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An investor checks stock prices in a brokerage house in Beijing, China. (AP Photo/Mark Schiefelbein)
An investor checks stock prices in a brokerage house in Beijing, China. (AP Photo/Mark Schiefelbein)China’s top financial markets regulator is drafting new regulations aimed at curbing “excessive” record speculation on convertible bonds, as Chinese firms and investors increasingly turn to the hybrid asset in search of liquidity and returns.

This file photo shows 55 Water Street, home of Standard & Poor's rating agency, in New York. (AP Photo/Henny Ray Abrams, File)
This file photo shows 55 Water Street, home of Standard & Poor's rating agency, in New York. (AP Photo/Henny Ray Abrams, File)S&P Global will become the first wholly foreign-owned ratings agency approved to operate in China for exchange-traded bonds, in the latest effort by the Chinese government to open up the country's financial sector to the rest of the world.

A Chinese woman walks past a display promoting the STAR market in Beijing on Friday, July 19, 2019. (AP Photo/Ng Han Guan)
A Chinese woman walks past a display promoting the STAR market in Beijing on Friday, July 19, 2019. (AP Photo/Ng Han Guan)Stock exchanges in Hong Kong and mainland China are considering adding shares from Shanghai’s Nasdaq-style STAR Market to a program connecting the two bourses, a move which would open the board to foreign investors.

The app for Alipay, the mobile payments service operated by Ant Group, is seen on a smartphone in Beijing on Monday, July 20, 2020. Ant Group, the online payments arm of e-commerce giant Alibaba Group, announced plans Monday for an initial public stock offering that could become the world's biggest since the start of the coronavirus pandemic. (AP Photo/Ng Han Guan)
The app for Alipay, the mobile payments service operated by Ant Group, is seen on a smartphone in Beijing on Monday, July 20, 2020. Ant Group, the online payments arm of e-commerce giant Alibaba Group, announced plans Monday for an initial public stock offering that could become the world's biggest since the start of the coronavirus pandemic. (AP Photo/Ng Han Guan)Chinese fintech Ant Group received approval from the China Securities Regulatory Commission for the Shanghai portion of its blockbuster initial public offering, which is the last step in the review process and a milestone that comes days after it reportedly got a green light for the Hong Kong portion of its highly anticipated dual listing.

Alibaba founder Jack Ma. (AP Photo/Thibault Camus, File)
Alibaba founder Jack Ma. (AP Photo/Thibault Camus, File)Chinese fintech Ant Group received approval on Monday for the Hong Kong portion of its initial public offering, according to reports from Reuters and the South China Morning Post, a move that comes a month after it received regulatory consent to list in Shanghai.

Chinese brokerages Guolian Securities and Sinolink Securities on Monday called off their proposed merger just weeks after it was announced, saying that they failed to reach an agreement on some core terms of the deal, even as China’s regulators have pushed for consolidation in the sector to compete with foreign firms.

China International Capital Corporation, China’s first joint-venture investment bank, will begin a preliminary price consultation Wednesday as the next step toward listing its shares on the Shanghai Stock Exchange, looking to raise funds as foreign rivals expand into the region.

Standard Chartered’s Hong Kong unit has applied to establish a securities company in mainland China, joining other global firms looking to ramp up their presence in the region as the country opens its financial sector to foreign players.

China will combine two large foreign-investor programs and open up more of its financial markets to outside institutions, relaxing several rules as it encourages a rising global profile for its currency.

Chinese fintech Ant Group cleared a key hurdle for its blockbuster initial public offering Friday when a committee approved its proposed listing on the Shanghai Stock Exchange’s STAR Market.

Goldman Sachs is in talks to take full ownership of its Chinese securities joint venture, Chinese news site Caixin reported on Thursday, making it the latest major player to try to take advantage of China opening up its financial sector to foreign firms.

Tokyo-based Ueda Yagi Tanshi Co. will be the first wholly foreign-owned money broker to operate in mainland China, after receiving approval on Friday from the China Banking and Insurance Regulatory Commission.

JPMorgan Chase reportedly has first right to buy a 20% stake in its Chinese securities joint venture for CNY 177.7 million ($26 million), bringing the bank closer to gaining full control of the company as China opens up its financial market to foreign firms.

Citigroup’s China arm said on Wednesday that it has received a domestic fund custody license from Chinese regulators, making it the first U.S. bank to receive such a license.

DBS said Wednesday that it received a green light from the China Securities Regulatory Commission to create a joint venture securities company, in which it will have a majority stake of 51%, as China continues to open its financial sector to foreign firms.

Credit Suisse has plans to double its number of Chinese employees in the next five years, as it continues to target the ultra wealthy in the region, a spokesperson for the Swiss bank said on Monday.

Daiwa Securities has received approval to open a joint securities venture in China as the Japanese broker and investment bank stages its return to the Chinese market amid the country’s financial opening.

BlackRock has received approval from Chinese securities regulators to set up a mutual fund company in China, another step forward in the U.S.-based firm’s quest to become a leading foreign asset manager in the country.

The Stock Exchange of Hong Kong will add two new exchange-traded funds as part of an effort to promote cross-listing of funds between the markets in Hong Kong and mainland China, the territory’s securities regulator said.

JPMorgan Chase reportedly needs to pay at least CNY 7 billion ($1 billion) if it wants to obtain full ownership of its Chinese mutual fund business, as the bank tries to take advantage of China opening up its financial industry to foreign firms.