage hitting 1,333 times and capital buffers far short of the regulatory minimum, emphasising the difficult task ahead for the bad-debt manager that recently secured a government bailout. Huarong reported a 102.9 billion yuan (US$15.9 billion) loss for all of last year, slashing its shareholder equity by nearly 85 per cent, the firm said in a filing on Sunday in Hong Kong. The company booked 107.8 billion... https://www.scmp.com/business/companies/article/3146827/chinas-largest-bad-debt-manager-huarong-posts-record-us159?utm_source=rss_feed https://www.scmp.com/business/companies/article/3146827/chinas-largest-bad-debt-manager-huarong-posts-record-us159?utm_source=rss_feed Mon, 30 Aug 2021 02:14:07 +0000 Government-backed investors will recapitalise China Huarong Asset Management after the bad-debt manager posted a record US$15.9 billion loss, ending months of speculation over whether Beijing would deem the troubled financial giant too big to fail. The rescue package unveiled on Wednesday, while thin on official details, suggests President Xi Jinping’s government is for now unwilling to allow a default by one of China’s most systemically important state-owned companies. It’s likely to boost... https://www.scmp.com/business/companies/article/3145606/huarong-gets-state-bailout-after-one-chinas-largest-bad-debt?utm_source=rss_feed https://www.scmp.com/business/companies/article/3145606/huarong-gets-state-bailout-after-one-chinas-largest-bad-debt?utm_source=rss_feed Thu, 19 Aug 2021 07:23:38 +0000 China’s two largest investment banks are making broad cuts to travel budgets that will impact junior bankers as well as senior directors as they seek to reign in costs and boost profitability. Starting this month, CSC Financial managing directors’ domestic travel will be downgraded to economy flights and second class or hard-berth train seats, according to a memo seen by Bloomberg. Larger rival Citic Securities also asked managing directors to fly coach, according to a separate memo, which did... https://www.scmp.com/business/banking-finance/article/3140862/chinas-biggest-brokers-downgrade-bankers-economy-class-and?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3140862/chinas-biggest-brokers-downgrade-bankers-economy-class-and?utm_source=rss_feed Tue, 13 Jul 2021 03:04:45 +0000 The Covid-19 pandemic has provided a window of opportunity for China to exert its international leadership and influence – one Beijing has used to turn the crisis into a diplomatic and strategic opportunity in mainland Southeast Asia. Public health diplomacy has become one of the key sources of China’s soft power projection, enhancing its image and influence, even though it is clear that China’s intentions are not completely altruistic, and it has other strategic intentions with regards to these... https://www.scmp.com/week-asia/opinion/article/3133852/how-covid-19-helped-china-boost-its-soft-power-mainland-southeast?utm_source=rss_feed https://www.scmp.com/week-asia/opinion/article/3133852/how-covid-19-helped-china-boost-its-soft-power-mainland-southeast?utm_source=rss_feed Tue, 18 May 2021 03:00:27 +0000 Two of the 16 Chinese Super League teams have missed the deadline to submit their wage and bonus plans for the new season, according to reports in domestic media. Tianjin Jinmen Tigers (formerly Tianjin Teda) and Chongqing Dangdai have both asked for extensions to submit their confirmation forms for the 2021 campaign. The deadline, which passed at 5pm on Friday, saw the other 14 teams submit their forms, which have to be signed by the players, to the Chinese Football Association. Earlier reports... https://www.scmp.com/sport/china/article/3119884/chinese-super-league-clubs-miss-salary-deadline-citic-sell-beijing?utm_source=rss_feed https://www.scmp.com/sport/china/article/3119884/chinese-super-league-clubs-miss-salary-deadline-citic-sell-beijing?utm_source=rss_feed Sat, 30 Jan 2021 03:00:17 +0000 Once rarely seen in the region, Asian financial sponsors and target companies are beginning to embrace what has been this year’s hottest fundraising trend, special purpose acquisition companies (SPACs), according to deal makers. The frenzy around these “blank-cheque” companies has spurred US$71.2 billion in fundraising globally so far this year – a fivefold increase over 2019, according to financial data provider Refinitiv. Goldman Sachs said last week that the record fundraising by SPACs is... https://www.scmp.com/business/banking-finance/article/3114705/hong-kong-tycoon-richard-li-citics-private-equity-arm?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3114705/hong-kong-tycoon-richard-li-citics-private-equity-arm?utm_source=rss_feed Mon, 21 Dec 2020 02:00:16 +0000 The Chinese Football Association says it will not make any “exceptions” in teams being forced to adopt neutral names before the beginning of next season. The new rule has proved controversial with fans of China’s oldest professional teams, with five separate supporters groups uniting to ask the CFA for leniency on long-standing team names that include corporate sponsor names dating back to the 1990s. However, CFA president Chen Xuyuan was clear that there would be no leniency at Monday’s meeting... https://www.scmp.com/sport/football/article/3114022/guangzhou-roast-geese-neutral-names-needed-chinese-football-clubs?utm_source=rss_feed https://www.scmp.com/sport/football/article/3114022/guangzhou-roast-geese-neutral-names-needed-chinese-football-clubs?utm_source=rss_feed Tue, 15 Dec 2020 09:00:10 +0000 Like those elsewhere, Chinese football fans are mourning the death of Argentinian soccer icon Diego Maradona, who was widely known as one of the greatest players of the game – not least to late Chinese leader Deng Xiaoping. Deng, who led China from 1978 until 1989, once invited Maradona to play in China. The offer was conveyed in 1987 during a business meeting between China’s state-owned Citic Group and former Italian prime minister Romano Prodi, then the head of Italy’s state-run Institute for... https://www.scmp.com/lifestyle/entertainment/article/3111500/maradona-china-when-deng-xiaoping-invited-him-play-beijing?utm_source=rss_feed https://www.scmp.com/lifestyle/entertainment/article/3111500/maradona-china-when-deng-xiaoping-invited-him-play-beijing?utm_source=rss_feed Thu, 26 Nov 2020 10:47:41 +0000 On multiple occasions, President Xi Jinping has used the phrase qia bozi, which translates to being strangled by an adversary, in describing China’s risks in the realm of technological competition. That is because China’s inability to produce vital hi-tech components – from computer chips in mobile phones to aeroplane engines – puts the country at the mercy of strategic rivals. Washington’s targeting of tech powerhouse Huawei and telecoms giant ZTE with sanctions, for example, shows that... https://www.scmp.com/economy/china-economy/article/3109082/china-sacrificing-economic-growth-self-sufficiency-strategy?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3109082/china-sacrificing-economic-growth-self-sufficiency-strategy?utm_source=rss_feed Mon, 09 Nov 2020 22:30:14 +0000 Country Business Reports interviews and articles by Discovery Reports www.discoveryreports.com When the Great East Japan Earthquake struck at 2:46 pm on March 11, 2011, Tokio Marine Holdings set up a disaster management task force at its headquarters within only 47 minutes. The insurance company then sent out a response team with relief goods the next morning, and afterwards implemented various initiatives. These included using aerial and satellite photos for designating the “total loss area” to... https://www.scmp.com/country-reports/country-reports/topics/japan-business-report-2020/article/3107404/tokio-marine?utm_source=rss_feed https://www.scmp.com/country-reports/country-reports/topics/japan-business-report-2020/article/3107404/tokio-marine?utm_source=rss_feed Sat, 31 Oct 2020 04:15:07 +0000 In the early years of the new millen­nium, Li Bolun was at the height of his powers, straddling the worlds of business and celebrity as president of the entertainment arm of Citic Group, China’s biggest state-owned enter­prise, now with a trillion dollars in assets. He was a trusted protégé of Citic’s princeling chairman, Wang Jun, and married to former CCTV host Annie Si Xiaohong, an alumnus of the People’s Liberation Army’s Song and Dance Troupe, whose glamorous members have included Chinese... https://www.scmp.com/magazines/post-magazine/long-reads/article/3103793/who-was-li-bolun-disgraced-citic-media-moguls?utm_source=rss_feed https://www.scmp.com/magazines/post-magazine/long-reads/article/3103793/who-was-li-bolun-disgraced-citic-media-moguls?utm_source=rss_feed Sat, 03 Oct 2020 15:15:14 +0000 China now boasts more of the world’s top investment banks than any other country, as a slew of reforms aimed at deregulating the sector, a surge in share prices and hope of industry consolidation send market capitalisations soaring. Six of the 10 most valuable brokerages come from the Asian nation, with the US taking three spots in the ranking and Brasil having the remaining one, according to Bloomberg data. The six Chinese firms include Citic Securities and CSC Financial, which are ranked third... https://www.scmp.com/business/markets/article/3098526/china-has-most-worlds-biggest-brokerages-deregulation-stock-rally?utm_source=rss_feed https://www.scmp.com/business/markets/article/3098526/china-has-most-worlds-biggest-brokerages-deregulation-stock-rally?utm_source=rss_feed Mon, 24 Aug 2020 00:46:16 +0000 Five years ago, Chinese President Xi Jinping and then-British Prime Minister David Cameron were on hand to toast the signing of the deal to transform 35 acres of derelict London riverfront into a bustling finance hub. Now, in the wake of Brexit and a cooling of Sino-British ties, developer Xu Weiping’s vision for another Canary Wharf packed with Chinese companies looks more like a mirage. Overlooking the Thames, along the old Royal Albert Docks and across the water from City Airport, stand... https://www.scmp.com/news/world/europe/article/3095453/brexit-and-cooling-china-uk-ties-freeze-plans-new-canary-wharf?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/3095453/brexit-and-cooling-china-uk-ties-freeze-plans-new-canary-wharf?utm_source=rss_feed Fri, 31 Jul 2020 04:18:35 +0000 An expatriate banker with investment bank Goldman Sachs has died after a fall while hiking on a remote, inhabited island in waters off eastern Hong Kong. The man, Mark Spitzer, 38, was walking along the coast of Basalt Island, off Sai Kung district, with a male friend and a family of six, three adults and three children, on Thursday. He fell three metres to a spot near the sea while his friend, 49, was also injured in a rescue attempt. A report was made to emergency services at about 2.30pm,... https://www.scmp.com/news/hong-kong/society/article/3095409/expat-banker-dies-fall-while-hiking-hong-kongs-remote-basalt?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3095409/expat-banker-dies-fall-while-hiking-hong-kongs-remote-basalt?utm_source=rss_feed Thu, 30 Jul 2020 17:00:17 +0000 Hong Kong and mainland stocks rallied, as fresh data and positive business sentiment out of China reinforced bets that recovery is gaining speed in the world’s second-largest economy after the devastation of the coronavirus. The Hang Seng Index accelerated its gains in afternoon trading on Friday, rising 1 per cent to 25,373.12, the highest level since March 10. It ended the week with a 3.4 per cent gain. On the mainland, the Shanghai Composite Index closed 2 per cent higher at 3,152.81. That... https://www.scmp.com/business/markets/article/3091642/hong-kong-mainland-stocks-rally-latest-signs-chinas-economic?utm_source=rss_feed https://www.scmp.com/business/markets/article/3091642/hong-kong-mainland-stocks-rally-latest-signs-chinas-economic?utm_source=rss_feed Fri, 03 Jul 2020 02:58:41 +0000 The Federal Communications Commission on Friday asked three state-controlled Chinese telecommunications operators to explain why the United States should allow them to operate in the country despite mounting national security concerns, moving a step closer to revoke their licences. In the so-called “show cause” orders FCC issued separately to China Telecom Americas, China Unicom Americas and Pacific Networks Corp’s wholly owned subsidiary ComNet (USA), controlled by Chinese government investment... https://www.scmp.com/news/china/diplomacy/article/3081520/us-telecoms-regulator-may-shut-down-operations-three-state?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3081520/us-telecoms-regulator-may-shut-down-operations-three-state?utm_source=rss_feed Fri, 24 Apr 2020 19:19:18 +0000 Thailand’s biggest conglomerate Charoen Pokphand Group has locked in funding for its proposed acquisition of Tesco’s businesses in Thailand and Malaysia for US$10.6 billion, allowing its billionaire owner to build on its dominance at home and expand in the region. CP Group has turned to JPMorgan Chase, UBS and Siam Commercial Bank to underwrite the deal, according to people involved in the discussions. The transaction, if approved, represents the biggest merger and acquisition deal in Asia... https://www.scmp.com/business/banking-finance/article/3074581/thai-billionaire-dhanin-secures-funding-tescos?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3074581/thai-billionaire-dhanin-secures-funding-tescos?utm_source=rss_feed Wed, 11 Mar 2020 03:15:11 +0000 Hong Kong Airlines Limited has turned to Air China and other parties for a strategic lifeline to reverse its financial woes, amid an impasse with a consortium of white knights after nearly nine months of fruitless negotiations, said three sources familiar with the matter. Air China, the nation’s flag carrier and biggest international airline, is among the parties in talks to begin due diligence on Hong Kong Airlines, the sources said. An earlier takeover bid by Citic Group, Wuxi Communications... https://www.scmp.com/business/companies/article/3074150/hong-kong-airlines-talks-air-china-others-strategic-lifeline?utm_source=rss_feed https://www.scmp.com/business/companies/article/3074150/hong-kong-airlines-talks-air-china-others-strategic-lifeline?utm_source=rss_feed Sun, 08 Mar 2020 22:30:16 +0000